April 21, 2022

What Wealthy People Know (and you can too by listening to this episode): An Encore Presentation of Ep 70

What Wealthy People Know (and you can too by listening to this episode): An Encore Presentation of Ep 70

This week, I am doing an encore presentation of Episode 70: What Wealthy People Know (and you can too by listening to this episode)

In this episode, I am sharing with listeners what wealthy people know! I have the opportunity to work with financially successful people every day and I would love to share with you some tips that have led to their success so you can do the same. Being wealthy is possible for ANYONE – it’s not a character trait you are either born with or without. And if you want to know just how that’s possible for you then you must listen to this episode! 

About the Host:

I am a financial professional, who specializes in helping people to achieve their financial goals.  My absolute passion is creating new possibilities in people’s lives by showing them the ropes when it comes to money. I’m here to spark healthy and positive conversations around wealth and investment and create a world where nobody is limited by their financial situation. I believe this begins with education and shifting our relationships with money. I love getting to witness people achieving their most ambitious goals and creating new possibilities for themselves and their families! 

 

I love your questions! Reach out to me anytime at:  

Email: kalee.boisvert@raymondjames.ca

Instagram: https://www.instagram.com/kaleeboisvert/

Twitter: https://twitter.com/wealthandwelln2

https://www.facebook.com/kaleeboisvertwealthandwellness/

  

Thanks for listening! 

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Transcript
Kalee Boisvert:

Welcome to the wealth and wellness podcast with

Kalee Boisvert:

me Kaylie Bob air, I specialize in helping people to achieve

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their financial goals. I have a love for all things numbers, and

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I'm passionate about financial literacy. My goal is to spark

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healthy and positive conversations around wealth and

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investment, and create a world where nobody is limited by their

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financial situation. But wealth is just one piece of the

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equation of living our best lives. So join me as we explore

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both wealth and wellness topics. From your net worth, to your

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self worth, get ready to take confident action.

Kalee Boisvert:

Hello, this is Kaylee. And I want to thank you for taking the

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time to listen to this episode of the wealth and wellness

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Podcast. I'm sticking to a wealth topic today and getting

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really wealthy by chatting about what wealthy people know. Now,

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the definition of wealthy I think is very subjective. And

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what wealthy means will look different for everyone. So for

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some, it might be living a certain lifestyle where, you

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know, you can afford a lot of different things. Others might

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see it as having flexibility and freedom. And others might put $1

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amount, such as having, you know, a million dollars or

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multiple millions dollars. And that is completely fine.

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Whatever your definition of wealthy looks like. That's

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great. And I'm hoping to really, you know, in this episode, think

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of me talking about it in that broad sense, and really covering

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all those bases of wealthy so whether it be freedom,

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flexibility or money in the bank, you know, it's it's all

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wealth, it's all wealthy. And that's what we're chatting about

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today. Okay, so, as a financial professional, I have the

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opportunity to work with financially successful people,

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everyday people on track to achieving their goals, and those

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who have actually reached their goals and are now living in

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retirement or their financial freedom years, I think it's

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important for me to share some of the behaviors and actions

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that stand out most for just how these people have built their

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wealth. I of course, don't plan on sharing any personal details,

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but more so the how, like, how they got there, how they

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achieved it, or how they're achieving it right now, because

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ultimately, I want you to be wealthy too. Okay, so let's all

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be wealthy. So first, I want to start off by throwing out

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limiting beliefs about wealth, and your ability to be wealthy.

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So being bad with money, it's not a personality trait. It's

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not a character flaw you're born with. Anyone can build wealth.

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Building Wealth is not based on a special skill that only

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certain people are born with. So anyone, I repeat, anyone can

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build large amounts of wealth and be wealthy. And that's one

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of the things I love so much about, well, wealth and money is

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that it isn't something we're born with, or that we have to be

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born into. If we're, you know, destined to have it or not, with

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diligent savings and ongoing investing, anyone can anyone can

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achieve their financial goals. I work with people who are

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millionaires, but in their working years, they never earned

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six figure salaries. So to me, that's that proof that anyone

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can be wealthy. Of course, they had diligent behavior and saving

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strategies. But it's that reminder, oftentimes people

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think, you know, to have a lot of wealth to be wealthy, it's,

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you know, we need to be the next Elon Musk and have this

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brilliant idea and be an entrepreneur and all those

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things. And I think that example of, you know, these clients that

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again, they just earned their incomes throughout their working

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years, they were diligent about putting money away, investing on

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an ongoing basis, and they achieved millionaire status. So

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it really is achievable. And it doesn't have to be in those, you

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know, stereotypical ways are where our minds go to, will have

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to be something really big, and I have to make a lot of money.

