There is a millionaire in everyone. It just needs to be tapped and released. In a one-hour special on CNBC this Saturday, “The Millionaire Inside: Your Guide to Wealth,” self-made millionaires will share their secrets with viewers.
Of the four guests, two are women: Barbara Corcoran, who founded the successful Corcoran Group real estate company, and Loral Langemeier, who established a multi-million-dollar portfolio of properties, businesses, gas and oil investments, and more by the time she was 34.
Corcoran and Langemeier share their advice in two exclusive video interviews for TODAY. Watch them to find out more about how you can build wealth. Langemeier elaborates on her five steps to fast cash:
- Identify your skill set
- Find a business model and copy it: Don’t reinvent the wheel
- Revenue modeling: How to make money
- Learn to market
- Sales: Ask for cash
Corcoran discusses her formula for buying a property early in an up-in-coming area:
- Rental prices rising
- Price of a cup of coffee rising
- Exciting night life
Here’s an excerpt from Langemeier’s book, “The Millionaire Maker's Guide to Wealth Cycle Investing”:Get a teamSmart investors build and work closely with a team, because having a team reduces risk. By gathering a team of mentors — whether industry professionals, colleagues, or friends — you can:
- Efficiently collect information and knowledge
- Enjoy the advantages of other people's experiences
- Hear about new deals
- Gain access to deal
- Leverage your money or credit with other people's money or credit
- Further diversify your investments
And that's just the beginning. Seeking and finding the best professionals in your asset class, gathering like-minded peers with whom you can join forces, and hiring the support you need to make the best use of your time are all essential to building assets.
Building a team makes sense, and it's not that difficult. For example, if you're involved in a lucrative real estate deal, you'll need a good lawyer. You'll find one by calling people who have done large real estate deals and asking for recommendations. You don't have to know these people personally; you just have to have the confidence to pick up the phone and ask them the question. This is one of many action steps that wealth building requires. If you're shy and nervous about taking this step, that's okay. But don't let your fear stop you from moving forward. Make the call. It will be easier the second time and a walk in the park the tenth.
Here’s an excerpt from Corcoran’s book, “If You Don't Have Big Breasts, Put Ribbons On Your Pigtails! And Other Lessons I Learned From My Mom”:
After failing at twenty-two other jobs, I borrowed $1000.00 from my boyfriend, quit my job as a waitress, and started a tiny real estate office in New York City. Using twenty-four unconventional lessons I learned from my Mom, I built my tiny company into an 8 billion dollar business!
Don’t forget to atch the two exclusive CNBC videos with Langemeier and Corcoran for TODAY for more of their advice on building personal wealth.