Leno, on the other hand, has never touched his earnings from NBC’s “Tonight Show.” Even at the height of his career, when he reportedly made as much as $30 million a year hosting the program, Leno preferred to live off the money he made doing comedy gigs on the side.
That had become a tradition for him. From the moment he entered the working world as an unknown comedian, he always had two incomes. “I’d bank one and I’d spend one,” Leno tells CNBC. And he made sure to spend the smaller amount.
The habit stuck even after Leno’s career took off. “When I got ‘The Tonight Show,’ I always made sure I did 150 [comedy show] gigs a year so I never had to touch the principal,” Leno says. “I’ve never touched a dime of my ‘Tonight Show’ money. Ever.”
Leno, who now hosts CNBC’s “Jay Leno’s Garage,” says his conservative philosophy gives him financial peace of mind. “So many people get to be the age I’m at now and they’ve got nothing because they just blew it all,” he says. “I put my money in a hammock and say, ‘You relax. I’m going to go work.’ And when I come back, I put some more money in the pile.
“It sounds ridiculous, but if everything ends tomorrow, I know I’ll be fine.”
Just about anyone can use the strategy that works for Leno and Gronkowski. It starts with creating at least one additional stream of income, which could be real estate rentals, a side business or part-time job. Next, save the larger paycheck and spend the other.
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