Roshida Dowe has always been a hard worker. From her early days as a receptionist to her decision to go to law school and spend years as a consumer automotive finance lawyer in Silicon Valley, she is well-accustomed to the grind.
But in 2018 at age 39, everything changed when she was laid off and decided to capitalize on her newfound joblessness by taking a year to travel the world. During her travels, she realized that she loved having the freedom to do whatever she wanted, whenever she wanted, and decided to turn her sabbatical into a full-time lifestyle.
Dowe has since left her life in the United States behind. She now lives in Mexico City where she is enjoying what she calls an “accidental retirement,” working as a life coach and running her own YouTube channel. Now 42, Dowe’s investment portfolio is worth more than $1 million, and she isn’t planning on leaving “retirement” anytime soon.
Building a positive relationship with money
Though she grew up in a middle class family, Dowe’s parents didn’t talk to her about their finances very often, she says.
“There were times when I knew we had [money] and there were times when I knew we didn’t,” Dowe tells CNBC Make It. “But it wasn’t really the topic of conversation a lot. My parents kept me out of their money conversations.”
Early in her career, while working as a receptionist after graduating from college, Dowe wasn’t very financially savvy. Part of what led her to law school at the University of Virginia was the realization “that I couldn’t afford myself” on her receptionist salary.
The law degree allowed Dowe to command a much higher salary, but also left her with more than $200,000 in student loan debt, including some leftover from her undergrad years. She tackled the debt by diligently cutting down her expenses and putting money toward her loans before spending on other things.
Source: Roshida DoweAfter graduating from the University of Virginia School of Law in 2006, Dowe practiced law for 12 years.
After paying off her debts while working as a corporate counsel, Dowe kept the habits she had built and put any extra money toward savings and investments.
“I got in the habit of putting that same amount of money away every month,” she says. “As my income grew, I pushed a larger amount of money aside.”
Losing her job, but finding herself
In 2018, the company she worked for was shut down by its parent company, and she ended up getting laid off and losing her six-figure salary, which at that point was about $200,000. Instead of looking for a new job right away, Dowe decided to take a year to travel.
During her year abroad, Dowe visited 44 cities in 23 countries, but Mexico City was the only place she visited more than once.
“I really loved how I felt when I was here,” she says. “I loved the energy of the city.”
That’s why, despite her original plan to return to the U.S. after her career break and find a new job, Dowe decided to stay in Mexico.
“Traveling and seeing that the way we work ourselves to death in America is not common around the world made me realize I could have a different life if I made the choice to have a different life,” she says.
With more than half a million in her investments at the time and about $150,000 in stock from her old company, Dowe calculated that she had more than enough money to live in Mexico City for at least “a while.”
“I had paid off all my debt, I saved money,” she says. “And when I realized I didn’t want to work again, I did the math.”
She is currently on a 1-year residency visa and in four years will be eligible to apply for a permanent visa.
While Mexico City isn’t as affordable a place to live as some other parts of the country, Dowe says that the $1,200 rent for her high-rise apartment is still less than she had been paying in the U.S. Overall, her expenses clock in at about $2,300 per month.
Living the dream
While she was traveling, Dowe posted updates about her journey so that her family and friends could follow along. Over time, she grew a following of fans, some of whom reached out for advice.
“Strangers, mostly women, were reaching out to me and saying ‘You took a career break? I want to do that too. Can you tell me more about it?'” she says. “I was helping everyone who came along, and eventually I realized this could be a business.”
Now, Dowe works as a life coach helping women “who want to take career breaks [and] leave jobs that don’t deserve them behind.” Her clients are often women who want to live abroad, but don’t know if they can.
“A lot of my time is spent showing people the possibilities and showing them what their life would look like if they made the leap too,” Dowe says. She also runs a YouTube channel where she documents her travels.
These revenue streams bring in between $3,000 and $5,000 each month. “The income that I am getting from this prevents me from needing to withdraw anything from my investments,” she says.
Clayton Conn | Densidad Neutra StudioRoshida Dowe now lives in Mexico City.
