July 2024

The 4 Pillars of Leadership Success

The 4 Pillars of Leadership Success


Opinions expressed by Entrepreneur contributors are their own.

As an entrepreneur, understanding how to be a great leader yourself — and how to find and instill great leadership in others — is critical.

Throughout my journey as an entrepreneur and CEO, I’ve sifted through countless leadership frameworks, read tons of books, debated with colleagues and spent years figuring out what makes an effective leader. In my view, great leadership boils down to four key pillars: planning, people, process and performance.

Let’s break down each pillar, why it matters and how you can use it to become a better leader.

Related: A Guide to Becoming an Effective Leader: The 6 Traits of Every Successful Leader

Planning: Conscious strategy

Planning is the first pillar of effective leadership. My definition of planning involves setting clear, measurable goals, outlining specific steps to achieve them and creating a strategic roadmap to guide the way.

Importantly, my definition also includes prioritization. Part of planning is understanding that not everything can be a focus at the same time and being proactive about using your resources most effectively. Whether you’re constrained by time, budget, team expertise or something else entirely, great leaders will clearly outline what their priorities are — and what their priorities are not — throughout a project’s life cycle.

To be a leader who plans effectively, you need to embrace foresight, decisiveness and a big-picture view. Practice seeing challenges and opportunities ahead, making smart decisions and keeping a clear vision of where you’re headed.

When leaders neglect planning, their teams are likely to struggle with making progress towards their goals. They may feel disorganized, overwhelmed or frustrated at the lack of results their efforts are generating. It’s the leader’s job to course correct, managing the many variables that can affect a project instead of hoping everything falls into place.

People: Clear expectations

People are at the heart of any organization, and managing them well is crucial. I believe the foundation of managing people is clear communication and expectations.

Why are clear expectations so important? People can only succeed in their roles if they know what success looks like — and that alignment may not come naturally.

For example, some leaders may think “success” in a role requires constant communication and churning out deliverables. Others may think “success” requires innovative thinking and taking ownership over the role. Both perspectives are valid, but for employees to excel in their roles, they need to know how you’ll be evaluating performance and what you want to see them achieve.

As leaders, it’s also our responsibility to organize our time so that we can manage proactively rather than reactively. This requires clear, organized and thoughtful direction to keep teams aligned and working productively.

When leaders fail to set clear expectations, teams can become confused and unmotivated. They may struggle to understand their roles or what is expected of them, leading to misalignment and decreased productivity.

It’s crucial for leaders to communicate openly and frequently, ensuring everyone is on the same page and working towards common goals. This clarity not only enhances individual performance but also fosters a culture of accountability and mutual respect.

Related: 3 Steps to Help Employees Understand Your Objectives and Expectations

Process: Coordinated systems

The process pillar focuses on the importance of coordinated systems and productive organizational design. The heart of an efficient team is a well-structured organization with clear methodologies and processes. This structure serves as the foundation for building next-level growth and development.

By holistically understanding the current organizational design, leaders can identify areas for improvement and implement new systems that enhance efficiency and productivity. Coordinated systems ensure that everyone is working towards common goals in a consistent and streamlined manner.

Depending on the role and organization, creating processes may require establishing standard operating procedures, optimizing workflows and leveraging technology to support organizational needs.

A well-defined process also requires regular attention. A system that’s effective and efficient today may not be effective and efficient a year from now. As your company grows, your team changes and technology advances, processes may need updates and overhauls to reflect the new environment.

When leaders overlook the importance of processes, teams can become inefficient and chaotic. Without clear systems and methodologies, you may see the effects of duplicated tasks and wasted effort on overall productivity. Effective process management enables teams to operate more efficiently, reducing redundancy and maximizing resources.

Performance: Consistent accountability

Performance is the final pillar, emphasizing the importance of consistent accountability. Effective leaders value results and hold teams and team members accountable for achieving their goals. This involves having a bias towards action, finding ways to solve problems and breaking large projects into actionable chunks.

Accountability is also about ensuring that everyone is responsible for their contributions, and that performance is regularly monitored and evaluated. Leaders need to set clear performance metrics, provide regular feedback and recognize achievements among their teams.

