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Sal Rich shares his insights on the importance of multiple sources of income

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An entrepreneur spends his entire life trying to be successful in his pursuits. An individual always seeks advice from experienced individuals who have gained success through their trials and tribunals. Sal Rich, founder of two successful e-commerce companies – Eclipse Relief and VS1 and successful Crypto investor, would like to share his five hacks to be a successful entrepreneur.

  1. Education maketh a man

Many highly successful entrepreneurs suggest that college is not for everyone and one can do without a formal education. Rich believes that college, besides helping you gain knowledge and skills, also molds you into a well-rounded individual. It helps you in networking and connecting with young entrepreneurs. It opens plenty of doors to different opportunities.

  1. Be your boss

He implores everyone to work for themselves instead of working a regular job. The employer becomes successful on the hard work and efforts you put in. When you are self-employed, your hard work is directly proportionate to your success. The more efforts you put into your work, the faster you and your business grow.

  1. Diversify your investments

An individual should always diversify their investments reducing the risk of their portfolio. Rich has created considerable wealth by diversifying in the Crypto markets. Since they are neither directly nor inversely related to the up or downswing of the securities market, they act as a good hedging instrument.

  1. Multiple sources of income

The recent pandemic is an example of how markets can change for any industry in the blink of an eye. He wants everyone to create multiple active or passive incomes in the form of equity dividends and capital gains, rent from property, e-commerce companies, alternate financial instruments, etc., so that one doesn’t have to depend on a single source of income.

  1. Change is the only constant

One should always keep changing with the markets and adapting to new trends and opportunities. Change is the only constant in this world, and a person should always keep evolving. Nokia and Blockbuster are some examples of companies not changing with the markets and their needs.

While every individual is working towards being successful in their pursuits, the hacks provided by Sal Rich can serve as a hack or guideline to emulate healthy habits.

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