Despite the fact that she runs a successful business, Dowe considers herself retired. She never works more than four days a week and occasionally takes weeks or months off at a time to do whatever she wants.
“A lot of people think retirement means you’re not working at all, and if you are working then you’re not really retired,” she says. “I only do work I love and I only do it when I want to.”
Ultimately, her life is designed to sustain the level of happiness she says she experienced while traveling, during which Dowe says she “was the best version of myself.”
“I was open, I wasn’t stressed, I was allowed to do whatever I wanted to do,” she says. “When I had the opportunity to remake my life from scratch, I made the decisions that made me happy.”
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Looking for a Job? You Might Get Hired Via the Metaverse, Experts Say
Metaverse worlds could go mainstream, with firms looking to create immersive environments where people can work and play. Siemens and Hyundai have already used virtual worlds for hiring and people management. Using the metaverse for recruitment could cause security and privacy issues, say experts. The metaverse gained attention when Facebook changed its company name to Meta last month.
Meta is aiming to build a digital experience where multiple people can interact in a 3D environment with CEO Mark Zuckerberg outlining his plan to transition away from being a social network and becoming a metaverse company.
No longer a place solely for geeks and gamers, some say metaverse worlds are set to go mainstream and will be the next evolution of the internet. Others say its just the latest corporate buzzword to get investors excited over some nebulous innovation.
Regardless, brands and businesses are already looking to create immersive environments where people can work and play. Meta started testing its remote work app Horizon Workrooms in August, with people using the company’s Oculus Quest 2 headsets to hold meetings using avatars of themselves, per Reuters.
One way companies are planning to use the metaverse is for hiring and people management, with the likes of Hyundai already using virtual world app Zepeto for new employee inductions and Samsung reportedly staging a virtual recruitment fair via a platform called Gather in September.
Working from home during coronavirus lockdowns over the past 18 months accelerated demand for virtual worlds, according to Thomas Johann Lorenz, co-founder of Journee, which describes itself as a metaverse company.
“When it comes to retaining talent at your company or keeping up a company culture in the remote-first age, you need tools … that are stronger than just email and Zoom,” he told CNBC by phone. “The internet as we know it … has so far been about [a] highly efficient exchange of data and information,” he added, while he said the metaverse will be able to tap into human communication that is about “relationships, emotions and experiences.”
The firm created a metaverse for Siemens, where it held a virtual conference. Employees who were connecting for the first time could meet on a virtual beach to watch fireworks and take group selfies, and the firm has also worked on metaverse experiences for BMW and Adidas. Lorenz expects the metaverse to feature on existing hardware such as smartphones, and said virtual reality headsets won’t be required for such experiences.
Journee is currently working for a large pharmaceuticals firm on a hiring project, with the company aiming to communicate its health care work “beautifully” to candidates who can ask questions of staff via a virtual world. Recruits can also learn about a firm’s “story,” important when potential staff increasingly want to know about a company’s purpose, Lorenz said, adding that firms that want to attract tech talent need to go beyond traditional ways of hiring.
While Meta may talk about virtual worlds as new and immersive experiences, others see the metaverse as already existing via platforms like Discord, which started out as a place for video gamers to hang out online.
Art director Richard Chen ran a Space Bugs art project that saw more than 3,000 nonfungible tokens sell out in six hours last week after being launched on the OpenSea marketplace. NFTs are unique assets, such as artworks, that are verified and stored using blockchain technology. They are often bought using cryptocurrencies.
“The NFT market is so new that there’s very few experts for hire from social and marketing agencies, but the experts are the people sat at home behind their computer screen,” he told CNBC by email. Chen has hired around 25 community managers the firm initially found in Discord chat rooms, having them work on pilot projects to assess their skills.
“They can’t be easily found in real life or the best talents aren’t always near you location-wise so getting them from the metaverse is the best way forward for our niche projects,” Chen added. The firm has also used audio app Clubhouse and messaging app Telegram for hiring and Chen said he learned “a lot” about the blockchain and metaverse from Discord members.
