As older millennials approach 45 and Gen Z begins their financial planning, retirement planning has become increasingly important. Many now aim to retire by 60, driven by a trend of conscientious spending and saving, especially amidst concerns about potential reductions in Social Security benefits. A 2024 Planning and Progress study by Northwestern Mutual indicates that US adults believe $1.46 million is needed for a comfortable retirement. However, entrepreneur and investor Kevin O'Leary suggests that the necessary retirement corpus largely depends on one's investment choices and lifestyle. He advises against high-risk investments like restaurants or bars, proposing that a well-managed $500,000 could be sufficient if invested wisely in a balanced mix of fixed-income securities and equities. O'Leary explains that with proper investment, achieving a 5% return from low-risk securities or up to 9% from equities is feasible, though this might leave little room for unexpected expenses.

O'Leary's suggestion of surviving on $500,000 for retirement may be impractical for many due to rising living and healthcare costs. Instead, the 4% Rule, devised by financial advisor Bill Bengen, offers a more sustainable approach. This rule posits that retirees can withdraw 4% of their portfolio’s value in the first year and adjust for inflation in subsequent years, aiming to ensure that savings last over three decades. For example, with $2 million in savings, one could withdraw $80,000 in the first year, adjusting for inflation annually. This strategy, grounded in historical market data, provides a balanced and sustainable path for retirement planning, helping to ensure financial stability throughout retirement.

Sora Lee, a 34-year-old immigrant from South Korea, has achieved significant professional success as the Global Head of Product Marketing at TikTok, earning $400,000 annually. Despite her impressive net worth of over $840,000, Lee faces considerable financial challenges. She regrets purchasing a brand-new Tesla Model 3 for over $70,000 in 2021, which has left her with a $36,000 debt. At the time, she was earning over $200,000 annually while working at Meta and had recently gone through a divorce. Lee's financial journey, marked by an initial salary of nearly $46,000 in 2012 and rising to $110,000 by 2014 at Netflix, highlights the complexity of managing substantial earnings alongside significant liabilities.

Lee's financial situation is further complicated by $3,200 in student loans and a $250,000 mortgage balance on a new home in Lake Tahoe. Although her ex-husband makes the mortgage payments, these obligations contribute to her financial stress. Despite boosting her income through stock sales, renting out a room, and side gigs estimated to earn $19,000 in 2024, Lee's discretionary spending remains high, with March 2023 expenses totalling $14,586, including $4,445 on non-essential items. This financial strain, coupled with her anxiety about money, underscores the importance of comprehensive financial planning and the challenges even high earners face in achieving financial security.

Drawing from her experience in the car dealership industry, social media influencer Roxy Stylez reveals the manipulative tactics used by car salesmen to exploit buyers, particularly young and inexperienced ones. In her latest TikTok video, Stylez highlights how dealerships pressure young buyers into taking on loans they can barely afford, often resulting in long-term financial strain. She cautions against overselling tactics that leave buyers stuck with negative equity, where they owe more on the car than its actual value. Stylez shares that dealerships often convince buyers to take on expensive loans for cars that quickly depreciate, urging viewers to be vigilant and avoid such pitfalls.

Stylez offers practical negotiation strategies to help buyers get the best deals. She recommends telling the dealership you're not interested in trading in your current car initially, to prevent the trade-in value from influencing the price of the new car. Stylez suggests doing thorough research using resources like Auto Trader to understand the fair market value of both the car you want to buy and the one you might trade in. Armed with this knowledge, buyers should stick to their researched prices during negotiations. She also advises being prepared to walk away if the dealership doesn't meet your price expectations and even using competitive offers from other dealerships as leverage. Additionally, Stylez recommends negotiating add-ons and extended warranties to ensure you get the best value for your money. 

Multi-millionaire entrepreneur Codie Sanchez, founder and CEO of Contrarian Thinking, identifies eight types of businesses that are particularly prone to failure. Based on her extensive experience and analysis, Sanchez warns against venturing into restaurants, retail, software, electronics, hotels, newspapers, auto parts, and luxury construction. She highlights the daunting challenges these sectors face, such as high competition, significant financial investment, and rapid industry changes. For instance, restaurants face a 60 percent failure rate within the first year, while the relentless pace of innovation in electronics makes it difficult for businesses to keep up. Similarly, the hotel industry demands constant 24/7 customer service, adding another layer of complexity and increasing the risk of failure.

Sanchez also points out that industries like retail and auto parts often suffer from weak management and lack of strategy, leading to high failure rates. Software companies face immense difficulty in replicating the success of tech giants, with less than one in a million reaching significant levels of success. The newspaper industry, dominated by major players, struggles due to the digital revolution and shifting audience preferences. Finally, luxury construction, with its higher costs and smaller market, is highly susceptible to economic fluctuations.eller relationships, and selecting the right city for operations.

Mark Cuban, a successful entrepreneur and investor, advises aspiring entrepreneurs to follow four essential steps before leaving their current jobs to start their own ventures. First, Cuban emphasises the importance of financial preparedness by recommending saving at least six months of living expenses. This financial cushion can help mitigate the risks and uncertainties of starting a new business. Second, he stresses the necessity of thorough research, urging entrepreneurs to understand their industry, competition, products, and target customers to ensure they are well-prepared for the challenges ahead.

Third, Cuban highlights the critical importance of sales skills, noting that the ability to sell a product or service is fundamental to any business's success. Lastly, he underscores the need for passion and commitment, as starting a business requires hard work and dedication. Cuban also acknowledges the role of luck in entrepreneurial success and advocates for wealthy individuals to pay more taxes to support the system that enables business growth. "Before you quit, be prepared, know what you're doing, save your money, have at least six months to live off, if you can," Cuban told Wired. "And, then, maybe you're ready to start your business."