A review of having more money now

John Layfield’s book “Have More Money Now,” published in 2003, caught my eye years ago when I was on CNBC giving financial advice and even contributing to Fox News. John Layfield is also known as JBL and was a professional wrestler; it was different to see a professional wrestler in a suit giving a serious comment about finances.

Layfield’s story is a bit different. He never had to get over being in debt, but he did go through many years without having much money. In fact, there were plenty of times when he had no money. When he had to stop playing soccer, he got into professional wrestling. However, wrestling for him was far from the glamor seen on television. They paid him $3.00 for a match when he started. He would sometimes get $10.00 or $25.00 for a game. He gives a great account of the struggles he went through while trying to make it in the wrestling business.

John Layfield does not mention in his book whether he consciously made decisions when he was younger that prevented him from accumulating debt. He just didn’t spend money he didn’t have. As he says many times in the book when referring to delayed gratification “you have when you have”. If he had to live in a tent or live without heat, he would do it. He only bought what was necessary with the money he had. Many of the promotions he worked for would provide him with some sort of meager housing while he fought for them, but he didn’t make much money back then. By living only on the money he earned, he saved himself from the problems of accumulated debt.

Some of the Lessons Learned from John Bradshaw Layfield’s “Have More Money Now”

-Forget the past. Focus on the future. What happened in the past cannot be changed. Instead of worrying about what you should have done, focus on what you can start doing now. How can you reduce your expenses, increase your income or increase your financial education?

-Don’t be average. Do what matters to you and excel at it. If you’re doing what you want to do, you’ll put in that much more effort, and that passion will drastically improve your chances of success.

-Delayed gratification (“Have when you have”) Layfield stressed many times “live within your means” and he certainly practiced what he preached. For years he struggled to earn enough money just to buy the basics. Although times were tough, he never got into debt buying things he simply wanted. Part of his success came from avoiding the debt trap.

-Bad decisions and behaviors will cause debt. Says Layfield, “The key to being debt free is to first stop incurring debt.” Old habits tend to lead you to spend more than you should.