For many “Shark Tank” fans, the highlight of any episode — beyond the cool inventions and products — is the judges’ wit and wisdom. After all, these are leaders and innovators in their fields, people who have risen to the very top.
Learn More: 3 Proven Strategies To Turn Middle-Class Earnings Into Lasting Family Wealth
Advertisement: High Yield Savings Offers
Check Out: Are You Rich or Middle Class? 8 Ways To Tell That Go Beyond Your Paycheck
For Barbara Corcoran, that rise came with its share of struggles, from childhood poverty and learning disabilities to sexism and self-doubt. Still, she kept trying.
Her formidable willpower and famous ability to keep getting up are a particular inspiration to women of all ages and backgrounds. Just as Corcoran built her own real estate empire and became a financial powerhouse, women can harness their own inner strength and savvy to improve their personal finances.
Here are three core messages from Corcoran’s journey that can help women achieve their financial goals.
If there’s one lesson any woman can take from Corcoran’s life, it’s to never stop trying. Growing up with dyslexia, Corcoran had internalized shame and self-doubt — but her beloved mother never let her give up. Her mom told her she’d never be defeated if she gave every task her all and left it all on the field.
“I’ll out-try everyone in the universe … and I’ll win because of it,” she’s said. “The reason I’m confident is because I know I’ll out-try anybody. I know I’ll always show up. I know I’ll always get back up.”
That mentality helped her catch her big break on “Shark Tank,” even though she was initially rejected for the role. Producers had offered her spot to another woman. But Corcoran would not be deterred. Instead of accepting the decision, she wrote a compelling letter to the show’s creators explaining why she was the best fit for the job — and kept pitching herself until she got the role. The rest, as they say, is history.
Read Next: Nearly 40% of Women Don’t Have a Financial Plan — 3 Steps To Fix That
The lesson for women is never to be afraid to go after what you want — boldly and persistently. That might mean asking for a raise or positioning yourself for a promotion. It might mean hitting a financial milestone, like saving $1 million for retirement. Always showing up for yourself could look like creating a pitch deck for your boss or meeting with a financial advisor to map out your goals.
Your willingness to out-try everyone keeps you in a growth mindset and helps you frame setbacks as opportunities. Didn’t get that promotion? Seek out a mentor and ask for feedback. Behind on your retirement savings? Take a hard look at your budget and find new ways to save. For Corcoran, the answer is always to keep moving forward.
One of the highlights of Corcoran’s career is arguably the $66 million sale of her real estate firm, The Corcoran Group. But it almost didn’t happen — at least, not for that sum.
Years before her big sale, early in her career, Merrill Lynch approached her with an offer to buy her firm for $100,000. Corcoran, who’d grown up with financial insecurity, was tempted by the offer. But her gut told her the timing wasn’t right. She needed to keep building her business — and she did, to the point that another firm eventually offered her $22 million. Still, she believed her business was worth more. She walked away from the deal, holding out for a higher offer — and got it: $66 million, her lucky number.
But it wasn’t luck that got her what she wanted. It was tenacity, confidence and a willingness to negotiate — and walk away if necessary.
Women can apply this lesson across almost every area of their financial lives, from negotiating salaries to shopping for better mortgage rates or car prices. Corcoran wants women to avoid what she calls “the Cinderella syndrome,” where they hope someone will swoop in and save them from a bad deal. When it comes to getting fair prices and lower rates, you’ve got to be your own Prince Charming.
Creating solid client relationships and tailoring marketing to homebuyers is so elemental to the real estate business that it seems like that’s the way it’s always been done. Not so. At least, not until Barbara Corcoran. When she founded The Corcoran Group in 1973, she realized that the industry focused more of its attention on salespeople instead of the people who were actually buying properties.
She flipped the script. Instead of using dry, technical property descriptions in her marketing materials, she told engaging stories about what a prospective buyer’s life would look like in the home. She also tried unorthodox marketing approaches for the time, like using bold colors and images in her materials to catch the eye of clients and competitors alike.
Even if you’re not launching a business, Corcoran’s risk-taking approach can inspire you to be bolder in your financial life. Maybe the women in your family weren’t taught much about investing, and starting your own portfolio feels risky. Do it anyway. Or maybe you’re battling a case of imposter syndrome that keeps you from pitching freelance work. Time to push through and take a chance.
Corcoran’s success shows that calculated risks, especially the kind that put your goals front and center, are often the very things that lead to financial breakthroughs.
Looking to build a legacy? Check out our Life to Legacy guide for expert advice and smart moves you can make today.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: 3 Ways Barbara Corcoran Inspires Women To Achieve Their Financial Goals
发表回复