A 25-year-old saved $60,000 to start a skin care brand — here’s her ‘No. 1 strategy for saving’

In 2015, Priscilla Tsai set out to launch her own skin care and cosmetics brand. Here’s how Tsai saved up enough money to leave her corporate job and start her own business. “I toyed around with a couple of ideas, but what really got me into skin care was that I felt that there was a lack of transparency in the industry,” she says. When she first launched Cocokind, she started off with a few simple products including rosewater, cleansing oil, skin butter, facial repair oil, and lip balm. All of


In 2015, Priscilla Tsai set out to launch her own skin care and cosmetics brand.
Here’s how Tsai saved up enough money to leave her corporate job and start her own business.
“I toyed around with a couple of ideas, but what really got me into skin care was that I felt that there was a lack of transparency in the industry,” she says.
When she first launched Cocokind, she started off with a few simple products including rosewater, cleansing oil, skin butter, facial repair oil, and lip balm.
All of
A 25-year-old saved $60,000 to start a skin care brand — here’s her ‘No. 1 strategy for saving’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-25  Authors: ivana pino
Keywords: news, cnbc, companies, strategy, saved, tsai, expenses, skin, care, tracking, business, heres, brand, 60000, 25yearold, oil, start, products, saving


A 25-year-old saved $60,000 to start a skin care brand — here's her 'No. 1 strategy for saving'

In 2015, Priscilla Tsai set out to launch her own skin care and cosmetics brand. She had $60,000 saved up from her job at J.P. Morgan, where she worked doing equity research. She had a clear vision, too: After struggling with acne for years, Tsai felt there was a gap in the market for clean, accessible, and affordable products that could treat issues like hers. Here’s how Tsai saved up enough money to leave her corporate job and start her own business.

The saving strategy: A monthly expense tracker

Tsai credits her parents with teaching her how spend consciously and save money. As a child, her parents would give her a $10 bill for taking care of various household chores, like doing the dishes or helping with laundry. When she went away to college, Tsai’s parents covered the cost of her tuition and living expenses with the stipulation that at the end of each month, she turn in a list of all of her expenses. “It’d be like, ‘OK, I spent $170 on food, $100 on going out with friends,’ and I still remember these numbers,” says Tsai. “When you know your numbers, you will save more. The No. 1 strategy for saving is just having the knowledge.”

Video by Mariam Abdallah Tsai applied the lessons she learned at a young age about tracking her expenses and saving what she earned to take charge of her finances as an adult. She learned how to live on less by setting aside roughly one-third of her six-figure salary into savings each year. After four years, she had $60,000 saved, which she invested into her business in its first year. “Knowledge is power — simply tracking monthly expenses and tracking what I spent was very empowering,” says Tsai.

The approach to business: Start small with simple products

To avoid the use of prescription medications that brought on a number of unpleasant side effects, Tsai began experimenting with superfoods like coconut oil, avocado oil, and almond oil, and found that they had a calming, nourishing effect on her skin. “I toyed around with a couple of ideas, but what really got me into skin care was that I felt that there was a lack of transparency in the industry,” she says. “How pricing is determined [for skin care products] or what’s inside the bottle and really what the consumer is paying for was something that bothered me enough to convince me to start the company.” Tsai now stresses the importance starting small in order to get your business of the ground. When she first launched Cocokind, she started off with a few simple products including rosewater, cleansing oil, skin butter, facial repair oil, and lip balm. She used simple packaging as a way to cut back on expenses when she first introduced the brand in order to start generating revenue.

When you know your numbers, you will save more. Priscilla Tsai founder of Cocokind

Tsai made products in a rented commercial kitchen and hired employees to help as her business grew. Now, she has an entire production team and a dedicated warehouse one block away from her corporate office in San Francisco. Cocokind became a profitable business within the first two years and can be found on the shelves of almost 1,800 Target stores, according to Tsai, as well as Whole Foods stores, Anthropologie, Urban Outfitters, and more. All of Cocokind’s products are within the $10-$20 range, filling a niche for reasonably priced skin care products. “The pricing was not based on what we can charge, but what we should charge in order to give more people access to clean, quality products,” says Tsai.

The growth strategy: Take it step-by-step


Company: cnbc, Activity: cnbc, Date: 2020-01-25  Authors: ivana pino
Keywords: news, cnbc, companies, strategy, saved, tsai, expenses, skin, care, tracking, business, heres, brand, 60000, 25yearold, oil, start, products, saving


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25-year-old Fallon Sherrock becomes first woman to win World Darts Championship match

Professional darts player Fallon Sherrock made history Tuesday when she became the first woman to defeat a man at the Professional Darts Corporation World Championship match in London, England. Sherrock, 25, cracked the glass ceiling when she beat 22-year-old Ted Evetts 3-2 in the first round of the championships. Sherrock, who earned her spot in this year’s competition by winning the qualifying events in United Kingdom and Ireland, is just the fifth woman to compete in the world championships.


Professional darts player Fallon Sherrock made history Tuesday when she became the first woman to defeat a man at the Professional Darts Corporation World Championship match in London, England.
Sherrock, 25, cracked the glass ceiling when she beat 22-year-old Ted Evetts 3-2 in the first round of the championships.
Sherrock, who earned her spot in this year’s competition by winning the qualifying events in United Kingdom and Ireland, is just the fifth woman to compete in the world championships.