Not everyone is convinced of the potential of the metaverse. Kubi Springer, founder of consultancy SheBuildsBrands, said there is a generational divide. While her nine year-old son plays games via virtual platform Roblox (whose founder told CNBC its business plan has been based on the metaverse for 16 years) and is excited about the future of virtual worlds, Springer herself is less convinced. “We just don’t have enough of a hold on this technology,” she told CNBC via phone.
“Technology’s amazing. It’s advanced our lives in many different ways [but] I think there [are] also many things that we’re seeing, including the dark web that shows that technology and augmented reality and AI, we need to have a really strong hold on it, or it will have a strong hold on us,” she said.
Springer expects companies to use metaverse platforms for hiring, but is concerned about data protection and security, as well as the efficacy of virtual worlds. “You don’t hire people just off of skills and talents … you hire them off that feeling you get when you connect with a human being to work out whether or not they’re somebody that might be a great fit for the team … And how do you gauge that in the metaverse?”
As with all new technology, companies need staff that understand how it can be applied. Digital agency R/GA is currently hiring for a “head of immersive,” someone who can run its “direct to avatar” division, which is creating virtual e-commerce stores in places like Decentraland, a self-proclaimed metaverse for buying and selling land.
But it is proving difficult to find someone with the right combination of skills, according to Nick Pringle, R/GA London’s executive creative director. “We’re trying to find a bit of a unicorn in a way: we need someone who’s got big brand experience who knows how to operate with large clients and [also] has an innate understanding of the platforms … there’s probably people you could count on one hand right now [who have that],” he told CNBC by video call. While R/GA isn’t using metaverse platforms for hiring yet, it expects to in future.
And, Pringle said, there is a tension between large, centralized metaverse worlds created by the likes of Meta, Microsoft and gaming company Epic and decentralized places where people own their data. “If we want to get to a metaverse where you jump from place to place to place, what they call ‘interoperability,’ then you need to have one open protocol, one open way of coding that like HTML did for email,” he told CNBC.
Martin Migoya, CEO of consultancy Globant, agrees that the “plumbing” behind the metaverse is still at an early stage, and told CNBC by video call he thinks virtual worlds can be positive for hiring: “When you’re interviewing [people] on a screen, you don’t know a lot of things about them. But when you have the possibility to express many new things like you can express with your avatar in the metaverse, I think there will be a lot of opportunities to really understand people much better than before.”
– CNBC’s Annie Nova, Sam Shead and Ryan Browne contributed to this report.
Missed this year’s CNBC’s At Work summit? Access the full sessions on demand at https://www.cnbcevents.com/worksummit/
Many People Are Flying Private Jet Services for the First Time. Here’s What They’re Paying
Private air travel is prospering under the pandemic.
In fact, interest is so high that many private jet companies have a different problem of their hands: keeping up with demand.
Private aviation company VistaJet said new memberships for the first half of 2021 are up 53% compared to 2020, with Europe bringing in the greatest number of new members (51%) during this period.
“It’s no surprise that searches for ‘charter travel’ have increased by 520% over the last 12 months,” said Naveen Dittakavi, CEO of the flight website Next Vacay. “Searches for ‘if you wanted to take a private plane’ have increased by 1,100% in the past 12 months worldwide.”
Most people who can afford to fly privately don’t, said Gregg Brunson-Pitts, founder of Advanced Aviation Team, a Virginia-based private jet broker. The pandemic caused some of those people to book private jets, many for the very first time.
“People … have come off the sidelines,” he said. “It wasn’t just the wealthy people with means —governments were using them. They were a way to move around supplies so our business picked up pretty rapidly even during the shutdown.”
Flashpop | Stone | Getty ImagesWhen asked who is considered as someone able to afford private travel, Gregg Brunson-Pitts said “maybe someone with a net worth of $5 million or more.”
Brunson-Pitts, who was the director of the Travel Office at the White House during President George W. Bush’s second term in office, acknowledged charter jet pricing isn’t as transparent as commercial flying. But there are reasons for this, he said.
Unlike a commercial flight — where passengers are flying on the same plane at the same time on the same date — charter jets vary considerably by size and service (none vs. “VIP catering and flight attendants”), said Brunson-Pitts. Due to rising demand, flexibility around travel dates also affects prices, he said.
