From £12 in the Bank to £2B CEO, New Year New Crypto Bull Run

Good Afternoon. It’s New Year’s Eve, Sunday 31st December 2023, and in this week’s roundup, we’re covering a career story on Dean Forbes who went from rags to riches and Manager to Billion Dollar CEO, a Crypto Bull Run on the horizon for 2024 and much more. First time reading? Sign up here.

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The 9to5 Hustle Convo of the Week

Today’s Convo of the Week is a real rags-to-riches story and arguably as good as it gets when we talk about from nothing to something. We hope it inspires you and provides proof that 1. It’s never too late to start and 2. You do not need to be a trust fund baby to become financially successful…

We are talking about Dean Forbes who became the CEO of a $1Billion company but was once homeless. Here’s a short story about Dean and how he did it.👇

Dean Forbes missed out on a career as a professional footballer having once been signed to Crystal Palace Football Club, but has since thrived in the business world.

The future CEO was struggling at 17 - homeless whilst also being the primary carer to his mum, who had lost her job. Dean had also amassed notable debts as he attempted to keep up with his footballer friends to ‘Keep up with the Joneses’.

His need for an income led to him taking a job in a Motorola call center, but 20 years of graft has seen him rise considerably up the ladder. Forbes would go on to lead a major software firm and last year, Forterro was bought out for a mammoth $1bn (£823million), taking his own net worth to around £40m.

He told Business Chief : "I describe the start of my career journey as a twice-homeless failed footballer who found himself doing telesales to service a mountain of debt that he'd accumulated to keep up with football friends. I’m really grateful for that debt because it meant I had to fail at football quickly in order to get into the professional working environment.”

Forbes was introduced to the dark side of life in his early teens. At 14, he became homeless for the first time. When he was 17, his mum lost their family home, which forced them into hostels. Now a millionaire, he never bemoaned his situation and, after taking on the real world, was quickly able to purchase a house.

He added: “Both times were very difficult for our family. We went into hostel accommodation and the second time, we came out of it by breaking up the family. I was of age so I left home and had to go and make my own way.

Forbes was able to rise through the ranks at Motorola and took up his first CEO role for Paris-based technology firm KDS. Such as the success of the companies he was involved with, they were often bought out by industry leaders.

He reflects on his time in Palace's academy - where he turned out as a centre-back until the age of 17 - as one he loved, but the thrill of playing with his mates trumped the dedication required to make it at the top level. "I look back now and realise I can't say I dedicated my life to it because my friends who went on to have great careers, there's a complete contrast in the way we approached football," he admits.

"I enjoyed it. I loved it so much and the part that wasn't helpful to me is that it was just a group of my friends from similar estates, so I just laughed six days a week and messed around, played football when it was time to play football, but I wasn't dedicated to it."

Conclusion: This story goes to show that in life, its not over until you decide to quit. You can keep up with Dean Forbes by following the Forbes Family Group on Instagram.

Employment News

If the time off work over the holidays or your New Year’s resolutions made you think about getting a new job, then you’re not alone.

The beginning of a new year is typically a time for reflection and making resolutions. Many people consider their career goals for the year ahead and eagerly want to set off on the right foot,” Gaelle Blake, head of permanent appointments at recruitment company Hays, told CNBC’s Make It.

Data backs this up. Forty-seven percent of U.K. employees said they were looking for a new role at the end of 2022, a survey by recruitment firm Robert Half found.

“Those beginning their job search in January shouldn’t be disheartened by a slow start,” Kennedy says, adding that starting your job search early could even put you at an advantage.

“Employers and recruiters who can move fast may therefore be able to steal a march on competitors,” he explained.

Despite the ongoing economic uncertainty, the current situation is not entirely bleak for job seekers, Kris Harris, regional director at Robert Half believes.

Additionally, the labor market is still recovering from the Covid-19 pandemic, and therefore there are still more jobs than job seekers in many cases, he points out.

“I would recommend brainstorming what you want to get out of the year ahead career wise, and the actions that will help you get there. Consider whether you can progress in your current role, or if a change is needed,” she says.

If the time off empowered you to change jobs, don’t ignore your intuition.

Careers Advice

Tip of the week: The tip this week is for the new corporate professional but still applies to those who may be 5-10 years in their role…

Embrace the Learning Curve: As a new corporate professional, recognize that every challenge is an opportunity to learn and grow. Embrace the inevitable learning curve with enthusiasm, seeking mentorship and actively seeking feedback. Be resilient in the face of setbacks, as they often pave the way for your most significant professional advancements. Remember, every experience is a building block for your future success. Additionally, don't be afraid to step out of your comfort zone. Seek out projects and responsibilities that may seem daunting at first but align with your long-term goals. Pushing your boundaries not only accelerates your learning but also showcases your adaptability and willingness to take on challenges.