25-year-old Fallon Sherrock becomes first woman to win World Darts Championship match Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-18  Authors: courtney connley
Keywords: news, cnbc, companies, opportunity, championship, darts, 25yearold, world, sherrock, play, match, men, women, woman, fallon, compete, win


25-year-old Fallon Sherrock becomes first woman to win World Darts Championship match

Professional darts player Fallon Sherrock made history Tuesday when she became the first woman to defeat a man at the Professional Darts Corporation World Championship match in London, England.

Sherrock, 25, cracked the glass ceiling when she beat 22-year-old Ted Evetts 3-2 in the first round of the championships.

“I can’t believe I just made history,” Sherrock said in a post-match interview. “Honestly, I’m trying to put it into words, but I’m so speechless. I’m just so so happy, and I’m so proud of myself.”

Sherrock, who earned her spot in this year’s competition by winning the qualifying events in United Kingdom and Ireland, is just the fifth woman to compete in the world championships. In 2000, according to CNN, Gayl King became the first woman to compete at the PDC World Championship.

The 25-year-old says she hopes her victory proves that women can be successful competitors in the game against men if given the opportunity. Right now, the PDC event features 96 players each year, with men historically competing against other men. Last year, however, the organization mandated for the first time that two of these spots be reserved for women to compete as well, reports CNN.

“I mean obviously, I’ve always had the game,” Sherrock said Wednesday morning during an appearance on Good Morning Britain. “But, us women have never had the opportunity to prove it. And last night, I proved myself and everyone else that us women can play darts against the men, and we can beat them.”

Sherrock’s recent victory qualifies her to compete in the second round of the championship on Saturday. In this match, she will play against veteran dart player Mensur Suljovic. “It’s definitely a fun opportunity,” she told Metro UK about her upcoming match. “I’m so excited to play one of the best people in the world next.”

On Wednesday, Sherrock announced on Twitter that she will be auctioning off her match board from Tuesday’s win, and she will be donating the money to the National Autistic Society, an organization that she says is “very close to my heart.”

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Don’t miss: Only 20% of millennial women know how much their colleagues make—here’s why that’s a problem


Company: cnbc, Activity: cnbc, Date: 2019-12-18  Authors: courtney connley
Keywords: news, cnbc, companies, opportunity, championship, darts, 25yearold, world, sherrock, play, match, men, women, woman, fallon, compete, win


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25-year-old tech founder is helping teach everyday Americans how to invest

Learning to think like an investor at a young age, he says, helped him become a tech entrepreneur. Gage, 25, is one of the founders of Rapunzl Investments, a mobile app that lets users simulate stock trading in real time. Gage believes that his platform can help young people who lack formal financial education make better decisions and start investing for their future. Starting in first grade, students learn core financial tenets like investing and entrepreneurship and get hands-on experience in


Learning to think like an investor at a young age, he says, helped him become a tech entrepreneur. Gage, 25, is one of the founders of Rapunzl Investments, a mobile app that lets users simulate stock trading in real time. Gage believes that his platform can help young people who lack formal financial education make better decisions and start investing for their future. Starting in first grade, students learn core financial tenets like investing and entrepreneurship and get hands-on experience in
25-year-old tech founder is helping teach everyday Americans how to invest Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: sam becker, anna-louise jackson
Keywords: news, cnbc, companies, invest, investing, everyday, rapunzl, gage, founder, stock, app, helping, tech, money, users, school, 25yearold, ariel, teach, americans, financial


25-year-old tech founder is helping teach everyday Americans how to invest

Like a lot of kids, Myles Gage was into sneakers when he was growing up. But his mom suggested an unusual rule: For every pair of Nikes that Gage owned, he should own a share of Nike stock. Learning to think like an investor at a young age, he says, helped him become a tech entrepreneur. Gage, 25, is one of the founders of Rapunzl Investments, a mobile app that lets users simulate stock trading in real time. The platform makes a game out of the markets: Users get $10,000 fictitious dollars to buy and sell stocks, which helps them learn how the markets work and start to experience the excitement and potential benefit of investing. Gage believes that his platform can help young people who lack formal financial education make better decisions and start investing for their future.

Learning early to be ‘financially literate’

Gage says his parents made a lot of financial mistakes and they wanted to make sure their kids didn’t follow in their footsteps: “They wanted us to be financially literate and in a position to make better decisions.” That’s partly why Gage’s mother, who worked for the Chicago Parks District, found a way to get him and his brother, Mario, into Ariel Community Academy, a specialized public school for students K-8 with a focus on financial education. Starting in first grade, students learn core financial tenets like investing and entrepreneurship and get hands-on experience investing in stocks. Attending Ariel made a huge difference in Gage’s life: “The only reason I know about the stock market is because of Ariel Community Academy,” he says.

The only reason I know about the stock market is because of Ariel Community Academy. Myles Gage CFO, Rapunzl Investments

That knowledge paid off: It helped Gage win a full-ride scholarship to the University of Chicago Laboratory School, a prestigious private high school. “I wrote an essay about how I planned to finance my college tuition. And the main point of that was that I was going to liquidate my stock portfolio,” he says. “I don’t think the judges were expecting a 14-year-old to be talking about liquidating a portfolio, let alone one from the south side of Chicago.”

