Rich Habits Podcast – 28: Mindset Shift — Consumer to Wealth

Intro

In this episode of the Rich Habits Podcast, the focus is on the mindset shift from being a consumer to becoming an investor in order to build generational wealth. The host emphasizes the importance of breaking free from a lack mentality and instead focusing on learning and gathering information. Listeners are encouraged to think like investors and explore investment opportunities even while shopping or eating out. Automation and understanding one’s budget and debt-to-income ratio are highlighted as crucial elements for successful investing. The episode also provides recommendations for investing in real estate investment trusts (REITs) and artwork, as well as insights into diversification and income stream building. The podcast aims to inspire listeners to take action and create a path towards long-term financial success.

Main Takeaways

Mindset Shift and Investment Strategies

• Importance of mindset shift from consumer to investor for building generational wealth
• Need to break free from lack mentality mindset and focus on learning and information
• Thinking like an investor, not just a consumer, when interacting with publicly traded companies
• Researching and investing in stocks while still at the store is possible and can lead to success
• Look for new investment opportunities while shopping or eating out

Automated Investing and Budgeting

• Investing should be part of daily and weekly habits, not just a scary thing
• Automate investments to build generational wealth
• Understanding your budget and debt-to-income ratio is crucial for investing
• Think of yourself as a business and allocate a portion of your income towards investments
• Automating investments is key to building generational wealth

Investing in REITs and Artwork

• Real estate investment trusts (REITs) are a big pool of money where people invest in real estate to generate cash flow
• Recommended REITs are Realty Income Corporation (ticker symbol O) and VICI Properties (ticker symbol VICI)
• Fundrise.com is recommended for investing in REITs and Masterworks for investing in artwork
• Diversification in portfolios is key to offset the volatility of the stock market
• Fundrise.com and Masterworks are recommended for investing in REITs and artwork respectively

Building Income Streams and Debt Management

• Millionaires generally start with one source of income, master it, then move on to diversification
• Focus on building and scaling one income stream before moving on to others, avoid analysis paralysis and shiny ball syndrome
• Avoid taking on more student loan debt for a degree that you may not even like, instead focus on building and scaling your current business
• Don’t cash out your 401k to pay off high-interest debt, as you’ll be taxed twice and lose a significant portion of your retirement savings
• Look for ways to increase your income or reduce expenses to pay off high-interest debt as soon as possible

Wealth Building Blueprint Video Course

• Rich Habits Podcast is offering a wealth-building blueprint video course, available to podcast listeners weeks earlier than the public
• Listeners can receive a 20% discount code by sending a DM on Instagram with their favorite color
• The course includes four video modules on building extra income streams, paying down debts, repairing and building credit scores, and investing for retirement

Summary

Shifting Mindset and Investment Strategies

The episode emphasizes the importance of shifting mindset from being a consumer to becoming an investor. By breaking free from a lack mentality and focusing on learning and information, individuals can adopt the mindset of an investor. This mindset shift enables them to think critically about the companies they interact with and explore investment opportunities even while engaging in everyday activities like shopping or eating out.

Automated Investing and Budgeting

Automating investments is crucial for building generational wealth. By making investing part of daily and weekly habits, individuals can ensure consistent progress towards their financial goals. Understanding one’s budget and debt-to-income ratio is also essential for effective investing. By thinking of themselves as businesses and allocating a portion of their income towards investments, individuals can create a solid foundation for long-term financial success.

Investing in REITs and Artwork

Investing in real estate investment trusts (REITs) and artwork can provide diversification in investment portfolios. REITs offer an opportunity to invest in real estate and generate cash flow. Recommended REITs include Realty Income Corporation (ticker symbol O) and VICI Properties (ticker symbol VICI). Platforms like Fundrise.com and Masterworks provide accessible avenues for investing in REITs and artwork, respectively.

Building Income Streams and Debt Management

Building and scaling one income stream at a time is a key strategy employed by millionaires. By focusing on mastering one income source before diversifying, individuals can avoid analysis paralysis and shiny ball syndrome. It is advised to avoid taking on additional student loan debt for a degree that may not align with personal interests. Instead, individuals should concentrate on building and scaling their current business. Cashing out a 401k to pay off high-interest debt is discouraged due to potential tax implications and the loss of retirement savings. Finding ways to increase income or reduce expenses is recommended for paying off high-interest debt efficiently.

Wealth Building Blueprint Video Course

The Rich Habits Podcast offers a wealth-building blueprint video course, providing valuable insights into building extra income streams, paying down debts, repairing and building credit scores, and investing for retirement. Listeners can access the course earlier than the public and receive a 20% discount by sending a direct message on Instagram with their favorite color.

Conclusion

The “Mindset Shift – Consumer to Wealth” episode of the Rich Habits Podcast highlights the importance of adopting an investor mindset and taking proactive steps towards building generational wealth. By focusing on learning, automating investments, understanding budgeting and debt-to-income ratios, exploring investment opportunities, and diversifying portfolios, listeners can pave the way for long-term financial success. The podcast aims to inspire individuals to take action and provides valuable resources, such as the wealth-building blueprint video course, to guide them on their journey.