Personal Finance

Crypto: This week can we focus a little bit on Crypto? Judging by data on Coinmarketcap and taking a look at the charts, it looks like we have entered a Bull Run. For those who don’t know what that even is. Let me explain:

A "crypto bull run" refers to a period of sustained and significant price increases across various cryptocurrencies. During a bull run, market sentiment is generally optimistic, and investors are often driven by the expectation of future profits. Several factors can contribute to a crypto bull run:

1. Increased Adoption: Positive developments such as increased adoption by businesses, financial institutions, or regulatory bodies can boost confidence in the cryptocurrency market.

2. Positive News and Developments: Favorable news, such as advancements in blockchain technology, positive regulatory developments, or major partnerships, can create a bullish sentiment among investors.

3. Speculative Trading: Cryptocurrency markets are often influenced by speculative trading. During a bull run, the fear of missing out (FOMO) can lead to increased buying activity as traders seek to capitalize on rising prices.

4. Market Sentiment: Investor sentiment plays a crucial role in the crypto market. Positive sentiment can create a self-fulfilling prophecy as more investors enter the market, further driving up prices.

5. Macro-Economic Factors: Economic factors, such as inflation concerns, currency devaluation, or geopolitical events, can drive investors towards alternative assets like cryptocurrencies, contributing to a bull run.

6. Halving Events: For certain cryptocurrencies like Bitcoin, halving events (reductions in the rate at which new coins are created) can impact supply and demand dynamics, potentially leading to upward price movements.

Based on the data, it looks as if 2024 and early 2025 we will see a new all-time high for Bitcoin and Ethereum. We also have a Bitcoin halving in 114 days and typically we see gains after this period…

Do you think we will see a $100k Bitcoin valuation?

Ps. Check out one of my favourite images on understanding the psychology of a market cycle… This is key to reflect on when investing and understanding where you are when the market fluctuates and you constantly check your smartphone investment account either in disbelief, anxiety or greed 🙃 

Side Hustle Spotlight of the Week

You can make a lot of money by simply sticking to what you know and offering it as a side hustle. Take a chef for example who works Monday-Friday for a small restaurant between 3pm - 9pm. In the mornings a chef could simply decide to open up a meal preparation service and make an extra £1000/month by having a few clients that pay on a subscription service to have their meals ready.

Or…What about a newly qualified Lawyer? You could be a notary service on the side or offer to help new business owners contract review services or company formation services.

This is why I always say, skills pay the bills. Get good at one skill and how far you take it is truly up to you. As we go into 2024, think what skills you have or may want to learn that can generate you an additional £12,000/year.

The Ideas Hub: ‘Numbers Don’t Lie’

Sojo: Meet the 26-year-old Founder who raised £2M building the Deliveroo of Clothing Pairs. London-based entrepreneur Josephine Phillips launched tech start up Sojo in 2021 and has now raised over £2M. Philips founded Sojo in 2021 after graduating from Kings College London. The fashion app connects users with a local seamster or tailoring businesses to help them make alterations to their clothing. She raised £2M+ in funding attracting high profile investors including the founder of Depop and fashion entrepreneur Grace Beverly Beverly.

Sojo is the Deliveroo of clothing repairs. It runs a bicycle courier network in London that takes clothes to and from the startup’s registered seamstters. Sojo allows users to request repairs via an app, with the seamsters setting their price for the work, and Sojo takes a 30% fee, where the bulk of revenue is generated.

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Weekly Round-Up

Celebrity News: Selena Gomez seals Benny Blanco romance with kiss in newly released photo, who are you going to ring in the new year with? #NewYearSameFlame🔥 or????

Music:  Brenda Lee’s “Rockin Around the Christmas Tree” hit number 1, 65 years after it’s initial release 🎶

Sports: ⚽️ Manchester City back in the Top 4 after comeback win at Everton, will they push on to win an historic 4th Premeir League title?

Joke of the Week: What is a New Year's resolution? Something that goes in one year and out the other.

Travel: Thinking of traveling a bit more in 2024. Check out the Top 50 Hotels for 2023. Number one is Passalacqua, Moltrasio

Health: The next Wellness Trend to look out for in 2024 is Temperature therapy, according to Mindbody and ClassPass's report, combination treatments that utilize both hot and cold are the next wellness wave.

How to Spend it: Looking for something fun and potentially lucrative to add to your collection? Some fine wine may be nice gift to yourself for the New Year. Fine wine is becoming an increasingly lucrative medium-term investment, providing investors with an alternative source of returns and a great conversation starter.

Why The Careerguard? The schooling system doesn’t adequately equip new adults for ‘adulting’. With our weekly nuggets of information, we spread knowledge fundamental for all 9to5’ers to know in 5 minutes to spark creativity, help someone consider a new career opportunity, and improve their financial well-being with also a little recap of the week.

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Thanks for reading,

Dominic

Created by the Founders of www.ambitiousinvestor.com & www.hustleyour9to5.com