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