You have phantom income each year. No money is being put in your pocket, but you have to take some money out of your pocket to pay Uncle Sam because the tax is paid based on accretion.
Assets put money in your pocket, whether you work or not, and liabilities take money from your pocket.
Sure, we loaned money to build hotels and casinos in Las Vegas. So what? Las Vegas borrowers were good customers.
Rule One. You must know the difference between an asset and a liability, and buy assets. An asset is something that puts money in my pocket. A liability is something that takes money out of my pocket.
Save money; never rely on other people to lend you money. We call it having 'walking the streets' money - money in your back pocket or bank account that belongs to you.
I've been in Vegas. That's where you get into the money thing. Boy, you get greedy in Vegas, you know. That's the only place that you can bet $25, get it up to $500 and refuse to quit.
Another is, if you take money out of your left pocket and put it in your right pocket, you're no richer.
I had intended to make another film, called Pocket Money, which was to be about children at a school. I was very much intrigued by the story [of Close Up] - it came into my dreams and I was very much influenced by it. So I called my producer and asked that we put aside Pocket Money and start something else, and he agreed.
While I was busy hating Vegas, and hiding from Vegas, a funny thing happened. I grew to love Vegas.
My road trips have been to Vegas, but you know, what happens in Vegas stays in Vegas.
I never envisioned that I would be able to bring something to the entertainment table that would fit Las Vegas. Vegas is so presentational; it's live theater and, for me, it's always been film or television, which isn't why people come to Las Vegas. So it's exciting to be apart of all of this, the thrust of the entertainment of Vegas.
The last time I appeared in Las Vegas, they were wearing hoop skirts and Davy Crockett hats, ... But they say 'What happens in Vegas, stays in Vegas.' And as far as fashion is concerned, that's a good thing.
I remember, when we first got married, the only money we had was what was in Chip's pocket. He always had a wad of cash, but we were broke. If I needed to go grocery shopping, it's whatever was in his pocket. That's how we paid the bills.
Our culture does not teach us this, but what happens in Vegas does not stay in Vegas. If you cheat in Vegas, it comes right home with you. If you cheat in Vegas, you walk home as a cheater. You lie awake at a night a cheater. You cannot escape it.
I do think that people go to Las Vegas for 'whatever happens in Vegas stays in Vegas.' They go for the spectacle.
You have in Vegas the most heterogeneous audience you're gonna get anywhere in the country. In Boston, Chicago, Miami, you know who goes to the theater. In Vegas, you have people who only see one theater show a year, and it's in Vegas.