Barbara Corcoran has an unpopular opinion that sets her apart from most millionaire businessmen.
“I don’t agree that you should work to get rich,” Corcoran, the founder of real estate firm The Corcoran Group and star of ABC’s “Shark Tank,” tells CNBC Make It. “It never crossed my mind in my entire life. And I’m rich.”
Corcoran certainly worked hard to reach her current status: The 74-year-old investor struggled with reading and math in school due to dyslexia, and used problem-solving skills and resilience to carve her own path in real estate at 23. years. Nearly 30 years later, she sold her company for $66 million.
But he never put his work before other aspects of his life, such as family, health or free time, he says.
Some of the world’s most prominent business tycoons seem to opt for the latter. Elon Musk works pretty much every day of the year except for “two or three days,” he told CNBC’s David Faber in May. But lately, the billionaire has signaled that he sees the value in slowing down.
Self-made millionaire Grant Cardone has encouraged working 95-hour weeks to reach a seven-figure net worth. “If you can outwork the rest of the population, you’re lucky,” Cardone told CNBC Make It in 2017. “If you gave me $5 billion, I’d still be working tomorrow.”
People who work long hours are at increased risk of ischemic heart disease and stroke, according to a May 2021 study. report of the World Health Organization and the Internal Organization of Labor. Also, productivity drops dramatically when a person works more than 50 hours a week, according to a 2014 Stanford study.
Corcoran suggests asking yourself two questions that will help you focus on working smarter instead of just working harder:
- How could I do even better tomorrow?
- How can I do better than my competition?
Then find sustainable ways to act on the answers you find, such as completing tasks one at a time and taking breaks when necessary.
People who follow this plan “get rich,” Corcoran says. “Money comes and finds them somehow.”
Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank.”
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