20 Wealth Building Tips: Transforming Personal Finance in the Year Ahead
January 7, 2024
In this episode of Money Grows On Trees: The Podcast, host Lloyd Ross shares 20 personal wealth lessons he learned in the past 12 months.
From the importance of building partnerships and leveraging others' talents to the value of having fresh cash available, Lloyd delves into the significance of staying in your circle of competence and the power of maintaining physical health in the wealth game.
With practical insights and personal anecdotes, this episode offers a wealth of valuable lessons that listeners can apply to their own financial journey.
So grab a pen and paper, or listen on the go, and get ready to learn from Lloyd's own experiences and reflections on wealth building.
Money Grows on Trees Team
In this episode of Money Grows On Trees: The Podcast, host Lloyd Ross shares 20 personal wealth lessons he learned in the past 12 months.
From the importance of building partnerships and leveraging others' talents to the value of having fresh cash available, Lloyd delves into the significance of staying in your circle of competence and the power of maintaining physical health in the wealth game.
With practical insights and personal anecdotes, this episode offers a wealth of valuable lessons that listeners can apply to their own financial journey.
So grab a pen and paper, or listen on the go, and get ready to learn from Lloyd's own experiences and reflections on wealth building.
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In his early twenties, Lloyd's financial journey took a pivotal turn when he immersed himself in "The Snowball," an in-depth biography about Warren Buffett—one of the world's most successful investors. By age 25, Lloyd made his initial foray into the stock market, and by the age of 37, he accomplished his first significant financial milestone, amassing a Million-dollar portfolio without relying on debt.
Inspired by the transformative impact of "Rich Dad Poor Dad," Lloyd, along with his wife and older sister, ventured into a lucrative side hustle. Together, they share their knowledge, teaching others how to cultivate their Money Tree. Within a few months of reaching his initial goal, the side hustle evolved into a thriving venture, generating seven figures in revenue. Now, Lloyd is set to embark on creating another Million Dollar business.
Join Lloyd on his mission to empower everyday individuals to achieve their financial aspirations by exploring his insightful books at www.moneybuyshappinessbook.com.
Stay updated on Lloyd's financial wisdom by subscribing to his Weekly Newsletter: https://bit.ly/3lHzsYs
Connect with Lloyd on Telegram: www.lloydstellegram.com
Don't forget to share your thoughts by leaving a review, and you might just get a shoutout on the podcast: https://open.spotify.com/show/6pfOdzx9NCkDB287546c3r?si=813a418e449c444d
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The material in this publication is of the nature of general comment only and does not represent professional advice. The author does not hold an Australian Financial Services License and is not licensed to provide financial advice. As such, this material is not intended to provide specific guidance for particular circumstances. It should not be relied on as the basis for any decision to take action or not take action on any matter it covers. Listeners should obtain professional advice where appropriate, before making any such decision. To the maximum extent permitted by law, the author and publisher disclaim all responsibility and liability to any person, arising directly or indirectly from any person taking or not taking action based on the information in this publication.
This podcast is produced by: Phil Better Inc.
