Barbara Corcoran, the real estate mogul and “Shark Tank” investor worth an estimated $100 million, has built her fortune by deliberately ignoring conventional wisdom. In a recent social media post, the entrepreneur called out pieces of “propaganda” that could affect your life and money.
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Corcoran’s contrarian approach has clearly worked for her; she built a real estate empire from a $1,000 loan and sold it for $66 million. Here are some pieces of “propaganda” she warned against and how rejecting each one can help you build wealth.
Society tells us we need a complete road map before starting any venture. People wait for the perfect plan, the right timing and all the answers before taking action. Waiting for certainty is the enemy of opportunity. Markets change, technology evolves and windows of opportunity close while you’re still “figuring it out.” Some of the most successful entrepreneurs start before they’re ready and adapt as they go.
And rejecting this piece of “propaganda” can help build wealth. Here’s how:
First-mover advantage: Starting without all the answers often means entering markets before they become saturated.
Learning through doing: Real-world experience teaches faster than theoretical planning.
Speed to market: Getting products or services to customers quickly allows for faster iteration and improvement.
Momentum building: Taking action, even imperfect action, creates forward movement that attracts opportunities and resources.
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Traditional education and academic achievement are portrayed as the primary predictors of success. People believe you need top grades and prestigious degrees to build wealth. However, some academic concepts don’t translate directly to real-world situations, and excessive focus on credentials could delay action-taking.
Not adhering to this can help anyone, not just entrepreneurs, build wealth:
Street smarts advantage: Understanding people, reading situations and adapting quickly often matter more than theoretical knowledge.
Practical problem-solving: Real-world experience teaches you to find solutions that actually work, not just ones that look good on paper.
Relationship building: Social intelligence and communication skills are crucial for business and career success.
Resourcefulness: Learning to succeed without perfect information or resources builds crucial entrepreneurial skills.
Corcoran herself has spoken about her struggles with dyslexia and how it actually became an advantage in business by forcing her to rely on people skills and creative thinking.
Society promotes the idea that career changes or new ventures become impossible after a certain age. People believe their best opportunities are behind them if they haven’t achieved success by their 30s or 40s. However, age-based limitations are largely mental barriers that prevent people from pursuing new opportunities.
Many of the world’s most successful entrepreneurs started later in life, bringing valuable experience and networks to their ventures. In fact, 2018 research from the Harvard Business Review shows that the average age of successful startup founders is 45.
Rejecting this “propaganda” can be beneficial for your finances. Here’s how.
Experience advantage: Older individuals likely have a lot of business experience, relationship-building skills and industry knowledge.
Financial resources: Later-in-life ventures or career shifts can benefit from accumulated savings and investment capital.
Network effects: Established professional networks provide access to customers, partners and investors.
Risk perspective: Life experience often provides better judgment about what risks are worth taking.
People are told that major career or life changes are unrealistic, especially after establishing themselves in one field. The belief is that you’re stuck with your current identity and skill set.
This mindset can prevent people from capitalizing on new opportunities or adapting to changing markets. Many wealth-building opportunities require learning new skills or entering different industries.
Reject this idea, and you could find yourself wealthier. Here’s how:
Market adaptability: Being willing to reinvent allows you to move into growing industries and away from declining ones.
Skill diversification: Multiple skill sets can create more income opportunities and reduce career risk.
Innovative thinking: A reinvention mindset promotes creative problem-solving and opportunity identification.
Personal brand expansion: Successfully reinventing yourself demonstrates adaptability and capability to potential partners and investors.
As noted by Forbes, successful professionals should reinvent themselves every seven years to remain competitive and capitalize on new opportunities.
For those feeling stuck in traditional career paths or limited by conventional thinking, Corcoran’s examples demonstrate that rejecting widely accepted “propaganda” might be the first step toward building real wealth. The biggest risk may not be in taking chances, but in playing it too safe.
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This article originally appeared on GOBankingRates.com: Barbara Corcoran Isn’t Falling for This ‘Propaganda’ — and You Shouldn’t Either If You Want To Build Wealth