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And then, you know, with those beliefs, being very limiting

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beliefs, because then feeling that that's overwhelming feeling

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that that's maybe not feasible for you and where you're at in

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your life, and then, you know, that doesn't at all lead in a

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positive direction. So let's get rid of those limiting beliefs.

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And let's talk about what wealthy people know. So, first

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off, wealthy people are mindful about their money. They have an

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awareness of what comes in and what goes out and they know that

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in order to build wealth, what comes in so income is what as

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far as what's coming in has to exceed expenses. If you are

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spending more than you earn, or the same as what you earn each

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month or a year, you can not build wealth. building wealth

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comes from saving your money, you have to keep some of it for

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you, that idea of paying yourself first, it's pretty

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simple math, the more you save, the faster you will be able to

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build your wealth, I can tell you that wealthy people are

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mindful of income and expenses. I think that's also sort of a

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misnomer, or, you know, a belief that people have is that when

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you're really wealthy or wealthy people, they are not even, they

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don't know what they even expend, and what comes in and

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all that. But I can tell you that from the financially

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successful people I work with, they absolutely are mindful of

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money coming in and money going out, they have a good

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understanding of how much comes in each month and what goes out.

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And they make savings a priority. So the even at this

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sacrifice of other things. So there, you know, there are

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people that are saying, Actually, I can't go and do

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that, actually, I can't buy this, you know, this fancy

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purse, I saw that store these great shoes or something like

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that, it's just, it's not a good time, I don't have the money

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saved or you know, my money is going to savings and with what's

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going to savings and what I spend, there's not anything

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leftover or what I'm willing to, you know, spare for that. So

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it's that they do make sacrifices, these people that

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have built me built massive amounts of wealth are on their

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way to building wealth, I can tell you that they do have to

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make sacrifices, so that is true for them as well. Okay, so

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another thing that wealthy people know and understand is

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that building wealth takes patience, patience, patience,

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patience, and more patience. So building wealth is a game of

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extreme, I can't stress this enough, extreme patience, the

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major factor to growing your money is through the power of

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compounding. And although it's quite magical to see compounding

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in action, when I use my you know, financial calculator, or

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use the planning software, and you know, getting to see what

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those numbers actually become and what they can be. It's,

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it's, it's amazing. It's crazy to see those and it's fabulous.

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But the actual act of seeing compounding inaction, year by

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year or day by day, month by month, it is very, very slow. So

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you have to be patient, when it comes to growing your wealth. In

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the early years of savings, it might seem like it really isn't

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working or nothing much is happening. But if you can

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maintain extreme patience, it will pay off. I'm telling you,

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it does, I see it happening, I see the results. But again, it

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is extreme patience. So I want to give you an example. So you

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don't have to keep hearing me say the word patience over and

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over again. So imagine saving 500 per month, growing at a 10%

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annualized growth rate. So 10% per year, 500 per month you're

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saving after year one, you have $6,282. Again, that's the boring

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part. That's the part where you look at and go well doesn't

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really seem like it's working or that anything much is happening.

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I put in a total of $6,000 over the past year. And now I have

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6200 6282. So I made $282 Doesn't seem like a heck of a

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lot. How is that going to get me to, you know, wealthy? Well,

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here's sort of the snowball effect of compounding, after

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five years, that $500 a month has now grown to $38,700. So

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again, you might look at that number still five years in and

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go so huge. It's not you know, it's not it's not enough to

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retire off of. But then after 10 years, that $500 a month has

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grown to $102,000. So again, getting bigger, you know, the

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Snowball is rolling gathering, I guess no. And yet a lot larger

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after 20 years. So after 10 years, 102,020 years 379,000. So

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okay, this is looking good. But again, this is 20 years in and

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then after 30 years, so 30 years, we've hit over a million

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dollars, it's 1,130,000. So that's really your like the The

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compounding and the magic numbers 30 years in, though, and

