Make no mistake: Jeff Bezos does not ever need to work again if he so chooses. But he didn’t get to be one of the richest men on the planet without a few different jobs, specifically side jobs outside the company he’s most associated with: Amazon.
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“Jeff Bezos has poured billions into ventures like Blue Origin and The Washington Post, but the real story is how he builds long-term value through focused, forward-looking bets,” explained Neevai Esinli, founder and CEO, Esinli Capital. “Bezos’s approach is about being bold, patient and selective. That mindset isn’t limited to billionaires — it’s available to anyone with a plan.
Here are three tips to diversifying like a billionaire in the fashion Bezos’s side gigs.
Think Beyond Your Paycheck
This means investing early and often, according to Mory Traore, founder of Bank Statement Conversion, so you don’t have to rely solely on one income from one job to grow your wealth.
“Just as Bezos used Amazon to fund other ventures, your 9-to-5 can be your springboard. Put some of your income into index funds, ETFs or dividend-paying stocks. Even modest investments compound over time,” Traore explained, noting that a person investing $200 per month at the stock market’s average 8% yearly return will have over $117,000 in 20 years.
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Access ‘Micro-Venture’ Capital
This involves actively setting up, investing in or partnering with a side hustle or start up before it gets huge.
“You might not be in a position to fund the next Uber, but you can use platforms like Republic, StartEngine or even local business co-ops to put smaller sums into early-stage businesses,” Traore said. “You can also build a side hustle around your specialty-freelancing, e-commerce, digital products or consulting.”
For Traore, the idea is to build assets, not just trade time for money, which is straight out of the Bezos’ playbook for diversifying wealth.
Play the Long Game
Traore pointed out that Bezos invests in future-focused industries: space, tech and media and offered that anyone can do the same on a budget with investments in ETFs, renewable energy or biotech funds.
“The Bezos lesson here isn’t one of size-it’s one of strategy,” Traore explained. “Use your main source of income to invest in or develop other sources of income. Make small, consistent bets on your future. Make considered risks.”
Traore summed up that you don’t need billions to build wealth. Instead, what’s actually required is discipline, patience and a mind that’s always thinking one step ahead, just like Bezos’ has done throughout his career.
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This article originally appeared on GOBankingRates.com: Even Jeff Bezos Has Side Gigs: 3 Tips To Diversify Like a Billionaire
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