Focus on your interests
Warren Buffet and Bill Gates agree that there’s no better investment than focusing on your passions.
“The thing you do obsessively between age 13 and 18, that's the thing you have the most chance of being world-class at,” Gates told Charlie Rose in a 2016 television interview.
Even if you’re well past 17, not all hope is lost. In her TikTok series, Cyrus talks about how she loved to sing and dance from a young age. That obsession led her to become one of the world’s biggest pop stars and the corresponding boost to her net worth.
So ask yourself: What do I love? What am I good at? What do I do in my spare time? The investment in that passion or hobby could be your ticket to millionaire status.
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Read MoreInvest in your passion wisely
Some say passion doesn’t pay the bills — but Dave Ramsey disagrees. The personal finance expert argues that you can take the money you earn from your passion and use it to build up your income even more.
Cyrus did just that. She used the money from her Disney days to create outlandish costumes and gimmicks for her “Bangerz” tour.
The 2014 concert series brought in $62.9 million, according to Pollstar – 70% more than Taylor Swift’s concert tour in the same year.
Though Cyrus says she made no money from the tour, it helped eventually boost the sales of the “Bangerz” album to over three million copies sold, making it a triple platinum record.
You can be like Miley. Whether you invest a small amount every month to grow your portfolio or decide to finally take that class to add or refresh your skills, you can take short-term costs and turn them into long-term gains.
Save for the future
Once you know what you want to do and how you can make money from it, all you have to do is do it. But sometimes you need some extra cash to get yourself started.
Cyrus is a good example of this. She says in her TikTok series that her “Bangerz” era life felt like “The Truman Show” because the paparazzi were constantly hounding her. So she was determined to end her “Bangerz” tour by reenacting the movie’s famous scene of Jim Carrey riding a massive hot dog.
“A lot of these ideas were so outlandish that no one wanted to support me,” she says.
Although she was only 20 at the time, Cyrus had the foresight to spend her own money now and reap the rewards later. She dipped into her own funds and financed the giant hotdog, and the whole tour herself. This was Cyrus’ major transition from Disney star to worldwide pop sensation. Without this investment, she may have never made that huge leap.
You can also create a “self-investment” fund to make your dreams come true.
When you decide that you must go to that industry conference or invest in a power suit, you can dip into this fund.
When in doubt, just remember Miley’s iconic musical mantra: “We can’t stop, we won’t stop.”
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