We’d sure like to borrow Chris Sacca’s crystal ball. The former Google exec and Shark Tank guest star has made some incredibly smart money moves, also known as Twitter, Uber, Instagram and Kickstarter, to name a few. He invested in all of these Silicon Valley beasts before they blew up and became household names.
We caught up with the cowboy shirt-rocking billionaire ‘super angel’ and Lowercase Capital founder on the set of Shark Tank, where he shared his number-one tip for getting rich.
Stop spending unnecessarily
“My best piece of advice for the quickest way to get rich is to not spend any of your money, and then you’ll have more than you need,” Sacca told Entrepreneur.
“People get out ahead of themselves in debt with spending on all of their desires. But if you learn to live pretty simply and well under your means, you feel incredibly rich and that frees you up and gives you the option to start something new, to leave the job you’re not excited about, where there might be a glass ceiling on you. Just don’t spend your money and you’re well on your way to becoming a millionaire.”
Save, don’t spend. If only it were that simple. Well, it might actually be. Sacca pointed to Travis Kalanick, a former door-to-door knife salesman and the co-founder and CEO of Uber, as an example of a person cha-chinging billions while remaining relatively frugal.
“Recently Travis posted a pic of himself flying Southwest Airlines, coach class, on his way home for Father’s Day,” he says. “This guy is worth $11 billion on paper and yet is riding in the back of the bus still, so I don’t think showiness correlates to success necessarily.”
Save where you can
Bear in mind that neither Kalanick nor Sacca need to cut corners or coupons. Sacca, 41, is worth an estimated $1,2 billion. He lays claim to 4% of Uber, not a bad slice of a potentially $68 billion-dollar pie. Kalanick, 39, clocking in with an estimated net worth of $6,2 billion, isn’t exactly on a budget either.
Still, it’s sort of refreshing to occasionally see billionaires behaving like the rest of us, sucking it up on budget airlines and carbing out on McDonald’s (like Warren Buffett regularly does), perhaps not to save a buck, but maybe, just maybe, to keep it real.
As for Sacca’s signature embroidered rockabilly shirts, he told us he bought his first one on sale at a Reno-Tahoe International Airport gift shop. “It was 80% off,” he points out, cranking up his voice and grinning, seeming genuinely stoked. “I was like, ‘Yeah, score!’”
Apparently, even billionaires dig a deep discount. As Sacca says, “You don’t get rich blowing your money, that’s for sure.”
This article was originally posted here on Entrepreneur.com.
6 Ways To Develop A Millionaire Mindset
Chasing money has remarkably little to do with getting rich.
If you truly want to have a million dollars, you must first be and think like a millionaire. By doing so, you will attract the necessary resources to you.
So, you want to become a millionaire entrepreneur? You’re not alone. Many dream of leaving their job and becoming their own boss, enjoying the various millionaire lifestyles we watch on TV. But there’s a difference between those who dream of becoming millionaires and those who do. And it begins and ends with mindset. If you don’t develop that mindset, you will continue to spin your wheels, working just as hard, but never going anywhere.
Developing a millionaire mindset requires you to stretch your thinking. Start by developing the following six attributes.
10 Tips To Become A Millionaire This Year
Becoming a millionaire requires changing your mindset and implementing some changes.
Becoming a millionaire may seem out of your reach, but it’s possible with the right attitude and guidance. The fact of the matter is your income can only grow as quickly as you do, so you need to change your mindset to achieve your goal of becoming a millionaire.
Once you have a millionaire mind, you can’t lose it, no matter what financial or business mistakes you make along the way. To get yourself there, you’re going to need some structure. To help you, I’ve outlined the top ten tips you should follow to become a millionaire this year.
If You Think These 5 Things, You’ll Never Get Rich By The Time You’re 30
Five common mistakes entrepreneurs make when starting a business and how to correct them.
Last week, I had lunch with a millennial who wanted some advice about a business he’s starting. After the usual small talk, we got down to discussing his business plan. Within a short time, it was clear that his business idea was great, his plan for executing was fairly solid and he had gathered together a strong team to help him make it happen.
So far, so good. But, to be frank, this guy has no chance of being successful with his current mentality. What it takes to be rich (or successful in any measure) has a lot more to do with your mindset than your ideas and plans.
From the time we started in business at the ripe ages of six and seven, our Grandpa Joe taught my brother Matthew and me many lessons about the details of running a profitable business. Over the years, we learned about how to create a business plan; how to market our products and services; and how to take care of customers, vendors and employees. All this knowledge has been invaluable to us in creating and running successful businesses. But, what our grandfather taught us about attitude and mindset trumps all other lessons.
Without calling out the specific individual I spoke with recently, below are five “hypothetical” attitudes that will get you nowhere in your journey to success – and the attitudes that should replace them.
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