As such, a flight for a family of four from New York City to Washington, D.C., could easily vary from $10,000 to $50,000, he said, depending on customers’ requirements.
To get a broader idea around prices, CNBC spoke with newly converted private flyers about how much they paid for their first flights during the pandemic.
‘Wrestled for years with the costs’
Name: Jarrett Preston
Profession: CEO of international asset trading company Idoneus
Preston said he was “a very occasional private flier” prior to the pandemic.
“I wrestled for years with the costs and benefits of private travel,” said Preston. “As the global pandemic moved into full swing and flights were drastically reduced or rerouted, lines became longer [and] incidences of violence on board aircraft increased, I decided that private air travel was necessary.”
Courtesy of Jarrett PrestonJarrett Preston said he flies privately for three reasons: safety, security and efficiency.
He paid around $10,500 to fly from Tampa to Miami and back with Florida-based Monarch Air Group charter service.
“Beyond the incalculable time savings, my safety and that of my family and team come first,” he said. “It has been one of the best business and personal decisions I’ve made.”
Safety, privacy and comfortability
Name: Ahmad Sahroni
Profession: Businessman and politician
As a member of the People’s Representative Council, one of two elected bodies in Indonesia’s legislative branch, Sahroni said he started flying privately for “safety, privacy and comfortability.”
Courtesy of Ahmad SahroniAhmad Sahroni, an Indonesian politician, said privacy is one of the main reasons he started traveling via private jet.
He paid around $36,000 for his first flight, which was with the Indonesian aviation company CeoJetset. He flew from Bali to the country’s capital city of Jakarta.
“As a person with high mobility … time efficiency is also the key factor,” he said.
As to whether he plans to continue flying privately after the pandemic wanes: “Yes, definitely.”
‘Takes all the stress out’
Name: Steven Sadaka
Profession: CEO of executive search firm StevenDouglas
Sadaka often flies out of Miami International Airport.
“It’s very stressful going through such a large international airport. There are endless lines through security, and you’re treated as a number,” he said. “This was always a pain point for me, but I could never justify [spending] $6,000 an hour for a charter jet.”
Courtesy of Steven SadakaSteven Sadaka said when the pandemic started, he and his family were no longer comfortable traveling in airports or on commercial flights.
The company he now flies with, Jet It, runs about $1,600 an hour, he said. He paid $8,000 for a round-trip flight from Boca Raton, Florida, to Teterboro, New Jersey, for his first flight.
Sadaka said private jet travel “takes all the stress out of travel.” Now, he said, he’s not going back.
“I can arrive five minutes before takeoff, a car is waiting at my destination, and I don’t have to worry about cancellations,” he said. “I can travel on my schedule, even if it changes.”
Name: Derrick L. Miles
Profession: Founder and CEO of health tech company CourMed
Miles made the switch for two reasons: time savings and Covid-19 safety.
“Travel delays, spending time in long lines can all negatively impact our organization’s ability to get more accomplished each day,” he said. “Time is money.”
He is now flying with JSX, a Dallas-based service that operates 30-seater jets in the United States. On his first flight, he paid $1,200 to fly round-trip from Dallas to Miami.
“While JSX does not operate a true charter service, I personally prefer its ‘hop on’ jet service,” Miles said. “They have flights pre-set to go to certain destinations, and I can travel at a more modest price point.”
The biggest perk, according to Miles: “getting my time back.”
“I don’t have to go to the private hanger until 20 to 30 minutes prior to departure,” he said. “In addition, the JSX parking lot is about 20 yards away from the facility. Therefore, I’m saving hours of time, and I can focus on the company’s liquidity, profitability and growth.”
Most private of all
Name: Brandon Ham
Profession: Investment manager in the finance industry
It’s not in a jet, but Ham flies the most private way possible — he pilots his own plane.
He started flying lessons just before the pandemic began, he said. In September, he bought a Cirrus SR22 single-engine piston plane.
Courtesy of Brandon HamBrandon Ham and his girlfriend, Kirsten Opsahl, in front of a 2021 Cirrus SR22T, which Ham said is “nearly identical” to the plane he is having built.
