112: The Art of Staying Rich

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Apr 7, 2025

The discussion kicks off with tips on betting strategies for underdogs, setting an intriguing tone. Key strategies for wealth retention emphasize the importance of living below one's means to combat lifestyle inflation. Automating financial transactions is highlighted as a game-changer for effective wealth management. The hosts also dive into the impact of purchasing depreciating assets like cars on financial health. They explore the advantages of Roth IRAs and cryptocurrency security, providing practical advice for protecting investments.

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ADVICE

Live Below Your Means

Live below your means; save 15-25% of your take-home pay monthly.
Automate transfers to a high-yield savings account to build wealth.

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ADVICE

Depreciating vs. Appreciating Assets

Understand the difference between depreciating and appreciating assets.
Avoid buying new cars, boats, etc., as they lose value quickly.

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ANECDOTE

Robert's Jet Ski

Robert Croak rewards himself with depreciating purchases only after investing substantial amounts.
He bought a used jet ski after investing $100,000, balancing enjoyment with financial prudence.

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Mastering Wealth Retention: Live Below Your Means

01:55 • 3min

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Maximizing Wealth Through Automation and Smart Asset Management

04:36 • 2min

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Financial Prudence in Asset Management

06:32 • 14min

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Navigating Wealth Preservation and Educational Savings

20:28 • 5min

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Navigating Roth IRAs and Cryptocurrency Security

25:26 • 13min

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Empowering Financial Journeys and Community Growth

38:52 • 2min

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In this week's episode of the Rich Habits Podcast, Robert Croak and Austin Hankwitz demystify the "Art of Staying Rich."

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Disclosure: A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. As of 4/7/25, the average, annualized yield to worst (YTW) across the Bond Account is greater than 6%. A bond’s yield is a function of its market price, which can fluctuate; therefore, a bond’s YTW is not “locked in” until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The “locked in” YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See our⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠Fee Schedule⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. See⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://public.com/disclosures/bond-account⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to learn more.

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