Most people hide an uncomfortable truth: They need more money. These 10 accomplished entrepreneurs and advisors from The Oracles share their tried-and-tested strategies for getting out of broke and becoming rich.
1. Focus on making not saving
Spend less time worrying about how to save money and more time thinking about how to make it. Think about how to leverage your talents. When you work harder, you actually spend less on yourself—there’s no time and you don’t want to break a flow state. Save money by focusing on making more. —Tim Draper, VC, founder of Draper Associates and DFJ, and author of “How to be The Startup Hero”
2. Need more money? Get to work
First off, you have to stop "faking it until you make it." It's a waste of time and energy. People see through it, and it hinders your ability to advance in life. The object is to be rich, not just look or act rich. Be real with people and be honest with yourself.
Second, identify your goal. Michelangelo said, “The greater danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low and achieving our mark.” You're capable of achieving more than you think, so make your goal even bigger. Write down that goal several times daily. The important thing here is to keep the goal visually present and the front of your mind at all times.
Next, be relentless about your goal. Don’t buy anything, go anywhere, or waste time watching TV. Work your face off and add value to other people’s efforts. Do more than they ask of you. Eradicate your sense of entitlement. Be accountable for your actions. No one owes you anything. If you want it, outwork everyone and get it. There are no shortcuts—only discipline and hard work. —Matt Mead, founder and CEO of EpekData and BrandLync, divisions of Mead Holdings Group, Inc.
3. Eliminate bad money habits
Change the way you think about debt and stop buying money. Don’t pay interest to borrow funds you don’t have—unless you’ll make more money from it. Financially savvy people might pay 3 percent on borrowed money, but make 7 percent by investing it, thus netting 4 percent.
Many credit cards offer a 0 percent promotional rate. If you have a credit card balance, transfer it to a new card. You’ll pay a 3 or 4 percent transfer fee, but if that’s less than you were paying, you’ll make money. (Just pay it off before the promotion ends!)
Stop being reactive and start being proactive. Life happens, so put 10 percent of your paycheck into an emergency fund. Aim for three months of living expenses. When you have money set aside for unexpected expenses like a doctor’s bill or car repairs, you’ll be less stressed. You also won’t have to accumulate debt when the inevitable happens. You’re even less likely to get divorced! —Amy Novakovich, co-founder and CEO of Nova Wealth Management, which serves businesses, families, athletes, and entertainers; host of The Nova Wealth Show
4. Realize your self-worth
To get ahead financially, pay yourself first. Start by realizing your self-worth, which correlates to your net worth. The less you value yourself, the more likely you’ll waste cash.
Give yourself permission to follow your heart. Don't pursue a higher paying job you hate; if you're not inspired by your life, you're more likely to blow cash on immediate gratification, compensating your unfulfillment.
Create an automated savings account and increase the amount you save every quarter. I recommend transferring at least 10 percent of your earnings into an untouchable account.
Learn to say, “Thank you, but no thank you,” to invitations or requests that don’t align with your financial goals. It’s harder but crucial with family. Respectfully ignoring peer pressure creates a stronger bond with your inner magnificence. Consequently, your self-worth and net worth increase. —Lewis Mocker, co-founder of Infinite Prosperity; learn to invest, trade and build wealth with Infinite Prosperity’s free lessons.
5. Try ‘house hacking’
Owning rental properties and “house hacking” is my number-one recommendation for college students, young families, singles, and anyone looking to build long-term wealth. Even as an isolated project, it’s great for lowering expenses, keeping more of your earnings, and building equity on someone else’s dime.
If you purchase a duplex, occupy one unit, and lease the other side, you virtually live for “free” while tenants pay the mortgage. If you buy in a trendy area and use Airbnb, VRBO, and HomeAway, you can profit from the premium rent on short-term rentals.
This strategy removes the barrier to entry that once existed for real estate investing. For example, the Federal Housing Administration offers a mortgage that’s more accessible than other loans, with a down payment as low as 3½ percent. House hacking is a fantastic crash course on what it’s really like to be an investor. —Ryan Dossey, founder of Call Porter and partner at Stewardship Properties; 24 years old and owns nearly 50 rental properties across the Midwest
6. Day trade, go nomad, outsource your team—or all three
First, consider stock market day trading, a surprisingly viable way to make supplemental or a full-time income. It isn’t easy or a “get rich quick” option, but you can earn a lot from mastering it and finding a mentor. My top student consistently earns $500 to $2,000 daily. You won’t always win, but you can learn to minimize your risk. Best of all, day trading doesn’t interfere with your schedule once you master it. I only trade for 30 to 90 minutes daily.