He declined to share the cost of the plane, but said certified airplanes get to “seven figures quickly,” while new jets cost “many millions.” He said it’s far more expensive to own and fly his own plane than to fly commercially in first-class seats. Yet chartering a jet with a professional pilot is even pricier, he said.
“The purchase price only tells part of the story,” he said. “Running costs and maintenance are massive expenses with all airplanes, with jets typically costing thousands of dollars per hour to operate.”
The greatest aspect of plane ownership is the flexibility, which outrivals even charter services, said Ham.
“If you feel like sleeping in, you can. If you’re wondering if you have time to finish your round of golf or take another run down the mountain, you can,” he said.
But there are drawbacks as well.
“Cost is surely one of them, and the fact that the plane doesn’t have a bathroom, nor food and drink service … my plane will also fly much slower than a commercial jet,” said Ham.
Time is saved “on the ground” though, he said, adding that door to door, from his apartment in Chicago to his sister’s house in Nashville, it’s faster to fly his own plane.
Ham didn’t fly privately before he became a pilot, he said, adding that he will continue to fly commercially, especially to go abroad.
Cramer’s Investing Club: We’re Looking Long Term and Buying More Disney on the Dip
(This article was sent first to members of the CNBC Investing Club with Jim Cramer. To get the real-time updates in your inbox, subscribe here.)
We bought 75 shares of Disney at roughly $144.82 each. Following Monday’s trades, the Charitable Trust owns 575 shares of Disney. The buy will increase Disney’s weighting in the portfolio from 1.8% to 2.07%.
On Friday, we commented that as tempting as it was to step into those stocks most at risk of the omicron variant — the ones that need cross-border activity and are tied to travel and entertainment — we simply did not have enough information and felt it better to wait and see if we would get better prices Monday. With that being the case this morning, we are ready to take advantage.
While the omicron variant has certainly added a headwind to the experiential side of Disney’s operations (think parks, cruises and theatrical releases), we remain long-term bullish and see an opportunity to reduce our overall cost basis in a position that we have purposely kept small — precisely because when we initiated it, we acknowledged that we were not out of the Covid woods. Even with this purchase, the position will be small enough to allow for further buys should the pressure persist.
As difficult as it can feel during times like this to step in and buy, with shares in a sub-2% position in the portfolio (prior to this purchase) and down ~8% from our lowest previous purchase price ($158.90), our discipline — which is what we rely on to keep us level headed and unemotional — dictates that we step in and add to our position as we see no long-term fundamental change in the business.
On the streaming front, as Jim called out in his morning alert, Loop Capital reduced their price target to $190 (from $205) citing a greater than expected planned increase in content spend to support the buildout of Disney+, which should hurt segment profitability, though help to achieve management’s 230 million to 260 million subscriber target.
While we acknowledge the spend could hamper profitability in the near-term, we think it is the right move to support long-term growth and as a long-term investors believe that near-term weakness resulting from growth-oriented investments represent buying opportunities.
As for our thinking on the experiential side, while that is something we will continue to monitor, we believe much of the pressure to be priced in at current levels and when looking for names with Covid-oriented risks, want to target those companies that have pricing power and proven to be in high demand as capacity restrictions are reduced, two factors we believe Disney demonstrated when they last reported earnings. Recall, management noted that the company’s new Disney Wish cruise ship (launching in June of 2022) is already “nearly 90% booked,” and that they have realized significant pricing power as customers are adopting new guest experiences and services like Genie+.
Though we remain of the view that we are not yet out of the woods, we believe that Disney will be a key beneficiary as pent-up demand is unleashed and that the increased content investments will not only allow Disney+ to achieve subscriber targets but also provide for a strong flywheel effect once content is fully ramped and experiential operating segments all allowed to operate at full capacity.
The CNBC Investing Club is now the official home to my Charitable Trust. It’s the place where you can see every move we make for the portfolio and get my market insight before anyone else. The Charitable Trust and my writings are no longer affiliated with Action Alerts Plus in any way.
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(Jim Cramer’s Charitable Trust is long DIS.)