Advertising
Advertising

6 Pointless Inventions that Made a Mint

6 Pointless Inventions that Made a Mint

The process of inventing a product which can potentially make millions upon millions can sometimes be easier than you think. The computer, the microwave, cars, the CD….these are all feats of complex incredible pioneering that now make billions. However, on the flip side of that – there are many million dollar inventions which are so simple & pointless it makes you want to bang your head against a concrete wall for not thinking of it first. Here are a few of the top pointless inventions that made a mint.

A rock is a man’s Best Friend


    CC Via Flickr

    In 1975, a man by the name of Gary Dahl manufactured, packaged, and managed the sales of a product which made him a millionaire in less than six months. Down to the products USP (unique selling point) and the next to nothing cost to produce, the figures sky rocketed for him. In six months it’s thought that Dahl made fifteen million dollars – which currently would be worth around fifty-six million dollars today. This truly is a ‘stone’ cold stunner!

    Advertising

    The Snuggie


      CC Via Flickr

      Ingenious, or ludicrous – you decide! The ground-breaking product in question managed to gather around two hundred million dollars in revenue; and all it was….was a bathrobe which had been turned back to front. Unbelievable! Through clever advertisements which became a media sensation, the Snuggie took off in America – pleasing simple Americans everywhere.

      Baby Toupee

      Advertising


        CC Via Flickr

        Who wouldn’t want to give their baby a toupee? A toupee will provide a baby with a sense of dignity, class, prestige, and most of all; warmth. At twenty dollars a pop, this seemingly pointless product took off; bringing in millions for the manufacturer. Hopefully they sell a Bill Murray edition.

        Slinky


          CC Via Flickr

          Everyone loves a slinky! Even though this is by far is one of the simplest inventions ever to be created, in its prime many households were without one. The slinky is basically a lazy spring, which may seem pointless & dumb on the outside – but the reality is that children love to play with anything simple and fun. In fact, the more simple and pointless it is – the more a child is to like it! For example, just imagine if someone sold tailored cardboard boxes for kids to play in….it would make millions!

          Advertising

          Big Mouth Billy Bass


            CC Via Flickr

            The most pointless product you could think of; a plastic mounted fish which sings songs. This tacky gift was created in the late 90s, casting it out to the American public – reeling in the financial reward. However, people soon grew irritated at this terrible gift and it fizzled out in the 2000s. But at the end of the day, the product sold over seventy millions units before it became a fish out of water….

            Doggles

            Advertising


              CC Via Flickr

              You got it; dog goggles. Of course this has been invented; by reading this list you should have gathered that anything is possible! For the price of eighty dollars you can make your dog look like he’s about to swim the hundred meter final in the Olympics; perhaps someone could patent a dog swim hat too! However, the only people laughing are the manufactures – because they managed to take millions straight out of the average American dog lover’s pocket. Woof!

              In conclusion, as you can see here, not all inventions have to be ground breaking and life changing to make the big bucks. So, if you fancy making a quick million or so – all you need to do is invent the most stupid and pointless product you could think of, and you may be well on your way to the big leagues.

              If you want to make some money to help start-up your new invention then visit IronFX whose speciality is Forex Training.

              More by this author

              Have You Ever Wished Your Kids Will Beg To Do Their Chores? How to Plan Your Life Goals and Actually Achieve Them in 7 Simple Steps 20 Things People Regret the Most Before They Die Overcoming The Pain Of A Breakup: 3 Suggestions Based On Science Quit Your Job If You Don’t Like It, No Matter What

              Trending in Money

              1 The Definitive Guide to Get out of Debt Fast (and Forever) 2 25 Easy Tips on How to Save Money Fast 3 What Is a Good Credit Score (And How to Get One) 4 9 Millionaire Success Habits That Will Inspire Your Life 5 10 Reasons Why Following Your Passion Is More Important Than Money

              Read Next

              Advertising
              Advertising
              Advertising

              Last Updated on July 10, 2020

              The Definitive Guide to Get out of Debt Fast (and Forever)

              The Definitive Guide to Get out of Debt Fast (and Forever)

              Debt can feel crushing, like a weight that is always weighing you down. Looking at those numbers, it can feel as if you’ll never get out from under it. However, if you really want to learn how to get out of debt, it is possible with a great deal of focus and self-control.

