Latest news with #selfmade
Daily Mail
07-08-2025
- Business
- Daily Mail
Self-made entrepreneur reveals how he went from flat-broke to $700K a year after family 'lost everything'
A Las Vegas man has revealed how he turned his life around, going from broke and homeless to pulling in $700,000 a year as a self-made software entrepreneur. Michael Brandon Pope, 26, said his family 'lost everything' after the 2008 financial crisis and went from a life of luxury to the breadline. They eventually lost their home - leaving Michael and his three siblings couch-surfing with friends and family, staying at cheap motels, and even living out of their car. While his parents tried to get back on their feet by working extra jobs, his mom's health took a downturn that led to her having to retire when he was he was a teen. For years, he spent his days wondering where they'd sleep that night or if they'd have enough money to eat. Michael got his first job at age 16 - as soon as he was legally allowed to - and he would work tirelessly and use all his earnings to try to help his family. 'I couldn't wait to work,' he said during an exclusive chat with the Daily Mail. 'Most of my money ended up going to help us keep a roof over our heads and to put food on the table. '[Or I would use the money to] help to pay for food or bills at whoever's house we were currently couch surfing at.' A determined Michael dreamed of a better life for himself and his family, so he got to work on teaching himself how to code after one of his high school football coaches told him how lucrative the world of programming could be. After he finished high school he started taking classes at a local college while also working a job at Dunkin Donuts, which meant waking up in the early hours of the morning to make sure he had time for both. 'The coffee shop I worked at was all the way in north Las Vegas and I had the opening shift which started at 6am. 'So I would wake up at 3.30am to get ready for work, catch the bus at 4.15/4.30am, and arrive on the other side of town for my shift to start at 6,' he remembered. 'While I was working at this coffee shop, I was taking 15 credits at UNLV and also teaching myself how to code. 'I would get off at 1pm, go across the street to another coffee shop with Wi-Fi, and learn how to code building side projects and apply to entry level programming positions.' Any free time he had was spent watching YouTube videos or reading articles on coding, and 'applying to entry level programming positions.' Tireless: Michael got his first job at age 16 and used all his earnings to try to help his family. He's seen while he was working at a local restaurant as a teen In 2018, Michael's hard work paid off as he landed his first real programming job at a 'local E-Commerce company that sold vape pens' that paid him $35,000 a year. 'They needed help setting up the software for their distribution website/software,' he explained. He said that despite showing up late - 'the Uber driver went the wrong way' - and not having a college degree, when the hiring manager saw how well he could program he offered him the job. He dropped out of college for the gig, but after taxes his earnings came to only about $600 per week. Even so, he tirelessly saved and used the money to start renting a two-bedroom apartment for himself, his three youngster siblings, and his parents. In the years that followed, Michael worked various programming jobs as he made his way up in the tech industry, eventually scoring jobs at huge companies like Hulu, Disney+, and Warner Bros. He eventually launched his own successful software company. Flash forward to now, seven years later, and Michael brings in about $350,000 annually - and he's had years where he's made closer to $700,000. He now lives in a luxury apartment and bought a five-bedroom mansion for his parents and siblings. And his lifestyle is certainly a far cry from the years that he would work tirelessly just to have enough money to eat. 'I would say that I do live pretty lavishly,' he confessed. 'I eat out multiple times a week at steakhouses and sushi restaurants, I spend quite a bit of money on things that I enjoy like extra wide monitors. 'Within the last month me and some friends went to eat and gamble at the casinos. I spent roughly $1,500 on that. 'I've had months where I spent $1,000 in a month on Uber Eats. When I looked at the month I moved into this apartment. 'I went from famine to feast in a relatively short period of time, so I think I didn't manage my money very wisely or even consider it until the last couple of years.' Ride on: His lifestyle today is a far cry from the years that he would work tirelessly just to have money to eat. His first car is seen left and his car now at right Michael explained that while the years of his life when he was broke and homeless were extremely difficult, he believes they sparked a 'drive' in him that has now led to his success. '[I had] a huge drive to get myself and my family out of that situation,' said Michael. 'The drive has since stuck with me. [Even now I'm] always feeling like I have to work exceptionally hard to prove myself. I look back on it as a blessing and a curse.' In the end, he said he hopes others in a similar situation will use his story as a reminder that they 'don't have to accept bad circumstances or fall victim to things outside of your control.' 'I didn't chose to be homeless, or for my parents health to fail, or for the 2008 market crash to happen; the list goes on and on,' he reflected. 'I could have given up and accepted my fate because I didn't know for certain I would be successful.'