The origins of Rapunzl

As a high school freshman in 2008, Gage immediately bonded with another student, Brian Curcio. While discussing the stock market and the budding financial crisis, the two came up with the idea of a stock market game, using fictional money, to teach people how the markets work. Over the next few years, the economy recovered. Some investors, who had money to buy stocks when the markets bottomed out, started to see strong returns. Average Americans, however, were often missing out. Gage didn’t think that profits should belong only to a select few, hidden away at the top of a tower like the character of Rapunzel in the 1812 Brothers Grimm fairy tale. Rapunzl the app, Gage and Curcio decided, would make investing accessible. It would give anybody the chance to learn, to figure out how the stock markets work. Then, when users were comfortable, they could actually start investing.

How the app got funded

Through their college years, the two met frequently to refine the concept for Rapunzl. They settled on an idea that would allow users to simulate a stock portfolio without risking real money. But to make their idea come to life, real money is exactly what the two young entrepreneurs needed. So, after graduating in 2016, they organized their ideas and started looking around for seed funding.

Myles Gage with Rapunzl cofounder Brian Curcio. Courtesy Rapunzl Investments LLC

“We put a mini-pitch deck together and shopped it around to our friends and family, and were able to muster up funds to develop a prototype,” Gage says. They hired a Canadian developer who created an early version of the app and made it available for download in April 2017. Around that time, Rapunzl also did another round of fundraising, which netted the company enough money to continue perfecting the platform. Several months later, the founders brought in a third partner, Chris Thomas, as the company’s CTO.

‘Our country needs more innovative approaches like Rapunzl’

To attract users and take aim at their mission of creating a new generation of confident, financially literate investors, Gage and the team headed back to school — literally. Rapunzl partnered with the Federal Reserve Bank of Chicago and started sponsoring conferences, plus essay and investing competitions at schools around the Chicago area. The team also met with John Rogers, the chairman and CEO of Ariel Investments — which also funds and sponsors Ariel Community Academy — who agreed to sponsor the competitions and provide prize money. In 2018, Rapunzl was involved in competitions in more than 70 Chicago-area schools, comprising more than 2,000 students.

Our country needs more innovative approaches like Rapunzl that aim to tackle financial illiteracy and close the achievement gap. Arne Duncan Former U.S. Secretary of Education

Rapunzl is building on its success in Chicago schools by expanding. Last year, it sponsored competitions in Los Angeles, Boston, and New York, with plans for more cities next year, and colleges, too. It has even managed to catch the attention of former U.S. Secretary of Education Arne Duncan. “Our country needs more innovative approaches like Rapunzl that aim to tackle financial illiteracy and close the achievement gap,” Duncan said, following an announcement about Rapunzl partnering with investing firm Wedbush. Duncan, who doesn’t have any current connection to the app, did play a role in developing the curriculum at Ariel Community Academy.

The app and its founders hope to make a difference

So far, the Rapunzl team has focused their efforts on generating interest in the platform and getting young users hooked on trading. The app doesn’t currently drive revenue, though, and Gage is hopeful that will change. He says at some point in 2020, the platform will be monetized through affiliate marketing and premium subscriptions.

Courtesy Rapunzl Investments LLC


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: sam becker, anna-louise jackson
Keywords: news, cnbc, companies, invest, investing, everyday, rapunzl, gage, founder, stock, app, helping, tech, money, users, school, 25yearold, ariel, teach, americans, financial


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This is a retirement surprise you’re probably not planning for

However, if today’s retirees are any indication, you may want to rethink how you plan financially. A new survey from NerdWallet finds that today’s retirees stopped working at 59, on average. Because full Social Security retirement benefits don’t kick in until as late as 67 for many, a number of experts recommend pushing retirement off even later. Assuming a 6% return, that 25-year-old needs $483 in savings per month in order to retire at 67, according to NerdWallet’s retirement calculator. Chang


However, if today’s retirees are any indication, you may want to rethink how you plan financially. A new survey from NerdWallet finds that today’s retirees stopped working at 59, on average. Because full Social Security retirement benefits don’t kick in until as late as 67 for many, a number of experts recommend pushing retirement off even later. Assuming a 6% return, that 25-year-old needs $483 in savings per month in order to retire at 67, according to NerdWallet’s retirement calculator. Chang
This is a retirement surprise you’re probably not planning for Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: lorie konish
Keywords: news, cnbc, companies, youre, retirement, 25yearold, planning, retirees, working, surprise, forced, todays, probably, month, savings


This is a retirement surprise you're probably not planning for

However, if today’s retirees are any indication, you may want to rethink how you plan financially.

A new survey from NerdWallet finds that today’s retirees stopped working at 59, on average.

That is much lower than the traditional retirement age, which many still consider to be 65. Because full Social Security retirement benefits don’t kick in until as late as 67 for many, a number of experts recommend pushing retirement off even later.

Some of those retirees — 36% — said they didn’t have a choice as to when they retired. What’s more, 18% said they had to stop working because of their health, and 9% said a job loss forced them into retirement.

