There’s a quote I often share with people that might just help you become a better money manager. “Rich people stay rich by living like they’re broke. Broke people stay broke by living like they’re rich,” the saying goes.
For all the media buzz about Kanye West’s Twitter rants claiming he’s deep in debt, there’s one superstar athlete who seems to be living out the financial advice in the quote. A recent Sports Illustrated profile of San Antonio Spurs player Kawhi Leonard says the NBA player is driving a car worth about $1,100.
Reporter Lee Jenkins writes of Leonard: “He often drives a rehabbed ’97 Chevy Tahoe, nicknamed Gas Guzzler, which he drove across Southern California’s Inland Empire as a teenager.”
[Kanye West: Help, I need $53 million]
And why does he drive such an old car? ‘It runs,’ Leonard tells Lee. “And it’s paid off.”
Leonard reportedly has a $90 million, five-year contract he signed last year, reported Steven Kutz for MarketWatch.com.
Contrast Leonard’s lower cost living with other athletes who live large and go broke. Contrary to what some might believe, you can go broke making millions.
Color of Money Question of the Week
Do you agree that living like you’re broke can help you prosper? Send your comments to colorofmoney@washpost.com. In the subject line put “Live Like You’re Broke.” Please include your name, city and state. As I’ve said before when people have to own up to their comments they tend to be more civil.
Live Chat Today
What financial issue is on your mind this week? Are you dealing with debt and need some advice? Are you fighting with family over money? Come talk to me. Here’s the link to join the discussion today.
Venus vs. Mars when it comes to money
March is Women’s History Month, and for the Color of Money Question of the week last week I asked: What’s the best financial advice you got from a woman you know or admire? Here’s what some of you had to say:
“Best advice from a gal I knew from work (don’t even remember her name) was to buy men’s products wherever I can,” wrote Betty Lawson of Port Townsend, Wash. “Look at all products and services for the same activity sold to men and women. Haircuts, soap, shampoo, most can be found in an unscented or neutral version and [are] cheaper or [offer] more product. Every penny not spent can be saved or used for those few specially girly items one might need.”
[Why you should always buy the men’s version of almost anything]
To Lawson’s point, Danielle Paquette of The Washington Post wrote recently about why women should buy men’s products. “The New York City Department of Consumer Affairs compared nearly 800 products with female and male versions — meaning they were practically identical except for the gender-specific packaging — and uncovered a persistent surcharge for one of the sexes,” Paquette wrote. “Controlling for quality, items marketed to girls and women cost an average 7 percent more than similar products aimed at boys and men.”