CNBC make it 2024-09-22 00:25:25


Ryan Reynolds credits business success to 1 skill: It’s a ‘precious commodity’ in any job, expert says

Ryan Reynolds’ storytelling abilities aren’t just a quirky element of his public persona — they’re the bedrock foundation of his success across multiple industries, he says.

Reynolds, a longtime TV and movie actor, learned that his storytelling chops could benefit him in a business capacity while starring in, co-producing and promoting the 2016 movie “Deadpool,” he said at the Fast Company Innovation Festival 2024 on Tuesday. The movie’s budget didn’t leave much room for marketing, so Reynolds shouldered some of the load himself, filming and posting comedic advertisements on social media.

Multiple of Reynolds’ posts went viral, and “Deadpool” grossed $782.6 million in box office sales against a $58 million budget, according to IMDB-owned Box Office Mojo.

The experience prompted Reynolds to invest in multiple companies — Aviation Gin in 2018 and Mint Mobile in 2019, for starters — and launch marketing and production firm Maximum Effort to help promote them, he said. If you’re searching for a connective thread between a gin brand and a mobile network operator, you’re not alone.

“I have a devotion and love for storytelling in weird places,” said Reynolds.

The ensuing marketing campaigns, marked by Reynolds’ particular brand of humor and timeliness, helped Aviation get acquired for an initial payment of $335 million, and up to $275 million more in potential future payments, by beverage giant Diageo in 2020. Reynolds retained an ownership stake in the deal, according to the announcement, and Maximum Effort went on to sign big-name clients like Match.com and Kraft Heinz.

Mint Mobile’s parent company, Ka’ena Corporation, was similarly purchased for up to $1.35 billion by T-Mobile last year. “Reynolds will continue in his creative role on behalf of Mint,” T-Mobile said at the time.

A crucial workplace skill

Good storytelling is a crucial workplace skill in nearly every job or industry, Stanford University lecturer and communication expert Matt Abrahams tells CNBC Make It.

If you can craft a compelling narrative for your specific audience — whether that’s your boss, your interns or a room full of executives — you’ll get people to listen to you, understand your perspective and even change their minds, says Abrahams.

To use your storytelling powers to gain influence, you need to do four things, he says:

  1. Hook your audience with an introduction that breaks a pattern in the first couple of seconds. Think of it like the opening scene of an action movie: You can use an alarming statistic, or enter the story with an emotional scene.
  2. Mention why it’s relevant and salient to the audience. This will convince the other person why they need to listen, and establish some narrative tension that’ll pique their interest.
  3. Establish expectations like a tour guide. Once you have their attention, introduce yourself and set expectations of what they’ll gain from the rest of the conversation. This is a good time to introduce some humor or relatability.
  4. As you tell the rest of the story, maintain your audience’s attention with physical, linguistic or mental reminders of why they care. Be as concise as possible, always tying each sentence back to the main point.”

“The biggest mistake people make in their communication is they don’t focus on the needs of the audience,” says Abrahams. “Attention is the most precious commodity we have in the world today. If I’m not tailoring my message to you, you’re not going to pay attention to it.”

Reynolds agrees: Maximum Effort focuses less on creating perfect ads and more on grabbing an audience’s attention as quickly as possible, he said. Being relatable and relevant to the viewer is more important than just about anything else, he added.

“The idea is that if you can move at the speed, or as close to the speed of culture and the cultural conversation, then your brand is much more likely to create emotional investment in a consumer,” said Reynolds. “I’m so, not at all, an entrepreneur … but I’m very interested in, and pretty good, at emotional investment.”

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68-year-old retiree pays $460 a month to live by a lake in Mexico: I found ‘peace and tranquility’

My mornings in the small village of San Antonio Tlayacapan, Mexico, are filled with birds. There’s the soft cooing of doves, the chirping of kiskadees, and the iconic shrieking of roosters, which begins not at sunrise (go figure) but hours before. 

It’s a far cry from Mazatlán, the city on Mexico’s Pacific coast where I spent 18 years before moving inland. While there’s so much I love about Mazatlán, the harsh reality is that the laid-back, mid-size beach town I’d moved to in 2006 is gone. 

Mazatlán has become a bustling resort city filled with tourists all year round. The once-quiet beaches are now lined with 20-story condo towers, and all the problems that tend to accompany rapid growth — like traffic, infrastructure issues, and noise — have become unfortunate facts of everyday life. 

Mazatlán changed so much that I didn’t want to live there anymore. It was time for me to leave.

