The Wealth Game: Stealing from First to Second

There are so many traps along the way of the Wealth Game that could keep you from achieving financial independence. Emotions, financial habits, and lifestyle choices can all tie us down to the Wealth Game’s first base and prevent us from moving to second—yet, it is not impossible. Those of us who aspire to move beyond first base have to figure out what it takes to reach second base: the stage of asset accumulation.

In this episode, I discuss how we can steal second base in the Wealth Game. I explain what lifestyle creeps are and why so many people get stuck in first base. I differentiate appreciating from depreciating assets and enumerate the many ways individuals can accumulate assets. I also highlight the importance of budgeting, discuss how budgeting can liberate our financial lives, and underscore how you can begin efficiently building and accumulating assets.

 

“In playing the game of wealth, what we’re truly after is something that appreciates in value. Otherwise, we won’t get much of a lead-off from first base.” - Justin Goodbread

 

This week on the Financially Simple Experience:

• A recap on home plate and first base of the Wealth Game
• Lifestyle creeps and the trappings of first base
• Understanding the power of compound interest
• The statistics on savings and retirement funds
• What the second base represents in the Wealth Game
• What an asset is and the differences between appreciating and depreciating assets
• Some examples of assets that we can grow in value
• Getting started in building assets that help us gain financial independence
• What I love about employer-sponsored retirement plans
• Capitalizing on the cryptocurrency buzz
• The importance of creating budgets and paying yourself first

 

Resources Mentioned:

• Book: The Richest Man in Babylon by George Clason

 

Our Favorite Quotes:

• “If we could teach the power of compounding interest to our children, the youth, and those whom we mentor and have the privilege to serve, we could change the narrative.” - Justin Goodbread
• “Nothing in life is free. If it doesn’t cost you money, it costs you time and emotions.” - Justin Goodbread
• “Look where you’re headed. Have a strategy, a plan, and a coach, or you’ll get stuck on first base.” - Justin Goodbread

 

About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey. 

If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher

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Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).

 

This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.