One of self-made multimillionaire Nathan Latka’s favorite tales is how he obtained a $350,000 Rolls-Royce completely free.
The trick? “I just asked,” the 29-year-old tells The Post.
To be sincere, there was a bit further to it than that: Latka brokered a maintain a high-end rental agency to borrow the car for a day, in commerce for posting a image of it on his Instagram net web page — a not-uncommon commerce for a predominant influencer. But on the time, Latka had merely 5,000 followers.
“Nowhere near Kim Kardashian numbers,” he says. “But people don’t realize that micro-influencers . . . have a higher return for brand advertisers.”
If you don’t ask for what you want, Latka says, you’ll under no circumstances uncover your true negotiating power. “Nothing comes to you if you always assume the answer will be no.”
That’s the thesis of Latka’s debut e book, “How To Be a Capitalist Without Any Capital” (Portfolio/Penguin). The Austin, Texas, entrepreneur isn’t merely huge focus on: He primarily based his first agency, Facebook app Heyo, in his dorm room at Virginia Tech and inside 4 years it reportedly was value $10.5 million. His podcast, “The Top Entrepreneurs,” on which Latka interviews distinguished CEOs and consumers, has 10 million downloads. Latka says he earns better than $100,000 every month in “passive” income — which suggests, he’s not actively involved inside the day-to-day operations of any of his companies, which embrace all of the items from digital properties to precise property.
“The goal isn’t to be a prolific entrepreneur,” Latka writes. “It’s to be rich. And you get there by having several revenue streams that you’ve put on autopilot.”
Here are 5 financial tips Latka lays out in his new e book that he says reworked him from a teenager with $119 to his title — “I’m no trust fund baby,” he insists — into a millionaire.
Rule 1: Broaden your focus
“The chances of you building a billion-dollar business on your first try are essentially zero,” says Latka. Instead, he suggests spreading your psychological wealth: “Always be pursuing three new opportunities at the same time.” To maintain away from burnout, he says, “Focus 80 percent of your time on one project — the one that brings in the most money or has the potential to be your biggest earner. Split the other 20 percent of your time between the two remaining ventures.”
Rule 2: Don’t set targets
If you’re daydreaming about the way in which you’ll spend your money, you’re not pondering like a rich specific particular person, Latka says.
“You’re focused on the golden goose egg,” he says. “But what you should be thinking about is, where do I get my goose?”
Metaphorical golden eggs are how we get “tricked into chasing the wrong things,” Latka says. “We see a commercial for a $30,000 Rolex watch and that becomes our goal. We daydream about material wealth when we should be daydreaming about our next business venture.” In totally different phrases, keep your ideas in your work, not the payoff.
Rule 3: Copy your opponents
You don’t have to offer you a thought as distinctive as Facebook to show into the following Mark Zuckerberg. Even Facebook steals from its opponents. “When Snapchat released Snapchat Stories, Facebook rolled out Facebook Stories,” Latka components out. “Facebook was ruthless — it went feature by feature and copied everyone.”
When preparing the launch of a podcast or YouTube channel, Latka says he appears at web sites like Patreon.com to look out out what his opponents are offering. Even with a enterprise like Airbnb leases, “all of your competitors’ strategies are laid out right in front of you.”
Rule 4: Negotiate when you don’t ought to
Latka’s career dare: Ask for a elevate proper this second, even in case you occur to don’t need it — the reality is, significantly in case you occur to don’t need it. “The time to start negotiating your salary is when you don’t need more salary,” he says. Waiting until it turns into a financial necessity locations you at a disadvantage, as your anxiousness makes it a lot much less likely that you just simply’ll make a convincing case. “The key to any negotiating is confidence,” Latka says, “and everybody is more confident when there’s nothing on the line.”
Rule 5: Be ridiculously low-cost
Latka’s investing method in a sentence: “Keep your expenses low.” For Latka, this suggests avoiding any non-essential payments, whether or not or not it’s fancy clothes and even approved counsel. (He prefers chopping gives with “no lawyers, no accountants. Just an e-mail agreement.”) Rich people, he says, are “really good at keeping their expenses low . . . No matter how much money I’m bringing in, if I can find a way to save a hundred bucks here or a thousand bucks there, I’ll do it.”