When leaders neglect accountability, performance can suffer. Teams may lack direction, fail to meet goals and miss opportunities for improvement. In the long term, the business may struggle to move forward at all.

By fostering a culture of accountability, leaders encourage continuous improvement and drive high performance across the organization.

Related: Fostering This Trait Is One of the Hardest Things for Leaders to Get Right

At the end of the day, “being a good leader” can feel like an abstract, intangible goal. However, it really comes down to nailing these four foundational areas. By applying these pillars to your own leadership and instilling them in your team, you’ll be on the right track towards sustainable growth.



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Viral X Thread Is Full of Retro Fast-Food Memories — and Prices

Viral X Thread Is Full of Retro Fast-Food Memories — and Prices


As the inflation-triggered competition for value between big brands heats up, nostalgia for fast-food restaurants — and their affordable prices — is high. One X account takes us back to a simpler time of extreme color schemes, flamboyant designs and low prices.

Related: Considering franchise ownership? Get started now to find your personalized list of franchises that match your lifestyle, interests and budget.

X account Time Capsule Tales is publishing photos of fast food icons like Taco Bell, Burger King, Pizza Hut, McDonald’s and others in their 1970s, ’80s and ’90s glory.

The nostalgic pics include a Burger King that was found “fully intact” behind a wall at a long-closed shopping mall in Wilmington, Delaware, in 2022.

One highlight is the circa 1970s-’80s Taco Bell menu, which explains in great detail what a taco and a burrito are, complete with a sound-it-out, phonetic pronunciation of each food — “Tah-co” and “Buh-ree-toh.”

The menu is from when the brand called its Pintos and Cheese refried beans by a different name — Frijoles (Fre-ho-les) and still served the now-extinct Enchirito, which made a brief comeback last year.

Then, there are the prices. One retro Taco Bell menu from 1984 shows how inexpensive it used to be to eat fast food. The prices for drinks — $.45 for a small Pepsi compared to $2.29 today for the same beverage — are immediately noticeable. But it’s the Combo Burrito Meal for $1.19 that really stands out. Taco Bell’s least expensive combo is the value-inspired temporary $5.99 combo, with prices for combo meals rising from there to the $11.29 price point for the 2 Chicken Chalupa Supreme Combo.





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Fully Promoted Franchises are the Worlds Largest Providers of Promotional Products!

Fully Promoted Franchises are the Worlds Largest Providers of Promotional Products!


3 Benefits of Owning a Fully Promoted Franchise:

  1. Access to a proven business model with a global network and mass purchasing benefits.
  2. Comprehensive training and ongoing support, including demographic studies and marketing strategies.
  3. Diversified revenue streams from a variety of marketing tools and branded products.

Fully Promoted is a franchise specializing in branded products and marketing services, renowned as the largest company in its niche and recognized repeatedly in Entrepreneur’s Franchise 500 rankings. Click Here to learn more about Fully Promoted.

Key Facts:

  • Minimum Initial Investment: $103,257 – $353,186
  • Initial Franchise Fee: $49,500
  • Liquid Capital Required: $49,500
  • Veteran Incentives: 20% off franchise fee



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Hasbro CEO Chris Cocks on the Toy Company’s Future

Hasbro CEO Chris Cocks on the Toy Company’s Future


Entrepreneur caught up with Chris Cocks, CEO of 101-year-old toy company Hasbro at Collision conference in Toronto. The conference brings together business and tech leaders to discuss industry trends and innovation. It was a wide-ranging conversation addressing everything from the company’s nimble approach to change to some of Cocks’ most cherished toys. Below is a Q&A with the business leader, which has been edited and condensed for clarity.

Entrepreneur: Hasbro has a long and storied history. How does the company stay innovative in an evolving toy industry?
Cocks: Fundamentally, it’s about understanding the consumer and then putting super creative people who are passionate about the consumer in charge. That’s what we did at Wizards of the Coast when I was there for six years, and that’s what we’re doing at Hasbro.

In that vein, how do you balance tradition and innovation at Hasbro?
It’s not so much balancing tradition and innovation; it’s understanding where you’ve been so you can understand where you’re going. One of the most surprising things about becoming CEO of an [over] 100-year-old company is that I’ve really become a student of our history. While history doesn’t repeat, it definitely rhymes — so major technology innovations and major changes in entertainment are something Hasbro has faced many, many times. Probably the biggest lesson I’ve learned from it is to embrace the change and not fight it. When we embrace [change], we win, and we come out on top.