My friends were shocked and, truth be told, so was I. There wasn’t anywhere else I’d thought about living — until I went to see a friend in Lake Chapala.

‘Everything I need is within reach’

A friend in Lake Chapala, a seven-hour drive away from Mazatlán, invited me to visit. It seemed as good a place as any to begin my search for a new home. 

Part of the allure, for me, of the Lake Chapala area is that it’s quite rural. I’d lived in a growing, bustling city for so long that I was yearning for more nature, less traffic and noise, and a simpler lifestyle. 

The main “highway” here — really just a two-lane street — is paved, but as soon as you turn off of it, you’re on roads made of cobblestones or packed dirt. People have horses, goats, donkeys, cows, and chickens. It’s not unusual to see men riding to work on horseback. The weather is often touted as “perfect,” cool and pleasant most of the year. 

I could imagine settling here. But I told myself that if it was meant to be, I needed to find exactly what I wanted: a cute, two-bedroom, yellow house with a yard that I could afford. Though most listings I saw on real estate sites and Facebook groups were out of my budget, I ended up stumbling across the ideal place and rented it on the spot. 

A friend took over my Mazatlán apartment and bought all my furniture and appliances, which made the move a million times easier.  I packed only what I could fit in my car and made the drive inland to my new home in March 2024. 

San Antonio Tlayacapan, where I live now, is located between the bigger towns of Chapala and Ajijic, barely a 15-minute drive in either direction. Guadalajara — which has great medical care, an international airport, and all the conveniences and big-box stores you could want, including Home Depot and Costco — is less than an hour away. 

Everything I need is within reach. And in my new home in this smaller, slower town, I found the peace and tranquility I was looking for. 

Take a look inside my ‘casita’

The casita, or cottage, I rented has a pretty, walled front yard with a gated parking space. I’ve planted a flower garden that attracts butterflies and hummingbirds. I like to sit outside in the mornings with coffee.

The front door opens to the living room, separated from the kitchen by an island.

All the rooms are smaller than the ones in my apartment in Mazatlán, but they feel just right for me. 

My bedroom is spacious, with a nice built-in closet and two windows that provide lots of natural light. I’m thinking about painting the walls but haven’t decided on a color yet.

I use the second, smaller bedroom as an office. 

Outside the kitchen is an enclosed patio, which I’ve filled with plants, a table for working and eating, and a washing machine.

I hang my laundry to dry on the patio or roof, which could easily be turned into a more usable space. If I stay another year, I may do that.

My rent is only 9,000 pesos a month, or about $460, and includes water. My electricity bill hovers around $12, 5G internet runs about $29, and my cell phone plan comes in at about $17 with free international calls. 

Life by the lake: ‘Quite busy,’ with lots of fresh, local food

I may be semi-retired, but my days are quite busy. My freelance work seems to be either feast or famine, and I’m currently working on two new books about expat living as well as offering consultations to help people navigate their journeys abroad.

When I can escape from the computer, I gravitate toward quiet activities: sharing a meal with friends, walking along the lake, exploring the area.

I like to cook and bake, and I can find many of the organic brands and products I prefer here, both imported and made locally. Asparagus, figs, and all sorts of berries — blueberries, strawberries, raspberries, blackberries — are inexpensive and plentiful. I can buy fresh milk from a dairy that’s five minutes from my house. Huevos del rancho (farm-fresh eggs) cost about 5 pesos, or roughly a quarter each.

I mostly eat a plant-based diet, but sometimes I buy chicken, cut to order, from a local farm.

There’s a Walmart and a Soriana grocery store nearby, but I prefer to shop at smaller local stores and at the many weekly outdoor markets. Prices are lower, produce is fresher, and it’s always a good time. 

‘I’m thankful,’ and still looking ahead

At this point in my life, I think I needed the tranquility of my new home in San Antonio Tlayacapan. Every afternoon as the sun goes down, I’m thankful for the quiet of the approaching evening, so different from the 24/7 party atmosphere in Mazatlán. 

I’m still getting used to not having the ocean to jump into and clear my head. That may be what makes me move again, maybe to another Mexican beach town. 

My dream, though, is to live in Sicily or another spot in southern Italy part of the year, then a month or so with each of my kids and their families in the U.S., and the rest of the time in my “home base” in Mexico, wherever that ends up being.

Janet Blaser is a writer who has lived in Mexico since 2006. A former journalist in California, her work now focuses on expat living. Janet’s first book, “Why We Left: An Anthology of American Women Expats” is an Amazon bestseller. Follow Janet on Instagram and Facebook.