Yahoo
05-07-2025
- Business
- Yahoo
I'm a Self-Made Millionaire: 6 Steps I Took To Become Rich on an Average Salary
It sounds like an unlikely story: a self-made millionaire gets rich from an average salary. In this day and age, how is this possible? Sometimes, it all comes down to being savvy with money — and major hustle. Read Next: Learn More: GOBankingRates spoke with Daniel Meursing, CEO and founder of Premier Staff, a luxury event staffing agency that's worked with everyone from Ferrari to the Oscars, to discuss the steps he took to achieve his millionaire status. 'Ever wondered how someone goes from eating $5 ramen dinners to rubbing elbows with Hollywood's elite? Buckle up, because I'm about to take you on a wild ride through my journey from average Joe to self-made millionaire.' Meursing said. 'But don't let the glitz and glamour fool you — my path to success was paved with instant noodles and a whole lot of hustle.' Read on to learn the steps he took to get there. 'Picture this: It's 2019, and I'm hunched over a laptop in a tiny apartment, fueled by instant noodles and big dreams. With just $4,000 in my pocket (less than the cost of one Louis Vuitton handbag at the events we now staff), I launched Premier Staff,' Meursing said. Just a few years before founding Premier Staff, he was a loan officer at EZ Fundings Home Loans, making a decent but decidedly average salary. 'But here's the kicker — it wasn't about how much I made, it was about how I used it.' He explained that the first step in his journey to millionaire status was embracing frugality like it was going out of style. 'I lived in a shoebox apartment, drove a car that was more rust than metal, and became a connoisseur of the dollar menu. Was it glamorous? About as glamorous as a pair of socks at a black-tie event. But it allowed me to save over 50% of my income.' He continued, ''But Daniel,' I hear you say, 'that sounds miserable!' And sure, there were moments when I questioned my sanity. Like the time I found myself dumpster diving for a slightly used office chair instead of buying a new one. But every dollar I saved was a dollar invested in my future.' Check Out: According to Meursing, investing is where the true magic really happens. He said, 'I treated my savings like they were the last lifeboat on the Titanic — precious and not to be wasted. I dove headfirst into learning about investing, treating it like a second job.' At first, he started with index funds, maxing out his 401(k) and IRA. 'But I didn't stop there. I researched individual stocks, studied market trends, and even dabbled in real estate. Remember that rust bucket of a car? Well, I used the money I saved from not having a car payment to buy my first rental property.' However, Meursing equally noted it wasn't all smooth sailing. 'I made mistakes. Like the time I invested in a 'can't miss' tech startup that turned out to be about as successful as a screen door on a submarine. But I learned from each setback, adjusting my strategy and pressing forward.' While working as a loan officer, Meursing also moonlighted as a server at high-end events to establish another income stream. 'This not only padded my savings account but also gave me the idea for Premier Staff. I saw a gap in the market for luxury event staffing and decided to fill it.' He added, 'But here's the real secret sauce — I didn't quit my day job right away. For months, I worked 9-5 as a loan officer, 6-10 building Premier Staff, and whatever hours were left planning my financial future. Sleep became a luxury I couldn't afford — kind of like those Gucci shoes I now help serve champagne around.' Meursing explained that the real turning point came when he landed his first big client. 'It was a small fashion event on Rodeo Drive — not exactly the Met Gala, but to me, it felt like I'd hit the jackpot. I poured every ounce of energy into making it a success, treating it like I was staffing the Oscars — little did I know that would come later.' He said that one event led to referrals, which led to bigger events. 'Before I knew it, Premier Staff was the go-to agency for luxury events in LA. We've staffed parties for Will Smith's family, kept things classy at Emmy Awards after-parties and even helped Justin Bieber celebrate a birthday. But here's the thing — even as the business grew, I kept living like I was on that loan officer's salary.' He added that every extra dollar went back into the business or into investments. 'It was like playing a real-life game of Monopoly, where every property I landed on, I bought.' The journey to millionaire status isn't a sprint, it's a marathon — and Meursing said the finish line keeps moving. 'I'm constantly learning, adapting, and looking for new opportunities. Whether it's exploring new markets — we're eyeing the security staffing industry — or finding more efficient ways to run the business, I never rest on my laurels.' he said. 'I still remember the day my net worth ticked over into seven figures. I was sitting in my office — a real one this time, not a corner of my studio apartment — looking over the books. There it was in black and white — I was officially a millionaire. Did I pop champagne and buy a sports car? Nope. I celebrated with a slightly fancier pack of ramen and got back to work.' More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 6 Big Shakeups Coming to Social Security in 2025 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth This article originally appeared on I'm a Self-Made Millionaire: 6 Steps I Took To Become Rich on an Average Salary
Yahoo
04-07-2025
- Business
- Yahoo
