Where are you right now in your journey through the wealth game? Do you have savings or emergency funds? Are you investing in your future? Do you have a 401k? Have you started your own business? If you have, congratulations, you’re in second base! As we continue our journey through the wealth game, we want to begin saving, investing, and accumulating assets while we cast our eyes to third base. Yet—just as the run from first to second was difficult—the run from second to third can be arduous. So, how can you get there?

 

In this episode, I outline how to move from second to third base in the game of wealth. I define the Prestigious Accumulator of Wealth category and explain how you can get there. I describe why entrepreneurs should build assets inside and outside their businesses. I also highlight the role of coaches in playing the game of wealth and underscore why staying the course to third base is worth it.

 

“Those of us who make prudent investments, who make wise decisions, who keep the targeted mind—those of us who focus on that intensity—reach third base.” - Justin Goodbread

 

This week on the Financially Simple Experience:

 

• Reaching second base and beginning to invest in your future
• How to calculate your net worth
• The Prestigious Accumulator of Wealth category
• Why business owners should pull their businesses out of their net worth statement
• How owning a business can quickly propel you to third base
• The importance of building a portfolio of assets inside and outside your business

 

Resources Mentioned:

 

• Book: The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas Stanley

 

Our Favorite Quotes:

 

• “Stay the course. If you find it hard to guard yourself against the naysayers in your world, find an advisor or coach that can encourage, push, and strengthen you.” - Justin Goodbread
• “We need coaches, no matter where we are in the game of wealth.” - Justin Goodbread
• “Moving from second to third base is tough. The reality is we’ll spend decades of our lives there, but it’s worth it. Keep the journey—stay focused.” - Justin Goodbread

 

About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey. 

If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher

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Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).

 

This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.