Related: How One Mom’s Mission To Rebuild Her Daughter’s Confidence Sparked a Revolution for The Doll Industry

What’s the most exciting project you’re currently working on?
The challenge with that question is the first seven I can’t tell you about because they’re still secret, but two are launching this year that I think are really cool: Beyblade X, which is the fourth generation of that product — it’s the best version ever and is already flying off the shelves. The second one is the refresh of Dungeons & Dragons fifth edition this year. DnD fifth edition has been out for 10 years, and this is probably the most comprehensive rules update ever. We’re pairing it with a really cool virtual tabletop to accelerate what digital play looks like as well.

What’s your favorite toy that Hasbro has ever produced?
Oh, that’s an easy one. It’s from my childhood — the USS Flagg. It was a six-foot-long G.I. Joe aircraft carrier that was my sole aspiration as a 10-year-old. I never got it, but I have one in my office now.

What is the most rewarding part of being CEO of Hasbro?
At the end of the day, knowing that the core of what you do is about making kids smile — that’s just amazing. Ever since I became CEO of Hasbro, I can’t walk through an airport, restaurant or especially a toy aisle and not notice little faces that just light up with the wonder of a toy and the wonder of childhood. That’s really cool to be a part of.

What do your own kids think about your role as CEO of a leading toy company?
Of course, my kids are very proud. My son’s a nerd, just like I am, so he and I play games together all the time. My daughter isn’t really a nerd — she’s kind of rebelled against nerd-dom. But of course, she loves it when her dad lights up, and that’s true of my whole family. I was at Xbox back when it was founded and left a couple of years after it launched. At the time, my nephews were like, “Why the hell would you leave the best job in history?” They might have had a point, but things have worked out well.

Related: This Mom Started a Side Hustle After a ‘Shocking’ Realization in the Toy Aisle. Her Product Was in Macy’s Within the Year — Seeing Nearly $350,000 in Sales.

What advice would you give to someone looking to enter the toy industry?
Follow your passion. When you go into the toy and games industry, you can make a great living; you can do a lot of good in the world. You’re basically working in an industry that generates smiles, laughter and companionship for people. But it’s not the industry where you’ll make the most money — if you want to do that, I know a couple of investment banks I can throw your way.

This article is part of our ongoing Young Entrepreneur® series highlighting the stories, challenges and triumphs of being a young business owner.



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How to Start a Business This Weekend: AppSumo CEO Noah Kagan

How to Start a Business This Weekend: AppSumo CEO Noah Kagan


Noah Kagan shared how he started AppSumo, a “Groupon for software,” in one weekend in a new podcast episode. The startup cost was $60; AppSumo earned $80 million last year and Kagan is still its CEO.

In 2010, Kagan was 28 years old and had already experienced what it was like to be the 30th employee at Facebook and the fourth employee at personal finance app Mint.

“I think I just felt insecure at some of these places,” Kagan told fellow entrepreneur Jeff Berman in a June episode of the “Masters of Scale” podcast.

Kagan was fired after nine months at Facebook by Mark Zuckerberg and later fired from Mint, too. He realized that dedicating his time to his day job carried a risk — another person could decide to let him go at any time.

Related: The Author of ‘Million Dollar Weekend’ Says This Is the Only Difference Between You and the Many ‘Very, Very Dumb People’ Making a Lot of Money

“I think I wanted to prove that I’m smart or prove that I’m successful or prove that Facebook when they fired me, and then when Mint fired me, [that] I can do it,” Kagan said.

The idea for AppSumo, a marketplace of software deals for small business owners or solopreneurs, was born when Kagan thought there was a way to promote software tools and also get paid for it. He saw that the site MacHeist gave Apple users discounts on software bundles and wanted to try making the same type of discounts available to a broader audience.

“My interest was letting the geniuses create software, and my skill and my excitement is promotion,” Kagain said.

The business came together in about 60 hours. First, Kagan found software he wanted to sell: the image-sharing service Imgur. He cold-emailed Imgur’s founder on Reddit and got approval to sell a discounted version in exchange for a cut of sales.

Related: Here’s Why Reddit Turned Down an Acquisition Offer From Google in Its Early Days, According to Cofounder Alexis Ohanian

The next piece was meeting with Reddit’s founding engineer to ask for free advertising. He got that too.

The final part was paying a developer to create a website with a PayPal button and purchasing the AppSumo.com domain name.

What was the total cost to launch the business? $60 and one weekend of his time.

AppSumo made $300,000 in the first year, and $3 million in the second, Kagan said in the podcast. It brought in $80 million in revenue last year.

Kagan now has a net worth of $36 million.

Kagan said that the crucial part of business was being invested in the problem and getting excited about it.

Related: This Flexible Side Hustle Is Helping Millions Earn Extra Cash — and Might Be ‘More Attractive’ Than an Office Job

“I think that’s the thing in business people are kind of missing out,” Kagan said. “They’re chasing AI now or chasing being an influencer. I think find areas [where] you’re like, I don’t know if I’m going to ever get tired of this.”

Starting a side hustle or finding an extra source of income has an upside — according to Kagan, you have more control over your future.

“If you can just give up 30 minutes a week, if you can just give up one Netflix show a week, if you can give up one thing a week, and you keep doing it weekly, eventually you can have that business,” he said.

Related: This Is the Winning Formula for Starting a Successful Podcast, According to a New Analysis



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Mirage Casino Giving Away .6 Million Before It Closes

Mirage Casino Giving Away $1.6 Million Before It Closes


The famed Las Vegas Mirage Hotel and Casino is set to close for good on July 17, but gambling fans have one last chance to score big before the shiny doors shutter forever.

Since July 9, the Mirage has been giving out over $1.6 million in cash through a giveaway called the “Progressive Finale Cash Giveaway” for the casino to pay out its jackpots before closing as required by Nevada gambling regulations.

Related: An Iconic Las Vegas Casino Is Shuttering This Summer After 34 Years

Patrons can win up to $1.2 million through slot machine prizes and $400,000 in table games through July 16.

But videos across social media show that the giveaway is going about as well as you’d expect. Excited gamers have flocked to the casino to score a slice of the pie, leading to chaos and several fights on the casino floor.

@vegasstarfish Chaos and fights break out at Mirage Hotel & Resort Prepares to close permanently. All progressive jackpots must be paid prior to July 17th and random cash drawings are being given to any guest playing. This has caused huge lines, unhappy patrons, physical fights & exhausted employees. All animals at Mirage have been rehomed in anticipation of the Hard Rock renovation, Beatles Love by Cirque Du Soleil has shuttered and now all that remains are some additional funds to distribute. Add this to your list of places to avoid when visiting Las Vegas. #vegas #lasvegas #vegasstarfish #jackpot #giveawayalert #vegasnews #miragelasvegas #vegashotels #vegaslocal #vegasexperience #thingstodoinvegas #creatorsearchinsights #vegasonabudget #vegasvacation #vegasplanning #vegaswins ♬ Epic News – DM Production

According to Vital Vegas, the Mirage was only operating 400 machines as of Friday afternoon and shut all other machines to “end the progressive meters calculating and audit the numbers in order to properly give all the money away.”

The Mirage, part of the Wynn brand, opened in 1989 and was one of the first luxury resorts to open on the Strip. It was also the original home of the Siegfried & Roy show.

Related: Lisa Vanderpump Is Not Leaving Las Vegas, Opening New Venues

The hotel announced in May that it would be shuttering this summer. It’s set to rebrand to the Hard Rock Las Vegas, and the company will pay $80 million in severance packages to laid-off Mirage employees.

“Over the next two months we will bid farewell to this iconic and historic property and then we will commence an incredible transformation,” a notice posted to the Mirage’s official Facebook page read at the time. “We would like to thank all team members at The Mirage for their incredible commitment and helping us provide memorable experiences for our guests.”





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CEO Jamie Dimon: How JPMorgan Chase Uses AI in the Workplace

CEO Jamie Dimon: How JPMorgan Chase Uses AI in the Workplace


JPMorgan Chase CEO Jamie Dimon appeared on “This is Working” with LinkedIn Editor-in-Chief Dan Roth on Thursday to discuss the future of the financial workplace, including his opinion on how AI will alter work as we know it.

