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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!

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    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

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        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!

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          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

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              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.

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              Last Updated on June 6, 2019

              The Average Retirement Savings and How to Save Wisely

              The Average Retirement Savings and How to Save Wisely

              Are you on track for retirement?

              If not, don’t worry, I’m not sure either. I save each month and hope for the best.

              Fortunately, I’m at an age where most people don’t save so I’m ahead of the curve.

              But, what if you aren’t in your 20s? What if you’re near retirement and are looking to gauge where you stand?

              If so, keep reading. Here’s how to prepare for retirement and save wisely during the process.

              What Does the Average American Have Saved for Retirement?

              Saving for retirement is tricky.

              Tell someone straight out of college to save $10k a year for retirement and it’ll be next to impossible.

              Make the same request to someone decades older and they’d be more likely to be able to save this amount. But, a 20-year old college student can be “financially ahead” of someone saving more than them. Why?

              Age matters in your financial journey. The younger you are, the more time you have to save and put compound interest to work. As you get older and have more saving power, you’d have less time to put compound interest to work.

              Here are the average savings Americans hold by age bracket:

              20’s – $16,000

              During this stage, most people are paying loans and moving up the corporate ladder. Your best bet during this stage is to focus on eliminating debt and increasing your income. Don’t focus only on getting a high-paying job neither.

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              Instead, focus on learning via Podcasts, reading books, and taking specialized courses. Doing this will make you more valuable and give you more career options.

              30’s – $45,000

              At this stage, you’ve hopefully escaped your entry-level salary and work at a career you enjoy. Your earning power has increased but you now have more obligations. For example, marriage, kids, and a mortgage.

              Set a plan to pay off all your debt and focus on eliminating unnecessary expenses. Leverage financial tools like Personal Capital to ensure you’re on track for retirement.

              40’s – $63,000

              This is the stage where you’re at the prime of your career. Top financial institutions recommend you have at least 2 to 4 times your salary saved up. If you’re falling behind, start maxing out your 401K and Roth IRA accounts.

              50’s – $115,000

              During your fifties, you’re close to retirement but still, have time to save. You may be helping your kids pay college tuition and other expenses. Since you’re at the peak of your earning power, max out all your retirement accounts.

              60’s – $172,000

              By this point, you should have about eight times your salary saved up. If not, you’ll depend primarily on social security benefits averaging $1400 per month. Max out all your retirement options as much as possible before retiring.

              Ways to Save Money on a Tight Budget

              The sad reality is that most Americans aren’t saving enough for retirement.

              Even high-earning power isn’t enough to secure one’s financial future. You need to have the discipline to save for retirement while time is in your favor. Don’t wait for you to have a high salary to save, start with having a small budget.

              First, get a clear picture of where you stand. Write down a list of “needs” and “wants.” For example, Netflix and Amazon Prime are “wants” and a “cell-phone” is a need.

              Use tools like Personal Capital to analyze your spending patterns. Personal Capital allows you to add all your financial data in one place–making it a powerful option to gauge where you stand.

              Once you know all your expenses, organize them from highest to lowest expense. When you can’t cut more expenses, call your service providers to negotiate a lower price. If you’re not good at negotiating, use services like Trimm to lower your monthly expenses.

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              How to Save Money Each Month

              By this point, you know the average amount of money you should have saved for retirement based on your age.

              But, breaking this down into monthly goals can be challenging. Here are some rule of thumbs to follow:

              Aim to contribute 10%–15% of your salary each paycheck. Review your progress each week.

              Why so often? The reality is that life gets in our way and you will have many financial setbacks. Your goal isn’t to be perfect but to get back on track instead.

              Reviewing your finances weekly lets you know where you stand with your retirement. This doesn’t have to be a long process either. All it takes is login in Personal Capital to view your net worth and check how much you have saved for retirement.

              Turn saving into a game and aim to save more each month. It will get challenging but you’ll get creative and find more ways to save.

              Top Money Saving Challenge Tips

              To prepare for your financial future and not be another statistic you need to be different.

              How?

              By adopting new habits that’ll help you become a saving machine. Here are some ways you can save more:

              Automatically Contribute Towards Retirement

              If you’re working for a company, you can automatically contribute towards your 401k. If you’re not currently contributing more than 10%, make this your goal. Contribute 1% more today and automatically increase this amount a year from now.

              Odds are that you’re not going to be negatively affected by contributing 1% more. Many times we spend our money on things we don’t need. Contributing more towards retirement is a great way to secure your financial future.

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              Use the Right Tools to Know Where You Stand

              Once you’re contributing more towards your retirement accounts, gauge your progress. Make use of finance tracking apps to help you view the big picture of your retirement.

              When I’d first signed up for the app Personal Capital, I didn’t know I had a negative net worth. Despite saving thousands of dollars, my debt brought my net worth to the negative. Knowing this motivated me to save more and spend less.

              Now, I have a positive net worth. But, it was because I was able to view the big picture using the app. Find out what your net worth is using a finance tracking app and you may surprise yourself.

              Bring in Experts to View Your Blind Spots

              If you have too little or too much money saved, you should consider hiring financial experts.

              Why?

              You may need someone to hold you accountable to help you reach your financial goals. Or, you may need help managing your money as effective as possible.

              Regardless of the reason, getting help may help improve your financial situation.

              Before you hire an expert, find out which areas you need help the most. For example, if you’re constantly overspending, find a debt counselor. If you’re struggling with choosing the best investment options, hire a financial advisor.

              Speed up Your Retirement Contribution

              After learning how to manage your money well, the next best thing is to earn a higher income.

              You’re capped at how much you can save but not much you can earn. Even if your employer isn’t giving you a promotion, you can still take charge of your financial future. How?

              By starting a side-business.

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              This will be something you’d work on after you’ve finished your day job. Once you start earning income from your side-business, you’ll be financially better off.

              The best part is the more work you put into your side-business,[1] the more potential it has to earn more money.

              So start a side-business in an area you’re familiar with. For example, if you enjoy writing, do freelance writing for small e-commerce businesses.

              Once you’re earning a higher income, you can contribute more towards your retirement. Don’t wait for the right opportunity to secure your financial future, create one.

              Reach Financial Freedom with Confidence

              What if you were able to retire tomorrow with no problem, all because you’d have enough money saved up and little to no debt left to pay off? How would you feel?

              My guess is that you’d feel happy and relieved.

              Most Americans are falling behind their retirement goals for many reasons. They’re not prepared, they carry bad money-habits and are thinking short-term.

              For you to retire successfully, you need to work backward and adopt better habits. Contribute more towards your 401K and focus on growing your income.

              If you do, you’ll save money and pay debt faster.

              Don’t beat yourself up if you’re behind your retirement goals. Take the first step today towards a brighter financial future. Isn’t retirement worth the hard work and sacrifice to be at peace?

              Featured photo credit: Huy Phan via unsplash.com

              Reference

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