Barbara Corcoran holds a unique perspective that distinguishes her from the majority of millionaire entrepreneurs.
“I don’t subscribe to the idea that one must toil tirelessly to amass wealth,” says Corcoran, who founded The Corcoran Group, a prominent real estate firm, and is renowned for her role on ABC’s “Shark Tank.” “It never crossed my mind throughout my entire life. Yet, I’ve achieved financial success.”
Certainly, Corcoran dedicated considerable effort to attain her present standing. Despite facing challenges with dyslexia, the 74-year-old investor honed her problem-solving abilities and exhibited unwavering resilience, embarking on her real estate journey at the age of 23. Nearly three decades later, she successfully sold her company for $66 million.
Nevertheless, she underscores that she never prioritized her work over other facets of life, including family, well-being, or leisure.
Many globally recognized business giants appear to prefer the latter approach. Elon Musk is known for working nearly every day of the year, taking only “two or three days” off. However, recently, the billionaire has indicated a shift in perspective, acknowledging the importance of taking a step back and slowing down.
Self-made millionaire Grant Cardone advocates for a rigorous 95-hour workweek as a means to achieve a seven-figure net worth. “Outworking the majority is a gateway to luck,” he asserts. Cardone insists that even with a $5 billion fortune, his relentless work ethic would remain unchanged, and he’d still be “grinding tomorrow.”
How to get great results without sacrificing work-life balance
Individuals working extended hours face an increased risk of ischemic heart disease and stroke, as outlined in a May 2021 report by the World Health Organization and the International Labour Organization. Additionally, a 2014 Stanford study highlighted a significant decline in productivity when individuals exceed 50 working hours per week.
Corcoran advises considering two pivotal questions to enhance focus and prioritize efficiency over sheer effort:
- What strategies can I employ to improve my performance tomorrow?
- How can I outperform my rivals?
The next step involves implementing sustainable actions based on the responses to these questions, such as tackling tasks individually and ensuring to take breaks as necessary.
Corcoran asserts that adherence to this strategy leads to wealth accumulation. “Affluence seemingly seeks out these individuals,” he remarks.
Source: cnbc.com