In this episode of the Deal Finders Podcast, we dive deep into the concepts of wealth and what it truly means to be wealthy versus rich. I share personal insights on how different people, including my 11-year-old, perceive wealth, and how that perception differs from the dictionary definition. We explore the foundational aspects of wealth building and discuss practical strategies for creating long-term financial stability through real estate. From understanding the difference between "earned income" and "wealth building" to leveraging assets for generational wealth, this episode will challenge your notions of financial success and help you decide which path is right for you.

Whether you're new to real estate or a seasoned investor, you'll find value in our discussion about practical approaches like the BRRRR process, the differences between buying for short-term gains versus long-term wealth, and how to evaluate properties for their wealth-building potential. Join us as we prepare for our upcoming Wealth Builders Workshop and share actionable steps to help you build a prosperous future.

 

Episode Highlights:

[00:00] - Introduction

[00:25] - Introduction to the topic of wealth and its definitions.

[01:08] - Announcement of the Wealth Builders Workshop and its purpose.

[02:17] - Personal reflection on what it means to be wealthy versus rich.

[03:10] - Explanation of different types of wealth, including assets generating income.

[06:31] - Understanding the difference between being rich and being wealthy.

[07:03] - Preparing for the two-day workshop focused on wealth building through real estate.

[09:17] - Different strategies for earned income versus long-term wealth creation.

[12:09] - How to evaluate properties for wealth-building potential.