Would you ever pick up the habit of smoking in order to lose some weight? After all it is effective- by lowering your metabolic rate and reducing your appetite you’re bound to shed a few pounds. It sounds like a quick fix worth considering, but ultimately we hope that this isn’t something that you would do because everyone is well aware of the longer-term health consequences of smoking. The downsides are too severe. But we think this is exactly what is happening when you prioritize getting rich over building wealth. Sure there will be some short-term goals and lifestyle improvements that you’ll be able to make, but the long-term effects of pursuing a lifestyle like this are ultimately going to undermine your financial foundation. Listen as we talk about the differences between getting rich and building wealth. We also highlight some unhealthy behaviors that we might be tempted towards, in the pursuit of riches. And then finally we discuss how it is that we can actually build our own wealth.
- Here’s where you can sign up to get free mulch and firewood dropped off at your house: ChipDrop
- We referenced last week’s episode on scams which we might be vulnerable to as we pursue quick riches.
- And of course we touched on investing during this episode- the easiest way to actually build wealth. Listen back to how we invest our money with brokerage houses like Fidelity, M1 Finance, and Vanguard.
- If you’re not already investing in tax advantaged accounts, listen to why we think you should start with the beautiful Roth IRA.
- Head to TreasuryDirect.gov and snag you some i bonds paying over 7%
- Check out the worksheet we created to help you create your own Money Mission Statement! Download it, and give it a solid 30 minutes one evening to really begin some soul searching to determine what you want your life to look like.
- Credit Card Tool – Looking for the right credit card for you? Then check out our new credit card tool that’ll help you to easily filter through all the cards based on your preferred airline, whether or not they have an annual fee, or simply by the cash back offer! Just toggle the sliders and you’ll know which card to consider.
During this episode we enjoyed a Tropicalia by Creature Comforts! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!
Best friends out!
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