Self-made people ‘holding estimated £40.7bn in under-utilised cash savings'
An estimated £40.7 billion in savings collectively held by 'self-made' people who have risen up the income rankings could be unlocked and invested towards fuelling UK economic growth, according to research. The research, released by Santander UK in partnership with the Centre for Economics and Business Research (Cebr), described people in the self made bracket as those who had a modest start in life but now sit in the UK's top fifth of earners. The report was based on a survey carried out by Opinium in March and April among 2,000 people across the the UK who sit within the top 20% of earnings. An annual income of £52,000 was estimated to place people within approximately the top fifth of earners in the UK. Santander said people in the self made cohort have nearly £40,000 in cash reserves on average, but many are not exploring their options around how to manage their money. Many headed straight into work or an apprenticeship after school, and a significant proportion work in construction and skilled trades, the bank said. More than a third (35%) of self made people surveyed who are working in 'white collar' jobs said they are the first person in their family to work in such a profession. More than one in four (28%) people in the self made cohort do not invest any of their monthly earnings and those who do invest typically put away 11% of their income. While nearly half (47%) said they know investing is important, 22% said they did not know where to start. Nearly one in 10 (8%) of this cohort agreed with the statement: 'Investing is not for people like me'. Just over half (52%) of self-mades grew up talking about money at home, compared with 74% of high earners in general. Less than half (45%) consider themselves financially savvy or financially literate, despite one in eight (13%) owning their own business. Santander suggested that financial education should be embedded into apprenticeship schemes. Kitty McCormick, head of wealth at Santander UK, said: 'This is a story of unlocking potential. It's more than just a missed opportunity for individual growth; bridging the investment gap among the self-mades through targeted financial education could inject billions into the UK economy, with benefits for communities and the wider economy. 'The self-mades have proved their earning potential. Now it's time to back them with the tools, knowledge and confidence to make their income work harder for them.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mail
03-07-2025
- Business
- Daily Mail
Are you a 'self-made' saver? The high earners who risk losing out as they are cautious to invest
Ian Anker, 56, has always known the value of money. His parents - his mother working in administrative roles and his father in 'various jobs' before becoming a teacher - instilled in him the importance of having savings. After failing his A-Levels and going to work at what was Midland Bank in the mid-1980s, Anker became the first person in his family to go to university. Since then, he's worked his way up through a series of IT jobs and is now a management consultant earning £54,000 a year, pushing him into the higher income tax bracket. But despite his success and commitment to saving, Anker only started investing this year. He's not alone. Anker is one of a million 'self-mades' - those who have a modest upbringing, and are less likely to invest despite being among the country's highest earners. Santander UK and the Centre for Economics and Business Research (CEBR) say that self-made individuals are sitting on £40.7 billion worth of cash savings - or an average of £40,000 - that could be invested. While Ian went to university, self-mades are twice as likely as other high earners to leave school and head straight into work or apprenticeships, and more likely to work in construction and skilled trades. Some 28 per cent of 'self-mades' don't invest their monthly earnings at all, compared to 15 per cent of other high earners. Those that do invest typically put in 11 per cent of their income, compared to the average 17 per cent of their peers. How talking about money can affect your wealth One of the biggest differences between the two groups is the lack of conversations about money growing up. Anker says that while he 'didn't feel we were wanting for anything, we didn't have lots of money'. He was encouraged to save, but there was little discussion about investing. He says: 'My two older brothers and I were all encouraged to save. I've always thought it's important to have some savings and tried to live within my means. 'I've always recognised the need to have savings for emergencies, and if I want to go on holiday, I always make sure I'm saving and paying for it, rather than putting it on the credit card.' Santander and CEBR's research shows that just 52 per cent of self-mades spoke about money at home, compared to 74 per cent of high earners in general. It means that only 45 per cent say they consider themselves financially savvy or literate, despite 13 per cent owning their own business. And while almost half say they know investing is important, 22 per cent say they don't know where to start. Santander says it indicates that early financial conversations and education are more of a barrier to lower-income households, which places them at a disadvantage when trying to build wealth in adulthood, even if they are higher earners. Is it better to invest or have cash? Anker had largely avoided investments, other than an insurance policy that gave him some shares, before this year. But after three years as a management consultant, he thought he'd turn his hand to investing. The father-of-three had already opened a cash Isa with the investing platform Trading212, but opened a stocks and shares Isa five months ago as an 'experiment'. After watching some Youtube videos and reading online, he learned that over the long term, fluctuations in markets 'generally always smooth out.' 