My Worst Investment Ever Podcast Richard Bliss – True Wealth Is Very Different From Income
BIO: Richard Bliss is the founder of BlissPoint Consulting, a social media consulting company that helps improve executives’ online communications and sales teams’ social selling behaviors.
STORY: Richard got a cash gift of $500,000 from his employer. After paying 50% tax, he spent the rest to pay his student loans bought a new car, a house, and some furniture. He regrets not investing what remained after paying his debts.
LEARNING: Small, incremental investments over time are more important than large lump sums. Find ways to make money and then invest in the stock market to turn that money into wealth.
“Focus on the consistent, timely, small, incremental steps to growing wealth rather than trying to go hit the home run.”
Richard Bliss
Guest profile
Richard Bliss is the founder of BlissPoint Consulting, a social media consulting company that helps improve executives’ online communications and sales teams’ social selling behaviors.
A LinkedIn Top Voices Influencer, experienced executive communications manager, and social media coach, Richard has helped thousands of people master social media tools and become fluent in social conversations, building their platforms and confidence to reach their audience and define their brand effectively.
Worst investment ever
Richard was part of a company that had a huge windfall, and the owner of the company felt that he had made an enormous contribution. So he gifted Richard $500,000 cash as a thank you.
Richard was left with $250,000 after paying 50% in taxes. He used the balance to pay off his debts and bought a new car, house, and furniture. Richard even bought furniture for some of his relatives. In about eight months, he had zero money in his bank account. Richard regrets having so much cash and not investing it.
Lessons learned
- Small, incremental investments over time are more important than large lump sums.
- Focus on the consistent, timely, small, incremental steps to growing wealth and growing success, rather than trying to hit the home run.
Andrew’s takeaways
- Don’t invest in the stock market if you want to get rich. The stock market is where you grow your wealth.
- Focus on creating a cash flow machine and then use the stock market to grow it.
Actionable advice
When a windfall comes in, pay off your debts and then take whatever’s left and invest it so that it’s not part of your living expenses.
No.1 goal for the next 12 months
Richard’s goal for the next 12 months is to double his company’s revenue again just like last year and continue this trajectory of growth.
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Connect with Richard Bliss
Andrew’s books
- How to Start Building Your Wealth Investing in the Stock Market
- My Worst Investment Ever
- 9 Valuation Mistakes and How to Avoid Them
- Transform Your Business with Dr.Deming’s 14 Points
Andrew’s online programs
- Valuation Master Class
- How to Start Building Your Wealth Investing in the Stock Market
- Finance Made Ridiculously Simple
- Become a Great Presenter and Increase Your Influence
- Transform Your Business with Dr. Deming’s 14 Points