While you may think of retirement as far off in the future, planning for the fact that you may be forced into early retirement would have a dramatic impact on how you save.

Take a 25-year-old with pre-tax income of $40,000 and $10,000 in savings who expects to live to 95.

Assuming a 6% return, that 25-year-old needs $483 in savings per month in order to retire at 67, according to NerdWallet’s retirement calculator. Changing that retirement date to 59 — eight years earlier — would bump their savings target up to $883 per month.


Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: lorie konish
Keywords: news, cnbc, companies, youre, retirement, 25yearold, planning, retirees, working, surprise, forced, todays, probably, month, savings


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This 25-year-old hairstylist earns $280,000 a year near Detroit—here’s how he spends his money

As a hairstylist and salon owner in the Detroit area, the 25-year-old earns $280,000 a year. “It’s rewarding to be able to put on a pair of shoes that I worked really, really hard for.” It’s rewarding to be able to put on a pair of shoes that I worked really, really hard for. In fact, carrying a balance could be costing Pardoe money. “He’s really capitalized on his industry, what he’s knowledgeable about and what he’s passionate about.


As a hairstylist and salon owner in the Detroit area, the 25-year-old earns $280,000 a year. “It’s rewarding to be able to put on a pair of shoes that I worked really, really hard for.” It’s rewarding to be able to put on a pair of shoes that I worked really, really hard for. In fact, carrying a balance could be costing Pardoe money. “He’s really capitalized on his industry, what he’s knowledgeable about and what he’s passionate about.
This 25-year-old hairstylist earns $280,000 a year near Detroit—here’s how he spends his money Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-23  Authors: emmie martin
Keywords: news, cnbc, companies, life, spends, 25yearold, westlin, pardoe, earns, month, work, hairstylist, money, 280000, hes, salon, really, credit, detroitheres, near


This 25-year-old hairstylist earns $280,000 a year near Detroit—here's how he spends his money

This story is part of CNBC Make It’s Millennial Money series, which profiles people across the U.S. and details how they earn, spend and give away their money. Alex Pardoe works hard for his money — and he isn’t afraid to splurge on Hermes Birkin bags, Louboutin loafers or a custom Mercedes. As a hairstylist and salon owner in the Detroit area, the 25-year-old earns $280,000 a year. While he makes sure to save for the future, he also believes in enjoying the present. “I’ve really always functioned under the mentality of you need to enjoy your life while you have it,” he says. “I knew I never really wanted to die with a bunch of money in the bank, so I think it’s important to live and be happy.”

What he earns

Pardoe moved to Detroit from Virginia after high school to attend cosmetology school and ended up starting his career there in 2012. He first worked at a major salon chain, where he earned around $30,000 a year. But Pardoe was determined to grow his client list as well as his earning potential. He started sharing his work on Instagram and used the social media platform as a way to garner interest in his services. He even offered free services to certain influencers in exchange for word-of-mouth publicity. The strategy worked. As Pardoe began to build a solid repertoire of loyal clients, his income grew. By the next year, his take-home pay had doubled, he says, and it has only continued to increase. In 2017, he decided to open his own salon, Aesthetic Hair Co., with two business partners in order to offer other stylists the same opportunity he had to expand his career. “I grew so quickly that I wanted to be able to provide a platform for other hairstylists to grow really quickly,” he says. He’s also developed and marketed his own line of hair products. “When I first started, the national average for what a hairdresser would take home was about $26,000 a year. We’ve strived so hard our whole career to not make that the standard and to give hairdressers a platform to make an amazing living for themselves,” he says.

Alex Pardoe with his business partners, Tess Garoon and Annie Starler. Source: Alex Pardoe

As a salon owner, Pardoe liaises with distributors, takes care of education for the nearly 30-person staff and is on the floor three to four days per week. “I’m there to help all of my stylists with any questions,” he says. “I’m always there to have their back when an issue arises in the salon.” On any given day, Pardoe sees between eight and 22 clients, with the help of two assistants. He charges around $275 for highlights and anywhere from $800 to $2,000 for extensions, depending on length and thickness. “Being a salon owner kind of changed my life in a sense that I don’t really work 9-to-5 anymore,” he says. “I feel like I work 24/7.”

Being a salon owner kind of changed my life in a sense that I don’t really work 9-to-5 anymore. I feel like I work 24/7. Alex Pardoe

Overall, Pardoe earns around $190,000 a year from client work, $50,000 in tips, $30,000 from teaching classes and holding private sessions with other stylists, and $10,000 from his product line, for a total of $280,000. In the city of Detroit, the median annual salary is just over $27,000 a year, according to the U.S. Census Bureau. Pardoe’s salon sits just outside of the Detroit city limits in Ferndale, an area in Oakland County that’s home to both blue collar workers and a growing artist community. He’s tapped into an affluent consumer base there. “I think the biggest misconception about living in metro Detroit is that because the city was bankrupt years ago that people here can’t be successful and people here can’t run businesses and people here don’t have money,” he says. “But Oakland County is actually one of the richest counties in the United States. ” Still, for Pardoe, work isn’t just about money: “I got into hair because I really loved the instant transformation that you could give people and the confidence boost that you can give people.”

What he spends

Here’s a breakdown of everything Pardoe spends in a typical month.

