I am a documentary filmmaker and the Founder of Studio 15, a socially responsible fashion brand. After leaving behind a 15-year career in the corporate fashion world, I started a company that focuses on doing good and supporting women.
, meaning they did not inherit their wealth, but instead earned it through entrepreneurship or other means, according to research from Fidelity Investments. But getting wealthy does not happen overnight, especially for entrepreneurs known for their risk-taking ability and innovative mindset.
Let’s look at five strategies entrepreneurs can use to build and manage their wealth so they can achieve their goals.“Entrepreneurs often have most or all of their wealth tied up in their businesses. While reinvesting in your business can be a powerful growth strategy, it's equally important to avoid having all your financial eggs in one basket,” explains Todd M. Villarrubia, founding partner of.
Looking ahead and planning is crucial. “Apply for a line of credit or a loan when you don't need it. The chances are, your numbers look a lot better when you are not in need of those. This means you will likely get a better deal, such as more funds or lower interest. Having access to these can bring peace of mind. Also it helps build business credit. Debts can be viewed as a negative thing, but in business, it can be neutral and used as a tool,” adds Maiko Sakai, Founder of.
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