career

What You Don’t Know About Industries That Attract The Ultra Wealthy

One way to acclimate ourselves to wealth is to become familiar with the patterns and traits of the wealthy. I enjoy reading research from a variety of sources, but one of my favorites is Wealth-X. This organization publishes several reports throughout the year, with information about the wealthy, including where they live, how they spend their time, and how to best connect with them if you would like to make them your clients and customers.

Recently, Wealth-X published their 2022 World Ultra Wealth Report, which gives a high level profile of the wealthiest individuals in the world. One of the fascinating parts of this report is the section on wealthy women. This is where I learned a less-known – but crucial – fact about the industries that attract the ultra wealthy.

On the whole, we tend to think of the wealthy in a very generic way. However, gender and source of wealth are highly influential when it comes to the industries that most attract the wealthy. According to the report, 55% of ultra wealthy women inherited some, if not all, of their wealth. On the other hand, 25% of ultra wealthy men inherited some or all of their wealth (75% are self-made multimillionaires). This exposes another trend: proportionally, individuals that earn some or all of their ultra wealth tend to be less interested in industries that don’t generate more profit for them. In the report, the top five industries that attract ultra wealthy men are: banking and finance, business and consumer services, real estate, manufacturing, and technology. Meanwhile, the top five industries that attract ultra wealthy women are: non-profit and social organizations, banking and finance, business and consumer services, real estate, and hospitality and entertainment.

This report shows that painting the wealthy with a broad brush will likely result in reaching inaccurate conclusions, or putting your focus on the wrong sectors. If your ideal client is a wealthy woman , it’s worth noting that more than half of them are heiresses, and thus won’t relate to the struggles of building their entire wealth from the ground up. So, if your product or service is designed to appeal to the bootstrapper, less than half of your female targets will resonate with this message. Likewise, if your target customer is a wealthy man, focusing solely on trust fund kids will reduce your target market by 75%! Most of your ultra-wealthy male clients are focused on generating more money, as opposed to finding ways to create social change through their spending. How the wealthy got their money reveals pertinent clues about where they spend their time and energy, and with this information, you can craft products, services, and marketing that are irresistible to your clients and customers.

That was just one of my takeaways from the 2022 World Ultra Wealth Report. If you enjoy analyses like these, let me know, and I’ll be sure to share more of them in the future! Also, if you want a breakthrough from your current financial situation, and a smooth transition into a new income bracket, contact me for a skills audit and values assessment. With these two reports, I show you the intersection between what you do well, what you enjoy, and what matters most to you. The sweet spot between these things is where money magic happens. Click here to learn more about these reports.

The First Step To Earning More Money

It’s the first month of the year. You have a money goal (hopefully an attainable one), you have your steps outlined, and you’re ready to launch. You’re aiming for one thing: more money to fund your dreams. After all, it takes money to make [some of] our dreams come true.

There’s a crucial first step that you need to take in order to earn more money. Most people immediately look for a second job, start applying to new positions, or pick up additional hours at their current job. Others will start having yard sales, falling into MLMs, taking paid surveys, or running to the local plasma center to generate some extra cash.

If you thought that the first step to earning more money is to work more, then you’ve probably spent a lot of time spinning your wheels and making little progress. Yes, you can absolutely earn more money by working more or working harder, but that is rarely a sustainable solution. Your energy and time are finite, and using more of both can leave you depleted.

I propose a gentler – but still effective – way to start on the path to higher earnings. It’s an oft-mentioned step, but I don’t think anyone emphasizes it as the best step to take before taking additional action.

Start your money making journey with two things: a skills audit and a values assessment. Most of the missteps that happen with side hustles, second jobs, and increased work hours involve leaning upon weaker or nonexistent skills, or, even worse, in scenarios where there are value mismatches. Knowing your skills and your values will ensure that you won’t pursue money-making opportunities that leave you frustrated, exhausted, or unfulfilled.

Is making more money supposed to be a fulfilling experience? Yes, absolutely! If you are having a miserable or even a lackluster time, then it’s not the right money-making option for you! There are so many ways to make money that are fun, fulfilling and enjoyable: you DO NOT have to suffer through miserable jobs just to make extra cash.