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To influence people, make 1 key change in how you talk, says communication expert

Some people think asking questions — to friends, peers or bosses — can make you look weak or insecure.

But the simple act can actually help you garner influence and even get the people around you to change their minds, says communication expert Matt Abrahams — if you know the right questions to ask.

“Asking a question puts you in a position of power,” Abrahams, a Stanford University lecturer, tells CNBC Make It. “I can actually raise my status and lower your status when I ask a challenging question.”

Asking good questions “demonstrates you care, it demonstrates empathy, it demonstrates you’re willing to learn and, in some cases, admit you don’t know everything,” he adds. “Those are all valuable tools and assets to have when you’re trying to grow your career or deepen relationships.”

Effective leaders often balance their credibility with humility, a willingness to learn and connect well with their colleagues, experts say. But not every question will help you get ahead. You need to know how, when and why you’re asking the question for it to help make you more influential, says Abrahams.

Here’s how to ask the right questions, at work, home and in your social life, to get ahead and strengthen relationships, he says.

The recipe for a good question

Good questions contain three elements, says Abrahams:

  • They’re concise, so the listener doesn’t get distracted
  • They build on what the other person has said — furthering the conversation, rather than paraphrasing or summarizing
  • They revolve around a focused idea, or the conversation topic’s “bottom line”

“It can have multiple purposes,” but it should be quick, clear and focused enough so people understand the point of I’m trying to make,” Abrahams says.

You should consider your intention or goal before asking any question, he adds. Do you want show you’re listening and understanding, or that you’re very interested in the subject at hand? Maybe you want to subtly help the other person understand another perspective, or simply move the conversation along.

One of the worst intentions, Abrahams notes: trying to get participation points in workplace meetings. Your questions always need to be thoughtful, he says — if you aren’t helping clarify a point or furthering a conversation, your colleagues may just roll their eyes at you.

How to practice asking questions

Asking good questions, especially to persuade, influence or change someone’s mind, takes practice. Start small, and try approaching your casual interactions like interviews, where you’re trying to learn more about the other person or conversational subject, recommends Abrahams.

If your questions often ramble, and you want to become more concise, he suggests turning to artificial intelligence: Ask a chatbot like ChatGPT for shorter ways to phrase specific questions, then analyze the results. You can also ask real people for feedback — after a big meeting or serious work conversation, find a trusted colleague and ask them what they thought of the questions you posed.

Above all else, always listen to other people before asking them anything, Abrahams says.

“Anytime you are listening, you’re doing yourself a service. You are showing the other person you’re here,” Abrahams says. Then, your question is more likely to feel like you’re “inviting the other person to collaborate, and solving the problem [together] helps you foster that relationship in the long-term.”

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Earning $200,000 a year is still considered middle class in 3 states, not California or New York

Many Americans made more money in 2023 than the year prior, bringing the national household median income up to $80,610, according to U.S. Census Bureau Current Population Survey estimates.

Middle class is commonly defined as earning between two-thirds and double the household median income. That means on a national level, the middle class includes households earning between $53,740 and $161,220 a year. 

But on a state level, median incomes vary quite widely, as you can see in the map below:

As a result, middle class salaries can look very different from state to state. Here are household incomes that fall in the middle class in each state, plus the District of Columbia:

Alabama

  • Median household income: $60,660
  • Middle class income range: $40,440 to $121,320

Alaska

  • Median household income: $98,190
  • Middle class income range: $65,460 to $196,380

Arizona

  • Median household income: $82,660
  • Middle class income range: $55,107 to $165,320

Arkansas

  • Median household income: $63,250
  • Middle class income range: $42,167 to $126,500

California

  • Median household income: $89,870
  • Middle class income range: $59,913 to $179,740

Colorado

  • Median household income: $96,640
  • Middle class income range: $64,427 to $193,280

Connecticut

  • Median household income: $92,240
  • Middle class income range: $61,493 to $184,480

Delaware

  • Median household income: $86,340
  • Middle class income range: $57,560 to $172,680

District of Columbia

  • Median household income: $111,000
  • Middle class income range: $74,000 to $222,000

Florida

  • Median household income: $72,200
  • Middle class income range: $48,133 to $144,400

Georgia

  • Median household income: $72,420
  • Middle class income range: $48,280 to $144,840

Hawaii

  • Median household income: $97,360
  • Middle class income range: $64,907 to $194,720

Idaho

  • Median household income: $73,910
  • Middle class income range: $49,273 to $147,820

