40. Long Term Wealth vs Entrepreneurship feat. Eric Alexander
Why do most entrepreneurs fail to acquire long-term wealth? You'll find out the biggest mistakes around building true wealth and how to avoid them in this episode!
"The more we set those systems up, especially as business owners, like, look, I've got a strategic oh, crap bucket when the o crap comes." - Eric Alexander
I'm joined by Eric Alexander, a Financial Advisor serving families across the US. His prior career was in supply chain. While challenging and at times, rewarding, it was not deeply fulfilling. After a decade in corporate America, Eric answered the call to try and help those around him make more of their lives. His supply chain background had a profound impact on his approach to finance. He looks at wealth creation as a system and not just random buckets of money. The key to every system is removing inefficiency, adding repeatable processes and making each component work in concert to boost output. Because of his work, there are families that now have the ability to retire early, leave a legacy to children and charities and ultimately, have the opportunity to achieve the best of what they have inside rather than settling for average.
The key moments in this episode are:
00:00:00 - The Importance of Liquidity Capital,
00:01:25 - The Entrepreneurial Mindset,
00:04:05 - Income vs Net Worth,
00:07:09 - Building Multiple Buckets,
00:11:39 - First Layer of Liquidity,
00:12:49 - Strategic Liquidity,
00:14:46 - The Importance of Planning and Automation,
00:19:39 - Different Types of Capital,
00:21:28 - The Fourth Bucket,
00:23:45 - Setting Up Systems and Automations,
00:25:10 - Overcoming the Fear Cycle,
00:25:53 - Using Multiple Bank Accounts,
00:28:15 - How Much to Save,
00:30:06 - Building Passive Income,
00:31:57 - Overcoming Overwhelm,
Join Eric on May 11th for the FREE Live Webinar "23 in 2023: 23 Actions for Financial Stability in 2023" - Register now: https://www.eventbrite.com/e/23-in-2023-23-actions-for-financial-stability-in-2023-tickets-601484033937
Go take their free test to find out where you are on your wealth-building journey and if you are falling prey to some of the myths. https://benchmarkincome.com/
Find Eric Alexander Online:
https://www.facebook.com/EconomicswithEric/
https://www.linkedin.com/in/economicswitheric/
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