Watch This If You Want To Build Wealth
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What is the main topic discussed in this episode?
If you want to build wealth, you've come to the right place.
And Brian, I am so excited because today is going to be like a personal finance crash course. And we're covering everything you need to know about how to get your finances on the right track so that you can start building wealth.
I'm Brian, he's Beau, and we're financial advisors here to guide you on your journey to financial independence. And with that, let's dive right in.
Yeah, Brian, today we're going to go over the roadmap, the rules, and the resources that you need to be able to conquer this quest that you're on that we like to call your financial journey.
Well, Beau, anybody who watches movies, reads books, you know that there's the hero of the quest. And the quest is going to, if you're going to be successful as the hero, you need some key elements, whether it's a roadmap-
Like the yellow brick road.
This is going to be great.
Or the rules. Like the DeLorean must reach 88 miles per hour.
Okay. Or the resources.
I'm assuming those are swords from Lord of the Rings.
Or lightsabers.
Oh, maybe it's lightsabers for sure. Yeah, you have to have the right roadmap, the right rules, the right resources in order to be able to build wealth, in order to do things in the most efficient, most effective manner possible.
Yeah, so if you're on the hero's journey, we want you to take an... active role and know how to manage your money well so you really do, you don't waste time, you don't waste your resources, you end up in the right place. No NPCs in the moneyverse for sure. So the first thing we ought to kick off with is the three ingredients to wealth building.
Yeah, even if you're awful with money, and maybe this is your first interaction, what we want to let you know is that when it comes to building wealth, there are really three distinct ingredients that you need. And depending on where you are in your journey, you may have more or less of these ingredients based on your unique circumstances.
So let's talk about these three ingredients. The first one is discipline. Look, if you can never live on less than you make, you're not going to be on the hero's journey to building wealth. So practice discipline.
When you practice that discipline, it creates a little bit of margin or money that you get to put to work. That's what you're exercising the discipline for to generate a little bit of money.
And the most valuable of the three ingredients is actually the time. If you are young enough and you can harness the power of compounding growth, you don't have to work so hard. The heavy lift actually comes from your money working for you. Your army of dollar bills can be more powerful than your back, your brain, and even your hands.
Now, here's a challenge for you. If this is brand new to you and this is the first time that you're interacting with this idea, I want you to do this. If you're working and you get a paycheck, whether you're paid hourly, paid salarially, whatever that is, I want you to look at what your net take-home pay was. Whatever hit your checking account this past pay period, And in this next pay period, I just want you to take 5% of that amount. That's it. Just take that amount that hit your checking, multiply it times 0.05. And I want you to put that in a high yield savings account. So if you're a median income earner right now, earning about $64,000 a year, that means that you would be saving about $225 per month.
I just want you this month, Put $225 into a high-yield savings account. You can go to bankrate.com. You can just Google high-yield savings account. Pick one of those and drop that 5% in there. If you can do that this month, in the next month or next pay period or next payroll cycle, you can do it again, and then you can do it a third time. I'm going to argue, if you can do that three times in a row, you have what it takes to be able to build wealth.
I love that, Beau. If you can just give us 5%, we'll change your life. And what I really like is that respects those three ingredients to wealth is because you're really stretching out that discipline muscle.
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Chapters
7 chapters
1
What is the main topic discussed in this episode?
0:00–8:21
2
What three ingredients do you need to start building wealth?
8:21–12:54
3
How can saving 5% of your paycheck jump‑start your wealth journey?
12:54–19:11
4
What is the Financial Order of Operations and why does order matter?
19:11–24:05
5
Why should you cover your highest insurance deductible before investing?
24:05–27:41
6
How do you capture free money from your employer with retirement matches?
27:41–32:50
7
When should you prioritize paying high‑interest debt versus investing?
32:50–38:31