Monday Night Finance- Volume 110

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What I’ve Learned from 400 Millionaire Interviews

Are you a millionaire? Or perhaps one of your friends is? If you know a millionaire, you might be surprised to find how ‘normal’ their everyday lives are. While many of us aspire to be millionaires, few have role models to emulate or understand the real steps to achieving such wealth. What if you could learn from the experiences of hundreds of millionaires and uncover the habits and strategies that led to their success?

The data I’ve collected is not scientific information. It was never meant to be. It was simply a series to learn from the wealthy how they became wealthy. The millionaires I’ve interviewed is not a random sample so we can’t extrapolate our findings and say they represent all millionaires. That said, having read The Millionaire Next Door, The Next Millionaire Next Door, and Everyday Millionaires, I can say that the findings from our 400 interviews are very, very similar to what large-scale, professional surveys have seen.

~ESI Money

This article by ESI money allows you to do exactly that!  They offer a comprehensive summary of insights gathered from 400 interviews with millionaires. The data reveals fascinating patterns: the average millionaire is 49 years old, has a net worth of $2.48 million, and earns a household income of $238,000. Interestingly, most achieved their wealth through careers rather than business ownership, with 60% not following a budget and 30% not having an estate plan. It turns out that even millionaires worry about affording healthcare in retirement. You may also be surprised to learn that while 85% give to charity, the amounts are typically modest. This article provides a detailed look at these findings, offering practical advice and actionable insights for those seeking financial prosperity.

How to Prepare for a Layoff in 7 Active Steps

What would you do if your company laid you off tomorrow? Layoffs are a harsh reality many face during their careers, yet most people are unprepared for such a sudden and dramatic life change. In today’s volatile job market, marked by mass layoffs from high-profile companies like Microsoft and Google, it’s crucial to have a plan. But how can you safeguard yourself against the shock and uncertainty of losing your job? What steps can you take to ensure you’re ready to bounce back and secure your financial stability?

I’m writing this as of May 2024. We’re not even halfway through the year yet and there are several dozen organizations enacting mass layoffs. Loads are household names including Microsoft, Google, and the United States Army (????). The lists I’ve looked at only compile layoffs from high-profile companies. There are hundreds of smaller ones that are also laying off their employees. It sucks, especially when it hits close to home. 

~Darcy, WeWantGuac

In this article, Darcy, of WeWantGuac, offers practical advice for navigating the uncertainty of potential job loss. The article is not preachy, but instead Darcy uses a candid and empathetic tone to help you prepare for a layoff rather than shame you for not being prepared. She shares her personal experiences, including the current slow wave of layoffs at her own company despite increasing profit margins, and unsettling signs such as job postings that eerily resemble her own role. Darcy also recounts the unexpected layoffs of colleagues—one being a key team member and another a twice-promoted coworker—highlighting the unpredictability of layoffs. If you are worried about a potential layoff, you should follow Darcy’s advice: build an emergency fund, update your market knowledge, and prepare to negotiate severance packages. Emphasizing proactivity, Darcy advises refreshing your resume and LinkedIn profile, and informing your network that you are available for new opportunities. Hopefully this article can help mitigate the stress of layoffs and ensure you’re well-prepared to handle career transitions effectively.

How to Maximize Profits with Print-on-Demand Sites

Imagine launching a business with no need for upfront capital or inventory management—sounds like a dream, right? Print-on-Demand (PoD) sites make this possible, allowing you to create and sell customized products directly to consumers. But how can you ensure you’re maximizing your profits in this competitive landscape? If you’re looking for an article that will guide you through essential strategies for succeeding with PoD platforms look no further.

A critical element that distinguishes PoD enterprises is the caliber of their designs. Investing in notch design software or enlisting skilled designers can significantly elevate your product lineup. Make sure that your designs are original, attractive, and customized for your intended audience.

~Grace Iyiola,

This article by Grace Iyiola provides a comprehensive and engaging roadmap for entrepreneurs looking to succeed in the PoD market. With a conversational tone, the article delves into crucial steps such as choosing the best platform, targeting a specific niche, and creating high-quality, appealing designs. Key insights include the importance of staying current with trends, optimizing product listings for search visibility, and employing strategic pricing to maintain profitability without devaluing your brand. The author also emphasizes the role of exceptional customer service and continuous metric tracking to adapt and grow your business. This informative guide ensures you’re well-equipped to navigate the PoD world and achieve your profit goals.