Daymond John is one of the regulars on ABC’s wildly popular TV reality show, “Shark Tank.” He is a highly successful African American man who grew up in upper Manhattan, making his first $800 while standing on the streets of New York selling classy top hats to people as they walked by.
From there, he expanded his mother’s small house into a full-scale sewing operation where he continued to crank out unique and classy items for people in his neighborhood. His clothing company name was FUBU, and it has continued to grow with more fashions and styles over the years. Now, he also helps multiple companies including young entrepreneurs get off the ground with their business ideas.
I have been fortunate enough to attend several of Daymond John’s online live events on Facebook, and he has shared many tips with young entrepreneurs.
As you think about your future and plan which college you will attend and planning what path your career with take, think about these finance tips by entrepreneur and businessman, Daymond John:
1. Save more than you spend.– It’s important to save more money than you spend because that’s what creates a reserve you will need to move forward with your financial goals.
2. Think small but dream big.– By keeping your business small at first, you’ll be able to grow your business gradually as you can increase your capital.
3. Learn to budget before you go to college.– Learning important budgeting and money management skills will be talents that will last throughout your lifetime.
4. If starting a business, stay small as long as you can.– For future entrepreneurs, he reminds them not to overexpand. Focus on a few things first, then expand as you can afford to.
5. Do your homework and stay focused on your goal.– Daymond’s book, The Daily Grind, reminds people to do your research and stay focused.
6. Love what you do and the money will follow.– If you enjoy what you are doing, it will be contagious. Others will want to get in on it.
7. Just keep swimming.– Daymond believes it is the “daily grind” and consistent effort that most pays off.
These are some great tips from a self-made entrepreneur that young people can follow as they enter school or a career. Perhaps you want to work a year or so before attending school to figure out what you want. No one is demanding that you go straight into school after high school. Whatever you decide to do, follow your dream and keep your eyes on your goal. Don’t take “no” for an answer. Save as much money as you can because money is power.
And look for scholarships to save big money on your college tuition or work while you go to school. This will keep any student loan balance you incur down.
We hope you will benefit from this post about Daymond John’s finance tips for young graduates.
Good luck in whatever you choose and remember, you alone can determine your path in life. Stay with it for big rewards!