Illinois

  • Median household income: $87,820
  • Middle class income range: $58,547 to $175,640

Indiana

  • Median household income: $76,910
  • Middle class income range: $51,273 to $153,820

Iowa

  • Median household income: $80,860
  • Middle class income range:$53,907 to $161,720

Kansas

  • Median household income: $84,830
  • Middle class income range: $56,553 to $169,660

Kentucky

  • Median household income: $61,980
  • Middle class income range:$41,320 to $123,960

Louisiana

  • Median household income: $57,650
  • Middle class income range: $38,433 to $115,300

Maine

  • Median household income: $75,740
  • Middle class income range: $50,493 to $151,480

Maryland

  • Median household income: $102,000
  • Middle class income range: $68,000 to $204,000

Massachusetts

  • Median household income: $106,500
  • Middle class income range: $71,000 to $213,000

Michigan

  • Median household income: $76,960
  • Middle class income range: $51,307 to $153,920

Minnesota

  • Median household income: $90,340
  • Middle class income range: $60,227 to $180,680

Mississippi

  • Median household income: $55,060
  • Middle class income range: $36,707 to $110,120

Missouri

  • Median household income: $78,290
  • Middle class income range: $52,193 to $156,580

Montana

  • Median household income: $79,220
  • Middle class income range: $52,813 to $158,440

Nebraska

  • Median household income: $89,190
  • Middle class income range: $59,460 to $178,380

Nevada

  • Median household income: $81,310
  • Middle class income range: $54,207 to $162,620

New Hampshire

  • Median household income: $98,780
  • Middle class income range: $65,853 to $197,560

New Jersey

  • Median household income: $91,590
  • Middle class income range: $61,060 to $183,180

New Mexico

  • Median household income: $60,980
  • Middle class income range: $40,653 to $121,960

New York

  • Median household income: $81,600
  • Middle class income range: $54,400 to $163,200

North Carolina

  • Median household income: $68,610
  • Middle class income range: $45,740 to $137,220

North Dakota

  • Median household income: $76,960
  • Middle class income range: $51,307 to $153,920

Ohio

  • Median household income: $73,770
  • Middle class income range: $49,180 to $147,540

Oklahoma

  • Median household income: $67,330
  • Middle class income range: $44,887 to $134,660

Oregon

  • Median household income: $88,740
  • Middle class income range: $59,160 to $177,480

Pennsylvania

  • Median household income: $79,820
  • Middle class income range: $53,213 to $159,640

Rhode Island

  • Median household income: $81,860
  • Middle class income range: $54,573 to $163,720

South Carolina

  • Median household income: $69,100
  • Middle class income range: $46,067 to $138,200

South Dakota

  • Median household income: $81,740
  • Middle class income range: $54,493 to $163,480

Tennessee

  • Median household income: $72,700
  • Middle class income range: $48,467 to $145,400

Texas

  • Median household income: $79,060
  • Middle class income range: $52,707 to $158,120

Utah

  • Median household income: $101,200
  • Middle class income range: $67,467 to $202,400

Vermont

  • Median household income: $85,190
  • Middle class income range: $56,793 to $170,380

Virginia

  • Median household income: $96,490
  • Middle class income range: $64,327 to $192,980

Washington

  • Median household income: $93,440
  • Middle class income range: $62,293 to $186,880

West Virginia

  • Median household income: $60,410
  • Middle class income range: $40,273 to $120,820

Wisconsin

  • Median household income: $79,690
  • Middle class income range: $53,127 to $159,380

Wyoming

  • Median household income: $77,200
  • Middle class income range: $51,467 to $154,400

Low or no-minimum wages may bring down incomes in the South

Two places in the South — neighboring Maryland and the District of Columbia — feature median household incomes above $100,000. These places, as well as nearby Virginia, are historically high-earning, with many government, law, tech and finance workers collecting big salaries. But they are outliers for the region.

The South is the lowest-earning region overall. Half of the states there have median household incomes below $70,000 a year. In Mississippi, for example, the median household income was $55,060 in 2023, the lowest in the nation, according to Census Bureau data.

DON’T MISS: How to master your money and grow your wealth

Part of the reason for low incomes in the South is a lack of state minimum wages in five Southern states — Mississippi, Louisiana, Alabama, Tennessee and South Carolina — and low minimum wages in others. Only six of the 16 Southern states plus D.C. have state-mandated minimum wages higher than the federal minimum of $7.25.

Georgia’s minimum wage is even lower at $5.15, but workers there are entitled to earn the federal minimum rate.

