DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing Back to the Basics: Wealth Creation - Part 1
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Jan 15, 2025 The hosts discuss pivotal moments like birthdays for reflecting on financial goals. They stress the importance of emergency funds and retirement savings as the groundwork for wealth creation. Key strategies for growth are explored, including stock market investments, real estate, and entrepreneurship. Personal stories from real estate investing highlight both the challenges and rewards of being a landlord. The importance of self-awareness, patience, and mentorship in wealth-building is emphasized, along with living prudently and investing wisely.
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Prioritize Retirement
- Prioritize retirement savings, regardless of employment type.
- Aim for the 10-10 plan: save and tithe/give 10%, live on 80%.
Wealth-Building Avenues
- There are three main ways to build wealth: stocks, real estate, and starting a business.
- Consider your personal temperament before choosing your wealth-building path.
Quint's Real Estate Story
- Quint Tatro shares his negative experience with real estate, highlighting the unexpected challenges.
- He advises considering your temperament before investing in real estate.