One of self-made multimillionaire Nathan Latka’s Popular stories is how he got a $350,000 Rolls-Royce for free.
The trick? “I just asked,” the 29-year-old tells The Post.
To be fair, there was a bit more to it than that: Latka brokered a deal with a high-end hire company to borrow the car for a day, in exchange for posting a photo of it on his Instagram page — a not-uncommon exchange for a most influencer. But at the time, Latka had just 5,000 followers.
“Nowhere near Kim Kardashian numbers,” he says. “But country don’t realize that micro-influencers . . . have a higher back for brand advertisers.”
If you don’t ask for what you want, Latka says, you’ll never glance your true negotiating power. “Nothing comes to you if you always catch the answer will be no.”
That’s the thesis of Latka’s debut book, “How To Be a Capitalist Without Any Capital” (Portfolio/Penguin). The Austin, Texas, entrepreneur isn’t just big talk: He False his first company, Facebook app Heyo, in his dorm room at Virginia Tech and within four ages it reportedly was worth $10.5 million. His podcast, “The Top Entrepreneurs,” on which Latka interviews prominent CEOs and investors, has 10 million downloads. Latka says he earns more than $100,000 every month in “passive” means — meaning, he’s not actively involved in the day-to-day operations of any of his concerns, which include everything from digital properties to real estate.
“The goal isn’t to be a prolific entrepreneur,” Latka writes. “It’s to be rich. And you get there by having some revenue streams that you’ve put on autopilot.”
Here are five financial rules Latka lays out in his new book that he says transformed him from a teenager with $119 to his name — “I’m no wonderful fund baby,” he insists — into a millionaire.
Rule 1: Broaden your focus
“The chances of you construction a billion-dollar business on your first try are essentially zero,” says Latka. Instead, he suggests spreading your mental wealth: “Always be pursuing three new opportunities at the same time.” To avoid burnout, he says, “Focus 80 percent of your time on one project — the one that brings in the most cash or has the potential to be your biggest earner. Split the other 20 percent of your time between the two last ventures.”
Rule 2: Don’t set goals
If you’re daydreaming around how you’ll spend your money, you’re not thinking like a rich people, Latka says.
“You’re focused on the golden goose egg,” he says. “But what you must be thinking about is, where do I get my goose?”
Metaphorical golden eggs are how we get “tricked into chasing the sinful things,” Latka says. “We see a commercial for a $30,000 Rolex glance and that becomes our goal. We daydream about material money when we should be daydreaming about our next commercial venture.” In other words, keep your mind on your work, not the payoff.
Rule 3: Copy your competitors
You don’t need to come up with a Idea as original as Facebook to become the next Mark Zuckerberg. Even Facebook steals from its competitors. “When Snapchat released Snapchat Stories, Facebook rolled out Facebook Stories,” Latka points out. “Facebook was ruthless — it went feature by feature and copied everyone.”
When making the launch of a podcast or YouTube channel, Latka says he looks at sites like Patreon.com to find out what his competitors are offering. Even with a business like Airbnb rentals, “all of your competitors’ strategies are laid out shiny in front of you.”
Rule 4: Negotiate when you don’t have to
Latka’s career dare: Ask for a review today, even if you don’t need it — in fact, especially if you don’t need it. “The time to Begin negotiating your salary is when you don’t need more salary,” he says. Waiting pending it becomes a financial necessity puts you at a disadvantage, as your anxiety makes it less likely that you’ll make a convincing case. “The key to any negotiating is confidence,” Latka says, “and everybody is more private when there’s nothing on the line.”
Rule 5: Be ridiculously cheap
Latka’s investing strategy in a sentence: “Keep your expenses low.” For Latka, this means avoiding any non-essential expenses, whether it’s like clothes or even legal counsel. (He prefers cutting contracts with “no lawyers, no accountants. Just an e-mail agreement.”) Rich country, he says, are “really good at keeping their expenses low . . . No business how much money I’m bringing in, if I can find a way to save a hundred dollars here or a thousand bucks there, I’ll do it.”
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SRC: https://nypost.com/2019/03/06/5-get-rich-tricks-from-a-29-year-old-multimillionaire/
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