Each week, we ask a personal finance or business expert for their money pro tips. This week we talked to Dorie Clark, author of Entrepreneurial You and professor at Duke University Fuqua School of Business.
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Last thing you resisted buying: Frozen hot chocolate — the challenge was not so much the money as the calories!
How did you resist it? I knew I would get chai soon, which is more healthful but still tasty.
What’s your current money goal? Earn at least 50% of my revenue from passive income sources by the end of 2020.
How you’re working towards it: Creating and marketing online courses.
Best financial advice your ever got: Watch fees and expenses, which can decimate your margins.
Worst financial advice you ever got: This was more by example than explicit, but my father used to churn his portfolio and make trades all the time, encouraged by his commission-based broker. A terrible idea!
#1 money tip you give to people: Money should go first to a rainy day fund, then to maxing out your retirement accounts.
What would you do with a $1M windfall? Upgrade to a 2-bedroom condo in NYC.
How do you budget? I spend immoderately on food and moderately on everything else.
Book, podcast, newsletter, or blog you recommend to help people be better with money? Invested, by my friend Danielle Town.
Common money advice question people ask you: Mostly they ask me about how to earn more money!
What you tell them: Become a recognized expert in your field, so you can charge premium rates and clients will nonetheless seek you out.
Bonus pro tips: Find out what money thing Dorie Clark is most proud of — and her biggest money regret — in the archive of the Easy Money newsletter.
Image: Nastia Kobzarenko