Rich Habits Podcast – 35: Building Generational Wealth in Your 20s & 30s

Intro

In this episode of the Rich Habits Podcast, the hosts discuss strategies for building generational wealth in your 20s and 30s. They provide valuable insights on buying small businesses, investing in cryptocurrency, leveraging artificial intelligence, and making smart financial decisions. Whether you’re an aspiring entrepreneur or looking to grow your wealth, this episode offers practical tips and resources to help you achieve your financial goals.

Main Takeaways

Building Wealth through Small Businesses

• Buying already built, cash-flowing small businesses is a great opportunity.
• Implement modern technologies, sales tactics, marketing, web and SEO strategies, and automation to increase profitability.
• Look for exits as you build the business.
• Additional resources provided in the show notes to help with execution.

Investing in Cryptocurrency

• Cryptocurrency is a disruptive technology that is changing the world and should be a part of everyone’s investable assets.
• Bitcoin and Ethereum are important blue-chip cryptocurrencies to invest in.
• Dollar cost averaging can help smooth out the volatility of cryptocurrency investments.
• It’s important to do your own research and understand the sector, as some cryptocurrencies may go to zero, but the big ones are likely to thrive.
• Major banks and countries are investing billions of dollars into these technologies, and they move markets.

Leveraging Artificial Intelligence

• Artificial intelligence is an important strategy for building wealth, as understanding and scaling it can generate hundreds of thousands of dollars in profit.
• AI tools can create lead generation, email automation, and improve website performance for small businesses.
• Creating a services-based business around AI tools can be profitable and meaningful.
• AI has endless business models that can help solve problems for small businesses.

Smart Financial Decisions

• NEOS investments offer tax-efficient monthly passive income with unique option strategies and can be a way to turn market volatility into opportunity.
• Roth Individual Retirement Account is a tax-advantaged way to invest towards retirement.
• Consider a side hustle to generate more income to put into a high-yield savings account or invest in the markets.
• Buy a duplex, triplex, or fourplex and live in one unit to house hack and avoid taking money out of the Roth IRA.
• Franchises can be a good idea, but it depends on the selection of the franchise and if it’s within your budget.

Summary

Building Wealth through Small Businesses

One of the best ways to build wealth in your 20s and 30s is by buying already built, cash-flowing small businesses. By implementing modern technologies, sales tactics, marketing, web and SEO strategies, and automation, you can increase the profitability of these businesses. Look for exits as you build the business, and make use of additional resources provided in the show notes to execute your plans effectively. Buying and scaling a boring business with low margins can be a great way to build wealth quickly.

Investing in Cryptocurrency

Cryptocurrency is a disruptive technology that should be a part of everyone’s investable assets. Bitcoin and Ethereum are important blue-chip cryptocurrencies to invest in. To navigate the volatility of cryptocurrency investments, consider dollar cost averaging. However, it’s crucial to do your own research and understand the sector, as some cryptocurrencies may go to zero. Major banks and countries are investing billions of dollars into these technologies, making them significant market movers.

Leveraging Artificial Intelligence

Artificial intelligence is a powerful tool for building wealth. By understanding and scaling AI, you can generate substantial profits. AI tools can enhance tech stacks for small businesses, creating lead generation, email automation, and improving website performance. Building a services-based business around AI tools can be highly profitable and meaningful. The potential of AI is vast, and becoming an expert in building the best tech stacks using AI can lead to a service-based business that could make millions.

Smart Financial Decisions

When it comes to making smart financial decisions, consider NEOS investments for tax-efficient monthly passive income. A Roth Individual Retirement Account offers a tax-advantaged way to invest towards retirement. Consider a side hustle to generate additional income, which can be put into high-yield savings accounts or invested in the markets. House hacking by buying a duplex, triplex, or fourplex and living in one unit can help you avoid withdrawing money from your Roth IRA. Franchises can be a good idea if you choose the right one within your budget, but it’s important to understand the complexities of business ownership and weigh all factors before making a decision.

Conclusion

Building generational wealth in your 20s and 30s requires a combination of strategic approaches. By buying small businesses, investing in cryptocurrency, leveraging artificial intelligence, and making smart financial decisions, you can pave the way for long-term financial success. It’s crucial to stay informed, do thorough research, and utilize the resources available to execute your plans effectively. With the right mindset and a proactive approach, you can set yourself up for a prosperous future.