              Getting out of debt isn’t impossible. Like any big goal, all that it takes is an action plan to identify where you are and creating a plan to zero out your debt.

              Identifying All of Your Debts

              The first part of paying off your debt is getting a complete picture of what you owe. When you have everything written out in front of you, it makes it much easier to create an action plan. Depending on how much you owe, it might also help you realize it’s not as bad you might have originally thought.

              Here’s how you can get started identifying your debts:

              1. Own Your Debt

              Before you start identifying all of your debts, take a moment to process that you have debt but want to get out of it.

              Forgive yourself for any past mistakes, missed payments, or overspending. It might be painful to accept how much debt you have at first, but you must own it.

              2. Make a Debt Tracker

              It’s astonishing how few people ever created a tracker to understand their total debts. Most likely, it comes from not wanting to accept the guilt of having debt, but, if avoided, it can make it nearly impossible to get out of debt.

              Open up a new Google or Microsoft Excel sheet and list out all of your debts. Start with the name of the creditor, interest rates, total balance, loan term length (if any), and the minimum amount due each payment. This will include student loans, credit cards, and any other type of debt owed.

              3. Get Your Debt Number

              Once you’ve made your debt tracker and taken the other steps, identify your total payoff number. This is crucial, as you will have a starting point and a clear goal that you are trying to achieve.

              Prioritizing Your Debts

              All debt is not created equal. It’s imperative to understand that there are different types of debt.

              Advertising

              1. Understand Bad and Good Debts

              Bad debts are usually paying for things you want instead of always need. While there might be some emergencies that max out your credit cards, often times it’s excessive spending[1].

              There are three main types of bad debt:

              • Credit Card Debt: The average American household owes over $16,000 in credit card debt!
              • Auto Loan Debt: According to CNBC , the average auto loan in the US is $30,032!
              • Consumer Loan Debt: Consumer loan debt isn’t as common as credit card and auto loan debt, but it’s still considered bad as interest rates are usually between 10-28%.

              Good debt is identified as investments in your future. Here are three common types of good debt:

              • Student Loan Debt
              • Mortgage Loan
              • Business Loans

              2. Decide Which Debt to Pay off First

              Once you know each type of debt and their interest rates, you can begin to pay off debt quickly.

              Focus on paying off bad debt first, regardless of if it is a credit card or auto loan. Start by paying off the loan with the highest interest rate first.

              If you have several credit cards with different interest rates, you want to focus on the one with a higher APR. You will actually save more money by eliminating the card with the highest interest rate.

              3. Don’t Pay the Minimum Amount

              Paying the minimum amount digs you into a hole as interest rates will offset your payment. Even a small amount more than the minimum can help you pay off debt much faster.

              Removing Obstacles to Pay off Debt Quickly

              Creating a debt tracker and prioritizing a plan is simple, but avoiding temptation can be difficult.

              1. Set a Reminder to Track Your Debt

              “If you can’t measure it you can’t manage it.” -Peter Drucker

              It’s so important to track your debt to ensure that you get it paid off quickly. Similar to working out and measuring your results, you need to track your debt constantly. Start with a weekly reminder, where you sign on and log your updated number. Did you increase, decrease, or stay the same?

              Advertising

              Regularly tracking your student loan balance can be incredibly motivating, as well. You will get a huge confidence boost each time you see your total debt amount decreases.

              Set weekly and monthly goals so you can have short term wins and keep the momentum going.

              2. Hide Your Credit Cards

              If your biggest debt is credit cards, you need to eliminate temptation and remove them from your wallet.

              Some people have gone to extreme measures by freezing their credit cards. Why? This would create an ice block around your card, which would require you to chip away at it slowly. This will give you time to think if it’s the best idea to buy that thing you’re about to buy.

              3. Automate Everything

              Willpower can be a huge downfall to paying off your debt. By automating your bills each month, you will ensure that willpower isn’t involved.

              4. Plan Ahead

              Getting out of debt will require some sacrifices, but with enough planning, you can make it work.

              For example, if you know that you have a friend’s birthday or family dinner coming up, plan ahead for the costs. Whether you need to cut back on spending the week before, pick up a side job, or meet them after dinner, do what is needed.

