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Many of these people make biginvestmentsin themselves that set them up for long-term success.
In contrast, here are the bestways to spend your paycheck when your salary barely covers your expenses.
Pursuing a Challenge
Not all investments have a tangible impact on your career or business.
Some self-made millionaires make investments in the intangibles that dont appear to impact the business on the surface.
However, accomplishing a big challenge can make business obstacles seem easier to overcome.
Gene Caballero is the co-founder ofGreenPal, a platform that connects homeowners with lawn care professionals.
He explained why using his earnings to climb Mount Kilimanjaro was the best investment he made.
Climbing Mount Kilimanjaro was the best way I ever spent a paycheck.
My Kilimanjaro adventure pushed me to new physical and mental boundaries which were similar to challenges faced in entrepreneurship.
The value derived from experiences far surpasses that of material possessions because they determine your personal development.
Growing up, we did not have the kind of money for this kind of thing, she said.
This is why the work that I do is so powerful.
I want families of color to have the wealth that they dream of and these opportunities.
This was a powerful moment for me to see the change in generations this business is bringing.
Years ago, that would have felt impossible, she said.
I remember a time when every dollar had to be stretched, every expense questioned, she added.
That paycheck wasnt just about flights or hotels; it was about giving my family the experience of freedom.
Business Acquisitions
Two self-made millionaires mentioned business acquisitions as their best investments.
These investments align more with generating a direct ROI than intangible benefits.
Harry Morton is the CEO ofLower Street, a podcast production company.
The firm recently acquired Canadian-based Pacific Content, which he views as his best investment.
I always put aside a part of my paycheck for speculative opportunities.
This paid off when the opportunity to buy Pacific Content arose.
Being financially prepared meant I could act without hesitation, he said.
It wasnt just about growing the business.
you could think of savings as just putting money away, but its actually buying future opportunities.
This is something Ill continue to do because I can never be prepared enough.
While there are other sources of funding, its simply better to have your own resources ready.
It gives you control, speed and the ability to seize opportunities without hesitation.
While Morton carefully calculated this acquisition, it was the opposite for the next self-made millionaire on this list.
She explained how an investment made on a whim resulted in big profits.
After a few too many drinks, I impulsively bought a few laundromats.
Turns out, pretty good.
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