Though business leaders and CEOs differ in their sentiments regarding the technology, Dimon is all in.

Related: JPMorgan Chase CEO Jamie Dimon Worried About ‘Stagflation’

“I think people should stop talking about it. It’s huge, and what we do is we’ve embedded all of our businesses,” the CEO said, estimating that JPMorgan would be increasing its number of AI projects by 400 each year. “It is unbelievable for marketing, risk, fraud. It’ll help you do your job better, so, huge productivity tool.”

Dimon said he believed AI would eliminate jobs at JPMorgan, especially in customer service, but also noted it should add jobs too, making it a “net net” investment.

Dimon made similar comments in April in JPMorgan’s Annual Shareholder letter.

Dimon told investors then that the technology was “increasingly driving real business value” across a slew of projects that spanned areas of marketing, fraud, and risk and that though the usage of such technology might lead to a reduction in “certain job categories or roles”, JPMorgan plans to “aggressively retrain and redeploy” employees if affected by incoming changes to their field or positions by AI.

Related: JPMorgan’s Jamie Dimon Says AI Leads to 3.5-Day Work Week

“While we do not know the full effect or the precise rate at which AI will change our business — or how it will affect society at large — we are completely convinced the consequences will be extraordinary,” he wrote.

JPMorgan Chase had a strong Q2 2024, with earnings reaching $18.15 billion at a 25% year-over-year increase and revenue that jumped 20% to $50.99 billion.

Dimon’s net worth as of Friday afternoon was an estimated $2.3 billion.



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How to Get Into The Cantinas, Taco Bell’s Retirement Community

How to Get Into The Cantinas, Taco Bell’s Retirement Community


Billed as catering “to Gen Z‘s culture that values a slower, more relaxed pace of life,” Taco Bell is launching The Cantinas, a Taco Bell-themed “early retirement community” in San Diego accessible only to its Rewards Members.

“Guests can embrace the laid-back lifestyle of retirees through activities such as morning aerobics, afternoon pickleball matches and early bird dinners, allowing fans to experience cross-generational leisure and senior-inspired recreation,” a Taco Bell spokesperson told Entrepreneur in a statement.

Related: Considering franchise ownership? Get started now to find your personalized list of franchises that match your lifestyle, interests and budget.

Image Credit: Courtesy of Taco Bell

Promising a “next level culinary experience” and “active living staples” such as Baja Blast and pickleball, The Cantinas is open August 17-18, 2024. The Weekend Membership is priced at $150 and includes shared overnight accommodations for the ticket holder and a guest. This membership offers complete access to amenities, recreation, dining, entertainment and more, with “afternoon naps encouraged.

Alternatively, the Day Pass is $50 per day and grants the ticket holder and a guest full access to the grounds, recreation, dining and more from 10 a.m. to 8 p.m. on Saturday and 8 a.m. to 8 p.m. on Sunday.

Related: 50 Cent Once Sued Taco Bell for $4 Million. Here’s How the Fast-Food Giant Got on the Rapper’s Bad Side.

Image Credit: Courtesy of Taco Bell

Related: 10 Little-Known Facts About Taco Bell and its Journey to the Top of the Franchise 500

A Taco Bell Rewards Membership is free, and only Taco Bell Rewards Members can purchase tickets for The Cantinas. Tickets will be available on a first-come, first-served basis on July 16 at noon ET via the Taco Bell app.

This isn’t the first time the chain — the top franchise in Entrepreneur‘s 2024 Franchise 500 Ranking — has created a fully immersive experience for fans. In 2019, Taco Bell took over a hotel in exclusive Palm Springs and turned it into The Bell: A Taco Bell Hotel and Resort. Described as a “Tacoasis,” the weekend experience featured everything from Taco Bell-embroidered waffle robes to taco-shaped sugar cookies left on the hotel pillows to an exclusive sampling of Taco Bell’s then-unreleased Toasted Cheddar Chalupa.