Click to enlarge

Cars: $4,180

Pardoe’s largest monthly expense is his two cars. Currently, he’s leasing a Mercedes Benz G-550 for $2,200 a month, which he plans to buy outright when the lease is up. He’s also financing a BMW i8, which runs him $1,300 a month. He spends $380 on insurance and about $300 on premium gas. Although Pardoe admits that having two cars “isn’t necessary and is definitely excessive,” they’re a worthwhile expense because they bring him joy. “Driving them makes me happy, so the more the merrier!” he says.

Food: $2,500

Pardoe never cooks. In fact, he says, he’s never even turned on the oven in his condo. Instead, he goes out or orders his meals in from delivery services such as DoorDash or UberEats, which he says is his biggest regular monthly splurge. He often brings in food for others, too. “I buy lunch for the salon all the time and l get things delivered for them all the time, so there’s not just me,” he says. “I’m buying food for everybody.”

Rent, utilities and Wi-Fi: $1,970

Pardoe shares a two-bedroom, two-bathroom condo, which costs $2,500 a month, with his boyfriend Josh. Pardoe’s share comes to $1,900, and he pays $70 to cover Wi-Fi for the place. Even living just north of Detroit, the couple can afford much more space than they would in a pricier area, such as San Francisco or New York. His rent includes two parking spaces and access to a gym.

Miscellaneous: $1,875

Entertainment is Pardoe’s largest miscellaneous expense, coming to around $1,200 per month. When he goes out with friends, he’s quick to cover the tab, he says. His share of the expenses for his rescue dog, Biscuit, is around $100 a month. That covers food, treats, toys and vet costs. “I haven’t gotten him into Gucci ready-to-wear,” he jokes, “so as soon as we get him into Gucci ready-to-wear, the sky’s the limit.”

Alex Pardoe with his rescue dog, Biscuit. Source: Alex Pardoe

He gives about $25 a month to the Humane Society and another $100 to Planned Parenthood. Pardoe spends around $5,000 on travel annually, which averages out to around $420 per month. He says it can be easy to get wrapped up in work, and so it’s worth it to him to spend money on vacations and seeing the world: “I think it’s really important to be as cultured as humanly possible and keep yourself grounded.” And although Pardoe says he drives almost everywhere, he pays for cabs occasionally during a night out. That runs him around $30 a month.

Savings: $1,800

Saving for the future is a key goal for Pardoe. In addition to the money he pays into his life insurance policy, he also puts $500 a month into his Roth IRA and $1,300 in a brokerage account. He also keeps a sizable amount of cash in his checking account. Currently, it holds around $77,000. Once he reaches $100,000 and qualifies for the next level of rewards at his bank, Pardoe says he’ll start diverting money away from that account into one that earns a higher interest rate. To make sure he’s on track to meet his retirement goals, Pardoe works with a professional financial advisor.

Clothes, shoes and accessories: $1,500

Pardoe loves to splurge on brand-name clothes, shoes and accessories and can spend anywhere from $300 to $3,000 a month. The designer section of his closet includes garments from Gucci, Balenciaga, Christian Louboutin and others. He also collects Hermes Birkin bags, which start at around $7,000 each, and has a case dedicated to displaying them. “With the amount that I work and how hard that I work on my feet all day, it’s rewarding to come home and have the things that I want to have,” he says. “It’s rewarding to be able to put on a pair of shoes that I worked really, really hard for.”

It’s rewarding to be able to put on a pair of shoes that I worked really, really hard for. Alex Pardoe

As a creative person, he has a lot of respect for designers, so if “a designer comes out with a new sweater and I really like this sweater, it’s worth it for me to buy it.” Pardoe is also a fan of tattoos and has spent around $10,000 total on his collection over the past six years. He sees tattoos as a fun way to express himself. “A lot of my tattoos are jokes,” he says, pointing out one of Britney Spears shaving her head and another of Kim Kardashian crying. “It literally says, ‘Kim, there’s people that are dying,’ just to remind me that I’m human, you know,” Pardoe says.

Insurance: $730

Pardoe puts $700 toward his joint disability and life insurance policy each month, as well as $30 towards renters insurance. He plans to stay on his parents’ health insurance plan until he turns 26, so he doesn’t pay anything toward health care yet. His life insurance policy is worth $3 million and he chooses to put a lot into the plan because the money earns a higher interest rate than a traditional savings account at a bank.

Phone: $230

Pardoe’s $230 monthly phone bill covers the hardware and service for two iPhones: one for work and one for personal use.

Credit card repayment: $100

Pardoe puts around $100 a month toward the $2,000 balance on his credit card. Although Pardoe has enough in his checking account to pay his card off entirely, he chooses to carry a balance on the assumption that it will help him build credit and raise his credit score.

Alex Pardoe with his boyfriend, Josh, in London. Source: Alex Pardoe

Pardoe doesn’t have any other debt, in part because his parents paid for his education: “I decided not to go to a four-year year school and I went to a trade school, so they paid a lot less for my school. I am very fortunate to not have student loans.”

Subscriptions: $50

In place of cable, Pardoe pays for a number of subscription streaming services: $7 for Hulu, $13 for Netflix, $15 for HBO Go and $15 for Amazon Prime video.

