The Importance of Knowledge and Long-Term Thinking in Building Wealth | 7min snip from The Wealth Without Wall Street Podcast

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BYOB Book Review Part 15 | Long-Range Thinking Required

The Wealth Without Wall Street Podcast

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CHAPTER

The Importance of Knowledge and Long-Term Thinking in Building Wealth

This chapter discusses the significance of understanding money and thinking ahead in creating and preserving wealth, with examples of millionaires who faced setbacks but bounced back through their financial knowledge. It also highlights the obstacles to passing down wealth and knowledge, particularly in relation to 401ks and IRAs.

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How do you want to be remembered when you're gone? What legacy do you want to leave behind? Do you want to leave all the wealth you've accumulated to your family, or do you want to leave them with the knowledge of how to build lasting wealth so they can do it themselves? Leaving a legacy is more than giving an inheritance, a trust fund, or material things. You must devise a plan to protect your legacy and ensure the wealth-building knowledge is passed to the next generation.

In response to the requests to bring back the BYOB series, Russ and Joey continue their book review, and today they discuss how to practice long-range thinking and pass along a lasting legacy to the next generation.

This episode is Part 15 of an 18-Part Series.

Top 3 Things You’ll Learn:

What is required to pass along the wealth of knowledge over the rest of my life?
What had the wealthiest families in the world done to execute this, either poorly or amazingly?
What can be done to start or to add to your generational plan?

About R. Nelson Nash:

R. Nelson Nash (1931 - 2019) wrote the book Becoming Your Own Banker that unfolded The Infinite Banking Concept (IBC). He came up with the idea of IBC in the early 1980s when he was struggling with high-interest rates on commercial bank loans. Today, many people continue to benefit from using IBC as a tool to achieve financial freedom.

The Men Who Built America:

https://watchdocumentaries.com/the-men-who-built-america/

What Would the Rockefellers Do?:

https://www.amazon.com/What-Would-Rockefellers-Do-Wealthy/dp/069263536X

Rich Dad Poor Dad by Robert Kiyosaki:

https://store.richdad.com/products/rich-dad-poor-dad-what-the-rich-teach-their-kids-about-money-that-the-poor-and-middle-class-do-not

Wealth Without Wall Street Episode 62 - How to Create Business Opportunities & Generational Wealth Through Infinite Banking w/ Dr. Jim Smith:

https://www.wealthwithoutwallstreet.com/podcast/how-to-create-business-opportunities-generational-wealth-through-infinite-banking-w-dr-jim-smith

Building Your Warehouse of Wealth by R. Nelson Nash:

https://infinitebanking.org/product/building-your-warehouse-of-wealth/

Entrusted by Andrew Howell:

https://www.amazon.com/Entrusted-Building-Legacy-That-Lasts/dp/0692558268