💰Housekeeping can make you rich

This week we're diving into some crucial updates and myths that could shape your financial outlook. From retirement and homeownership to a lucrative new career option we’re bringing you all the ways you can build and grow your wealth. We’re also diving into the job market for new graduates, exploring ways to stay optimistic and proactive, while showing you how you can pursue lucrative opportunities, regardless of your degree. Here’s to supercharging your money one step at a time!

- Milan

IN THE KNOW

Looking For A Man In Finance Housekeeping 

Looking for a side hustle or switch in careers? Housekeepers in Palm Beach and South Florida are raking in impressive salaries, often exceeding $150,000, thanks to a surge in demand from wealthy homeowners. The influx of affluent residents from high-tax states like New York has created a massive need for household staff, including butlers, nannies, chefs, drivers, and personal security. However, the biggest demand is for housekeepers, leading to a bidding war among mansion owners. Staffing agencies report that housekeepers' wages have jumped from around $25 an hour in 2020 to $45-$50 an hour today, with experienced housekeepers earning between $120,000 and $150,000 annually, plus benefits.

This boom in demand has led to significant frustration among clients who initially balk at the high salaries but eventually relent when they struggle to find qualified staff. In some cases, executive housekeepers are earning as much as $250,000 a year. The specialized skills required for high-end housekeeping, such as handling fine linens and antiques, have prompted some mansion owners to consider opening a school to train more housekeepers, although their current focus remains on meeting the overwhelming demand. So if you have experience or qualifications in the field, you already know where you’re headed next. And don’t forget to invest your money to start building your wealth!

A New House Or Retirement? 

With interest rates sky-high, a lot of potential homebuyers are feeling the squeeze, and 71% are holding off until rates drop. Even with the steep rates and tight housing inventory, nearly a third of buyers are thinking about dipping into their 401(k) retirement plans to help cover the costs. This trend is especially common among Millennials and Gen Z, with 31% and 34% respectively considering using their retirement savings, compared to only 25% of Gen X and 16% of Baby Boomers.

But tapping into your 401(k) to buy a house isn’t the smartest move. Taking money out early can hit you with big penalties and taxes, shrinking the amount you’ll have for retirement. Plus, every dollar you withdraw is a dollar that won’t grow and compound over time, meaning less money in the long run. It’s really important to explore other funding options and keep your retirement savings untouched to ensure you’re financially secure down the road. Learn about how to make the most of your 401(k) in your very own customized money plan. Start by answering a few simple questions here.

Overcoming The Job Market 

New graduates are entering a job market that's less promising than last year. Employers plan to hire about 5.8% fewer new college graduates from the class of 2024 compared to the class of 2023, according to the National Association of Colleges and Employers. Various industries, including chemical manufacturing, finance, insurance, and real estate, have reduced hiring after a surge last year, reflecting a return to more typical hiring levels. However, growth remains in areas like miscellaneous manufacturing, utilities, and professional services.

For those facing this challenging market, there are still ways to stay competitive. Upskilling through continuing education courses, online classes, and certification programs can boost expertise. The flexibility of hybrid work allows graduates to apply for jobs beyond their immediate location, expanding opportunities. Networking remains crucial, and cleaning up one's online presence is essential to make a positive impression on potential employers. What are you doing to find a job? Reply to this email and let us know!

MONEY MYTH OF THE DAY

“Only Some Jobs Can Make You Rich”

There's a common misconception that you can't be financially successful if you pursue a career in the arts or humanities. This myth stems from the belief that only careers in fields like technology, finance, or medicine can offer stability and high earnings. However, the truth is that success isn't solely determined by your field of study but by how you leverage your skills, network, and opportunities. Many people in the arts and humanities build lucrative careers by honing their craft, diversifying their income streams, and taking entrepreneurial approaches to their work. From freelance writing and graphic design to teaching and consulting, the possibilities are vast and varied.

Additionally, the skills gained from arts and humanities—such as critical thinking, creativity, communication, and empathy—are highly valued in today's job market. These skills can open doors to diverse career paths, including roles in marketing, public relations, human resources, and more. With the rise of the gig economy and digital platforms, artists and humanities graduates have more ways than ever to monetize their talents and create sustainable incomes. The key is to remain adaptable, continuously learn, and seek out opportunities where your unique skills can shine. Financial success is not only possible in the arts and humanities but also achievable with the right mindset and strategy.