The reality is most entrepreneurs won't reach the singular exit that retires them for life. So why is their strategy to build wealth rooted 100% in their business?
It's common for entrepreneurs to feel the urge to go all in and invest 100% in their business. But spoiler alert: Running a business is hard and selling your business for enough to spend your retirement at the Four Seasons with a pina colada in hand is even harder.
In today's episode, Andrew Foxwell and I talk about how entrepreneurs can build wealth outside of their business by focusing on three different buckets of investments, why a diversification strategy is something to consider, and how we are preparing for looming financial issues that are on many people's minds.
Episode Highlights
- 6:27 Establishing what financial freedom looks like for you
- 9:27 The three buckets of investments
- 10:38 How Austin and his wife got into real estate investing
- 16:08 Austin and Andrew's stock market strategy to build wealth
- 19:18 Protecting yourself from an inflation event
- 22:09 Views on cryptocurrency and how to create a hedge for yourself
- 24:12 Austin's business strategy to build wealth
- 2840 How to build a $100M asset without having a $100M business
- 30:48 Leveraging the skills you have to create outsized returns
- 34:04 The importance of having a net worth progress tracking system
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