What the experts say

CNBC Make It asked Andrew Westlin, a certified financial planner at Betterment, to comment on what Pardoe is doing well and how he could improve. Here are his thoughts.

Andrew Westlin, a certified financial planner at Betterment. Source: Betterment

He should consider a high-yield savings account

Pardoe currently has around $77,000 in his checking account, which Westlin says is probably too much, since checking accounts typically only offer around 0.09% in interest. One way to earn a greater return while still keeping his funds accessible is to open a high-yield savings account, such as those offered by online banks such as Ally or Marcus by Goldman Sachs that earn 2% or more. “By moving over his current cash to a high-yield savings account that pays 2%, the money that he has will earn anywhere from $1,200 to $1,500 in the first year alone,” Westlin says. “That’s one of the easiest wins.” Pardoe can use this money as an emergency fund, which experts say should hold enough to cover between three to six months’ worth of living expenses. “He probably still wants to keep some money in his everyday checking account, just so he still has some more liquid funds,” Westlin says. “We usually say keep about one month of your expenses in your everyday checking account. Everything else can be moved over to a high-yield savings account.”

He can pay off his credit card balance

Another “quick win” for Pardoe, Westlin says, would be paying off his $2,000 in credit card debt. Right now, Pardoe is choosing to keep a balance because he thinks it helps his credit score, and he wants a good credit score in case he decides to buy a home. However, Westlin says, that’s a myth: Carrying a balance doesn’t help your credit score. In fact, carrying a balance could be costing Pardoe money. “Most credit cards, the interest rate is anywhere from 15% to 20%, so if he’s keeping a $2,000 balance, that’s about $300 to $400 of interest that he’s paying every year,” Westlin explains.

Alex Pardoe poses with two of his Birkin bags. CNBC Make It

Pardoe can build his credit by using his credit card regularly and then paying off the balance every month, Westlin says. He is smart to keep his usage below 30% of his credit limit, however, Westlin says: “Once you start getting your balance over 30% and your usage rate goes up, that will damage your credit score in the eyes of the lender because they’re only lending you so much, and if you’re maxing out your credit or using a really high percentage of what’s available to you, that doesn’t show that you’re the most credit-worthy individual.”

It’s great that he has numerous streams of income

“In today’s world, you can make money doing anything from anywhere,” Westlin says. “A very common catchphrase is that the most important investment you can make is in yourself. ” He applauds Pardoe for diversifying his sources of income: In addition to earning money from doing hair, Pardoe is also a salon owner and an educator, and he has his own product line.

At the end of the day, he’s doing something that he loves and making a lot of money doing it. Andrew Westlin certified financial planner at Betterment

“That’s the best thing he’s done,” Westlin says. “He’s really capitalized on his industry, what he’s knowledgeable about and what he’s passionate about. At the end of the day, he’s doing something that he loves and making a lot of money doing it. I think that that’s phenomenal.”

He should make sure he’s eligible to contribute to a Roth IRA

Although Pardoe is smart to make saving for retirement a priority, he should ensure that he’s using the most effective savings vehicle. Because of how much he earns, he might not qualify to contribute to a Roth IRA, which has a $135,000 limit for single individuals. If he’s not eligible to contribute to a Roth, he could face a penalty. To avoid that, “he can do what’s called a recharacterization,” Westlin says. “As long as that’s done before the end of the tax year, he can move that money over to a traditional IRA, and there’s no taxes or penalties.”

Alex Pardoe gives a client highlights at Aesthetic Hair Co. in Detroit. CNBC Make It

Additionally, it could be a good idea for Pardoe to outline what he wants retirement to look like. Does he want to live the same lifestyle? If so, he might need to be putting away more of his earnings each month. Currently, he’s saving roughly 7% to 8% of his take-home pay, Westlin calculates, but, to keep up with his current lifestyle in retirement, he’ll want to be saving at least 15% of his income. “It’s about setting clear goals and determining how much he needs to save to meet each of them,” Westlin says.

He’s smart to have disability and life insurance

Because Pardoe has an active job and is on his feet all day, it’s smart for him to have disability insurance, Westlin says. If he’s ever unable to work, he’ll still be covered. As for his life insurance policy, he might need to evaluate how he’s using it. Because he doesn’t have any dependents, it might not be necessary, Westlin says. If that’s the case, he might be able to divert those funds elsewhere.

However, having life insurance could be a wise move if he’s using it as part of a business succession plan. “With life insurance, you can structure something that’s called a buy-sell agreement with his partners,” Westlin says. If Pardoe were to pass away, the proceeds from his death benefits would go to his partners, who could use the money to buy Pardoe’s heirs out of his share in the business, he explains. Contributing so much to his policy each month might not be the best use of his funds, though, Westlin says. Overall, Pardoe has a strong handle on his finances, Westlin says. For now, “it’s more about maximizing that money and making sure that he’s saving enough and in the right places.” As long as Pardoe is putting enough away for the future, “how the rest is spent doesn’t really matter,” Westlin says. What’s your budget breakdown? Share your story with us at makeitcasting@nbcuni.com for a chance to be featured in a future installment. We are especially interested in hearing from people in San Francisco, Chicago and Washington, D.C. Like this story? Subscribe to CNBC Make It on YouTube! Don’t miss: The budget breakdown of a 28-year-old veteran who supports his family on $90,000 a year


