Rich Habits Podcast 96: Building Generational Wealth in Your 40s & 50s
11 snips
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.
AI Snips
Chapters
Transcript
Episode notes
Increase Income
- Increase your household income by 15-25% for investing.
- Explore side hustles, certifications, job hopping, or career advancement.
Loyalty vs. Financial Freedom
- Robert Croak lost an employee over a small hourly raise.
- The employee didn't account for commute costs, ultimately losing money.
Explore Side Hustles
- Don't settle in your 40s and 50s; explore side hustles and niche jobs.
- This period is ideal for building additional income streams.