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RL–191 10 Practical Steps to Wealth Building Success

In this episode of the Retirement Lifestyle Show, Roshan Loungani and Adrian Nicholson go through the 10 seeds you must plant to become wealthy. They cover the benefits of being frugal, ways to beat inflation, and how to get the most out of compound interest. Listen now to learn more about the 10 Practical Steps to Wealth Building Success.

[00:00] Introduction

[02:53] Think Wealth

[06:47] Why You Need to Start Being Frugal

[08:10] Rich People Stay Rich By Living Like They’re Broke

[10:57] Wealth is Built on Profit-Ability

[15:23] Get Out of Debt

[20:35] The Difference Between Good and Bad Debt

[23:28] Don’t Just Save, Save Urgently

[27:25] Consistently Track Your Net Worth

[29:26] How to Beat Inflation 

[31:15] Minimize Risk and Reduce Your Odds of Losing Money

[33:32] Taking Advantage of the Power of Compound Interest

[35:12] The Average Holding Period of US Stocks in 2022

[39:48] The Ultimate Goal of Being Wealthy

[42:11] Parting Thoughts

To read the Full Show Notes scroll down or click here.

  • Roshan Loungani can be reached at roshan.loungani@aretewealth.com or at 202-536-4468.
  • Erik Olson can be reached at erik.olson@aretewealth.com or 815-940-4652.
  • Adrian Nicholson can be reached at adrian.nicholson@aretewealth.com or at 703-915-8905

Listen now to learn more about the 10 Practical Steps to Wealth Building Success.

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In this episode of the Retirement Lifestyle Show, Roshan Loungani and Adrian Nicholson go through the 10 seeds you must plant to become wealthy. They cover the benefits of being frugal, ways to beat inflation, and how to get the most out of compound interest.

Full Show Notes:

The 10 Seeds of Wealth

  1. Think Wealth. You need to have a wealth mindset. Becoming wealthy should always be top of mind because all riches have their origin in the mind. Unfortunately, ordinary people want wealth without the sacrifices of accumulating it.
  2. Frugality. Frugality is the cure for all your financial ailments. If you want to build wealth, be frugal and save more than you spend. 
  3. Profitability. Wealth is built on profit-ability. Maximize your ability to make a profit consistently. 
  4. Get out of debt. Debt is the slave master of a free society. The faster you get out of debt, the sooner you’ll begin your journey to becoming wealthy.
  5. Save urgently. Don’t just save; save urgently. Banking all your excess income should always be your priority. According to Roshan, to become wealthy, you must transition from a consumer to an owner and an investor.
  6. Keep score. Track your net worth and review your assets at least once a year. 
  7. Beat inflation. You’re always in a race against inflation. So, always invest in assets that will beat or at least keep up with inflation. The last thing you’d want is for your purchasing power to lose to inflation, especially in retirement.  
  8. Minimize risk. This is a tricky one because to become wealthy, you must take risks. However, reducing your odds of losing money is almost as important as investing in the right assets or getting out of debt. 
  9. Multiply. Great minds are awed by the power of compound interest. The wealthy are always reinvesting their money because they know how much their money can multiply if given enough time. So, to be wealthy, think in decades, not years. Thinking long-term puts all the positive investment odds in your favor.
  10. Passive income. Always be on the lookout for ways you can earn passive income. The ultimate goal of being wealthy is to have security and freedom. And there is no better way to achieve that than through passive income. 
Listen now to learn more about the 10 Practical Steps to Wealth Building Success.
 

Links and Resources:

The Wealthy Gardener: Life Lessons on Prosperity between Father and Son by John Soforic

100 Baggers: Stocks That Return 100-to-1 and How To Find Them by Christopher W Mayer

Disclaimer Welcome, you are now listening to the retirement lifestyle show with Roshan Loungani Erik Olson and Adrian Nicholson. This show is an exploration of ideas to help you work towards your ideal retirement. Roshan Loungani and Erik Olson serve clients across the US. They offer financial planning and investment advice through Arete Wealth Advisors, LLC, an SEC registered investment advisor and securities through Arete Wealth Management LLC, member FINRA, SIPC, and NFA. Get ready for the financial independence of your dreams. All opinions expressed by podcast hosts and guests are solely their own are based on information they believe is reliable. Neither Arete Wealth nor its affiliates, warrants its completeness or accuracy, nor do their opinions reflect the opinion of Arete Wealth. This podcast is for general informational purposes only and should not be regarded as specific advice or recommendations for any individual. Before making any decisions consult a professional. Finally, our music is the chance by Jason Shaw and Audionautix. It’s part of the YouTube Audio Library and it’s licensed under a Creative Commons license.

Thank you for listening.

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