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it's over a million dollars from putting 500 a month away. So

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over the 30 years, you only contributed about 180,000 Is

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what you put away. So, in compounding growth, you've made

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almost a million dollars in 30 years. So almost a million

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dollars had come from just the growth and compounding, but it

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took 30 years. And a really good example of this is from a book

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I'm reading, it's called the psychology of money. fabulous

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book I recommend absolutely everyone needs to read this

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book. But he gives an example. Hopefully I get explained it

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right with Warren Buffett. So obviously, we're all familiar

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with Warren Buffett, he's a very successful investor. And he is

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at a point where his net worth is in the billions. So it's, you

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know, 80 billion or something like that, let's say, okay, but

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in his example, and with compounding, he says, If Warren

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Buffett were to have actually retired and just stopped at the

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age of 60. So we all know Warren Buffett is getting up there in

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age, he's been around, you know, investing game for a long time

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and good on him, and he's still going strong. But

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if he were to have stopped and said, Okay, it's 60, I'm going

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to stop, I'm going to play golf, I'm going to enjoy life. Now, he

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would have only had something around like I think in the book,

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he says, like 12 million or something like that. So the

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majority of Warren Buffett's wealth was amassed, sort of

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beyond his 60s Like, and that again, goes to show for the

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compound, he started investing early, he was a very early

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investor. He talks about buying his first stock when he was like

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13 years old. But so leading up to that, yes, he did great and

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got to the multiple millions by the age of 60. But the magic

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really happened beyond that, because again, we're talking

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compounding, you know, 6070 years, and these later years

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were really gathers strength. So I'm not saying you have to be

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Warren Buffett, and never stop working and keep invest in till

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you know, late 80s. And in your 90s. And, but it is how

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compounding is going to really grow, grow, grow. So again, it

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says patience. And that's something he has displayed so

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well with his investing. It says in the book, he's not, he's not

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the greatest investor in terms of returns. But he's patient,

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he's diligent, and that is really what comes out with his

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behavior, and what he's been able to achieve as a result of

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that patience. So the long game, it's the long game that wins and

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wealthy people think in terms of years and decades, not months.

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So I think this is such a great reminder for investors, when

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we're watching the markets day to day and it's, you know, it's

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up and then it's down, and it's up and, and you don't you know,

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know which way to go and what's gonna happen next, and it's

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stressful. But if you can take a step back and say, No, I'm

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looking at, you know, the 20 years, the 30 years, 30 years

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plus, like, that's the magic happening. So what it does day

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to day, it's really not as important as what it's going to

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do over those longer term periods. So getting our head to

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that very long term. And it's really difficult to do, but

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hopefully, those examples helped really illustrate the patients,

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patients, patients patients, had to stick it in there a few more

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times. Another thing that wealthy people know is that

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there are no shortcuts to building wealth.

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So you might want to argue with me and say that's not true. But

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I feel like we should just say there are no shortcuts just, you

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know, throw out the thought that you're going to find some quick

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shortcut. Yes, there might be some lucky moments, and maybe

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you win a lottery. That's great. But that is a very low

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probability event of happening, although I wish anyone out there

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well as they try to win the lottery, and I wish everyone

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could win the lottery. But let's stick to this rule. There are no

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shortcuts, trying to massively beat the markets or find the

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next get rich money making opportunity. It might leave you

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looking and chasing forever, and it could result in you actually

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losing money from taking on some really high risk. That's the

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truth is most investors actually don't beat the market. And for

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those who are willing to accept that there are plenty of

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solutions that are great long term investment opportunities.

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Some examples of these could be in the form of ETFs or exchange

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traded funds, or mutual funds. So this acceptance of this also

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means that we're investing with a long term approach. We wealthy

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people know that they don't have to be investing geniuses, you do

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not have to be the next mathematician or know everything

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about investing to be wealthy and to win in the investment

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game. I think in that book, again, he said something like,

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you know, successful investors that have made money had a

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success rate of their sort of wins and losses of something

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like 60%. So it's not, it's not a really high, you know, batting

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average or percentage, but they've still made money off of

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that. So you don't have to be this investing genius. You don't

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have to time the market perfectly. You don't have to

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find the ultimate low of when you're going to get in the

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markets and sell at the you know, the all time highs and

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find, you know, where's the high the highest high, it's going to

