Top 5 Money Lessons Shared by Barbara Corcoran
When it comes to financial success stories, there's no one like Barbara Corcoran. You may know her from her starring role on the TV show "Shark Tank," but Corcoran wasn't just commissioned. From her humble working-class beginnings to now, with an estimated worth of around $100 million, Corcoran has seen her share of ups and downs, successes and failures. When it comes to receiving lessons from highly respected business people, Corcoran is unique. She can talk about issues that others don't necessarily address, namely not being defined by one thing - Corcoran herself was once labeled "stupid" as a child, which ignited a flame in her to pave her own path through unconventional methods.
Here are some of the best money lessons shared by Barbara Corcoran, one of today's leading financial experts, that you can take with you on your life's journey. At age 23, Corcoran was working her 23rd job as a restaurant waitress. It was there that she got a little lucky, took out a $1,000 loan and turned it into one of the most successful real estate businesses.
During an interview on "The Ellen Degeneres Show" in April 2021, Corcoran noted that when a typical customer walks into a department store, they have no idea what they want until they try on a few selections themselves. It relates back to the usual way of thinking about building a resume and keeping a job for several years.
Corcoran answered a young viewer's budget question during her "Ellen" guest spot, breaking it down into two categories: money going out is "expenses" and money coming in is "revenue." However, Corcoran shared another tip about "crazy money.""There's one thing more important than any budget," Corcoran said, "and that's the money you have to give yourself." She went on to explain that this "mad money" concept is budgeting to do "something for yourself that makes you feel like a million bucks, even if it costs $10."
Don't save money - spend it
This goes against what we all usually think - when you get money, put it in a piggy bank and save it for something you really want or a rainy day fund. Corcoran has a different take on this concept: spend money instead of saving."I just don't believe in saving money," Corcoran told CNBC Make It in May 2023. "I've never saved a dime in my entire life."
Corcoran says that when you have money, the goal is not to hoard it to reach new heights of wealth. Rather, they view money as a thing to be shared to improve your life and the lives of those around you who you care about."When I sold my business for $66 million, I immediately thought about what I could spend it on," she said. "I've given half of it to family, friends, education funds, charities, because I really believe that if you spend, it will come back."
Reassess the failure
Corcoran had a mother who raised 10 children on what she described to CNBC Make It as a "bad budget" and said she "didn't have much to spend." Corcoran herself said her high school grades consisted of straight D's.Growing up without money or academic success might sound like failure, but Corcoran turns that idea on its head in his TEDxBarnardCollege talk by comparing his most successful employees to the most successful.
"The only difference between people who were very successful and those who weren't was that they took less time to feel sorry for themselves," Corcoran told her audience. "Because if you can take a hit and keep coming back, you'll always get there." Corporations are not people — people are peopleWhen it comes to being a good boss or leader, Corcoran expresses that love and respect trumps everything else every time.
"The minute you start thinking people are working for you, you're not a good boss," Corcoran described in an interview with 2022 Inc. "If you focus on building the success of others, they will reward you with loyalty and extra work - and pull you up the ladder with them."Corcoran says the best thing you can do for anyone is to love them, including yourself. And when it comes to you, "get out of your own way.""Your biggest enemy in business is not your competitor," Corcoran said. "They are negative tapes that you have in your head from some other era, from some injury, some insecurity. It took me... about 20 years to replace those negative tapes. It's key! People are being held back by themselves.”
When it comes to financial success, few voices carry as much weight as Barbara Corcoran's. As a prominent entrepreneur, investor and "shark" on the hit TV show "Shark Tank," she shares invaluable insights on building wealth and making smart money decisions. In this article, we'll dive into the top five money lessons Barbara Corcoran has shared and offer you practical advice for reaching your financial goals. Let's dive in!
Accept the risk with confidence:
One of the key takeaways from Barbara Corcoran's journey is her fearless approach to risk-taking. It encourages individuals to step out of their comfort zone and seek opportunities, even when the odds may seem daunting. Including like "risk," "financial confidence," and "business opportunities" can help your efforts and make your content more visible to readers interested in these topics.
Invest in your unique skills:
Corcoran emphasizes the importance of recognizing and leveraging your unique strengths and talents. By investing in yourself, you increase your market value and open the door to new income streams. Keywords such as "personal development," "investing in skills," and "self-improvement" may attract readers who want to improve their skills and increase their financial prospects.
Harness the power of the network:
Networking is the cornerstone of success, according to Corcoran. He recommends building real relationships and connections in your industry. Using like "networking strategy," "business connections," and "relationship building" can attract readers looking for advice on how to expand their professional networks.
Learn from failure:
Failure is a stepping stone to success, and Barbara Corcoran believes that mistakes can be learned from. She shares how her failures shaped her resilience and determination. Including keywords like "failing as a teacher," "resilience," and "overcoming challenges" can attract readers looking for inspiration to bounce back from setbacks.
Stay adaptable in changing markets:
In today's fast-paced world, being adaptable is essential. Corcoran recommends staying ahead of market trends and being willing to pivot when necessary. such as "market trends," "business adaptability," and "flexible strategy" may attract readers looking for advice on how to navigate a changing economic environment.
Barbara Corcoran's invaluable money lessons are the path to financial success. By taking risks, investing in yourself, networking effectively, learning from failures, and staying adaptable, you can build a solid foundation for your financial journey. Be sure to strategically incorporate relevant keywords to optimize your article for search engines and ensure it reaches and resonates with the audience looking for this valuable information.
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