In 'Money for Tomorrow', Whitney Elkins-Hutten shares her expertise on creating, keeping, and growing wealth for generations. The book outlines essential strategies such as the Five Choices of Prosperous Investors, the Asset Performance Equation, and the Seven Principles of Conservative Investing to help readers achieve financial freedom and build a lasting legacy.
The book tells the story of Robert Kiyosaki's two fathers: his 'poor dad,' a highly educated but fiscally poor man, and his 'rich dad,' the father of his best friend who was a successful entrepreneur. It emphasizes the importance of financial education, distinguishing between assets and liabilities, and building wealth through investing in assets such as real estate and businesses. Kiyosaki argues that a good education and a secure job are not guarantees for financial success and provides practical lessons on how to make money work for you rather than working for money[1][3][5].
In 'MONEY Master the Game: 7 Simple Steps to Financial Freedom,' Tony Robbins provides a comprehensive blueprint for securing financial freedom. The book is based on extensive research and interviews with legendary investors such as Warren Buffett, Ray Dalio, Carl Icahn, and John Bogle. It outlines seven steps: making the most important financial decision of your life, becoming an insider by knowing the financial rules, making the game winnable, making the most important investment decision, creating a lifetime income plan, investing like the top 0.1%, and taking action. The book emphasizes the importance of education, diversification, and developing the right financial strategies to achieve long-term financial security and freedom.
You’ve worked so hard to finally achieve FIRE (financial independence, retire early); the last thing you want is your wealth to dwindle or disappear entirely. Unknown to most FIRE-chasers, four financial “horsemen” (of the personal finance apocalypse) could steal your wealth right out from under you, without you even realizing it. What are the four horsemen, and how are we protecting our FIRE portfolios from them?
To make sure you not only become wealthy but stay wealthy, we brought Whitney Elkins-Hutten, author of Money for Tomorrow, on the show to share the best ways to keep your portfolio safe from the four horsemen. Whitney scaled her portfolio from almost nothing to life-changing wealth, and she could have lost it all if she hadn’t learned how to protect it.
Mindy and Scott tag-team to show YOU how to protect your FIRE from these four horsemen, including sharing what they’re doing right now to set themselves up for a successful (and safe) financial future. Don’t let your wealth get drained before OR during FIRE; take these tips to heart ASAP!
In This Episode We Cover
The four “horsemen” that could destroy your FIRE lifestyle and disrupt your generational wealth
How Whitney went from accidental house flipper to financially-free investor
The overlooked investing “fees” that could cost you hundreds of thousands of dollars
Why you’re (probably) paying too much money for insurance (and how to start saving)
When (and when not) to pay off debt and which balances to prioritize first
And So Much More!
Links from the Show
Mindy on BiggerPockets
Scott on BiggerPockets
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Connect with Whitney
(00:00) Intro
(06:00) "Ownership" Makes You Rich
(10:09) Aggressively Investing in Rentals
(11:52) This Could Destroy Your Wealth
(19:07) Which Debt to Pay Off
(23:14) Save Thousands on Insurance
(30:23) This Could Delay Your FIRE
(37:08) STOP Being Scared of Taxes!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-617
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