Shark Tank' Star Robert Herjavec Has a Couple Passive Income Suggestions for You
If you want to get rich, specialize in something. If you want to get mega-rich, diversify in everything.
"Shark Tank" star Robert Herjavec has amassed a fortune worth $300 million. He's done it by growing profitable businesses and selling them to larger companies, but that's not the only way he makes money.
Herjavec also uses two powerful passive income strategies that anyone can follow. Here they are, along with Herjavec's tips for getting as much out of the tactics as possible.
Just Relax: I’m a Financial Advisor: Here’s How Often You Should Check Your Retirement Account Balance
Look Out! 5 Signs You’re Losing Money Every Month — and How To Find the Leaks
1. Invest
Herjavec has invested $16.5 million in emerging businesses through "Shark Tank" alone. Once he makes these investments, he has a team of people who support businesses on his behalf, giving him considerable financial upside without requiring too much.
If you'd like to invest in companies like Herjavec, here are three tips he's shared to improve your results.
Know Your Numbers
Herjavec says he won't even listen to a pitch from an entrepreneur unless they have their numbers straight. He looks at costs, sales data and projections when deciding whether to invest. You can do the same when deciding which companies to invest in.
Look for Companies That Solve a Problem
When considering a new investment opportunity, Herjavec always asks himself if the company is solving a problem or filling a marketplace gap. He's essentially warning against investing based on hype.
Avoid Debt
Herjavec once said his top financial advice for young people is avoiding debt. This lesson applies to your investments by paying only cash for assets instead of using margins or loans to build your wealth faster.
2. Create Resellable Content
Herjavec has written three books, two of which were top-10 bestsellers. He earns a passive income from these books through ongoing sales. This is a great example of how creating resellable content can provide you with a long-term income bump.
Here are a few lessons Herjavec has shared from his experience.
Seek Mentors
Herjavec says his relationship with an unofficial mentor opened his eyes to his potential as an entrepreneur. Forming that relationship with someone you respect may help unlock new parts of yourself. This process can help you create more powerful content that resonates with a larger audience.
When looking for a mentor, Herjavec says you don't have to be formal. He advises against asking someone to be your mentor officially, preferring to remain open-minded to all of the unofficial learning opportunities a career presents.
Learn From Your Failures
Creating your first e-book, online guide or physical book can be a lot of work. If you aren't successful with your first one, it would be easy to give up. Herjavec warned against this: "Failure is a blessing in disguise. It's the opportunity to start again — this time with a better head on your shoulders."
If you can look at your failures as learning opportunities, you'll find success eventually.
Final Take
Herjavec is a highly successful entrepreneur who has supplemented his income with passive content creation and investing strategies. These could be the right moves for you, too.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal, or tax advice.
Discover a Smarter Way to Keep Unexpected Expenses From Derailing Your Budget
The New Middle-Class Trap: Making $100K but Living Paycheck to Paycheck