Joy Mangano Net Worth
Joy Mangano has an estimated net worth of $70 million. Joy Mangano is an American inventor known for such products as Miracle Mop and Forever Fragrant. She earns most of her income from her business and invention patents.
Frustrated with household mopping, Joy Mangano invented the Miracle Mop, and when she sold it on QVC, the mop served as a springboard to success. She went on to invent several other products before selling her company to HSN in 1999 for hundreds of millions of dollars.
To calculate the net worth of Joy Mangano, subtract all her liabilities from her total assets. Investments, savings, cash deposits, and any equity she has in a house, car, or other similar asset are included in the total assets. All debts, such as personal loans and mortgages, are included in total liabilities.
Here’s the breakdown of her net worth:
|Net Worth:||$70 Million|
|Monthly Salary:||$1 Million+|
|Annual Income:||$15 Million|
|Source of Wealth:||Inventor, Entrepreneur|
Joy Mangano was born on February 15, 1956, on Long Island, New York, and raised in Huntington. Mangano would go on to be known as a practical household product inventor, and she began with her ideas at a young age: while working at an animal hospital as a teenager, Mangano invented a fluorescent flea collar for cats and dogs to make them easily visible to cars at night (Hartz put a similar product on the market a year later).
Mangano attended Pace University in New York after high school, graduating in 1978 with a BA in business administration. After college, she worked in a variety of jobs before marrying and having three children. Mangano was divorced and living in Smithtown, New York, by 1989, and her first idea was inspired by the daily grind of housework.
Products: Miracle Mop
Cleaning up after three children is rarely inspiring work, but Mangano took her frustration with one aspect of it, mopping, and spent two years developing a product to help take the sting out of the thankless task. She dubbed it the Miracle Mop, and in 1990, Mangano created a prototype and ordered 100 of them, capping off a development process that had cost her nearly $100,000 in savings and borrowed funds.
Mangano sold a few thousand mops that first year with little advertising and a lot of on-the-ground salesmanship, with her children assisting her in filling orders. The product, whose simple premise combined durability with easy wringing, was gaining traction in the market, but the next step would propel the Miracle Mop and Mangano to new heights.
When Mangano pitched the Miracle Mop to QVC executives in 1992, he reached the next level. It debuted without its creator and did poorly, so Mangano suggested that if she appeared on the show again, the mop would move.
Her first appearance on QVC helped the Miracle Mop sell out—more than 18,000 mops in less than a half-hour. But that was only the start of the Miracle Mop’s and Mangano’s success. Since then, she has sold millions of Miracle Mops and developed a slew of other products, including Rolykit, Huggable Hangers, and the Piatto Bakery Box.
Mangano sold her company, Ingenious Designs, to the parent company of the Home Shopping Network (HSN) in 1999, but she remained president.
Joy, a David O. Russell biopic starring Jennifer Lawrence as Mangano, was announced in 2014 that Mangano’s rags to riches life story would be adapted for the big screen. On Christmas Day 2015, the film was released.
Joy Mangano Quotes
There is something special when creative people get together.
I think if you believe in something hard enough, it’ll work.
I’m a firm believer in the circle of commerce.
Find a way and make it happen: I’ve always been the type of person who couldn’t rest until I found a way to make something happen. If I couldn’t go around the rock, I’d find a way to go over it or under it or through it.
You have to make a decision: Am gonna be the person that takes the risk? Am I gonna be the person that says I’m gonna start this business and I’m gonna follow through with it no matter what the obstacles?
Years ago, Barry Diller asked me to be a judge on a pilot for an inventor show on USA, and when it was over, the producer, Ken Mok, took me out to dinner and really got me talking. It was a long dinner. Afterward, he said, ‘One day, I’m going to write your movie’.
Overcome obstacles one at a time: Sometimes the end goal becomes too daunting, so take things one step at a time and overcome each obstacle as you get to it.
I am of the philosophy that if you work really hard and focus on things, you will get there in some form or fashion.
I’m fortunate to have success, but it was a long and challenging road, so I try to make that not be the case for other women.
Something I learned along the way is that you really have to have courage in life. You can do amazing things on any level. It doesn’t have to change the world; it can just impact the people around you – that’s just as amazing.
I made all sorts of things: drawings, sculptures – I was doing origami before I even knew the word. I was constantly creating.
View our larger collection of the best Joy Mangano quotes.
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