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be because that's where I need to sell. You know, you don't

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need to be this person that can time the market impeccably,

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because I would argue that nobody can even the investing

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gurus, the Warren Buffett's of the world that have been very

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successful, they do not do that either. With their investing,

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again, it's diligence. It's long term. Wealthy people accept what

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is in their control and what is not in their control. They do

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invest for the long term, again, its patients invest on an

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ongoing basis basis, they avoid panic buying and selling. And

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they build their wealth in the long run just by taking these

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actions and not getting caught up in all the noise. So that

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doesn't sound very exciting. Just you know, avoiding the

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panic buying and selling, adding on going to the markets. That's

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not That's not like Wolf of Wall Street stuff. But I can tell

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you, it's the stuff that gives you money in the bank builds

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your wealth. So what else have they figured out? That

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consistency is key for building wealth? Again, it isn't so much

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about finding those lucky opportunities to get massive

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returns overnight. It's about sticking to a long term plan of

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ongoing saving and investing. building wealth is about saving

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money, and sticking to that plan, long, long term as well,

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increasing when the opportunity arises. So maybe you get a pay

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raise. And you increase that savings rate on an ongoing

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basis. Most of us in our careers, you know, where we

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start to where we finish, we've had increases throughout the

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time in our salaries and wages. So taking those opportunities to

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actually increase the savings rate along the way as well is

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very diligent. So again, it's not an overnight success story

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to building wealth, it's about taking a diligent approach. And

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sticking with that over the long term, one of the best actions

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you can take is just setting up an ongoing contribution or

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savings that's invested on an ongoing basis. And ideally, you

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want to coordinate that with every pay. So it's paying

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yourself first every time you're receiving money. So maybe you're

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paid bi weekly, or you're paid two times a month, well having a

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designated amount automatically go into your separate investment

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accounts or you know, maybe it's a couple of different investment

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accounts, maybe one at one point, it goes into your

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retirement savings account. And another one, it's more of your

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Tax Free Savings Account. But it's that ongoing each pay

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period. And just keeping it up not stopping it for any reason.

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It's the consistency. So doing what you can afford and what you

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can consistently do. If it's over stretching, and you do it

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for a few months, and you have to stop it for several months to

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catch up. Well, that's not a great strategy. Because again,

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consistency is key. So do what you can do that can be done with

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consistency. You don't have to get this massive bonus or

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inherit a large sum of money. You're consistent efforts of

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making saving a priority on an ongoing basis, pay off, they add

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up. What else do wealthy people know? Well, they know that you

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have to invest.

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Investing is key to wealth building. Your money must not

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sit idle, it needs to work for you. If you've been sitting on

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the sidelines with your money and you're not you're not doing

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yourself any favors because you're actually losing value as

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inflation or roads away at your cash. Wealthy people know that

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investing is the way to make their money work for them while

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they continue to work for their money. This means you will have

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to invest. If you're afraid afraid to invest because you're

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concerned you will lose money. I completely understand that is a

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valid concern and fear but you have to find a way to work

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through that because there's plenty of investment solutions

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and products out there. That might be a perfect fit for you

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that meets that criteria of that kind of concern of volatility

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and fear, okay, so you have to work through that it's not doing

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you any favors sitting on the sidelines, you have to invest.

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And remember the key point of impatient. The key point that we

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kept talking about the word I said over and over again,

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patience over the long term, over the long term time

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horizons, the stock market has always returned positive

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results. So again, this is based on past performance. So I can't

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necessarily say that that's indicative of future

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performance, obviously. So disclaimer, there, I can't

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guarantee any market results, I do not have a crystal ball to be

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able to tell you what is going to come. But I can tell you

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historically, looking at the stock markets, over long term

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time horizons, they have always returned positive results. So if

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there is that fear of losing money, again, if we can go back

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to that reminder of patience of long term goals, then you will

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be in a positive position, again, based on past performance

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numbers. And lastly, what I want to share about what wealthy

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people know is that you don't have to do it alone. Wealthy

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people know that their time is their most valuable asset. They

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know what their strengths where their strengths lie, and they're

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willing to outsource the areas that they don't feel as strongly

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in. Think of it this way, working with a professional

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might actually yield better results, then you would have

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been able to do on your own. And that could generate a positive

