Insider Today: Retirement savings mistakes

Some wealthier millennials and Gen Zers are over-saving for retirement.

Welcome back to our Sunday edition, a roundup of some of our top stories. Before we get into it, some weekend inspiration: This guy was a CEO with $1 million in his bank account before turning 40. Then he packed it all in to run a medieval Renaissance fair.

On the agenda today:

• We’ve been doing promotions in the worst possible way.
• The biggest mistakes people make when preparing for retirement.
• Inside the island fortress of America’s mega-billionaires.
• Meta is winning the glasses wars.

But first: IsMrBeast the ultimate “founder mode” leader?

This week’s dispatch

MrBeast mode

MrBeast is YouTube’s biggest star, a philanthropist, and a snack entrepreneur. You can now add Silicon Valley thought leader to the list.

The social media star, real name Jimmy Donaldson, put together a handbook breaking down his secrets to success. The 36-page guide, intended for staffers at MrBeast Production, says Donaldson wants a team of obsessives who are coachable, don’t make excuses, and “are the best in the goddamn world at their job.”

The guide includes lines such as “take ownership and don’t give your project a chance to fail,” and “own shit so we can address how to fix it and then move on.”

When the document leaked, fans and wannabe employees poured through the pages. But so did Silicon Valley, where techies likened Donaldson’s approach to the hardcore “founder mode” style of leadership.

“I think this is resonating because it’s so counter to the current trends in work culture today, which seem soft by comparison,” one marketing advisor told B-17.

The truth about promotions

We might be doing promotions all wrong. In a new study, researchers found that in some cases, the practices businesses use to hire managers are so bad that they’d actually be better off picking names out of a hat.

Those practices, like hiring top performers or people who really want to be promoted, don’t translate to effective managers. Instead, researchers found, selecting managers based on intelligence and decision-making skills can result in stronger leaders.

How to hire a manager.

Some wealthier millennials and Gen Zers are over-saving for retirement.

Retirement savings no-no’s

About 45% of Americans will run out of money in retirement — even those who invested and diversified. In particular, single women face a 55% chance of depleting funds, even higher than single men and couples.

If you’re aiming to retire at the standard age of 65, avoid these mistakes so you can keep your golden years golden.

The four biggest retirement mistakes.

Welcome to Billionaire Bunker

Indian Creek Village is more than just a private island city in Florida. It’s home to the elite of elites: Tom Brady and Jeff Bezos both have mansions there.

But approach at your own peril. A large chunk of Indian Creek’s budget goes to its police department, which patrols the island’s sole entrance and perimeter 24/7. Through federal funding, the town has amassed an abundance of other security measures, making it the most gated community in a country of gates.

Inside America’s wealthiest town.

Glasses rule, phones drool

Meta CEO Mark Zuckerberg announced Orion, a prototype pair of augmented-reality glasses this week. The specs reportedly cost about $10,000 a pair to make, but aren’t currently for sale.

The glasses mark the latest attempt by a Big Tech company to break into a hard-to-crack industry: AR and VR wearables. And with Meta’s smart Ray-Ban glasses doing better than expected, the company appears to be winning the glasses wars.

What Meta got right.

This week’s quote:

“We are not a normal company.”

— Sam Altman in a note to OpenAI staff announcing executive exits.

More of this week’s top reads:

• The turmoil at OpenAI is a bad look for its huge funding round, VCs say.
• Jamie Dimon isn’t a fan of junior bankers with hush-hush private-equity jobs.
• Nvidia’s days of absolute dominance in AI could be numbered.
• Salesforce is going to close its Portland office.
• South Korea is going big on American manufacturing. The Battery Belt could benefit the most.
• America’s business giants are starting to lose faith in China.
• Leaked email shows Twitch is not following Amazon’s new RTO policy.
• The Olivia Nuzzi-RFK Jr. story is still spinning out. New York magazine staffers still have questions.
• Microsoft just punted on a big AI decision. It could be a bad sign.