013 | Creating Lasting Wealth - Beyond Entrepreneurial Myths and Real Estate Hype

There are 3 key components to building real, sustainable wealth, and they aren’t as effortless as the fun, flashy, or as easy as online gurus make it seem.  

One of those keys is owning a profitable online business. However, while entrepreneurship CAN create wealth, it comes with several cautionary tales.  With a lens on the tough road to business ownership, we discuss the essential qualities for success—having a solid 'why,' controlling impulses, and fostering innovation. 

To create long-lasting wealth, your choice in investments is key. Strap in as we divulge the ins and outs of growing a hefty real estate portfolio, where my partner in life and business, Julie, became the linchpin of our operation. We'll navigate the complexities of financial leverage, the unsung heroes that are tenants, and the surprising benefits of amortization and depreciation. 

In this episode, you’ll also hear: 

• The 3 keys to building wealth 
• 3 key traits of successful business owners   
• The pros and cons to entrepreneurship 
• Advice for building liquidity into your portfolio 
• My personal journey to becoming a real estate investor 

 

Must-listen moments:  

[00:01:32] If you want to keep growing, you must constantly be doing new, hard things that will challenge you. 

[00:04:47] You need to be dialed into the marketing and sales with an offering to the marketplace that delivers tremendous value. The more you can spread the word and deliver on your value proposition, the more buyers will find their way to you. 

[00:08:35] A good rule of thumb to strive for is to build liquid assets in portfolio wealth equal to one year of income before you start putting money into illiquid assets like real estate and other business opportunities. 

 

If you’re focused on paying less tax and building more wealth so you can live a great life, fill out a short survey at www.vitalstrategies.com/client to explore working together.  

Visit www.vitalstrategies.com to download FREE resources.  

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Follow on LinkedIn at https://www.linkedin.com/in/patricklonergan/  

 

Credits:

Sponsored by Vital Wealth

Music by Cephas

Audio, video, and show notes produced by www.podcastabundace.com

Research and copywriting by Victoria O'Brien