So, before you start the job hunt, or sign up for extra shifts, write down all of your skills, and determine which ones you most enjoy using. Then, get clear on your values, write them down, and only accept jobs or opportunities that resonate with both of these lists. If you’re tired of suffering to make money, or if you need help with getting a clear understanding of your skills and values, check out this page for support.

Have you ever done a skills audit or values assessment? Let me know about your experience in the comments below!

My Big, Dreamy Financial Goals for 2023

A few weeks ago, I wrote a post discussing how to plan your financial year, and the strategy behind reaching your big, dreamy goals in 2023. At the end of the post, I admitted that I didn’t have any goals for the upcoming year (quite surprising for me, the perpetual planner and consummate dreamer). I promised I would come back and share those goals when I understood what I wanted in 2023.

Well, here I am: I identified my goals, and I’m ready to share! Here are my 2023 financial goals:

  • Increase my income by 25% (using last year’s gross salary as a baseline)
  • Monetize my YouTube channel
  • Average 25 book sales per week
  • Remit 4 additional mortgage payments

I’ll add more details as I continue fleshing out all of the steps I need to take in order to ensure that I hit my goals. However, even now I can confirm that the goals I have feed into one another: monetized content and consistent book sales will feed into the overall income increase, which will make it possible to remit additional mortgage payments (shortening the length of my mortgage and freeing up resources to put towards my next large purchase). I have many other goals for the year, but these are the big ones when it comes to finances.

Here’s the thing about setting goals: they can be as big or as small as you like, so long as they delight you. If a small goal feeds into a bigger one, that’s fine, but a small goal – that isn’t necessarily part of a larger plan – is nothing to despise. If it’s what you want, then it’s worth pursuing, regardless of how big or small it is.

I’ll aim for quarterly updates, to show you all how I’m progressing toward my goals. I’d love to hear all about your goals: please leave me a comment, so I can cheer you on!

Making Your Labor Count – 3 Ways To Make The Most of Work

In the United States, yesterday was Labor Day. This day observes those American works that advocated for labor law improvements that established guidelines for ethical, reasonable work and that opened the way for safer work environments, fair(er) pay and better work schedules. While the state of US labor still has much room for improvement, this holiday recognizes the workers that paved the way for better work for all.

As I reflect on Labor Day, I think of how those early advocates would be both delighted and dismayed by the current state of work here in the US. I also thought about individuals within the workforce, and how they can position themselves to make the most of their careers and the experiences afforded to them by virtue of their professions. Here are three ways that we (because I’m still an employee, too!) can make the most of our time as employees:

  • Explore and take advantage of employee benefits. Free or lowered price training, various insurances, shopping discounts, access to restricted spaces and exclusive events: find out all of the benefits available to you from your employer. Then take advantage of every program, benefit, and perk that you can. If these perks can be enjoyed on the clock, even better!
  • Network like crazy while you’re there. Wherever you work, remember that you are less than six degrees from people that can assist you with your goals. So meet as many people as you can, and add these individuals to your network. The thought that a person should only go to work and refuse to develop networks within their sphere of influence is antiquated and limiting. Many people that hold this perspective will also complain about job stagnancy and air their frustrations over how better networkers get certain promotions and advantages within the workplace. Your dream role may be just one crucial contact away from where you are right now. Learn to network so that you can tap into all of the opportunities just beyond your reach.
  • Do a skills audit so you can quantify what you learned and make moves based on your skill set. Examine the skills you’ve gained on the job, and determine which ones would qualify you for a better position (spoiler alert: ALL skills have the potential to qualify you for something better). If you struggle with identifying and enhancing your skills, you can get a skills audit done by me. I offer this audit so that, instead of feeling overwhelmed or disempowered, you can devise a plan of action that moves you confidently toward the career of your dreams! As employees, most of us are more talented, skilled, and desirable than we know. The skills we have are often downplayed by us (as an attempt to display humility) or others (part of getting us to accept less than we deserve). If you aren’t sure what your gifts are, or what you bring to the job market, contact me: I can help you pinpoint your talents and tell you how to leverage them to your advantage.

Those are my top tips for getting the most out of your current job. What are some of your tips? I’d love to hear about them in the comments below!