Back to Blog
My advice for how Meghan and Harry can achieve financial independence: "Be frugal, entrepreneurial and make the most of your assets"
Rebel Business School founder Alan Donegan, who became financially independent aged 41, says the royal couple have many potentially profitable assets and can easily live without Her Majesty's coin.
The announcement by the Duke and Duchess of Sussex that they are planning on becoming 'financially independent' is welcome news, says Alan Donegan, co-founder of Rebel Business School and a prominent member of the FIRE (financial independence, retire early) movement.
"It's good that Meghan and Harry are joining the real world and planning to look after themselves financially - this could be inspirational to others looking to achieve the same goal."
Alan achieved his own financial independence by the age of 41 through business and wise investing. His most significant venture, the Rebel Business School, has provided free advice and inspiration to over six and a half thousand people since launching in 2012.
"The Rebel Business School has helped people from seriously disadvantaged backgrounds become start-up entrepreneurs. Our doors are open to all – including the Royal family."
At an early age Alan fought off bankruptcy and warns others about the danger of excessive debt and overspending.
"Financial independence is something everyone in the nation should be striving towards. The three pillars of the FIRE movement are reducing expenditure, raising income and investing the difference.
"Harry and Megan need to stop using private jets and learn to live a more frugal lifestyle. Even though I am a millionaire, I drive a Skoda. Those of us in the financial independence movement learn to save and invest in assets. Clearly, the Duke and Duchess have many assets, including their celebrity status, which could create some very strong income streams.
"If they manage their assets correctly, they could make a princely sum. Can you imagine what someone might pay for a night at Frogmore Cottage on Airbnb?"
Alan says Harry and Meghan should embrace an entrepreneurial approach to boosting their income.
"You don't need money to start a business, it's all about making your first sale and building from there. Harry and Meghan shouldn't waste time writing business plans and taking traditional business advice. I guarantee we can launch their first enterprise within two weeks."
"We'd be delighted to welcome Harry and Meghan onto one of our free two-week courses. After all, at Rebel Business School we pride ourselves in helping people from all walks of life.
"The advice I'd give to Harry and Meghan is the same advice I'd give to anyone starting up a business. What resources and expertise do you have already? What can you get cheaply or for free to help you get started? And how can you get off the ground without getting yourself into debt? These are questions Harry and Meghan need to be asking themselves now if they're serious about becoming financially independent."
10 Royal Income Ideas
Ten Ways Harry and Meghan can increase their income, from Rebel Business School's Alan Donegan:
1) Mint some fast cash
Many people on the road to financial independence sell family or household items that are surplus to their needs. A quick rifle through the drawers could reveal the kinds of knick-knacks that make some easy money.
One excellent way of raising funds to get towards financial independence is to make money from your own home, also own as 'house hacking'. Frogmore Cottage would be a hit on Airbnb.
3) Royal Retail
The Sussexes might take inspiration from Prince Charles' Duchy Organic line with their own retail business. A pop-up cafe called 'Royal Tea', or a chocolate brand: 'The Royal Mint'.
5) Crown Jewels
Though Harry might choose to steer clear of the fancy dress route, there are many retail options. One idea is a jewellery franchise: 'The Crown Jewels'
I believe The royal couple already have sussexroyals.com and online businesses are a superb way to become financially independent, being cheap to set up and maintain when compared with the costs involved with a high street presence. Some good online platforms would be an excellent launch pad for their entrepreneurial ventures
7) Meg's marriages
The royal couple have both specialist expertise and unrivaled contacts in the area of royal weddings. How many brides would love some advice from Meghan on how to have the perfect special day?
8) The Royal Barter
One of the best ways to start a business on a budget, eBay would enable to royal couple to make a profit right from the start, without getting into debt. Meghan's dresses and memorabilia could all help the couple make good money via the e-commerce website.
9) Royal Theme park
This would obviously need investment but there are so many options for a royal theme park: Windsorworld, Windsor Wonderland even Megoland Windsor. Rides could include corgi racing, teacups, a haunted Buckingham Palace, a shooting gallery with pheasants (or peasants), 'it's a royal world after all'. Naturally, all gift shops would have to include solar powered waving queens.
10) Majestic marijauna
With much of their time spent in the US, Harry and Meghan will be able to take advantage of opportunities to cash in on the popularity of the British royal family in the US. With cannabis now legalised in many states, their own brand would be able to stand out with some canny marketing. A premium cannabis brand could be named 'The Royal Highness'.
That's our advice to the Royal couple on their journey to Financial Independence! If you have any ideas we have left off the list leave them in the comments below or if you want help launching a business then make sure you come to a Rebel Business School Event!
I also want to give a huge thank you to Jon and Corinne from Full Story Media who wrote this and turned our ideas into an awesome article and have been helping us get the message about Rebel out into the world! THANK YOU