When thinking about building wealth, the main goal is to create cash flow and passive income that will put extra money in your pocket in the long run and let you live the life you want. Through this episode, know the ACTs of building wealth: assets, credit, and taxes. Understand how these can affect your income and how you can use it to your advantage that will create more cash flow on your end.
Quotes and Advice from our host:
- “On this journey, when we're trying to build wealth, when we're trying to be a better person, there's a lot of pitfalls that we need to watch out for.” (00:49)
- “An asset is anything that's going to consistently bring back money to you, whereas the liability is anything that you're going to spend money on that you're not going to get any return of investment on.” (01:17)
- “First and foremost, understand that credit is the ability to make payments over time and on time, and does someone else have trust in that ability within you?” (06:40)
- “There are only two things that are guaranteed in life, I'm sure you've heard this, but it's death and taxes.” (06:55)
Books, Mentions, and Links: