Jimmy Fallon dropped out of college in his last semester—he says he survived on $7 a day just to get stage time, before making the millions

As a comedian trying to make a name for himself at a comedy club in Los Angeles, he lived on pennies—and even skipped meals in order to make ends meet—but for The Tonight Show star, it’s all been worth it. 

“What’s $7 going to do for you?” he recalled on an episode of The Diary of a CEO podcast released this week. “It was the stage time that was priceless, and building an act, and trying to get a persona and build a brand and build a character and work on your act that could lead to a bigger act, or a Saturday night gig.”

“They would also feed you on a Saturday, which is great, because I had no food.”

And while the 50-year-old comedian eventually hit the top of the comedy world as a Saturday Night Live cast member and successor to Jay Leno in late night, his journey was nothing short of challenging. 

At one point, money was so tight he even furnished his apartment with cardboard boxes that were thrown out on his street: “I would put sheets over and they would become tables,” he revealed.

Fortune reached out to Fallon for comment.

Fallon reminded himself of his goals at every opportunity—including every birthday and wishing fountain

As early as 12 years old, Fallon had his sights set on becoming an SNL cast member. “If I threw a coin in a fountain, or if I made a wish on a birthday cake… I remember I would blow out the candles and I’d say I want to be on Saturday Night Live,” Fallon said. “Every year, all of my birthdays, any wish that I could make, that’s what I wished.

But, of course, many comedians try and fail to get on the show. Beyond wishing, he tangibly put all of his energy into getting there. 

Fallon dropped out of the College of Saint Rose in upstate New York in his final semester to make a major bet on his career by moving to Los Angeles and securing a manager. On top of doing stand-up comedy, he tried acting—but faced harsh rejection and was turned away from over 30 movies and shows in the early days.

“It’s really tough, say anyone going into the business or acting or any of that stuff, the entertainment stuff, you’re going to get beat up,” Fallon advised. “It’s going to be to the point where you’re like, I’m so depressed I can’t do it. But just know that if you can just get through it and keep working, eventually, whatever is going to happen in life will work out.”

Just three years later, Fallon achieved his goal: he was asked to join SNL and had some of the soon-to-be biggest names in comedy—like Will Ferrell, Tina Fey, and Amy Poehler—as co-workers.

“Just keep trying,” he concluded. “If you stop trying, you get boring tomorrow.”

As an SNL cast member, Fallon likely earned several thousand dollars per episode, and it was last estimated by Variety in 2017 that Fallon earned $17 million annually from The Tonight Show hosting duties. Today, Fallon’s total net worth is estimated at $70 million, according to Celebrity Net Worth.

Rejection is key to success

Even though Fallon is now one of the most recognizable comedians, he was constantly knocked down—but that didn’t stop him from getting back up, and it’s a lesson that also extends into much of the business world. 

In fact, David Solomon, CEO of Goldman Sachs, said last year that he was rejected twice by the firm early in his career, but he applied elsewhere, gained experience, and then made a lateral move into the company.

Self-made billionaire and real estate mogul Barbara Corcoran has a similar story. She was initially rejected from joining Shark Tank, but fought back and used rejection as a “lucky charm,” she said on social media in 2023.

“The lesson is always the same,” Corcoran said. “All the good stuff happens after you get back up.”