Wealth-Building Made Simple

Summary notes:

Not chasing relationships goes against the advice offered in many of the business books we read.  Jay Z and LeBron James are examples of people who have achieved success by utilizing their talents, resources, and relationships within their circle of friends and family, rather than trying to chase relationships with wealthy people. 

Money is attracted to money, and having the right kind of mental attitude draws like-minded people and resources to you.

Timestamps

0:00:01 Don't Chase Relationships in Business

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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary notes:

The world is transitioning from a single power to a distributed power. This means that instead of one power controlling the world, there will be multiple powers controlling different aspects of the world. This affects the American economy because the US dollar is the global currency for trade, and the US has been using manipulation tactics to control other countries first with the military and most recently with the monetary system. 

This is no longer effective due to the emergence of China as a powerful nation. The conversation also discussed the effects of this transition on real estate, with US dollar income producing real estate being a good investment due to the US dollar still being the reserve currency. 

Inflation (which reduces the value of a country’s currency) is an effective way for governments to reduce debt, and it affects real estate, stocks, and crypto because all assets, goods, and services are priced relative to a country's currency.  .

Timestamps

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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary notes:

Having a clear vision and an understanding of what you want to accomplish with your podcast is the key to success.  Other important keys involve building solid relationships, being consistent, and focusing on improving the quality of your content.  Derek Johns shared his experience of starting his podcast and the struggles he faced in the beginning. He also stressed the importance of staying true to yourself and your vision, despite the noise and criticism you may face.

Timestamps

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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary notes:

Stress is felt when our dreams and feelings (beliefs) are not in harmony.  Said a different way, stress is an indicator that we are focused too much on what is and not enough on the Beautiful Vision of our dream moving from our Imagination into Reality. 

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Summary notes:

There are times in business where we wear all the hats because that's where we are in the stage of our growth.  Then there are times when it's time to start delegating because every minute you spend doing work that you could pay someone else to do is costing the company money.  

Alison and Phillip discuss ways to know when it's time to hire a team for your business finances.  

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Summary notes:

Whatever a person sows (believes), so shall they reap (receive).  If we believe we are worthy of wealthy, it won't make it into our experience.  If we believe the process has to be a struggle and hard, then it will be just that.  All rules of life are made up and/or accepted in our own mind.  We have the free will to choose what we decide to believe.  

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Summary notes:

Most business transactions are relatively simple from a technical standpoint.  Meaning, we have buyers and we have sellers that want to exchange money for an asset, good, or service.  Markets are relatively developed these days so it's not that difficult to determine the value of the asset, good, or service being exchanged.  

Because of that some people are questioning the need for middle person  in between transactions.  A middle person can be considered a medium, an in between.  A good medium is good if they make the process simpler, easier, and/or more profitable.  A "bad" medium does the opposite.  So a middle person can enhance or take away from the deal, but it might not be a great idea to just through out the baby (having a professional in between) with the bathwater (a bad experience).  

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Phillip Washington Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary notes:

Every generation creates new media outlets for telling stories to continue to evolve and influence mankind.  Podcasting is one of the new fast growing media outlets of the digital age.  

Phillip and guest Derek Johns, CEO of the Dear Son Podcast Network, discuss how Derek decided to get into podcasting, his why, and how they see the future of the industry. 

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Summary notes:

Passive index investing is a low cost way to package up old dying ideas.  The problem with that is most of the upside investing comes from participating in the. new economic ideas that shape the future.  

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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary notes:

Managing expenses is important if you are looking to increase cash flow.  You can't cut your way to prosperity, which suggests that one cannot grow a business if they are spending too much time worrying about expenses.

Timestamps

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 Phillip Washington Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.