There aren’t many guys out there quite like Dwayne ‘The Rock’ Johnson. Not only has he had a fruitful wrestling career (the one that gave him his nickname) he branched out into acting, and has done things behind the scenes that many of us could only dream of. He started from extremely humble beginnings too, ending a football career in his younger days with only $7 in his pocket. It’s fair to assume that his personal finances would be in order now too – a man like The Rock doesn’t squander his money. You can just tell (it’s in the eyes).
If you want to make sure your personal finances are on track, then take these lessons from The Rock himself:
Never Put All Of Your Eggs In One Basket
The first lesson from The Rock: don’t put all of your eggs in one basket. Just taking a look at this guy’s life, you’ll see that he’s a perfect example of this statement. He has had careers in football, wrestling, and acting, and has even been in reality shows, including Ballers.
The estimated $190 million of his net worth comes from his movie roles, but The Rock still knows how important it is to diversify. All the investors out there, this advice is even more important!
Johnson never wanted to be pigeonholed as an actor that could only do one genre, or was only cast as a certain type of character. He recommends you capitalize on your other talents so you have as many revenue streams as possible – not to mention loads of fun and excitement in the process. You don’t have to become an actor like him – simply try getting a side gig doing something you enjoy, or start a part time business. You may even be able to say goodbye to the 9-5 rat race eventually!
He explains that success isn’t about greatness, it’s about consistency. Providing you’re consistent with your efforts, you will achieve greatness along the way. Wise words from Johnson!
Create Passive Sources of Income
While The Rock definitely loves acting and getting paid for it, he also loves creating passive sources of income that he can enjoy when he’s chilling out in his fluffy dressing gown and bunny slippers. He gets an impressive source of income from the WWE, earning 7% on sales, pay per view earnings, and much more.
How can you create passive sources of income? If you’re knowledgeable in a certain subject, you could write an e-book, or start a blog (although becoming recognised in your niche takes time, and as aforementioned, consistency). You can even invest your money, although you’ll want to start small and assess your risk level before you decide on the type of investments to make. They take a while to pay off, but they can be worth it.
Negotiate More Than Your Salary
The Rock is a great negotiator. He believes that we should all negotiate more than a salary with whoever it is we’re working for or creating a contract with. This means maybe getting a reduction on a health plan, a refund on professional certifications, a bonus in company shares, or something else that makes sense for you.
Get Life Insurance
If you’ve got any dependents, then life insurance is a must. The Rock knows this. If you’re going to be the breadwinner of your household, then life insurance is imperative. Nobody wants to sit and think about their own mortality for too long, however, you need to think about your family in the event something should happen to you. We just don’t know what’s around the corner.
If the majority of the mortgage payment is down to you, then what will your family do if something was to happen to you? Maybe something happens and you can’t work anymore, or worse. Bear in mind that your family will also need to take over your debt when you’re gone, so keep that under control! Develop a rock-solid plan (get it?) and get your finances under control, paying off your debts and getting the correct insurance in place. You could risk going without any type of insurance, but then you’ll need to come up with the funds all at once if something does happen to you, like an accident or injury. Whatever you do, just be sure you don’t pay a personal injury lawyer upfront! You should only get charged when your lawyer has proven they will be able to get a result for you.
Don’t go for the cheapest insurance plan if you decide to take this route. Go for the one that suits your situation!
Listen To More Professionals
Listening to and hiring professionals to help you is going to be invaluable. There are so many things in life we can find boring or too difficult. You don’t want to pay your taxes yourself, as this is time consuming and confusing. You don’t want to have to execute an entire will by yourself either – what if you word something wrong, or forget something?
Sometimes, if you want things done, then you do need to do them yourself. Other times, delegating and outsourcing is the right way to go about it. Your time is valuable too, you know! Not only will you get things right the first time when you speak to the pros, you’ll also avoid any financial damage that could be done in the event of mistakes.
Choose a financial professional that you resonate with and you’ll be able to work together in the long term. Make sure you do plenty of research, read reviews, ask for recommendations from friends, and maybe even meet with those you like the sound of.
There you have them – the personal finance lessons from The Rock. These lessons can work for just about anybody, with any goal. Will you start using these smart personal finance lessons from Dwayne ‘The Rock’ Johnson, or do you think you have things down already? Leave your thoughts below. Thanks for reading!