Creating Wealth Inside and Out®

Updated April 21st, 2023.

Many agree that wealth is created by individuals and businesses exchanging goods and services. When companies produce products or services in exchange for money, that money can be used to purchase more goods or services from someone else. This creates a cycle of economic activity as people use their money to buy more things, creating jobs for others and more wealth for the overall economy.

Additionally, investments can be made to create new businesses, which then sell their products or services. This increases the goods and services circulating in the economy and creates additional wealth. Ultimately, it is up to individuals and businesses to decide how to use their money to optimize their economic growth potential.

Summary: “Creating Wealth Inside and Out® Podcast Episode”

You will learn:
>>03:21: One of the biggest millionaire difference
>>08:55: The three pillars to win with your money and mindset
>>13:03: Your Worth and Wealth Barometer
>>17:30: About Annette, background, and money mindset issues

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This information is for educational purposes only. It is not intended to replace any advisor or specialist or provide any investment, financial, tax, retirement, planning, or healthcare advice.

By reading this, you agree to hold MillionaireSeries.com® and its affiliates harmless for results achieved or not achieved.

The Ultimate Goal of Creating Wealth

And while this understanding is true, many people stop here or generate income only to spend it. They either do not understand or never achieve the ultimate goal of creating wealth – financial and life freedom.

It is common to earn and spend money because our society rewards this.

For over 22 years, I was a top financial advisor. During my career, I was number 1 in the world for a major financial institution. Everyone wanted to connect with me.

Rich vs. Wealthy

Early in my career, I didn’t get this. My initial goal was to earn $100,000,000. Thankfully, one of my first clients, who had a 9-figure net worth (over $100,000,000), said, “Annette, you are heading down the wrong path.”

Income vs. Net Worth

He said the goal isn’t to earn revenue but to accumulate wealth. Someone with a $100,000,000 net worth has many more options than someone making $100,000,000. People in charge of their futures have a net worth, choices, and the ability to control their futures.

It was a conversation that changed the trajectory of my life and focus. It is the difference between “rich vs. wealthy.”

Rich people earn and spend a lot of money. Most are new to money (like lottery winners or people who get a windfall). Wealthy people are focused on the accumulation of wealth. They focus on activities and opportunities that create wealth and allow them to accumulate assets.

They often take small salaries. Instead, they focus on the investment of what could be spent on their salary. Warren Buffet is a great example. His income has been $100,000 for years, and he still lives in the home he purchased years ago.

I sat next to his CFO (the firm’s money guy). About 30 minutes in, listening to how they marketed and spent money, I realized I was generating more profit each year than he was. It was a huge eye-opener and kept me on the path to accumulating wealth.

Additional Ways to Create Wealth

Wealth can be created through investments in stocks, bonds, and goods and services. By investing in these securities, people can access the capital they accumulate, providing assets to be used later for purchasing other investments, accumulating wealth for retirement, and creating generational wealth.

A helpful tip is to understand that earning and spending money is a short-term dopamine hit and is rewarded by society. Wealthy accumulation is a long-term dopamine hit that requires discipline and delayed gratification.

Creating Generational Wealth

Many people want to create wealth that benefits their children and family.

What is generational wealth?

Generational wealth is a term used to describe the accumulation of financial resources and assets that can be passed down from generation to generation.

Most generational wealth is created through investments in stocks, bonds, real estate, businesses, and life insurance. These investments allow families to provide greater opportunities for their children and grandchildren while increasing their chances of personal future success.

Building Generational Wealth

There are many ways to build generational wealth, such as investing in stocks or starting a business. Investing in real estate is another great way to create a lasting family legacy.

Generational wealth is about money and passing down knowledge and values instilled in each generation. Teaching children and grandchildren about the importance of saving, budgeting, and investing can help ensure financial success for many years.

Your Family’s Legacy

Generational wealth is an important part of a family’s legacy, allowing them to create financial stability and provide opportunities for future generations. Families can ensure their legacy will continue growing by investing in stocks, real estate, businesses, and other resources. With proper planning and dedication, generational wealth can provide financial stability and many opportunities for your lineage.

Finite and Infinite Wealth

Another important insight is that you often have infinite earning potential while creating wealth. Once you retire and begin spending your money, you only have a finite amount to see you through your retirement.

And while it is essential to enjoy your life now, the secret is to create a plan for the future so you can also love your life once you retire.

The Ultimate Goal

Before we dive into today’s episode, I want to remind you that the ultimate goal is to create and live a fulfilled life. Regardless, only you can decide what your ideal life of financial well-being and fulfillment looks like.

Today, I share 5 Lessons on Creating Wealth.

Lesson One: There are no coincidences

There is a reason you are here and that our paths have crossed. The secret is to start where you are and do the work required to achieve your goals. There are three pillars you need to master to win:

1. Create your success foundation. As a result, you will be much better prepared to handle the challenges you encounter.

2. Money mastery, including creating a spending plan and generating income

3. Wealth accumulation – how to grow your net worth.

Lesson Two: The Ultimate Goal for Creating Wealth

In this module, we dive into the problem of focusing on an emotion. The ultimate goal is to live a fulfilled life. You will learn to tap into your subconscious mind to identify your ultimate goal.

Lesson Three: Money Matters

Money won’t bring you happiness, but neither will poverty.

Why people say, “Money doesn’t matter,” and how this often keeps them broke.

Lesson Four: Mindset Mastery

You will learn how to master your Worth Barometer (belief and self-esteem). Your Worth Barometer leads to your Wealth Barometer.

Lesson Five: Integrating your inner and outer game of wealth

There are two camps of experts. One group is advisors. They teach you how to build wealth. And, they typically focus on financial planning and teach you how to save for retirement and start investing in the stock market, exchange-traded funds, Roth IRA, or real estate.

They often are experts in 401K plans, employer offers, and other technical topics.

The other is more focused on coaching regarding money.

They support you in manifestation, the law of attraction, etc. They also often provide advice relating to building an emergency fund, how to save money, practical strategies for paying off debt, etc.

And while both provide valuable insight, the secret is to combine both camps.

Additional Tips to Create Wealth

The goal is to create wealth over the long term. A surefire way to accomplish this is through saving and investing your money into savings accounts to safely accrue wealth over time.

Try and create a side hustle to alleviate some financial stress. Extra cash flow from a side hustle can help with financial burdens such as credit card debt, paying off high-interest debt, and even help to add some funds to a retirement account.

Try to take care of debt as it comes; interest rates for your purchases can add up over time and even bankrupt you if not properly dealt with. You don’t want the money you borrowed to cause you problems 25 years later.

Conclusion – “Creating Wealth Inside and Out® Podcast”

Creating wealth is one of the most important steps on your journey to living a financially free life you love.

The sooner you create and consistently execute a plan, the further along you will be.

Until our next episode, take one action that will help you create a secure financial future and retirement you love.

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