After earning money from brand deals and other revenue streams, entrepreneurs diversify their income and put it into other investment vehicles and asset classes.
The majority of the world seem to think of becoming billionaires overnight and one of the best ways people have done that is through investing.
Laci Kay Somers, originally from the Bay Area and continues to make her mark within the world of social media, music, and fitness. However, other than being involved in the world of social media, Somers has entered the world of investing through real estate and other online ventures she’s funded.
She shares, “I learned every great investor is patient and is focused on investing in verticals, and industries they understand. 3 insights I’d share on being a smart investor are:
- Understand the industry you’re investing in and take systematic risks. You’ll only find something is risky if you don’t understand it.
- Don’t follow the trend, most average investors chase trends and have FOMO.
- Don’t spend the principal, spend from the dividends or returns you get from your investments.
Somers says,” A lot of people are scared to dive in headfirst into something they don’t understand, but they need to take the time to educate themselves on how specific industries work. I’ve been able to travel the world and live freely without any worries because I’ve invested heavily and strategically with some of the smartest minds when it comes to investing.”
Let’s be real, no one got paid millions by sitting on the sidelines. The only way to get paid is to be in the game.