The Best Financial Advice for Getting Rich as an Entrepreneur | Ep. #505

On Episode #505, Eric and Neil discuss the best financial advice for getting rich as an entrepreneur. Tune in to hear what Eric and Neil say is the best possible thing to do in order to achieve financial and professional success. Time-Stamped Show Notes: [00:27] Today’s Topic: The Best Financial Advice for Getting Rich as an Entrepreneur [00:35] Eric poses the question: When you’re starting out and you make money, what are you going to do with said money? [00:50] Eric’s best advice is to re-invest your profits in your company. [01:02] Elon Musk has said that the best investment is in yourself; it’s something you can control. [01:21] Neil’s advice is to focus on one thing in terms of your investments. [01:45] If you want to get rich and do well, focus on one thing and become an expert at it. [02:43] Figure out what you’re the best at and monetize it. [03:03] Neil attempts to monetize being a great digital marketer. [03:30] Eric says to think of being successful as a circle. Think of the edge of the circle as achieving success and you will never reach the edge of the circle if you aren’t focused on one point along the edge. [04:18] Warren Buffett only invests in things he completely understands, which is why he doesn’t invest in Microsoft. [04:45] That’s it for today! [04:47] Eric and Neil recommend the Problem Solvers podcast, because there is a great episode about the Hello Fresh CEO. To listen go to singlegrain.com/solve. Leave some feedback: What should we talk about next? Please let us know in the comments below. Did you enjoy this episode? If so, please leave a short review. Connect with us: NeilPatel.com Quick Sprout Growth Everywhere Single Grain Twitter @neilpatel Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.