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return on your investment. So yes, there's a cost associated

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with working for with sorry, professionals, but what it can

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generate for you in savings, and things like that might actually

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be a positive return. So although you're spending money,

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it still could leave more money in your pocket at the end of the

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day. So think about in terms of working with an accountant, for

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example, if your taxes are simple and straightforward, and

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you don't mind doing them, by all means, take a DIY approach,

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do it yourself. But investing in working with a tax professional

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may lead to tax savings opportunities that you would

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have missed on your own, and planning strategies that leave

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more money in your pocket. So although there's a cost to

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working with a professional, you might have actually saved more

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in tax savings over the years, then you would have by doing it

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on your own. So in the long run, it's, it's a benefit, it's an

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investment for you, it's actually a better opportunity

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than doing it yourself. So again, not only is it

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outsourcing and saving time, but you actually might be making a

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better decision or it might be more positive for you at the end

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of the day. Another example, I recently worked with a life

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coach, could I've taken a DIY approach read personal

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development books, which I mean I read them anyway but use those

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books and the strategies I found out to make my own sort of plan

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and outline and stuck with it and develop to my personal goals

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and my business goals myself and, and did the steps that I

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need to do to get there. Yes, I could have done that myself. But

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what I was able to accomplish after six months of working with

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a life coach might have taken me doing it all on my own closer to

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a few years. And so I saved a lot of time, it was like I took

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a shortcut, I did it a lot quicker. And for me, that's a

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big investment in myself, because it's being more

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efficient is growing myself my business and that pays off for

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me. So it was a very good investment. And final example

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about working with a financial professional. By all means if

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you're up for taking a do it yourself approach to wealth

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building, to doing financial planning yourself and the

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investment decisions and that interests you then of course, I

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encourage you to take that approach. But if you if it

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stresses you out if you have a busy schedule and you know your

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money deserves time and attention, but you don't have

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the time or the desire to ensure that you're you know, taking

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these steps that you're investing your money, then

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working with a financial advisor might be something for you to

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consider the benefits from their planning services, investments,

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election tax strategies, and support on the emotional and

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psychology psychological traps that come up when it comes to

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our emotions and money that they help guide you through and

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support you through it might put you further ahead than if you're

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doing it on your own. And again this is a personal decision

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again if you like it if you enjoy it. If it's easy for you

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if it comes easy and quick then by all means a do it yourself

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approach is probably perfect for you. But if it doesn't come easy

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for you if it's stressful again, it doesn't mean anything wealthy

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people By all means, work with financial professionals, I work

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with very financially successful people that have opted, you

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know, to have me support them, or work or people that work with

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financial professionals to support them. It doesn't mean

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it's not a sign of weakness, it's not a sign of giving up or

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saying, you know, I don't know this, it's, it's a sign of

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saying, Hey, this is not my strength. I know my strength.

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And I'm going to have someone help me through this to yield

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the best results that I think I can get. So that's something

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wealthy people know as well. And that wraps up what I think are

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the key factors that are used to build wealth. Now, you might be

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surprised that there were no complicated investing strategies

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or tricky financial tools needed. But that was really the

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point. Okay, so trick to no magical tools here are secrets

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of the wealthy that only they know. It's really that wealth is

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truly possible for everyone. And is partly because Ultra

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complication, and you know, again, mathematical equation and

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analyzing charts and graphs, it's not a prerequisite for

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success. It's not required to win in the money game. Actually,

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building wealth is easy. It's easy. So if it's not easy, then

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you're doing something wrong, okay? Instead, it comes to down

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to being mindful of your money, saving, investing, being I'm

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gonna say it again, patient, and enlisting support where it might

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be helpful. So that wraps up what I wanted to talk about

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today for what wealthy people know. Again, hopefully, it's

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empowering to realize that hey, that is very realistic, that is

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very achievable. And I'm on my way to be wealthy too. So

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hopefully that's how you're feeling after listening to this

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episode. Thank you so much for tuning in. And I will catch you

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on the next episode. All right, bye

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for now.

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I hope you found value in this episode. And because I'm such a

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proponent of taking confident action, I want to pose a

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question to you the listener. What is one action that you feel

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inspired to take after listening to today's episode? If you enjoy

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listening, please subscribe and share with your friends and

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family. Thank you so much and I will catch you next time.