Would you pay $10MM for a Hanger?

Have you ever heard anyone say “There is no reason to reinvent the wheel.” or”If it’s not broken, don’t fix it”? Well if so go tell that person they owe you $10 million. I did a little google millionaire research and came across Devon Rifkin, a self made millionaire. I’ll give the gist of the article, but if you want the whole story or to look at other millionaires go here

Devon Rifkin,33
The Great American Hanger Company/Hangers.com, Miami
Projected 2007 Sales: $10 million-plus
Description: Manufacturer, wholesaler and retailer of clothes hangers

Frame of Reference: The fact that Devon Rifkin never attended college is just a tiny footnote in his success story. The fact that he has made millions selling hangers is slightly more unique. But for Rifkin, defying the standards means nothing if his business isn’t successful–or if his team isn’t sharing in the success. Says Rifkin, “To me, people have made the biggest difference because they’re the face of the business.”…

Essentially, homeboy was like “I don’t want to work for my dad so I guess I’m gonna make hangers and call my business The Great American Hanger Company. Oh and I’ll make millions doing it to.” That right their is ballerrific (combination of baller and terrific). It’s not like there was a world shortage of hangers and someone desperately needed to step up to the plate and provide, unless I missed something? But seriously, this guy took a simple, ordinary, everyday household item and reinvented the wheel. This got me thinking “What everyday necessity could I reinvent that will lead to my success?” I came up with two ideas….

…if I put “The Great American” before my product it will make me a millionaire right? Seriously though, it’s cool to see an average joe take a normal product and make it something that companies and people want. It should also serve as encouragement and remind us if 33 year old Hanger Guy can do it, so can we. You don’t have to invent something great, you just have to take something and make it better. Get out there and go reinvent the wheel.

Are you above the golden arches?

I was browsing the internet today when I came across a rather interesting article. You can find the full article here, but this is the gist of it…

McDonald’s creates jobs for long-term unemployed.
Fast food giant McDonald’s is offering 85 jobs to the long-term unemployed across Kent. It is part of a nationwide programme that could see up to 6,000 vacancies at McDonald’s filled by people who have been out of work for at least six months.Job Centre staff will explain the scheme to candidates and those who are interested may be offered a trial in a McDonald’s restaurant…

This article got me thinking two things.

1) Heck Yeah McDeezy! That is super cool to open so many positions in a depressed economy. Although I’m not the biggest fan of your food (your ice cream is amazing though) it definitely makes me respect you more.

2) More importantly, it made me think… If I was “long-term” unemployed would I cruise down to the local McDonalds and turn in my resume? Am I above working for The Man…aka Ronald McDonald? How long would I have to be unemployed before I considered the fast food industry as a temporary employment option? I know one thing for sure, I would work for McDonalds before I would use my credit card to subsidize my bills.

I often listen to the Dave Ramsey Show and listen to people call in complaining that the job market is terrible where they live and they haven’t been able to find a job in 3, 6, or even 12 months. Every time I listen to one of those calls, I think “What kind of jobs are you looking for!?” If you’re unemployed and have bills to pay or mouths to feed you don’t have the luxury of casually browsing the job market. Don’t complain that you can’t get a job when you haven’t walked down to the local 7-11 to apply for one. At some point we need to realize that not one of us is above the blue collared industry and if necessary, I would hope everyone would be willing to say, “Would you like fries with that?”


Obsession


I have found myself becoming more and more obsessed with the financial world over the last year. It started with a simple conversation with one of my friends who is a financial analyst for a big bank. We were having a slumber party in his living room (yeah we may be in our 20’s, but we will never be too old for slumber parties!) when he started telling me about the Roth IRA and how it could greatly benefit me. We talked for a good hour or two about other investment strategies (actually he talked, I listened). This conversation kickstarted my quasi-stalkerish obsession with finances. I love reading helpful strategies to make my money work harder. I don’t mess with the convoluted financial gameplans, I like it to keep it simple. Here is what I am doing to secure financial freedom over the next few decades.

Investing 8% in to my TSP (government equivalent of a 401K)
Maxing contributions to my ROTH IRA each year
Putting $2k in the bank each month for my future house fund
Doubling my school loan repayments every month
Selling cocaine to little kids that think it is powdered sugar

One of the above may or may not be a “white” lie…haha no pun intended. But seriously, I’m 23 and I feel like I’ve got a good jump start to the rest of my life. Fortunately I have a steady job with a cool title , make okay money $60k/yr, and live dirt cheap. Every dollar I earn I make sure that it is working it’s @$$ off and finding some friends to come back and play in my online savings account.

Peace up, A-town down,
D Ninja