Starting a business takes dedication. Making it successful requires you to “multiply that by infinity,” says billionaire Raising Cane’s co-founder and CEO Todd Graves.

Graves would know: He worked 90-hour weeks at a California oil refinery and fished for salmon in Alaska just to get his Baton Rouge, Louisiana-based chicken finger restaurant chain off the ground in 1996. Nearly three decades later, Raising Cane’s has more than 800 locations worldwide and could finish this year with nearly $5 billion in sales, a spokesperson says.

“I can’t tell you how many 15, 16-hour days I’ve worked in a row,” Graves, 52, tells CNBC Make It. “I had to miss a lot of stuff.”

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At times, Graves worked so much that his wife would bring their two kids to his office for dinner and playtime — after which he’d go back to work, he says. Today, he runs a company reportedly worth billions: Much of his estimated $9.5 billion in net worth is due to his 90% ownership stake in Raising Cane’s, according to Forbes.

As such, he’s still busy — but he’s configured his workload to make time for family and friends anyway, he says. During vacations, for example, he’s occasionally woken up at 4:30 a.m. to work so he could join his family by 11 a.m. and spend the rest of the day with them, he notes.

“I’m as busy as anybody I know, I travel as much as anybody I know, but I can work my schedule where I can make most of the things I need to be at with kids, family or important friends,” says Graves.

Few entrepreneurs expect to have a healthy work-life balance in a business’ early days. That’s not necessarily bad: Trying to balance your work and life can add extra stress to an already-busy schedule, according to Jackie Bowie, a managing partner at financial risk management firm Chatham Financial.

“If you’re doing something that’s really worthwhile to you, and you enjoy it, you just accept that sometimes it’s going to be really hard work and you have to make sacrifices,” Bowie told CNBC’s “My Biggest Lessons” last year.

When Graves opened the restaurant’s first location, he rented an apartment behind the storefront and had a coordinated nap schedule with co-founder Craig Silvey to maintain their long workdays: 8:30 a.m. to 5:30 a.m. the next day, he told the “How I Built This” podcast in 2022.

You need that level of commitment as long as you’re trying to grow your business, Graves says. If you ever become comfortable with your company’s level of success, you can hire people to take some work off your plate, he adds.

That’s easier said than done: The act of delegation can be difficult for anyone used to working long hours or covering a wide range of responsibilities, from CEOs down to first-time managers. Trust the people around you to do their jobs, especially if you hired them — and remember that other people can effectively complete tasks in ways that differ from your approach, career experts recommend.

“It can certainly be tempting to get lost in the details of your team’s work, especially if you enjoy that discipline and genuinely find it interesting,” career expert Amanda Augustine told CNBC Make It in 2017. “However, don’t get so wrapped up in the little details that you neglect your management duties, such as setting the strategy and developing your people, and delay a project because you just can’t let go.”

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In 2017, Detroit-native Vincent Orr was working as a production supervisor at Chrysler, when he kept seeing and hearing advertisements for The Detroit Land Bank Authority.

The organization, founded in 2008, offers residents of Detroit, Michigan the opportunity to buy vacant, abandoned, or deteriorated houses and land at auction.

Orr submitted a bid and won a three-bedroom, one-and-a-half-bath house for $2,100. The property had been abandoned for about a decade.

“I wanted to invest my money, so I got up one day and decided to look on the website and saw they had something in my neighborhood for sale,” Orr tells CNBC Make It. “I drove by and decided to bid on it. I never saw the inside, and by 4 p.m. that day, I was the property owner.”

But Orr was in for a rude awakening. When he finally got access to the inside of the house, it had a giant hole in the roof, water damage, and the electrical and plumbing needed replacing. Despite all the repair work that lay ahead, Orr was still excited about purchasing his first home in the neighborhood where he went to high school.

“I thought it had great bones. I liked the architecture, and I was familiar with the neighborhood. I knew the potential of the area and the property,” Orr says. “I was also excited to have a piece of history because the house was built in the 1920s.”

One condition of the winning the auction was that Orr had to renovate the home and make it livable in nine months. He estimates he has spent $40,000 fixing up the house so far and says there is still more to do.

At the end of those nine months, Orr’s mother moved into the home and lived there rent-free.

“Since I was a child, I had been telling her that I was going to buy her a house,” he says. “For her to actually see me carry through was amazing for both of us.”

For Orr, who was 27 at the time, becoming a first-time homeowner and successfully turning the abandoned house into a home was a major accomplishment.

