In this episode, Brian Skrobonja breaks down a simple framework everyone can follow to build and multiply wealth.
He sheds light on what most people get wrong about wealth building, the benefits of having multiple appreciating assets, and how wealthy people use other people’s money to build wealth.
- Brian goes over a simple framework for multiplying and sustaining wealth–the same framework he uses to build and scale his business.
- Brian reveals the rhythm to building wealth: Accumulate money, build assets, create passive income, then repeat.
- Brian breaks down the two main schools of thought about money: Lateral compounding growth and exponential growth through multiplication. The sooner you understand the differences, the faster you can choose your path and move forward.
- Brian uses the financial journeys of two fictional characters, Mark and Luke, to explain what people get wrong about building wealth.
- Mark adheres to a traditional approach to money focusing on compounding while Luke employs an out-of-the-box strategy emphasizing multiplication to build his wealth.
- While Mark’s strategy relies on steady growth through compounding, Luke’s multiplication strategy demonstrates the potential of using real assets to create wealth.
- According to Brian, investing is all about taking advantage of opportunities as they are presented.
- Brian emphasizes the benefits of having multiple appreciating assets and how to use them to generate passive income in retirement.
- What everybody needs to understand about real estate: the value of a house will always appreciate regardless of whether it has a mortgage.
- The loan has nothing to do with the house’s value or the asset’s appreciation. The house is an asset and will appreciate the same whether it has a loan or not.
- Brian reveals how the wealthiest people in the world use other people’s money to build and multiply their wealth.
- Brian talks about the benefits of recognizing that things need to change. The sooner you recognize that things need to change, the faster you can begin to forge that new path.
- The benefit of learning from other people’s experiences and avoiding the mistakes they made.
- Without knowing how to use what you’ve learned effectively, it amounts to nothing more than dinner conversation.
- For Brian, successful people are consistently successful because they are eager to learn and have a true desire to uncover their own blindspots.
- Always remember that there are inherent risks with all types of investing.
Mentioned in this episode:
Common Sense Financial Podcast on YouTube
Common Sense Financial Podcast on Spotify
Who Not How: The Formula to Achieve Bigger Goals Through Accelerating Teamwork by Dan Sullivan and Benjamin Hardy
References for this episode:
https://skrobonjafinancialgroupllc.sharefile.com/public/share/web-s9eba7b5a422a4447ac6b5ffad96742ce
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