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Barbara Corcoran, known for her appearances on “Shark Tank,” turned a mere $1,000 into a remarkable $6 billion real estate empire. Despite her tremendous success and net worth exceeding $100 million, Corcoran has faced her own share of financial missteps. Here are five vital money lessons she learned the hard way—lessons that you, too, can benefit from.
The Importance of Investing
During a 2024 discussion on the “Earn Your Leisure” podcast, Corcoran shared how she sold her real estate firm for $66 million. Unfortunately, she left her substantial earnings uninvested in a checking account for four years, missing out on significant potential growth.
Beyond Monetary Negotiations
Corcoran understands that successful negotiations involve more than just the numbers. During her negotiations to sell The Corcoran Group, she realized her delay in countering an offer made the buyer feel undervalued. Consequently, when NRT approached her years later, she responded quickly and skillfully secured a $66 million deal.
Harnessing Failure as a Driving Force
Corcoran views setbacks as opportunities for growth. After an early-career public speaking mishap, she opted to improve rather than give up. Taking her newfound determination, she pitched and secured a teaching role at New York University, eventually discovering her top employee, Carrie Chiang.
Diligence in Email Communication
Scammers targeted Corcoran in 2020, nearly stealing $400,000 through a fraudulent email. Thanks to meticulous checking and timely bank intervention, she avoided financial loss. This experience underscores the importance of vigilance in digital communications.
Strategic Moves in Downturns
Corcoran advises making investments during economic downturns when competition is sparse. This strategy can lead to long-term rewards, proving advantageous for those ready to seize opportunities when others might hesitate.