“To be able to own a home that was paid off with no loans, no mortgage and then be able to let my mom live there was a great feeling,” he says.

Just two years after buying the first property, Orr bought the property right next to his mother’s for $1,200 — it had also been abandoned for about a decade.

“I just couldn’t see myself putting all this money in next door and not having it look nice on the other side,” he says.

Orr admits that the condition of this second house was much worse than the first one he bought, but “I really liked the architecture of that one. It reminded me of a gingerbread house,” he says.

“I was excited to get my hands on it and bring it back to life. A lot of people didn’t want to bid on it because it had been in a fire.”

There was no living room floor, and the house had even been on the city’s demolition list before Orr bought it.

After securing the deed from the Detroit Land Bank Authority, Orr got to work. He estimates he’s spent $60,000 renovating it so far.

Orr lived in the house while working on it, which he says was a challenge, especially because it was during the pandemic. He moved out in 2021 and leased it to a family friend. He is also letting them live there rent-free until the renovations are complete.

And as if two properties weren’t enough, Orr bought a third on the north side of his original abandoned home for just $100.

“There was a house on the lot, but it had caught fire, and the city of Detroit ended up tearing it down,” Orr says.

At the time of writing, Orr says he plans to build a new house on the lot and do most of the work himself. He is in the process of becoming a licensed builder, having left his job at Chrysler in 2022 and General Motors in September. In October, he launched his own hardwood and epoxy flooring business.

Orr says he has no plan in place for when he’ll start building the house. He estimates he’ll need $100,000 to $150,000 and does not want to take out a loan.

“I’m just waiting to get the funds in order,” he says.

Orr says his biggest regret is not having bought more properties from the Detroit Land Bank Authority. He estimates the value of his houses has increased since he bought the first one seven years ago.

“I don’t know if it would be possible in today’s climate because Detroit has gained popularity. You have a lot of people moving in and I’m happy to see it, but on the other side, small developers like myself can’t get my hands on anything,” he says.

But the now 34-year-old says he doesn’t ever plan on selling them.

“I believe in ownership, and those homes are part of my retirement plan,” he says. “When I’m too old to work or just want to relax in the later years, I have those properties to rent out and gain income from because I don’t know if we can depend on Social Security.”

And for anyone looking to take advantage of an auction process like the one the Detroit Land Bank Authority offers, Orr’s advice is to not overthink it.

“Don’t waste your time. You’d be surprised if you just get out and try; you can accomplish anything. A lot of people doubt themselves, but if you build it, they will come,” he says.

“I plan on buying more and building more. I want to build apartment buildings and affordable housing.”

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My journey to becoming the first self-made millionaire in my family — through passive income from real estate investing and my personal finance business — came from a desire to spend more time with family.

Building passive income streams has allowed me to work less and be more present with my wife and our two kids. Being frugal and preserving our savings has helped, too.

But living frugally isn’t just about spending less or buying cheap things; it’s about being more intentional and not wasteful. Here are five things I refuse to spend my money and time on:

Cars often shed about 60% of their original purchase price within the first five years, which is why I can’t justify spending so much money knowing that the value will only depreciate.

Insurance premiums for new cars are typically more expensive than used ones, too. So I prefer buying a used car that is a couple of years old and has less than 100,000 miles.

I don’t overthink my outfits. I keep a small closet of simple, timeless clothes. If I’m going casual, I’ll pair blue jeans with a T-shirt or polo. If I’m attending a formal event, I’ll wear a suit and tie.

I only buy new items when I need to replace clothes with unforgiving holes from normal wear and tear. One of the most important things I teach my kids is how to care for their belongings and make them last.

I’m very intentional about my grocery shopping list, and we always plan our meals around what we already have at home.

I also dislike throwing away food that can be saved for the next day. If I’m at a restaurant and can’t finish everything in one sitting, I’ll take the rest home. I consider it a deal if I can get two meals for the price of one. 

Being frugal doesn’t mean buying whatever is the cheapest. It’s not worth sacrificing quality to save just a few dollars.

If I’m looking to buy an investment item, such as a mattress, sofa or refrigerator, I’ll do research and read all the product reviews. I’d rather own things that can survive multiple uses than constantly replace them because they were poorly made.

One of my favorite pastimes when I owned my first home was mowing the lawn. I took pride in taking care of it. But it was exhausting and time-consuming.