'I then decided I was going to try it. I aim to retire in 10 years, which is a long enough period that I can do this for at least the next 5 years.' While it comes with its risks, savers can often grow their pots more effectively if they consider investing their money instead of holding cash. Figures from Vanguard show that a savings pot of £10,000 at the end of December 1998 would have risen to just over £19,000 over the past 26 years, a 90 per cent increase when not adjusted for inflation. In comparison, the same £10,000 invested in a globally diversified portfolio, would have increased by more than 650 per cent to over £75,000. Anker is aiming to set aside between £200 and £300 a month, with two-thirds going into his cash Isa and the rest into his stocks and shares Isa. He aims to put another £100 into his savings from next year. He is already beginning to learn about what has and hasn't worked, moving some of his money into European defence companies, as well as renewables and tech. He is mostly focused on European and UK-based companies. 'I've recognised the importance of trying to spread the companies across lots of sectors, so hopefully it will even itself out,' he adds. His portfolio has already grown 5 per cent, which is more than current cash Isa rates. Moneyfacts data shows that the average 1-year fixed cash Isa rate is 3.95 per cent, while the easy access Isa is 2.93 per cent. Like his parents, Anker says he and his ex-wife have 'always instilled in our children the importance of saving and having money just in case.' Despite his recent foray into investing, he is more cautious about encouraging his three daughters to invest as they are trying to build house deposits. 'I'm conscious the world is in a different place. They can't afford their own houses. I'd be loathe to say they should put money in a stocks and shares Isa in case they might make a loss on it.' Santander is calling on the Government include financial education as part of apprenticeship schemes, to give future self-mades the 'best chance for financial success'. Kitty McCormick, head of wealth at Santander UK said: 'This is a story of unlocking potential. It's more than just a missed opportunity for individual growth; bridging the investment gap among the self-mades through targeted financial education could inject billions into the UK economy, with benefits for communities and the wider economy. 'The self-mades have proved their earning potential. Now it's time to back them with the tools, knowledge and confidence to make their income work harder for them.'
The Independent
03-07-2025
- Business
- The Independent
Self-made workers ‘unsure how to manage their savings'
An estimated £40.7 billion held in savings by individuals who have ascended the income ladder could be harnessed to stimulate the UK economy, new research suggests. These "self-made" individuals, identified by a study from Santander UK and the Centre for Economics and Business Research (Cebr), began with modest means but now rank among the top fifth of earners in the country. The report, based on an Opinium survey conducted in March and April, polled 2,000 people within the UK 's top 20 per cent of earners, a group typically earning an annual income of £52,000 or more. Santander highlighted that this cohort possesses an average of nearly £40,000 in cash reserves each. However, many are reportedly not exploring effective ways to manage these significant sums. The research also sheds light on the career trajectories of these high-earners, noting that a considerable number entered the workforce directly or through apprenticeships after leaving school, with a notable proportion working in construction and skilled trades. The findings underscore a significant untapped financial resource for national growth. More than a third (35 per cent) of self-made people surveyed who are working in 'white collar' jobs said they are the first person in their family to work in such a profession. More than one in four (28 per cent) people in the self-made cohort do not invest any of their monthly earnings and those who do invest typically put away 11 per cent of their income. While nearly half (47 per cent) said they know investing is important, 22 per cent said they did not know where to start. Nearly one in 10 (8 per cent) of this cohort agreed with the statement: 'Investing is not for people like me'. Just over half (52 per cent) of self-mades grew up talking about money at home, compared with 74% of high earners in general. Less than half (45 per cent) consider themselves financially savvy or financially literate, despite one in eight (13 per cent) owning their own business. Santander suggested that financial education should be embedded into apprenticeship schemes. Kitty McCormick, head of wealth at Santander UK, said: 'This is a story of unlocking potential. It's more than just a missed opportunity for individual growth; bridging the investment gap among the self-mades through targeted financial education could inject billions into the UK economy, with benefits for communities and the wider economy. 'The self-mades have proved their earning potential. Now it's time to back them with the tools, knowledge and confidence to make their income work harder for them.'