Utah and Massachusetts join the six-figure median club

In 2022, only Maryland and D.C. had median household incomes above $100,000, but Massachusetts and Utah joined those states in 2023.

When the median household income is at least $100,000, the middle class will include households earning over $200,000. That’s the case in Massachusetts, Maryland and Utah, as well as Washington, D.C., where families earn a median of $111,000 — the highest in the country.

In Massachusetts, high-paying industries like biotech, health care and finance, plus a highly educated population, help boost the state’s incomes. Over 1 in 5 households in Massachusetts earned over $200,000 in 2023, according to Census Bureau American Community Survey data. Still, about 27% of households there earned below $50,000.

Utah attracts high-earners thanks to a relatively low and flat income tax rate that helps those with big salaries keep more of their paychecks. Its state economy has also been resilient and growing pretty consistently for over a decade, at times expanding faster than the national rate. It ranks No. 6 in CNBC’s 2024 rankings of the best state economies.

Still, the Northeast is the highest-earning region in the country. Only two states there — Maine and Pennsylvania — have local median household incomes lower than the national median. In Massachusetts, the highest-earning state, families earn a median of $106,500. No other state in the Northeast had a six-figure median, though New Hampshire came close at $98,780.

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This is the most expensive U.S. city to retire—and it isn’t in California or Hawaii

If you imagine spending your post-work years attending Broadway shows and lounging around Central Park in the city that never sleeps, it’s going to cost you.

New York City ranks as the priciest city in the U.S. to retire, according to WalletHub’s 2024 analysis of the best and worst places to retire. Following NYC, the two Hawaiian destinations that offer the highest quality of life for retirees — Pearl City and Honolulu — tied for second place.

WalletHub analyzed the affordability of 182 highly populated cities in the U.S. based on a number of factors that impact a retiree’s budget, including the cost of living and retiree tax-friendliness.

The personal finance company used data from various sources, including the U.S. Census Bureau, the Council for Community and Economic Research and the Tax Foundation. WalletHub’s study assumes retirees are living on a fixed income.

The 13 least affordable U.S. cities for retirees

According to WalletHub’s 2024 analysis, these cities top the list:

  1. New York
  2. Honolulu and Pearl City, Hawaii (tie)
  3. Boston
  4. Seattle
  5. Yonkers, New York
  6. Santa Rosa, California
  7. Bridgeport, Connecticut
  8. San Francisco and Fremont, California (tie)
  9. Jersey City, New Jersey
  10. South Burlington and Burlington, Vermont (tie)

Living expenses in New York City

It’s not too surprising New York City ranks as the least affordable retirement destination in the U.S., considering it’s the third-most expensive city in the world, according to Numbeo’s Cost of Living Index.

Housing costs alone could take a big bite out of a retiree’s budget. The median rental price for a one-bedroom apartment hit $4,500 a month in August, per Zumper’s latest data. And renting a two-bedroom would set you back around $5,100 a month.

That’s pretty steep compared with the national median rental price of $1,534 for a one-bedroom and $1,915 for a two-bedroom.

Of course, rental costs in New York vary by borough. The median rental price for all bedroom types in Manhattan is $5,000 versus $4,209 in Brooklyn, according to Zumper.

DON’T MISS: How to master your money and grow your wealth

But for retirees who can swing it, New York City offers an abundance of activities, including access to world-class performing arts and iconic museums like the Metropolitan Museum of Art.

And there are plenty of ways for seniors to connect with each other in NYC.

Over 300 older adult care centers across the city offer free membership to New Yorkers age 60 and older, for example. These centers provide access to healthy meals and activities such as gardening, computer classes and day trips, according to New York City’s Department for the Aging.

When choosing where to retire, money isn’t everything

Although affordability can be an important factor to keep in mind when thinking about where to retire, it’s far from the only thing to consider.

You may also want to think about how close you want to be to your family and friends or how easily you can access health services.

And you don’t necessarily have to write off a potential retirement location just because it has a high cost of living. If you plan ahead, you may be able to save more to cover your living expenses, or make compromises, such as living in a smaller home.

CNBC Make It’s retirement calculator can give you an estimate of how much you may need to retire and how much to set aside monthly to meet that goal using factors like your age, current retirement savings and income.

Want to master your money this fall? Sign up for CNBC’s new online course. We’ll teach you practical strategies to hack your budget, reduce your debt, and grow your wealth. Start today to feel more confident and successful. Use code EARLYBIRD for an introductory discount of 30% off, now extended through September 30, 2024, for the back-to-school season.