Read More: KTLA Los Angeles



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Melinda French Gates: How I Overcame Imposter Syndrome

Melinda French Gates: How I Overcame Imposter Syndrome


Even the most prominent business figures have felt imposter syndrome.

Philanthropist Melinda French Gates sat down with Jay Shetty on the “On Purpose” podcast this week to talk about her career and personal life, namely moments where she’s had to find grace and embrace a sense of imperfections while on her journey.

Related: Melinda French Gates Resigns as Co-Chair of the Bill & Melinda Gates Foundation

French Gates recalled her time running the Bill and Melinda Gates Foundation and admitted that she “felt like an imposter for the first 10 years” and never felt qualified to “speak credibly” about the foundation’s work because she wasn’t professionally trained in global health policy or medicine.

However, one specific incident brought her to an epiphany that changed the way she approached her work and her role.

“Someone actually inside the Foundation who was working for me at the time came to me and wanted me to speak out on something and I said ‘No, no, I don’t feel like I know enough,'” French Gates explained. “And this woman said to me ‘Are you kidding? Just look at all the traveling you have done … all the knowledge you’ve amassed?'”

She said that the employee gave her a multitude of examples of how she was qualified — from the different communities she’s visited to the doctors and scientists she’s worked with, all the while amassing years of direct experience in the field.

Related: Melinda French Gates Reveals Her Next Move After Leaving Gates Foundation

“I could speak on behalf of so many of these women that I’d met and who’d invited me into their homes or shown me the tough circumstances of their lives,” French Gates explained. “If they’ve spoken to me, I need to speak their truths into the world … I do know enough. I’ll never know everything, no one will ever know everything on the history of the Earth, but I know enough to know what I know deeply at a core level and to speak those truths.”

French Gates formally resigned as Co-Chair of the Bill and Melinda Gates Foundation in May, noting that under the terms of her departure, she would still have an additional $12.5 billion to spend on philanthropic work moving forward.

“This is not a decision I came to lightly,” she wrote in a statement on X at the time. “The time is right for me to move forward into the next chapter of my philanthropy.”

Days later, she announced that she would be donating $1 billion over the next two years to organizations advocating for women.

Melinda French Gates’ net worth as of Thursday afternoon was an estimated $13.4 billion.



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Nearly 50% of Parents Have Started Side Hustles: Survey

Nearly 50% of Parents Have Started Side Hustles: Survey


Side hustles are soaring as Americans take on second jobs to be able to afford the normal stuff.

According to a new survey, one group in particular is feeling the crunch of rising inflation and home prices, and taking on extra work in response.

Bankrate released its side hustle survey on Wednesday and found that more than one in three U.S. adults make extra money with a side gig, like a weekend job or freelance work.

The survey noted that parents of children ages 18 and under are turning to side hustles more often than those without children or those with older kids.

Related: This Mom Started a Side Hustle on Facebook — Now It Averages $14,000 a Month and She Can ‘Work From a Resort in the Maldives’

“Many Americans are still finding that one job isn’t enough,” Bankrate Senior Industry Analyst Ted Rossman stated. “The cost of living has risen sharply in recent years.”

Nearly half (45%) of parents with kids younger than 18 have a side hustle compared to 36% of childless adults and 28% of parents with adult children.

The average monthly side hustle income is $891 per month and the majority of Americans with side hustles (52%) have only been at it for less than two years. They’re likely using the money to pay bills, build their savings, or for discretionary spending.

Related: This 26-Year-Old’s Side Hustle That ‘Anybody Can Do’ Grew to Earn $170,000 a Month. Here’s What Happened When I Tested It.

“My schedule is mayhem,” 41-year-old Jordan Chussler, parent to a 5-year-old daughter and editor of a financial publication, told Marketwatch.

His daughter’s private school bill is $10,600; inflation has brought household expenses up for his family across the board. Chussler works during his lunch break and at night, as a freelancer and at restaurants, to make ends meet.

Chussler and his wife make about $165,000 combined at their main jobs; Chussler takes on extra jobs throughout the year to bring their combined income closer to $200,000 for more financial security.

He puts the extra money from side hustles into a Roth IRA and his daughter’s education fund.

Related: He Turned His High School Science Fair Project Into a Product That Solves a $390 Billion Problem: ‘This Has Not Been Done Before’



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