              5. Live Cheaply

              The only way to get out of debt is to make some sacrifices on your spending habits. Find ways to save money each month so you can apply that amount to your outstanding debts. Here are some ways to save money each month:

              • Live with roommates
              • Cook dinners and prepare lunches for work instead of eating out
              • Cut cable and choose Netflix or Amazon Prime
              • Take public transit or bike to work

              Finding the Lowest Interest Rates

              The higher your interest rates, the harder (and longer) it will take you to pay off any debt.

              If possible, you want to find ways to lower your interest rates to help get out of debt quickly. Here’s how you can get started:

              Advertising

              1. Maintain a High Credit Score

              Your credit score will have a large impact on your ability to refinance your loans and receive a lower interest rate. If you have a low credit score, it’s unlikely you will be able to refinance your loans. Use these credit tips to increase and maintain an excellent score:

              • Never miss a payment
              • Don’t exceed 30% of your credit limit
              • Don’t sign up for more than one card at once
              • Limit hard inquires, like auto-loans and new credit cards
              • Monitor frequently with free credit-tracking software

              2. Find Balance Transfer Offers

              Start by opening a free account on credit.com. Credit.com offers you the chance to open a free account and see what type of balance transfer offers you can receive. Some of your existing credit cards might already have 0% or lower APR balance transfer offers available.

              Contact each of your credit card providers to ask about lowering your rate for a one-time balance transfer offer[2].

              If you do take advantage of this option, make sure that you use a balance transfer and not a cash advance. Cash advances have a ton of high interest fees (15-25%, depending on your credit card) and will only compound your debt problem.

              How to Get Rid of Debt Forever

              Setting up a plan, removing temptations, and getting the lowest interest rates is the first step to get out of debt.

              1. Keep Monitoring and Adjusting

              Once you have a plan, don’t get comfortable. Track your debt payoff plan and make the necessary adjustments when needed.

              Monitor your credit scores with a free site like CreditKarma. The higher your credit score climbs, the more likely you will be to secure a new, lower-interest loan.

              2. Earn More Money

              There are only so many ways to save money. Instead of clipping another coupon or making sacrifices for your morning coffee, find ways to earn more money!

              Think about it…it is much easier to find ways to earn an extra $1,000 per month than find $1,000 to cut from your budget.

              Here are some examples of ways to earn more money:

              Advertising

              Talk to Your Boss

              Have a conversation with your boss about current salary and/or commission rates. If you’re not satisfied or want a change, don’t be afraid to look around at other positions. Some of them might even have a student loan debt reimbursement plan!

              Start a Side Hustle

              This could be coaching students on the weekends, driving for Uber, or taking paid online surveys. There are tons of ways to make money outside your 9-5. Now that you have a clear plan to pay off your debts, you’ll be more motivated than ever to figure out creative new ways to earn money.

              Build an Online Business

              There are so many websites and blogs that earn money from ads, affiliates, and other online products. Find your niche and get started.

              3. Celebrate Your Wins

              As you progress in your debt payoff journey, don’t forget to celebrate your wins. You need to always reward yourself for the hard work and discipline that is required to get out of debt.

              While you shouldn’t celebrate so big that it increases debt, make sure to factor in little rewards to keep you motivated.

              4. Set New Financial Goals

              Eventually, with a plan and these steps, you can rid yourself of your debt. Once you do, make sure to celebrate your monumental achievement, but don’t stop there.

              Now, you can focus on acquiring wealth and increasing your net worth. Set new financial goals so you have a new target to aim toward. Here’s how to set financial goals and actually meet them.

              These could be anything now that you are debt free! Think about where you want to travel, buying your first home, or saving for your future retirement. Just like before, make sure that your goals are specific, measurable, and achievable.

              Conclusion

              Congrats, you can now set a plan in motion to finally pay off your debt quickly (and hopefully forever)!

              Remember, if you want to get out of debt quickly, it’s not always easy. Just like any big goal, there will be sacrifices, challenges, and problems to overcome.

              More Tips on Getting out of Debt

              Featured photo credit: Pepi Stojanovski via unsplash.com

              Reference

              Read Next