169. Building Wealth Outside Your Business, Lifestyle Creep, and Being Rich vs Looking Rich
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Episode Synopsis:
In this episode, Gina discusses building wealth outside of your business, avoiding lifestyle creep, and the difference between looking rich and being rich. She emphasizes the importance of paying yourself a living wage from your business, investing in income generating assets, and being intentional about your spending. Gina shares personal stories and highlights the risks of not building wealth as an entrepreneur. She encourages listeners to prioritize wealth building and make conscious choices about their financial goals.
Timestamps:
00:00 - Building Wealth Outside Your Business
03:45 - Avoiding Lifestyle Creep and Being Rich
07:28 - Paying Yourself a Living Wage
10:19 - Investing in Income Generating Assets
13:39 - Choosing Between Looking Rich and Being Rich
Takeaways:
- Pay yourself a living wage from your business to cover all your bills and have money for savings, debt repayment, and non-essentials.
- Invest in income generating assets, such as the stock market, to build lasting wealth outside of your business.
- Be intentional about lifestyle creep and avoid increasing your bills and non-essential expenses as your income grows.
- Choose between looking rich and being rich by prioritizing wealth building and making conscious decisions about your spending.
- Building wealth outside of your business is essential for financial security and the ability to retire comfortably.
