Q&A: Patenting an Invention, Agency Bonds, & Raising Children as a Millionaire

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May 22, 2025

This podcast dives into the nitty-gritty of financing home projects, offering smart budgeting tips and loan options. It also discusses the complexities of patenting an invention, from legal protections to market strategies. Listeners learn the perks of selling directly to consumers over retail, and the significance of naming a business for SEO. Additionally, it touches on saving for college using Roth IRAs and managing wealth through strategic investments while emphasizing the importance of financial literacy for children. Tune in for engaging financial wisdom!

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ADVICE

Garage Funding Strategies

Consider splitting funding by using part savings and part a low-interest loan like a HELOC for your garage project.
Alternatively, delay gratification by saving fully to avoid paying high-interest debt on loans.

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ADVICE

Invention Protection and Launch

Protect your invention with contracts and trademarks before seeking patents or manufacturers.
Focus initially on direct-to-consumer sales using platforms like Shopify before approaching retailers.

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ADVICE

Roth IRA Savings Priorities

For young savers, prioritize maxing out a Roth IRA over multiple investment accounts.
Consistent monthly contributions and compound interest can turn small amounts into millions over time.

Get the Snipd Podcast app to discover more snips from this episode

Navigating Financing Options for Home Projects

02:32 • 2min

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Financial Planning for Inventions and Construction

04:09 • 11min

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Strategic Launch: Direct-to-Consumer Over Retail

14:50 • 2min

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Maximizing Wealth Through Strategic Naming and Savings

16:48 • 4min

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Maximizing Wealth through Strategic Investing and Financial Planning

20:19 • 3min

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Navigating Financial Strain and Wealth Management

22:58 • 23min

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Engaging with Listeners on Personal Finance Resources

46:01 • 2min

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In this week's episode of the Rich Habits Podcast, Robert Croak and Austin Hankwitz answer your questions!

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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 5/22/25, 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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