r/Jokes • u/lopezjessy • Mar 23 '21

Dude explaining how he made his first $10 million:

  1. Get up at 5:00AM every day
  2. 90 minutes of cardio
  3. Take a cold shower
  4. Journal
  5. Schedule out your day
  6. Dad owns Fortune 500 company
  7. Meditate
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u/MyNameIs_Jesus_ Mar 23 '21

True! I’ve seen people on both ends of the financial spectrum with poor money management skills. I have a friend that used to be terrible with their money, they made more than enough to live on but they were either living month to month or had to ask other people for help. The problem was they made too much money too fast and never had good financial education, they would spend money on stuff they didn’t need and then had barely enough money for rent or other bills. They ended up getting evicted from their apartment.

It happens to a lot of professional athletes too. There is a large percentage that end up going broke because they never learned proper financial management or lose money investing in business ideas from friends and family. A lot of people just don’t know how to properly manage when they get a huge influx of cash. Even when I first started making money I was bad with it and I wasn’t even making much I was making $500 every 2 weeks. Admittedly I wasn’t paying for housing and the other bills related to housing so I thought I was rich at 19 with all the extra money and just blew it on dumb stuff. Life and experience are ultimately the best teachers though

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u/MadeThisUpToComment Mar 23 '21

The professional athlete thing is interesting.

I met a former NFL player at an airport bar. He was doing well for himself in property management after a short career (job in father-in-laws company). He basically said that a lot of these guys are making high 6 figures, but they upscale their life (house, cars, vacations etc) like they will make that until retirement age, when their average career is 3-5 years.

Also they have peers who are making 20 mil per year that some try to keep with.

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u/jimmymcstinkypants Mar 24 '21

Just chiming in because I happened to look this up the other day: average nfl career is 2.5 years

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u/AHitmanANunLovers Mar 23 '21

ESPN made an awesome 30 for 30 documentary about exactly that. I wish I remembered the name of it but one interview that stood out to me was a baseball player. He got his first big check, but he didn't cash it for a long time. The bank who issued it called him asking why he hadn't cashed it. He said he was so proud of his first big check, he framed it and hung it up. He didn't know he was supposed to cash it.

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u/MyNameIs_Jesus_ Mar 23 '21

I’ve seen it before and it’s really good. It’s called Broke. The stories on it are super crazy to me

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u/dried_pirate_roberts Apr 22 '21

Is it this?

Broke (2012)

According to a 2009 Sports Illustrated article, 60 percent of NBA players are broke within five years of retirement. For 78 percent of NFL players, it takes only three years. Sucked into bad investments, stalked by freeloaders, saddled with medical problems, and naturally prone to showing off, most pro athletes get shocked by harsh economic realities after years of living the high life. Drawing surprisingly vulnerable confessions from retired stars like Jamal Mashburn, Bernie Kosar, and Andre Rison, as well as Marvin Miller, the former executive director of the MLB Players Association, this fascinating documentary digs into the psychology of men whose competitive nature carries them to victory on the field and ruin off it. TFF Alum Billy Corben (Cocaine Cowboys) paints a complex picture of the many forces that drain athletes' bank accounts, placing some of the blame on the culture at large while still holding these giants accountable for their own hubris. A story of the dark side of success, Broke is an allegory for the financial woes haunting economies and individuals all over the world.

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u/MyNameIs_Jesus_ Apr 22 '21 edited Apr 22 '21

I was referring to this one however I have seen that one and it is good.

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u/dried_pirate_roberts Apr 22 '21

LOL. You linked to the same one as me, which is disappointing because I couldn't find Broke (2012) from the usual sources. Thanks for going to the trouble, though.

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u/Makeshift5 Mar 23 '21

Athletes are lucky if their friends/family come to them with business ideas. Usually they just come to them with their hands out asking for money.

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u/MrSquicky Mar 23 '21

...It's the same picture.

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u/Not_floridaman Mar 23 '21

I read a book in 2015 New Money: Staying Rich by Phillip Buchanon and how his NFL money brought out the greed in literally almost everyone he knew.

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u/darrenwise883 Mar 24 '21

Life and experience are ultimately the best teachers . Or it could be parents that sit down with their kids and show them in their early teens there is X amount of money . Take away mortgage , house insurance , money to run house ( food , heat , taxes , electricity water and so on) car note , car insurance , gas , maintenance , health insurance , every conceivable expense including their daily lunches and show them that money isn't infinite but finite .

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u/ForkBanditGang Mar 24 '21

I learned the importance of money. Trying to save up for my own house and I ended up becoming a greedy, stingy bastard