Now I have a landscaping company come mow my lawn once a week. I’m able to use the extra time saved with my family. I’ll teach my kids how to code, play guitar with them, or take them to the zoo.

The lesson here is simple: Delegating and paying people to do things (even if they’re simple tasks) is often worth the money. It gives you back time to do more meaningful things.

Jonathan Sanchez is the co-founder of Parent Portfolio, a website that helps families learn to grow wealth and raise financially responsible kids. Follow him on Twitter @TheParentPort.

Don’t miss:

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I didn’t think about leaving the U.S. to live somewhere else until very recently. 

My father is from Jamaica, so I have always felt a connection to the island, but it wasn’t until a few years ago that I finally visited for the first time. 

I was struck by the joy I felt surrounded by the culture, the food, and so many family members and new friends. This spring, I made the leap and moved with my two youngest kids to Negril, Jamaica.

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Back in the States, I was often ill and had very high blood pressure. Over the last several months, to my surprise and delight, following the example of the vibrant older folks in my community, my stress has lifted and I am so much healthier. 

Overall, I feel like I have a better chance of longevity here. 

Here are the biggest lessons I have learned from the senior citizens in my community:

One of my neighbors, in his mid-to-late 60s, can do a backflip and often climbs trees to pick fruit. He is just one example of the vibrant senior citizens in my area. 

Many people wash their clothes by hand, as I have started to, and hang them on the line. People devote a lot of time to tending their gardens.  

I spend almost all day outside working. I’ve tried doing that in the States, but as soon as the season changes, I go back in and may or may not come out again.

But thanks to the temperate year-round weather here, my veranda “office” is always open.

In hindsight, I feel like the dependence on cars in the U.S. made it harder for me to enjoy nature and the company of other people. 

In North Carolina, so many things are drive-thru, from pharmacies to fast food. By virtue of how my town was designed, everyone was reliant on a vehicle. In the U.S., I drove everywhere, including to take my daughter to daycare, even though it was just up the street.

In my community in Negril, most people walk and use public transportation, especially seniors, to get around and do their errands.

I walk much more since I got here, and I’ll stroll to the store most days. Jamaica is also very hilly and mountainous, so you regularly have to go up inclines. It’s been so positive for my health.

The food here is fantastic, especially the produce. Fruit trees are everywhere, and there is such a variety of fresh vegetables. 

To me, the food in Jamaica tastes different from the food in the U.S. It is not super processed, or overly salty or sweet. I don’t eat traditional fast food here, although there are restaurants that serve it. I prefer to go to a skilled local vendor and try some of their wares. 

You don’t have to go far to find someone selling delicious, healthy and inexpensive food, whether it is freshly caught fish, porridge, lovely cold coconuts, or some of my favorite dishes like jerk chicken, brown stew, bully beef and beef patties.

You will frequently see people, especially older folks, talking, playing dominoes or Ludi, and laughing together. When people aren’t feeling well, neighbors will share their favorite herbal remedies. 

We are often invited to neighborhood gatherings, even as newcomers. On a Sunday, for example, people might go to church, relax, go to the river, do some “bush cooking” — preparing and serving delicious meals outside. It’s a very laid-back atmosphere, and I felt welcome right away. 

I rarely saw anyone in my neighborhood in the States. I knew only about four of my neighbors on the street and I lived in that house for seven years. I would see people in passing and wave, but then we would just go back to our lives. 

It’s odd not to know or talk to your neighbors here. Every time I see a neighbor in Jamaica, we sit and chat. 

I didn’t realize how high-stress and individualistic the culture could be in the United States until we left. I was on autopilot all day, every day.

The pace of island life forced me to slow down, start paying attention to how I felt, and challenged my beliefs of what life should be. Moving shook up my routine, removed me from daily stressors, and allowed me to create a new reality. 

Small changes definitely add up, and getting out of my comfort zone helped me make these new habits stick, for the better.

Tiffany Grant is a financial educator, writer, podcaster and coach. Before she was an entrepreneur, Tiffany was an HR professional. She is the founder and host of ″Money Talk with Tiff,” an Accredited Financial Counselor and holds an MBA from the University of North Carolina at Greensboro.

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Buying a home can feel like an impossible feat as large parts of the world face a housing shortage. This is not the case with Japan though, which is dealing with an oversupply of properties.

As of 2023, Japan had more than 9 million “akiyas” — empty houses — according to government data, with some of these properties going for less than $10,000.