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Primary Topic: Wealth Lessons
- Wealth is a team sport
- Success requires teamwork and leveraging partnerships
- Building an empire with others on the same path
- Leverage other people's talents
- Delegate to leverage other people's personal development
- Allow others to do what they are skilled at so you can focus on high-level tasks
- Having a big enough vision
- Avoid distractions from others' visions by having a strong personal vision
- Inspire others with your big vision
- The importance of having fresh cash available
- Having some cash available to deploy
- Being prepared for opportunities that require immediate cash
- The value of index funds
- The potential wealth from sticking to index funds
- Balancing the enjoyment of stock picking with the financial benefits of index funds
- Simplifying your life
- Simplifying tasks and to-do lists
- Finding genius in simplicity
- The importance of eliminating non-essential tasks
- The significance of eliminating unnecessary tasks
- Learning to say "no" to things that do not contribute positively to your goals
- The fallacy of being busy equals wealth
- The foundation of the concept of time management
- Developing time management skills to translate them into wealth management skills
- The importance of your spouse in your life
- Refraining from feeling comfortable with a partner who is not contributing positively to your life
- Ideas for building and maintaining a strong partnership
- The relationship between your network and your net worth
- The impact of the people you associate with on your opportunities and success
- The importance of being around people who play at a higher level
- The compounding power of relationships
- Maintaining trust in business relationships
- The value of long-term relationships in creating opportunities
- The time it takes for money to reflect your success
- The patience required for money to align with success
- The analogy of a spring being pushed down before it springs up
- The importance of time management
- Understanding the speed at which time passes
- Encouragement to avoid wasting time on undesirable activities
Primary Topic: Personal Health and Discipline
- The link between physical health and wealth
- The impact of physical health on discipline and decision-making
- The importance of discipline as a trait desirable in business relationships
- The importance of staying within your circle of competence
- The significance of playing to your strengths
- Avoiding situations that lead to poor decision-making and negative outcomes
Primary Topic: Personal Mindset and Habits
- Understanding that success is a continuous process
- Reflecting on progress regularly
- The need to have a progressive mindset
- The significance of consistently showing up
- The impact of consistent effort on progress and success
- The importance of persistence in achieving goals
- Recognizing the undervalued impact of instant joy
- The value of small moments of joy
- The significance of investing in experiences or items that bring immediate happiness
Primary Topic: Time Management
- Eliminating rush and hurry from your life
- Avoiding busyness for the sake of productivity
- Creating margin within your daily schedule
- Understanding the need to plan and manage time effectively
- Avoiding haste in decision-making
- Increasing confidence and effectiveness through better use of time
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Primary Topic: Wealth Lessons
- Wealth is a team sport
- Success requires teamwork and leveraging partnerships
- Building an empire with others on the same path
- Leverage other people's talents
- Delegate to leverage other people's personal development
- Allow others to do what they are skilled at so you can focus on high-level tasks
- Having a big enough vision
- Avoid distractions from others' visions by having a strong personal vision
- Inspire others with your big vision
- The importance of having fresh cash available
- Having some cash available to deploy
- Being prepared for opportunities that require immediate cash
- The value of index funds
- The potential wealth from sticking to index funds
- Balancing the enjoyment of stock picking with the financial benefits of index funds
- Simplifying your life
- Simplifying tasks and to-do lists
- Finding genius in simplicity
- The importance of eliminating non-essential tasks
- The significance of eliminating unnecessary tasks
- Learning to say "no" to things that do not contribute positively to your goals
- The fallacy of being busy equals wealth
- The foundation of the concept of time management
- Developing time management skills to translate them into wealth management skills
- The importance of your spouse in your life
- Refraining from feeling comfortable with a partner who is not contributing positively to your life
- Ideas for building and maintaining a strong partnership
- The relationship between your network and your net worth
- The impact of the people you associate with on your opportunities and success
- The importance of being around people who play at a higher level
- The compounding power of relationships
- Maintaining trust in business relationships
- The value of long-term relationships in creating opportunities
- The time it takes for money to reflect your success
- The patience required for money to align with success
- The analogy of a spring being pushed down before it springs up
- The importance of time management
- Understanding the speed at which time passes
- Encouragement to avoid wasting time on undesirable activities
Primary Topic: Personal Health and Discipline
- The link between physical health and wealth
- The impact of physical health on discipline and decision-making
- The importance of discipline as a trait desirable in business relationships
- The importance of staying within your circle of competence
- The significance of playing to your strengths
- Avoiding situations that lead to poor decision-making and negative outcomes
Primary Topic: Personal Mindset and Habits
- Understanding that success is a continuous process
- Reflecting on progress regularly
- The need to have a progressive mindset
- The significance of consistently showing up
- The impact of consistent effort on progress and success
- The importance of persistence in achieving goals
- Recognizing the undervalued impact of instant joy
- The value of small moments of joy
- The significance of investing in experiences or items that bring immediate happiness
Primary Topic: Time Management
- Eliminating rush and hurry from your life
- Avoiding busyness for the sake of productivity
- Creating margin within your daily schedule
- Understanding the need to plan and manage time effectively
- Avoiding haste in decision-making
- Increasing confidence and effectiveness through better use of time