“Shark Tank” star Barbara Corcoran, who started her real estate business with just $1,000 and transformed it into a $6 billion empire, has shared plenty of fantastic money tips over the years. Here are 47 of her best tips to follow with your own money.
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Saving and Budgeting
- Build a budget, but be flexible with it, especially if spending leads to wealth-building opportunities.
- There’s such a thing as saving too much — don’t let the fear of spending prevent you from investing in growth.
- Keep track of your spending habits to avoid unnecessary purchases, but don’t obsess over every penny.
- Spend on what matters most to you and contributes to your happiness or long-term financial growth.
- Remember to put aside money for activities that bring you joy and keep your mental health in check.
- Skip high-cost items that don’t offer value to you — in Corcoran’s case, first-class flights and expensive designer bags.
- Know your numbers, whether it’s your budget, savings or debt.
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Housing and Real Estate
- Spend about 30% of your take-home pay on housing costs, including mortgage, taxes and insurance.
- You can generally afford a house costing up to four times your annual salary.
- The perfect time to buy a house is when you can afford the down payment, not when you’re waiting for market conditions to be “perfect.”
- Be willing to overspend on properties with strong potential; they’re usually the ones that make the most money in the long run.
- Target properties that have been on the market for a while to put in a lower offer.
- Don’t be afraid of a fixer-upper if you have the skills.
- Look for properties “off-season” — wintertime or spring break.
- Let properties sit for at least five years before selling to build wealth slowly through real estate.
- If a property has drawn attention from multiple buyers, it’s likely worth the investment.
- Understand property value growth — real estate is a slow way to get very rich.
- If a home you love isn’t on the market, don’t be scared to write the owners a letter telling them you’re interested in buying!
Money Mindset and Spending
- Focus on spending money to grow your wealth, whether through investments or experiences.
- Spend on what you value — if you’ll use something regularly, spend what it takes. If it’s just for show, save the money.
- Set aside money for yourself to enjoy, even if it’s just for a small indulgence.
- When you receive money, think about how you can best use it to create more wealth or improve your life.
- Money is meant to be spent and used wisely, not hoarded in savings accounts that don’t work for you.
- Don’t be afraid to spend on experiences that enrich your life, which are often worth more than physical goods.
- Invest in at least one good trip before 30 and keep the memory forever.
- Avoid mixing friendships with investments, as it can lead to conflicts and financial loss.
- Every mistake is a lesson, so use those lessons to refine your strategies.
- Invest in yourself — confidence can be your greatest asset.
- Stay realistic about your finances, because overestimating wealth leads to overspending.
- Get right back up after a knockback and try again.
- Change your mindset to a positive one, and you’ll start believing it!
Work, Business and Entrepreneurship
- In business, you’ll lose money, but it’s part of the journey to growth and opportunity.
- When offered a salary, ask for more than what you’re offered — salaries are negotiable.
- If you’re asked what salary you want, quote 10% to 15% higher.
- Know your worth and how to express why you deserve a raise when you ask for one.
- Make sure you can demonstrate your value and increase your earning potential.
- Build skills and expertise to command higher salaries.
- Focus on what you’re naturally good at in business, and delegate what you’re not great at.
- Don’t be afraid to turn a side hustle into a full-time business…
- …But make sure you’ve got a customer base and it already covers your basic overheads.
- Surround yourself with talented people who complement your skills, especially in areas where you lack expertise.
- Grit and perseverance are often more important than formal education when building a business.
- Opportunity often hides in tough situations — don’t wait for it to come to you; go out and find it.
- Don’t be afraid to fail. Learning through mistakes is the key to growing a successful business.
- Turn being underestimated into motivation, and let the results speak for themselves.
- Look for what you know you enjoy when it comes to work and business.
- Don’t take a job based on how much it pays, take it for what it can teach you.
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This article originally appeared on GOBankingRates.com: 47 Brilliant Money Tips From Barbara Corcoran
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