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Ideas That Made People Rich
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Self-made millionaire Steve Siebold interviewed 1,200 of the world’s richest people over the past three decades. As old as it may sound, wealth is often less expensive than thinking, he writes in his book “How Rich People Think”.
Kathleen is the senior financial reporter at Insider, covering the path to financial freedom. He started his career as an editor at Business Insider in 2015, wrote about personal finance at CNBC Make It for four years and returned to Insider in 2021. He graduated from Williams College in 2014 and currently lives in Los Angeles. Follow her on Twitter at @kathleen_elk.
Libby Kane, CFEI, is the editor-in-chief of Personal Finance Insider, the financial section of Insider that includes affiliates and business partners in the financial news, information and advice that Insider readers already know and love. He holds the Certified Financial Education Instructor (CFEI) certificate issued by the National Financial Educators Council. In 2021 and 2022, he is a member of the Insider Committee, a group working to make Insider a better place to work. Previously at Insider, he managed teams including Strategy, Careers and Executive Life. Her Insider team has tackled projects such as: • Women of Means, a series about women managing their wealth • Inside the Racial Wealth Gap, an investigation into the causes, consequences and solutions to economic inequality in the United States (finalist, Drum Award, “Editorial Campaign of the Year”, 2021) • Strings Attached, a follow-up story of expatriates and how the journey affected their relationship with money • Master Your Money, a year-round guide for millennials on how to manage their money (first last, Drum Award, “Best Use of Social Media”, 2022) • The Road to Home, the complete guide to buying your first home (silver award winner, National Association of Real Estate Editors, “Best Multi -Platform Package or Series – Real Estate,” 2022) Personal Finance Insider reviews, explains and recommends financial products and services, from the best credit cards to the best personal finance programs lama or the best homeowner’s insurance companies. Outside of personal finance, he has written about everything from why Chinese kids are good at math to the dog business to the hard truths of adulthood. In September 2016, he helped launch Insider Holland in Amsterdam. They are always interested in research, charts and people: new and interesting research, compelling charts and other images, and people willing to share the details of their financial results and their interesting strategies. Prior to joining the company in March 2014, he was a contributing editor at LearnVest, a personal finance and ethics magazine. If you have something to share, please contact lkane@insider.com. Learn more about how Personal Finance Insider selects, rates and covers financial products and services » Sign up to receive Personal Finance Insider’s free email to your inbox »
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NOW WATCH: The rich and powerful are going crazy over these luxury SUVs with bathrooms and TVs. Many people have million dollar ideas, but people don’t act on them. Mistakes can also mean millions – if the timing is right.
For entrepreneurs, one good idea can be very profitable – even if it’s as silly as a Snuggie. For example, the Slinky was born after a marine engineer made a fatal mistake; Meanwhile, the famous Furby was created after its creator was introduced to Tamagotchis, and felt a strong desire to pet them.
Beanie Babies, created by Ty Warner in 1993, were the beanie stuffed toys of the 90s. The opinion of the company Warner’s Ty Inc. he is said to have made R10 billion in one year by selling Beanies at R71 each. In 1999 the company had sales of over R14 billion.
Beanie Babies toy maker Ty Warner signs autographs in rare form to celebrate 10 years of the Beanie Babies toy line at the 2003 American International Toy Fair. (Photo by Chris Hondros/Getty Images)
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Warner chose not to sell toys in national chains such as Toys-R-Us and Walmart, and to increase the market in small, independent stores, creating chaos. Some stores also received instructions from Ty Inc. don’t sell a lot of money to one customer. Beanies began to rise on the auction market – many with five asking prices.
Since its inception, Beanie Babies is said to have brought in about R85 billion for Warner.
Alex Tew came up with the idea for The Million Dollar Homepage when he was a 21-year-old college student. They can sell 1 million pixels for $1 (R14) a piece in the advertising space. The benefit? You guessed it.
Million Dollar Homepage was “sold” just 4 months after it went up in 2005. It all happened because Tew was interested in making money and attended Nottingham University in England. And when the site began to attract the attention of the media and all the advertising space was bought, he gave up and began his career as a multi-faceted entrepreneur.
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What if you wear a blanket? Scott Boilen, president of Allstar Products, had the same idea, which created the Snuggie. Since 2008, more than 30 million Snuggies have been sold, bringing in more than $500 million.
Many people remember the silly commercial Snuggies in the early aughties: a family at the sports field, all wrapped in blue Snuggies, surrounded by others tied together with shirts, hats and scarves, cheering with raised arms.
But others remember the Slanket, which appeared on the QVC channel and in-flight coverage at SkyMall years before the Snuggie.
“We’ve been seeing things like this in books for a while — even before Slanket came out, I think,” Boilen told The New York Times in 2009. .at a better price, then people would buy it.
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The Slinky, invented by Richard James, is now in the Toy Hall of Fame, with over 350 million sold and a profit of R42 billion.
James dropped the fountain of problems he was working with and watched it run down the floor – and the Slinky was born. The reality, however, didn’t happen so quickly: James spent two years developing the toy, trying different methods to find a low-cost toy that he considered great. His wife, Betty, continued to run the Slinky business when she moved to Bolivia to join a religious group. Betty passed away in 2009.
In his obituary, The New York Times found that the number of Slinkys sold could have gone around the world more than 150 times.
Gary Dahl, an advertising executive, was known for his sense of humor. After listening to his friends talk about the dangers of caring for a pet, he created Pet Rock in 1975 and pocketed about R85 million.
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They sold the rocks as “no problem” pets, complete with a pet training manual and a cardboard box designed as a pet carrier. The stones were an instant hit and became one of the biggest fashion trends of all time.
San Jose-based Dahl tried to replicate the success of Pet Rock with other ventures, though other ventures failed, including a book about the “unknown story” behind a magical pet and other physical exercises.
Furby, the silly talking, furry, owl-mixed electronic toy, took off in the ’90s, but its popularity waned after that. However, Furby remained a hot toy long enough to earn R7 billion a year at its peak.
Fun fact: The National Security Agency banned Furbies from its offices in 1999, according to a CBS story of the same day, saying the children’s toy was a “Chinese-made spy” capable of eavesdropping on intelligence communications.
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Furbies don’t have recording capabilities, according to Roger Shiffman, the man who heads Tiger Electronics, which makes the toys. However, they are known to often fail – to speak, walk and tremble without symptoms, sometimes in the middle of the night.
In the 1980s, Scott Stillinger invented the Koosh Ball – a rubber ball with beautiful threads all over it. Hasbro bought the Koosh Ball for $100 million in 1997. Time Magazine
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