Company: cnbc, Activity: cnbc, Date: 2019-05-23  Authors: emmie martin
Keywords: news, cnbc, companies, life, spends, 25yearold, westlin, pardoe, earns, month, work, hairstylist, money, 280000, hes, salon, really, credit, detroitheres, near


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Peter Thiel’s advice helped this 25-year-old build one of India’s most valuable start-ups

The 25-year-old tech star is founder and CEO of the country’s largest hospitality chain, OYO, and, as of last year, its youngest major self-made entrepreneur, worth an estimated $365 million. In just six short years, Agarwal has turned his budget accommodation bookings platform into a network of more than 13,000 properties spanning seven countries. In the process, he has also responded to a growing demand for standardized, low-cost accommodation and sated his childhood ambition to start a busine


The 25-year-old tech star is founder and CEO of the country’s largest hospitality chain, OYO, and, as of last year, its youngest major self-made entrepreneur, worth an estimated $365 million. In just six short years, Agarwal has turned his budget accommodation bookings platform into a network of more than 13,000 properties spanning seven countries. In the process, he has also responded to a growing demand for standardized, low-cost accommodation and sated his childhood ambition to start a busine
Peter Thiel’s advice helped this 25-year-old build one of India’s most valuable start-ups Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-30  Authors: karen gilchrist, patrick t fallon, bloomberg, getty images, mint, hindustan times
Keywords: news, cnbc, companies, youngest, indias, 25yearold, thiels, way, valuable, advice, turned, town, worldview, agarwal, helped, accommodation, werent, role, build, worth, peter, startups


Peter Thiel's advice helped this 25-year-old build one of India's most valuable start-ups

In India, Ritesh Agarwal is something of a household name. Or, rather, a hotel name.

The 25-year-old tech star is founder and CEO of the country’s largest hospitality chain, OYO, and, as of last year, its youngest major self-made entrepreneur, worth an estimated $365 million.

In just six short years, Agarwal has turned his budget accommodation bookings platform into a network of more than 13,000 properties spanning seven countries. In the process, he has also responded to a growing demand for standardized, low-cost accommodation and sated his childhood ambition to start a business.

It’s no mean feat for someone born to a middle class family a small town in the eastern state of Odisha. But it might never have been if it weren’t for some sage advice from one of his “biggest role models,” Agarwal told CNBC Make It.

That role model? PayPal co-founder Peter Thiel.

“Getting mentored by him really changed my worldview and gave me a new perspective to the way I was looking at entrepreneurship,” Agarwal said of the billionaire investor.


Company: cnbc, Activity: cnbc, Date: 2019-01-30  Authors: karen gilchrist, patrick t fallon, bloomberg, getty images, mint, hindustan times
Keywords: news, cnbc, companies, youngest, indias, 25yearold, thiels, way, valuable, advice, turned, town, worldview, agarwal, helped, accommodation, werent, role, build, worth, peter, startups


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Peter Thiel’s advice helped this 25-year-old build one of India’s most valuable start-ups

The 25-year-old tech star is founder and CEO of the country’s largest hospitality chain, OYO, and, as of last year, its youngest major self-made entrepreneur, worth an estimated $365 million. In just six short years, Agarwal has turned his budget accommodation bookings platform into a network of more than 13,000 properties spanning seven countries. In the process, he has also responded to a growing demand for standardized, low-cost accommodation and sated his childhood ambition to start a busine


The 25-year-old tech star is founder and CEO of the country’s largest hospitality chain, OYO, and, as of last year, its youngest major self-made entrepreneur, worth an estimated $365 million. In just six short years, Agarwal has turned his budget accommodation bookings platform into a network of more than 13,000 properties spanning seven countries. In the process, he has also responded to a growing demand for standardized, low-cost accommodation and sated his childhood ambition to start a busine
Peter Thiel’s advice helped this 25-year-old build one of India’s most valuable start-ups Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-30  Authors: karen gilchrist, patrick t fallon, bloomberg, getty images, mint, hindustan times
Keywords: news, cnbc, companies, accommodation, indias, valuable, youngest, role, way, agarwal, werent, peter, startups, build, advice, helped, worth, 25yearold, turned, thiels, worldview, town


Peter Thiel's advice helped this 25-year-old build one of India's most valuable start-ups

In India, Ritesh Agarwal is something of a household name. Or, rather, a hotel name.

The 25-year-old tech star is founder and CEO of the country’s largest hospitality chain, OYO, and, as of last year, its youngest major self-made entrepreneur, worth an estimated $365 million.

In just six short years, Agarwal has turned his budget accommodation bookings platform into a network of more than 13,000 properties spanning seven countries. In the process, he has also responded to a growing demand for standardized, low-cost accommodation and sated his childhood ambition to start a business.

It’s no mean feat for someone born to a middle class family in a small town in the eastern state of Odisha. But it might never have been if it weren’t for some sage advice from one of his “biggest role models,” Agarwal told CNBC Make It.

That role model? PayPal co-founder Peter Thiel.

“Getting mentored by him really changed my worldview and gave me a new perspective to the way I was looking at entrepreneurship,” Agarwal said of the billionaire investor.


Company: cnbc, Activity: cnbc, Date: 2019-01-30  Authors: karen gilchrist, patrick t fallon, bloomberg, getty images, mint, hindustan times
Keywords: news, cnbc, companies, accommodation, indias, valuable, youngest, role, way, agarwal, werent, peter, startups, build, advice, helped, worth, 25yearold, turned, thiels, worldview, town


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The budget breakdown of a 25-year-old who makes $100,000 a year and is excellent with money

“I’ve always loved teaching people,” he says. “I coach jiu jitsu as a hobby, I love teaching friends … Tutoring was a chance to do teaching for serious.” After graduating from college in 2015, Klee moved to Singapore to work for a test-prep company. “I never really loved school, but I love being on the other side of a classroom.” Klee didn’t want to seek out a different test-prep company, though.


“I’ve always loved teaching people,” he says. “I coach jiu jitsu as a hobby, I love teaching friends … Tutoring was a chance to do teaching for serious.” After graduating from college in 2015, Klee moved to Singapore to work for a test-prep company. “I never really loved school, but I love being on the other side of a classroom.” Klee didn’t want to seek out a different test-prep company, though.
The budget breakdown of a 25-year-old who makes $100,000 a year and is excellent with money Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-20  Authors: emmie martin, cnbc make it, source, pamela capalad, -trevor klee, test prep instructor
Keywords: news, cnbc, companies, 100000, klee, breakdown, excellent, work, didnt, loved, tutoring, love, really, teaching, company, budget, 25yearold, testprep, money, makes


The budget breakdown of a 25-year-old who makes $100,000 a year and is excellent with money

Klee first started tutoring as a student at Princeton University, where he discovered that he could turn his understanding of standardized tests into a way to earn extra cash. “I’ve always loved teaching people,” he says. “I coach jiu jitsu as a hobby, I love teaching friends … Tutoring was a chance to do teaching for serious.”

After graduating from college in 2015, Klee moved to Singapore to work for a test-prep company. While the company provided a good starting point, Klee soon realized he didn’t like his employer all that much. Still, he wanted to continue tutoring. “I really do love teaching,” he says. “I never really loved school, but I love being on the other side of a classroom.”

Klee didn’t want to seek out a different test-prep company, though. He acknowledges that he’s not exactly an ideal staff member.

“I’m actually a really terrible employee,” he says. That’s because “I always think I know better than other people, and sometimes I do and sometimes I don’t. Sometimes I’m just being stubborn.”

He decided to work for himself instead.


Company: cnbc, Activity: cnbc, Date: 2018-12-20  Authors: emmie martin, cnbc make it, source, pamela capalad, -trevor klee, test prep instructor
Keywords: news, cnbc, companies, 100000, klee, breakdown, excellent, work, didnt, loved, tutoring, love, really, teaching, company, budget, 25yearold, testprep, money, makes


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How a 25-year-old turned his ‘passion project’ into a global business with $30 million in sales

When recent college grads Luke Holden and Ben Conniff opened a hole-in-the-wall, 200-square-foot lobster shack in New York City’s East Village in the fall of 2009, they were wholly unprepared. The economy was still struggling and neither Holden, a 25 year-old banking analyst, nor Conniff, a 24-year-old freelance food writer, had any restaurant-management experience. The two had recently met through Craigslist and gave themselves a two-month time-frame to open their shack, which they dubbed “Luke


When recent college grads Luke Holden and Ben Conniff opened a hole-in-the-wall, 200-square-foot lobster shack in New York City’s East Village in the fall of 2009, they were wholly unprepared. The economy was still struggling and neither Holden, a 25 year-old banking analyst, nor Conniff, a 24-year-old freelance food writer, had any restaurant-management experience. The two had recently met through Craigslist and gave themselves a two-month time-frame to open their shack, which they dubbed “Luke
How a 25-year-old turned his ‘passion project’ into a global business with $30 million in sales Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-02  Authors: andrea kramar, luke holden, lukes lobster
Keywords: news, cnbc, companies, million, holden, wholly, unpreparedthe, 25yearold, york, conniff, yearold, sales, writer, global, shack, turned, village, twomonth, project, business, passion, 30


How a 25-year-old turned his 'passion project' into a global business with $30 million in sales

When recent college grads Luke Holden and Ben Conniff opened a hole-in-the-wall, 200-square-foot lobster shack in New York City’s East Village in the fall of 2009, they were wholly unprepared.

The economy was still struggling and neither Holden, a 25 year-old banking analyst, nor Conniff, a 24-year-old freelance food writer, had any restaurant-management experience. The two had recently met through Craigslist and gave themselves a two-month time-frame to open their shack, which they dubbed “Luke’s Lobster.”

“We were very naive out of the gate,” Holden, the company’s CEO, recalls. “We were just a couple of inexperienced, hungry, can’t-say-no, going-to-find-the-answer-on-Google-type individuals.”


Company: cnbc, Activity: cnbc, Date: 2018-07-02  Authors: andrea kramar, luke holden, lukes lobster
Keywords: news, cnbc, companies, million, holden, wholly, unpreparedthe, 25yearold, york, conniff, yearold, sales, writer, global, shack, turned, village, twomonth, project, business, passion, 30


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