Second, consider the digital nomad lifestyle. I’m writing this from Bali, where my expenses are significantly lower than in America. If you work overseas for at least 330 days annually, you may qualify for the Foreign Earned Income Exclusion—meaning you don’t pay taxes on your first $110,000.
Outsource employees from places like Eastern Europe if it’s commercially viable. Websites like Upwork are gold mines of global remote talent. Because other countries have lower living costs, you can discover exceptional talent for a fraction of what you’d pay in America. About half of my team is based outside of America. —Cameron Fous, college dropout, digital nomad, founder of FOUS4Trading, and host of #TheProfile for IKNK; follow Cameron on YouTubeand Instagram
7. Create an online course
Selling your knowledge, experience, or skills via online courses is often overlooked as a way to make money. You probably know something that others would gladly pay for.
Maybe you’re a seasoned executive. Your advice would undoubtedly help others starting in the same field. Perhaps you own a brick-and-mortar business like a hair salon, landscape design firm, bakery, or physical therapy practice. Why not teach others how to replicate what you’ve done? Perhaps you have a passion or a hobby, such as tennis, photography, cooking, stamp collecting, or horse ballet (yep, that’s a thing). If so, there’s money out there for you.
Instead of spending all your free time on a side hustle like driving for Uber or getting a second job, create an online course that can make money while you sleep. With technology like marketing automation and point-and-click course creation, it’s possible to build an automated secondary income stream. —Kenny Rueter, CEO and co-founder of Kajabi
8. Talk about your hobby
The internet is the greatest wealth creation tool ever invented. It allows us to create income from our own interests and skills in ways that weren’t possible 20 years ago. There are endless options to earn money online, but I call one of my favorites, the “hobby income generator.”
The idea is simple: Create content related to your hobby and promote affiliate offers alongside it. My niece loves horses, so she writes articles on how to care for and train them. Then she finds horse-related products on Amazon and earns a commission promoting them through an affiliate account. She consistently makes over $1,000 a month doing this part-time while attending school. If you aren’t a writer, don’t worry—with services like Fiverr, you can find others to turn your ideas into articles. —Guy Sheetrit, CEO of Over The Top SEO, who provides customized SEO marketing solutions for e-commerce, local, and Fortune 500 companies
9. Develop products people crave
Develop great products and focus on making them the best possible. When you do what’s best for customers and investors, you can’t go wrong. People can sense your intentions and want to do business with those they like, believe in, and trust. I developed an essential oil line because I knew my customers wanted pure, therapeutic essential oils without artificial additives and fillers. The products sell themselves without advertising.
When developing great products, build an open business model that you can keep evolving and expanding with innovation, limitlessly and fluidly so you can always be perched at the esteemed forefront of your business using your positive passion advantage™. You can create money at will. You can create something fast. If something isn't working, you can iterate. This enables your business to grow without limits.
Know your intended outcome. Create short- and long-term goals, as well as your business exit strategy, if you want one. Always take the least amount of risk that yields the highest return on investment. Finally, don’t spend money that doesn’t go toward your business. Every dollar should bring you revenue. Ignore all barriers until your mission is accomplished. —Marina Rose, QDNA®, founder and developer of Quantum DNA Acceleration®, a revolutionary technique for quantum growth in health, life, and business; connect with Marina on Facebook
10. Save and track your finances
Controlling your choices can get you far. Observe your daily habits and study your spending trends. If you spend $20 on lunch every day, consider a packed lunch instead. Maybe take public transport instead of driving to work. You’ll gradually adapt to new habits and grow your bank account.
“A dollar saved is a dollar earned” holds significant meaning for a CEO or entrepreneur struggling with cash flow. If you own a business, track your financials in one place to monitor your progress. Understanding and improving your credit score is vital, especially if you need credit to grow and scale.
There is no shortcut. Success requires a lot of hard work, perseverance, risk-taking, confidence, discipline, and bravery. —Vladimir Ninov, co-founder and marketing director of Webcoin, a peer-to-peer social media exchange platform which pioneers the technological dawn of global marketing digitalization
EDITOR'S NOTE: Investing of any type involves risk, and therefore, there is potential for losing money. Before investing, seek advice from a professional financial advisor.
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This article originally appeared on Entrepreneur.com. Minor edits have been done by the Entrepreneur.com.ph editors