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At the end of the day, it is all so simple.
Investing, wealth, relationships, etc. They are so simple.
Yet, they are often so hard for us at first.
For example, the wealth equation is so simple: make more than you spend, and invest the difference wisely.
Yet, it is so difficult (people believe), because 1) you don’t make enough money, 2) your expenses are too high, and 3) you don’t know how to invest the difference wisely (if there was any).
But YoPro Wealth, and what our special guest Robert Berger (of DoughRoller.net), are focused on are helping you with each step of these pieces of your financial situation.
Rob and I talk a lot about financial freedom, true wealth, and how to invest the right way. I know that you’ll truly enjoy this edition of the YoPro Wealth podcast.
In This Podcast, You’ll Learn:
- Why passive income is key.
- What the ultimate goal is.
- How you should set up your investments.
- The keys to succeed in the investment world.
- The role that costs play in investing.
- Why your credit score is important.
- How to invest well for the long term.
- Why true wealth takes time.
- The equation for wealth.
- The importance of simplicity.
- And much, much more!
Definition of Wealth:
- “Wealth is living off of passive income. But I view financial freedom as the goal, and that is having the finances to do what you love to do.”
- Your Money or Your Life – skip some of the investment advice, but for a beginner, this is good stuff.
Best Financial Advice Ever Received:
- Live below your means and find something that you’re passionate about. Those two things will bring you true wealth.
Action In Next 7 Days:
- Spend less than you earn and invest the difference wisely. Max out your retirement funds, and attack that debt!
Passive income is something that we are talking more and more about. It is absolutely key! Most people trade time for money (check out the difference between the middle class and the millionaires/billionaires here). But passive income is where it is at.
Also, early in the episode we talked about the perfect situation – and that is to 1) do what you absolutely lights you up and you love to do, and 2) create financial freedom from that. That combination is what we’d all love to do, and is what I’m doing myself. It is what you can do as well!
Rob used the example of Warren Buffett – a guy that could have retired early on, but is still working in his 80’s. I hope that we will all try to be “working” until the day we die, because we should all be doing something that we truly love.
- Attack any debt that you have. You cannot become financially free with debt (unless you use it for leverage like in real estate), so get rid of it. Make that your main financial focus.
- Don’t overcomplicate things.
- Keep your investment costs low!