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Monday, July 21, 2008

Personal Finance Tips from Jay Leno

Great article in USA Today about Jay Leno. The Tonight Show host is in the midst of a changing of the guard of the Late Night Hosts. Conan is set to replace Jay as early as next Summer as the Host ad Jimmy Fallon, of SNL fame is replacing Conan.

The fact the NBC would replace its host, who is still far and away the ratings leader (although I still prefer Letterman - Sorry Jay) shows how scared NBC was to lose Conan to another network. My gut is that, as Jay said in the article, he won't have a hard time finding a gig with either Fox or ABC.

So what's this have to do with personal finance?

Mixed in with the story you get some great tips from a guy with a lot of money:

  • Don't live beyond your means - Jay has NEVER used a dime form hosting the Tonight Show. It has all been banked. He still does 150+ gigs a year and lives off of that income.
  • Modest Tastes - Jay is still a burger and brat guy even though he could afford the best restaurants in the world. Often people spend money, because they this that they are Supposed To!
  • Making Your Hobbies Self Sufficient - Jay is one of the foremost authorities on cars...and he has a lot of them. But he also has sponsorship deals with GM and various magazines that help pay for the hobby. Plus the increased value of the cars once finished develops a great asset.
  • You can be Green and Frugal - The sidebar is great in talking about how Jay saves money via solar and the environment (and probably his guys health) by using alternative sources to solvents

Anyway I came away from the article a bigger fan of Jay's, not to mention I think that there are some great lessons for all of us here. That being said, if Jay wants me to drive any of those cars, you know just to keep them running, I am in :)


Anonymous said...

Doesn't it kind of remind you of that book, "The Millionaire Next Door?" It does me. I know a handful of self-made millionaires - (one being my sister & her husband), and they all follow the examples you listed. They are very careful with their money & always try to make it work for them. They have gotten rid of the "vanities" that so many of the wannabe rich people embrace. Like you said ... the whole living beyond your means. Observing the differences in these two groups is so fascinating...
Anyway - terrific post! It will be interesting to see how Conan handles the legacy he is inheriting!

RacerX said...

That's a great parallel Dawn!

Hopefully Jay won't suffer what poor Ed McMahon is going through!

Sharon said...

I actually saw Jay's cars on an episode of "Living with Ed". I figured if he was "green" and on Ed's show, he must be frugal too.

RacerX said...

Yep frugal, but still enjoys life!

It is even more interesting to me that NBC is basically disposing of Jay, the top-rated show on late night. He is already making 2/3 of Letterman's salary with 50% better ratings.

This will end up working in Jay's economic favor as either Fox or ABC will back up the money truck!

Funny about Money said...

I dunno about those modest tastes: He wears some mighty fine suits when he steps in front of the camera!

Great news to hear a guy like that has the sense to bank a huge portion of his huge earnings. He'll live happily ever after, NBC be d***ed. Sorry to see him go...I toggle back and forth between Leno & Letterman, depending on mood, but never have much enjoyed Conan. Wish Saturday Night Live came on every night.... ;-)

RacerX said...

Well the suit are provided! See the tag at the end of the show...advertising! However, I agree with the NBC sucks crowd!

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Brochures said...

Evaluate your lifestyle, take stock of what you're spending on. By doing so, you'll be able to think about which areas of your spending you can cut back on. The money can go towards your savings. It's never too late to start saving.

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