Oprah is a personal friend of mine…in my head!
In actual fact, she is my financial role model. What is a financial role model? Simply, someone you look up to financially. Why is she my financial role model? Oprah has done some things over the years that have been unprecedented. We can learn a lot about building wealth from Oprah. Get more articles like this, click here.
Here are 5 wealth building lessons we can learn from the life of Oprah Winfrey:
1. Diversify your income streams: We know Oprah, most famously, for her daytime talk show back in the 90’s. However, her wealth and fame catapulted after her show. Oprah didn’t simply settle for the accomplishment of a successful daytime talk show host. Instead, she explored and implemented new ways to stay relevant and add value, but let’s face it, to make money. She is an actress (loved her in the Color Purple!), she owns a media network (OWN), she is the founder of several schools, she is a businesswoman and now, she is an investor (she bought shares of Weight Watchers), she is a publisher and producer. Oprah is making more money and has her hand in more things. Can you say the same?
Lesson: Optimize your earning potential. Don’t put all your eggs in one basket, find new ways to earn money consistently.
2. Invest your money and in causes you believe in: Oprah invested $43 million into Weight Watchers! If you look at any of the articles that hit the blogosphere, you’ll learn that she believed in Weight Watchers and said the program helped her during her life and career. Investing is important to build wealth, because when you invest your money, it works for you. It’s reported that she made $70 million that one day. Almost double her investment. She bought shares at $6. 79 per share.
Lesson #2: Educate yourself about investing. Face whatever fears you have and stop sitting on the sidelines. This is a viable way for you to build wealth and live a financially confident life. So, why aren’t you taking advantage of it?
3. Become a business owner: As I shared above, Oprah has more than one way to earn money. However, put plainly, she is a business owner. She owns systems, she is an employer, she adds value to the economy, she provides a solution to a particular need. She invested in herself. She created her own network and took a chance. Initially, it didnt do so well, but with a team in place, she got it right. When you own your own business, you own your financial freedom, you own your potential.
Lesson #3: Stop telling yourself you don’t want to, can’t or aren’t meant to be a business owner. That’s not fair to your future self. If you ever care to be financially free, you must own something that creates a stream of income and allows you to earn money.
4. Set Goals: Do you think that Oprah simply stumbled upon her success? It certainly wasn’t handed down. She had to set ggoals. She had to have a vision and subsequent steps to take to implement that vision. She had to be deliberate with her decision-making. These are all characteristics of a goal setter. Oprah set goals. What goals are you setting to build your wealth? To increase your income? To reduce your debt? To dream big? To improve your credit?
Lesson #4: Get into the habit of setting S.M.A.R.T. goals for everything you desire to do. Designate someone in your life who can keep you accountable to your goals and with whom you can check-in about your progress.
5. Assemble a financial team: Do you think Oprah has accomplished all she has on her own? I think not! She has a team! She may have several teams, I’m sure, but one in particular is a financial team. A financial team is comprised of professionals, experts, coaches and advisors who are good at what they do and get paid to do it. As brilliant as Oprah is, she is not a financial expert. She didn’t specialize in investing, growing companies, law or even taxes. I am sure she knows a lot about those areas, but consider this…do you think she is handling these things on her own? Or do you think she has a team she has hired to make things happen; to make her vision come to life? I agree, the former. Without a team, do you think Oprah would be a billionaire? If you say no, then just imagine how much more you can accomplish financially with a team. How much you can save and invest….how much you can earn…how much debt you can reduce…how much time you can save so you can focus on the things that move the needle and bring in more resources.
Lesson: Stop going it alone. Ask for help, hire help, for the things you’re not good at it; for the things that you do not specialize in, but need results from. Hire a financial coach, planner, advisor or investment manager, depending on your needs.
If you’re ready to build wealth and implement these lessons, do it with us at Reese Financial Services. Join our community of hardworking money masters and wealth builders. We look forward to having you in our community!