I Didn’t Have a Trust Fund: How I Got Rich Anyway
Written by
Laura Beck
Edited by
Chris Cluff
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Let’s be real: Wouldn’t it be nice if we all entered the world with hefty trust funds to fall back on? Unfortunately, that’s not the reality for most of us. The vast majority have to build wealth from the ground up.
While that may seem like an uphill battle, it’s certainly not impossible to achieve financial success without inheriting a big sum of money.
To get some insights on this, we spoke to Sophia Tang, the founder of Nako Cosmetics, and Leah Wise, the founder of Leah Wise Law Firm, owner of Leah Wise Enterprises (a real estate investment company) and creator of CrashGal Couture (a clothing line).
Also see more about creating trust funds for your children.
Starting a Business From Scratch
For Tang, not having a financial head-start was difficult. But she said resilience and determination proved essential. She began her career at a leading cosmetics company, where she got valuable experience and an understanding of the market’s needs.
She learned to create products her customers really wanted. “This period was crucial for honing my skills and understanding market needs,” Tang said.
The decision to start her own business came from believing in her ability to create the cool, innovative products people love. Tang used her industry knowledge to build a business that could thrive in a competitive market.
Get Creative About Marketing
Similarly, when Wise went to law school, she didn’t have any money or significant savings to start her practice. But she got scrappy, using the power of social media to land clients.
“The reason why I used social media is because it was free and I couldn’t afford to advertise any other way,” she said. “I couldn’t afford commercials, billboards, SEO marketing, Google ads — literally nothing except free social media. Luckily, I was able to get the attention of potential clients and, after a few clients took a leap of faith on me, I proved myself.”
Wise then reinvested a big portion of that revenue into marketing, real estate and starting her own clothing line. This expanded her business ventures and continued to grow her wealth. She was able to turn her law firm into a seven-figure business.
“A lot of people made fun of me for this when I was first starting out and called me the social media lawyer,” Wise said. “My advice to others who are looking to do the same is don’t listen to the opinion of others and trust in yourself and your capabilities! People will try and tear you down any chance they get.”
Tang also found that digital marketing was key to her success. By implementing an SEO strategy, she was able to significantly boost her company’s online presence, leading to a substantial increase in her customer base and sales.
Live Below Your Means
The entire lesson: Prioritize long-term financial security over short-term gratification. Resist the urge to splurge on, well, anything that’s not essential. Look for free activities, inexpensive groceries and ways to dine out on the cheap. The whole goal here is to save, save, save.
“Some financial tips I would also recommend is in your early 20s living below your means — which is hard to do because you know people want to spend all their money,” Wise said. “[It] is really important so that by the time you’re in your late 20s you have a healthy savings.
“With your savings, you should be investing money into your business and yourself rather than spending it. For example, reinvesting back into advertising, branding, all of that stuff so you are able to grow your business in your 20s. This will allow you to grow your wealth.”
Living beneath your means like this will enable you to steadily grow your wealth over time, rather than squandering your earnings.
The Big Picture
Tang stressed the importance of having clear goals and major dedication. She also believes in becoming a well-rounded business person — not only about your industry but also business management and digital marketing strategies. Know your entire business inside out and always keep an eye on the big picture.
Believe in yourself, focus on your goals, listen to feedback and hustle. That’s the winning formula.
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