EP 027: The MOST Important Skills for Wealth Building

This week I have been sick AF.

I almost cancelled this week’s podcast and didn’t write this email.

This sums up my state.
I spent 15 minutes looking for my phone only to realise it was in my hand.

But… sometimes you gotta ask yourself.
Are you committed? Or, just interested?

Many people are just interested in building wealth.
They are not committed and their results show it.

And one other thing I have been reminded of…
When we are sick we are not our most productive.

Which means that investing in keeping yourself healthy is a worthy investment!

Anyhow,

In this week’s episode:
○ The most important skill for wealth building?
○ Did the boomers have it easier?

Prefer to listen or watch?

You can hear Grant and I discuss these topics in more detail on the podcast
Click here to tune in: https://linktr.ee/fullstackbusinessowner

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COMMUNITY QUESTIONS

What is the most important skill to develop for wealth building?

What a great question.

If you are going to be successful in any endeavour, building the necessary skills is critical.
But… Which ones do we think are the most important?

Here are our answers from the podcast.

Grant: Research & Education

Charley: Long-term thinking

One of the things I have noticed when it comes to wealth building.
Making money and growing money are very different skill sets.

Yes, there is a lot of crossover between business skills and wealth-building skills.

But.. they are very different sports.

It’s kinda like the difference between 100m sprinters and marathon runners.

They both require you to be able to run…

But, what is required of you to win is very different.

One of the things I notice in business is that you have so much more agility.
You can make big changes to a business quickly.

You can bring out a new service, hire a new person or pick a new niche in the space of a weekend.
Often those types of moves are required for you to be successful in business.

However… doing that with wealth building is a sure-fire way to destroy capital and send you backwards. 

The transaction costs and tax implications of moving in and out of investments quickly can be brutal. 

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COMMUNITY QUESTIONS

Did the baby boomers have it easier?

Yes, the boomers had it easier and they absolutely destroyed the economy.😜

I will take my opportunity to throw shots at the boomers!

To be more specific,

When it comes to the cost of assets in relation to incomes, I don’t think anyone can deny that boomers had it substantially easier.

But… When it comes to business opportunities it’s the complete opposite.

My parents never had the business opportunities I had.

Just think of what can be done with a smartphone and an internet connection.

We see countless e-commerce businesses starting out of garages and spare bedrooms.
The boomers would have had to rent retail space to open a store or walk door to door to sell.

And don’t even get me started on how easy it is today to get information through platforms like youtube.

I have a hard time thinking that any Millennial has been hard done by from this perspective.

Yep, houses are expensive!

But, the new generations have the ability to make so much more money than the boomers did.

Where I think many go wrong is trying to play the game of life like the boomers.

That ship has sailed.
It’s far better to seize the opportunities of today.

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DON’T FORGET

We want to hear from you…

If you want to have your question answered on the show send it over on our email or reply to our newsletter.

Both Grant and I love hearing from the community and want to support you on your wealth-building journey.



DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.

Episode Highlights:

00:00 Welcome to Full Stack Business Owner
02:11 Most important wealth-building skill for Charley
06:23 Grant’s #1 skill for building wealth
13:36 Power combination: long-term thinking plus education and research
15:49 Finance perspective: did the baby boomers have it easier?
19:41 Which generation has more business opportunities and access to education?
26:30 What Charley is pondering
29:45 What Grant is thinking about

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