7 Things Millionaires Do During Tough Times Financial advisor Jeff Rose comments on an article featuring money advice from self-made millionaires.

By Jeff Rose

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

Jess Rose reviews and comments on "7 Smart Money Moves Self-Made Millionaires Make in Challenging Times," an article published on Grow from Acorns, a financial knowledge and personal wealth site. According to the article, self-made millionaires do these things during challenging times:

  1. Look for opportunity. Rose talks about the two mindsets, abundance mindset and scarcity mindset, agreeing that you can find opportunities even during a pandemic if you are open to them.
  2. Focus on identifying and solving problems. Rose agrees that figuring out what people are struggling with and finding solutions and pivoting and adapting are smart moves.
  3. Remember that everything is negotiable. Rose talks about the importance of asking for what you want, as the worst thing you can be told is no. Be willing to ask or you'll never get a yes, Rose says.
  4. Inventory their assets and sell for cash. Rose agrees that taking stock of your assets is a good move — particularly, tracking how much money you have and what you're spending, including what you shouldn't be paying for. He disagrees that selling your stuff for cash out of monetary fears is a worthwhile move, though he does suggest figuring out what you could sell and how much it could be worth.
  5. Draw on their networks. Rose repeats the adage, "Your network is your net worth," which he describes as a crucial business principle. He says networking isn't sleazy if you're doing it to help and serve others, providing them value instead of exclusively taking from others.
  6. Prepare for the turnaround. Rose debates this advice, suggesting that the stock market, for one, has not offered bargains during the pandemic. His preparation has been to reinvest in his business and to talk to other self-made millionaires to find out what steps they're taking and what investments they're making.
  7. Learn about how money works. Rose talks about how his experience has taught him how money works, but that there are always things to learn about investing and building wealth. He advises being open and willing to learn.

Related: Reacting to Investment Advice TikTok Fails

Jeff Rose

Certified Financial Planner, Author and Blogger

Jeff Rose is an entrepreneur disguised as a certified financial planner, author and blogger.  He's best know for his blog GoodFinancialCents.com and book, Soldier of Finance: Take Charge of Your Money and Invest in Your Future.  He's also the editor of LifeInsurancebyJeff.com. He escaped a path of financial destruction from dropping out of college with over $20,000 of credit card debt to become a self-made millionaire. His mission is help future generations achieve financial freedom by developing strong money habits and unleashing their entrepreneurial spirit.   

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Related Topics

Business News

I Tried 3 AI Headshot Generators and There Was a Clear Winner

Aragon AI, Momo, and FastShot AI all generate headshots using AI, but which one actually works for LinkedIn?

Business News

Red Lobster Changed Its 'Endless Shrimp' Promotion After Losing $11 Million in One Quarter — Now It's Hauling Out Another All-You-Can-Eat Deal

The restaurant chain reported a record $12.5 million operating loss in the fourth quarter of 2023.

Leadership

5 Ways to Network Your Way to Business Growth and Wealth

Mastering the art of networking will enhance your abilities and opportunities to create the business growth and wealth you desire.

Productivity

SMART Goals May Be Holding You Back — Try This Effective Goal-Setting Technique Instead

Everyone suggests SMART goals, but this framework is flawed. Learn why and how to create goals properly — ones that you can actually achieve.

Marketing

Enhance Your Website's Visibility and Dominate Your Competition With These Powerful Techniques

Mastering backlinks and content intent is key to ranking higher on search engines. Our guide can help you learn the right techniques and strategies for improving your backlinks and content quality.

Leadership

Why Saying "I Don't Know" Makes You a Better Leader

Great leaders do not have all the answers. "I don't know" may come across as three simple, innocuous words, but they do have the power to make business stronger.