Rich Habits Podcast

96: Building Generational Wealth in Your 40s & 50s

Dec 23, 2024

Discover how to build generational wealth in your 40s and 50s with actionable strategies. Uncover the importance of eliminating high-interest debt and making informed investments. Learn about asset protection through LLCs and the structure of 529 plans. The discussion also covers balancing emergency funds with investments. Emphasizing a structured approach to wealth management, the hosts debunk myths about missed opportunities and focus on enhancing financial well-being before retirement.

43:48

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Quick takeaways

Increasing household income through budget audits and career advancement strategies is essential for building wealth in your 40s and 50s.

Effective estate planning, including 529 plans and utilizing revocable trusts, is crucial for ensuring generational wealth and protecting assets.

Deep dives

Increasing Household Income

To address the feeling of being behind in retirement savings, a key focus is on increasing household income. This begins with a thorough budget audit to determine how much is being earned and spent each month. Aiming to allocate 15 to 25% of monthly income towards investments requires identifying areas to cut costs or ways to boost earnings. Strategies such as obtaining career-specific certifications, job hopping for higher salaries, and developing clear career advancement plans are suggested to effectively increase income and contribute more towards building wealth.

Intro

2min

Strategies for Generational Wealth in Midlife

24min

Building Generational Wealth

7min

The Importance of Asset Protection through LLCs

4min

Prioritizing Financial Safety: Emergency Funds vs. Investments

4min

Building Wealth: The Importance of a Structured Approach

3min

In this week's episode of the Rich Habits Podcast, Robert Croak and Austin Hankwitz share their three best tips to building generational wealth in your 40s and 50s.

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