How do some of the world’s most successful entrepreneurs spend their money to make their lives easier and/or better?
It’s one of my favourite questions to ask of my guests on my daily podcast, So Money.
Since launching the show two months ago, I’ve had the great privilege to interview some of the world’s top business minds, authors and influencers including Tim Ferriss, Tony Robbins, and Robert Kiyosaki.
Here’s what they — and six others — had to say.
Farnoosh Torabi is an award-winning financial author and host of the daily podcast So Money. Want to learn more? Download her free e-book, “SoMoney Secrets: Financial Habits of Highly Successful People.“
Understandably, he doesn't have time to wash and fold his clothes. And mathematically speaking, outsourcing these tasks is more than worth it, since the $US10 per hour or so that he pays to have someone else perform his laundry is much less than Ferriss' personal hourly earnings.
'It is almost impossible to find anyone who has made millions of dollars who doesn't delegate at least a handful of time consuming things in some fashion,' he says.
'Of all the privileges I have in my life, this is the greatest … to go when you want, where you want,' Tony Robbins, author of 'MONEY Master the Game: 7 Simple Steps to Financial Freedom,' tells me. 'There's nothing that changes your quality of life when you travel as much as I do, as (private jets).'
The decision to switch from commercial to chartered flights happened in Robbins' early 30's after flying from San Diego to Aspen to visit a wealthy friend over the holidays. Due to delays and cancellations, what should have been a three or four hour trip took Robbins nearly half a day.
When he arrived, his friend pulled him aside and asked, 'Why would you spend 12 hours of your time travelling? You could have been here in 90 minutes.' Next time, charter a plane, he suggested. 'It will change your productivity more than anything on earth.'
'I'm constantly studying,' Robert Kiyosaki, author of 'Rich Dad, Poor Dad,' tells me. 'I'm reading books constantly … and they cost only twenty bucks!'
At the time of our interview the finance guru was studying currency collapses, a topic he discusses deeply in his new book, 'Second Chance.'
The financial guru also makes sure to surround himself with smart, wealthy individuals, as part of his ongoing education. 'I have my advisor friends who are … all entrepreneurs, all multi-millionaires … My time is valuable.'
Amanda Steinberg is the founder and CEO of DailyWorth, a leading financial media company for women that boasts over 1 million email subscribers and has raised over $US5 million in funding.
Since the site was founded in 2009, she had been commuting between her home in Philadelphia and office in New York, staying in hotels during weekly business trips -- which wasn't saving her any money.
Finally, she realised it would be far more worth it to rent her own little place in the Big Apple. Eventually, she may make a bid to buy an apartment. 'I am evaluating that right now,' she says.
If you're lucky enough to have James Altucher, entrepreneur and bestselling author of 'Choose Yourself' sitting in your boardroom meeting, chances are you'll find him carrying his favourite accessory: a waiter pad.
They're inexpensive, eye-catching (which helps to strike up a conversation) and most importantly, a great place to jot down his countless ideas and 'flex' his 'idea muscle.'
'I'm constantly practicing coming up with ideas,' Altucher tells me.
'I write 10 ideas a day … for other companies or other people and how their lives can benefit … and that boomerangs back to me in the form of money often.'
Outsourcing is integral to Lewis Howes' seven-figure success as an entrepreneur and business coach. (Reading Ferriss' book 'The 4-Hour Workweek,' which teaches the benefits of outsourcing, was actually instrumental in catalyzing Howes' career, he says.)
The single best investment that helps him achieve a better life is his team, 'people that work with me to support my vision,' he tells me. 'I have a full-time assistant … who makes all healthy meals for me every single day, who takes care of all my schedules, who manages my whole life … Spending money on great people, for me, makes my life really easy,' Howes says.
Following her passions and doing what she truly loves is important to former think tank executive and business strategist Danielle LaPorte, the creator of 'The Desire Map: A Guide To Creating Goals With Soul' and the author of 'The Fire Starter Sessions.'
And she confesses that cooking is not one of them. Instead, LaPorte hires a personal chef to prepare fresh, healthy meals like salads and fish. And the meals are delivered straight to her door three times a week.
Popular money blogger Mr. Money Mustache, who saved enough to retire at age 30, reports an average of 700,000 monthly unique visitors to his website.
While carpentry is one of his passions, he's talking about a different set of tools that make his life easier and better.
'I like good tools for life … a good office in which I can work, which is in my house … and good bikes to get around. Nothing has to be fancy or over the top, but I like stuff to be functional,' he says.
Nicole Lapin, the former CNBC anchor and author of New York Times bestseller 'Rich Bitch' is all about enjoying life to the fullest -- even if it means paying $US5 for a daily latte.
She knows she can save that $US5 and, over 35 years with compounding interest, have a nice nest egg, but she's not willing to give in. She'd rather find that savings elsewhere in her budget.
For her, the pricey drinks are not only a gratifying indulgence, they add to her productivity and provide the small lift she needs to keep up with her demanding work schedule.
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