Don MacPherson embodies the American Dream. He built and sold Modern Survey, a successful company, all while avoiding layoffs and debt. Not one to rest, Don launched 12 Geniuses, a venture focused on improving the future of work, and a podcast of the same name. Laurie Money and money-central.com bring you Don’s invaluable perspective on achieving financial success and setting yourself up for early retirement. His pragmatic approach to finances offers essential lessons for anyone seeking financial independence.
-
Beyond the Millennial Tech Bro Stereotype: Don, a 50-year-old entrepreneur, defies the typical tech startup image. His extensive background spans customer service, technology, healthcare, employee engagement, and even truck driving. While he may not consider himself a natural entrepreneur, Don is undeniably a risk-taker. This spirit led him to move to Germany in his 20s with only a one-way ticket, an experience that included living in an attic, as he recounts.
-
American Express and the Birth of Modern Survey: Upon returning from Germany, Don joined American Express, a pivotal moment where he met his future business partners. Driven by a desire for a better life, they co-founded Modern Survey, an online survey company, in 1999. With a mere $1,000 investment each, they embarked on a journey that culminated in a successful exit – a true realization of the American dream.
-
The Driving Force Behind 12 Geniuses: Instead of retiring on his success, Don launched another company. His motivation extends beyond risk-taking and a love for his work. Deep down, Don is passionate about helping individuals reach their full potential. He firmly believes in the extraordinary capabilities within everyone and dedicates himself to unlocking that potential.
-
“Pay Yourself First”: Don’s Golden Rule: A cornerstone of Don’s financial philosophy is the principle of “paying himself first.” This strategy has been instrumental in enabling him to pursue his goals and achieve financial freedom. This concept, sparked by a simple commercial in his youth advocating early saving, became a guiding principle in Don’s life. He explains the profound impact of prioritizing personal savings.
-
Money as Freedom and Opportunity: For Don, money represents freedom. Growing up in a family that wasn’t focused on saving, his initial understanding of work was purely transactional – taking the highest-paying job for survival. While a strong work ethic was crucial, Don realized work could be more than just survival. It could be fulfilling. Financial security allowed him to experiment, explore opportunities, and pursue passions he otherwise couldn’t.
-
Weathering the Storm: Saving the Business: Don shares a critical period when his business nearly collapsed, forcing him to temporarily abandon his “pay yourself first” philosophy. To rescue the company, he and his partners each invested $100,000. It was his disciplined savings that provided the financial cushion to save the company, highlighting the practical benefits of his financial principles.
-
Frugal Living and Wealth Accumulation: Don’s success didn’t lead to extravagant spending. He never bought a new car and lived in a duplex for 15 years, partially mortgage-free thanks to rental income. Don reveals some of his money-saving strategies that contributed to his wealth. He even made a conscious decision to delay parenthood until his late 40s, demonstrating his commitment to long-term financial planning.
-
Escape the Job Trap: Following Don’s advice, he believes you can reach a point where you never have to stay in a job you dislike. This is especially relevant in today’s evolving work landscape. Financial responsibility fosters a sense of security and freedom, enabling individuals to perform their best work. And for those wondering if it’s too late to start, Don offers an encouraging perspective: it’s never too late.
-
The Workplace Prisoner Phenomenon: Don highlights the concept of “workplace prisoners” – individuals trapped in jobs they can’t leave due to overwhelming financial obligations. He estimates that as many as 1 in 12 workers are in this situation, feeling financially stuck and lacking confidence in their ability to earn more elsewhere. This issue significantly contributes to the widespread sentiment that “work is broken,” negatively impacting both work performance and personal lives.
-
The Unique Financial Challenges Women Face in the Workplace: Laurie Money emphasizes the often-greater financial burdens women face in the workplace compared to men. From clothing and makeup to societal pressures to maintain a youthful appearance, the costs can accumulate. Then there are significant factors like maternity and childcare expenses. Considering the gender pay gap, the financial strain on single mothers and women in general is considerable. Don shares his insights on these specific challenges women encounter in the professional world.
-
12 Geniuses: Building a Better Future of Work: Don’s new venture, 12 Geniuses, focuses on creating positive change in the workplace. He explains the company’s mission and his optimistic view that the world is progressing positively, contrary to negative news cycles. However, he also notes a key challenge: many individuals are resistant to positive change, highlighting the complexities of workplace transformation.
Don MacPherson