These homes, often abandoned and left empty for decades, are scattered across rural areas and big cities, offering a unique opportunity for buyers with creative ideas.

The rise in the number of abandoned houses in Japan is largely owed to a population crisis, as its fertility rate sinks to a record low of 1.2 births per woman as of 2023. Meanwhile, death rates have surpassed birth rates in Japan, as its elderly population continues to increase.

“The akiya problem has been building for decades, rooted in Japan’s post-war economic boom, which led to a surge in housing construction,” Tetsuya Kaneko, head of research and consultancy at Savills Japan told CNBC Make It.

“The issue became more pronounced in the 1990s with Japan’s economic slowdown, and has worsened with ongoing demographic changes,” said Kaneko.

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Urban migration is another big contributing factor to Japan’s abandoned houses. “As younger generations move to cities for work, rural areas are left with aging populations who may pass away or be unable to maintain their homes,” he added.

Among local people, akiyas are often stigmatized, and even seen as a “burden,” said Kaneko. So, even when family homes are inherited by the children of elderly parents who pass away, many times, the heirs are reluctant to personally use or sell the property, adding more abandoned houses to the market.

Notably, a home that is over 30-year-old “is typically considered old,” said Kaneko, and locals tend to be concerned over things like safety issues, high renovation costs and decay, he explained. Some people even associate these homes with superstition, “believing they might be haunted or bring bad luck.”

Ultimately, “many Japanese [people] look at akiya as depreciating items that are more trouble than they’re worth,” Michael, founder of Japan real estate blog Cheap Houses Japan, told CNBC Make It.

“The cheapest properties are that way for a reason,” he said, whether it is because the location is not desirable, or the cost of renovations are expected to exceed the value of the property.

Japan’s akiyas are gaining the attention of overseas buyers.

“We’ve noticed a rising trend in inquiries from abroad …There has been an increase in interest and [in the] purchases of akiyas,” said Kaneko.

This rise in foreign interest for property in Japan has been driven partly by the pandemic, remote work trends, and shifting lifestyle preferences, said Kaneko.

From young investors to retirees looking for a retreat, “more people are seeking second homes, vacation properties, or renovation projects,” he said.

Take for instance, Anton Wormann. He fell in love with Japan after visiting it during a work trip. Born and raised in Sweden, the 32-year-old had traveled all over the world during his 20s working as a model before relocating to the Asian country in 2018.

“I lived in New York for about two years, and then I was basically all over Europe … so I know how expensive all of these metropolitans are,” Wormann told CNBC Make It. “There’s no way that I could buy a house in any of these places that I’ve ever lived in.”

When he discovered that Japan was selling homes for cheap, he decided to purchase one for himself. Six years later, Wormann owns seven akiyas, and works as a full-time content creator and real estate investor in Japan.

He has completed renovations on three of his properties, and is currently working on finishing up the other four renovations. Today, a property that cost him a total of about $110,000 to purchase and renovate, brings in $11,000 in short-term rental revenue per month.

Wormann says “yes and no.”

Today, his properties are successfully bringing in six-figures in revenue a year, but this wouldn’t have happened if he didn’t put in the time and effort to become properly acquainted with the Japanese culture, language and people, he said.

“You need to create a good community and a good social network in Japan in order to make it successful,” Wormann said. “You cannot come without understanding the culture, without understanding how Japan works, and just throw money at it, because that would be a little bit of a money pit.”

“If you’re trying to blend in and do it in the right way, I think there’s definitely a lot of opportunity, but more so, I think there’s an opportunity to buy cheap real estate to actually utilize [personally],” said Wormann.

Experts echo this sentiment.

“Akiyas can be a good investment for certain groups, particularly hobbyists, DIY renovators or those seeking a quiet countryside retreat,” said Kaneko.

“However, they may not be ideal for institutional investors or those looking for quick or large returns, due to high renovation costs and limited resale potential in some areas,” he said, adding that scalability can also be a limiting factor.

It’s important to expect that costs can be substantial, especially if the house needs major structural work, Kaneko added, and consider that the home-buying process can be complex with the language barrier and the need to navigate local authorities.

Want to earn more money at work? Take CNBC’s new online course How to Negotiate a Higher Salary. Expert instructors will teach you the skills you need to get a bigger paycheck, including how to prepare and build your confidence, what to do and say, and how to craft a counteroffer. Sign up today and use coupon code EARLYBIRD for an introductory discount of 50% off through Nov. 26, 2024.

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