Episode 26 of the Heart of Money podcast, hosted by Austin Black and Bob Wessler, completes a series on the successful financial habits of wealthy individuals. Topics include the misunderstood art of investing, which for wealthy people typically involves assets that grow in value rather than tangible goods. The hosts underline the role of financial education and patience in investing, citing the ‘set it and forget it’ practice that allows growth over time. They also point to the critical nature of consistent investing, regardless of market conditions. Wealthy individuals often invest in 401ks, Roth IRAs and mutual funds. Potential areas for investment include starting a business, real estate and collectible novelty items, although their value is dependent on what someone is willing to pay for them. The podcast emphasizes the importance of having financial advisors and maintaining a continuous, automatic investment approach.
Key Points and Quotes Highlighted:
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“Heart of Money podcast”, “money management”, “investing”, “habits of wealthy people” (00:00:00 – 00:08:45)
The Heart of Money podcast episode 26, hosted by Austin Black and Bob Wessler, focuses on completing a series on the top five habits of wealthy people. The discussion underscores the art of investing as a crucial habit of the wealthy, which is often misunderstood by the masses. The hosts explain that for wealthy individuals, investment doesn’t primarily involve tangible goods, but instead assets that grow in value. Notably, it is highlighted that the wealthy invest in things that are not necessarily visible, like real estate or bank savings, compared to the average person who spends on tangible and visible items. The discussion further extends to the significance of education in money management and making investment choices. Examples of successful investment vehicles, such as 401k, Roth IRA, and mutual funds are discussed. The hosts stress the importance of patience in investment, emphasizing the practice of ‘set it and forget it’ to allow for growth over time. Finally, the conversation touches on the criticality of consistency in investing, using the example of regularly funding their children’s college accounts, regardless of market conditions. -
Investment, Financial habits, Wealth creation, Financial advisement (00:08:45 – 00:30:32)
The speakers discussed the habits of wealthy individuals in achieving financial success. They emphasized the importance of consistency in investing, regardless of the market’s state, as this allows capitalization on the market’s ups and downs. Both of them support the idea of investing in a 401k and maintaining presence in the market, highlighting that pulling out of the market is when losses occur. They also elaborated on possible investment areas like starting a business, getting into real estate, and investing in collectible novelty items. However, they emphasized that investment assets are only as valuable as someone is willing to pay for them. Finally, they stressed the importance of having advisors and coaches for financial planning and suggested the listeners to keep investing continuously and automatically.
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