Kevin O'Leary once called a salary a ‘drug' that employers use to get you to stay at your job — 3 ways to gain some upside outside the office
We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.
Entrepreneur and TV personality Kevin O’Leary isn’t a fan of traditional employment.
According to Mr. Wonderful, calculated risk-taking is essential to creating wealth. The majority of the richest people in the world are entrepreneurs.
“A salary is a drug they give you when they want you to forget about your dreams,” he said in an interview clip posted to his official YouTube channel back in 2022. “Because it’s very easy to stay in that world where someone is mitigating your risk. You just have to perform certain tasks, do them well, for a third of your day, and they will feed you a salary.”
This week O’Leary posted on Meta’s new platform Threads to discuss the transition from traditional salaried job to gainful entrepreneurship.
Don't miss
Commercial real estate has beaten the stock market for 25 years — but only the super rich could buy in. Here's how even ordinary investors can become the landlord of Walmart, Whole Foods or Kroger
Cost-of-living in America is still out of control — use these 3 'real assets' to protect your wealth today, no matter what the US Fed does or says
These 5 magic money moves will boost you up America's net worth ladder in 2024 — and you can complete each step within minutes. Here's how
“Opportunity knocks and when it finds no one home, it rarely knocks in the same way again. I never want to be that guy that misses it, “ he wrote in his post. “If you’re looking for the pretty side of entrepreneurship, it doesn’t exist. The journey isn’t easy but in the end, it's worth it.”
There are ways the average American can supplement their cash flow over time and secure their financial futures outside of their salaried jobs. Here are a few:
1. Stocks
Stocks are the most convenient way to gain exposure to the most proven and profitable businesses in the world. Instead of launching your own business from the ground up, you can buy a piece of a company that has been successful globally for decades.
If you’re looking to invest in the stock market, Interactive Brokers is a trading platform for active traders seeking ultra-low-cost brokerage services.
Interactive Brokers provides access to a diverse range of investment options across major asset classes, including U.S.-based stocks, ETFs, and mutual funds.
To get started, complete the application, fund your account, and start trading to take your portfolio to the next level.
Another way to invest in the stock market is by leveraging your daily purchases through the automated savings and investing app Acorns.
With Acorns, each purchase you make with your card is rounded up to the nearest dollar and the app invests your spare change into a diversified portfolio of ETFs. Getting started is simple: sign up and link your bank account, continue spending as you normally would and let Acorns put your spare change to work.
2. Real estate
Real estate is another entrepreneurial venture. Rental homes are a major part of the country’s economy, contributing $2.4 trillion annually to the gross domestic product. Fortunately, the barriers to entry for this sector are relatively low.
If you’re looking to start investing in real estate that has a low barrier to entry and doesn’t need you to have accreditation status, you can do so through Arrived.
Arrived allows you to invest in fractional shares of rental and vacation properties, sparing you the burdens of property management.
To get started with Arrived, explore a handpicked selection of properties selected for their potential appreciation and income generation. Choose the number of shares in the property you want to invest in, and you can start investing with $100.
Read more: 'Baby boomers bust': Robert Kiyosaki warns that older Americans will get crushed in the 'biggest bubble in history' — 3 shockproof assets for instant insurance now
If you’re looking to make a bigger investment into real estate and have accreditation status, investing in commercial real estate through First National Realty Partners (FNRP) presents an opportunity for larger investments and potential growth.
FNRP is a private equity firm that allows accredited investors to enrich their portfolio with grocery-anchored, commercial real estate opportunities. With FNRP, you can own a stake in properties like Walmart or Whole Foods and earn quarterly income distributions without worrying about whether your investment can withstand economic volatility.
Beyond residential and commercial, you can also invest in real estate through a real estate investment trust (REITs). Fundrise offers an opportunity to help grow your portfolio through their eREITS. Unlike traditional publicly-traded REITs, Fundrise eREITS are available exclusively through their platform.
Each eREIT is part of a distinct investment strategy and they can include a range of assets including residential and commercial properties or real estate loans, ensuring diversification within your portfolio.
You can start investing with Fundrise by signing up and answering a few questions about yourself and your investing preferences. Fundrise will then suggest a portfolio best suited to your goals.
3. Side hustles
Side hustles are becoming increasingly popular. In a 2022 LendingTree survey, 44% of Americans said they have one — up 13% from 2020. On average, they made $473 a month this way.
A more recent LendingTree survey published in February shows more than half (55%) of Gen Z and millennial Americans have a side hustle, with 80% of those with a side hustle saying they are reliant on it for income in the current turbulent economy.
If you feel the need to take on a side hustle, it’s even more important to keep all of your cash flow organized. If you’re trying to figure out how to go about doing that, consider using Monarch Money to help keep your income and expenses in order. This budgeting app streamlines financial management by providing a comprehensive overview of your accounts, transactions, and investments in a single platform.
With Monarch Money, you can set and monitor your financial goals, all while receiving personalized advice. Download the app, create an account, and take advantage of a free trial to explore its unique features.
What to read next
Jeff Bezos and Oprah Winfrey invest in this asset to keep their wealth safe— you may want to do the same in 2024
'It's not taxed at all': Warren Buffett shares the 'best investment' you can make when battling rising costs — take advantage today
Car insurance premiums in America are through the roof — and only getting worse. But 5 minutes could have you paying as little as $29/month
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
