Income Isn't Wealth: 10 Money Lessons From Millionaire Business Owners
A high income doesn't make you wealthy. What you keep, what you own, and where you put it does. In this Own The Exit compilation, Caleb Edwards, Aaron Leatherdale, and a lineup of founders, operators, and investors count down the 10 money lessons that separate business owners who earn a lot from business owners who actually build wealth.
The countdown covers lifestyle creep, raising your prices, why the person with money gets the deal, showing profit before you sell, why entrepreneurs make bad investors, what prosperity actually means, putting your spouse on payroll, how one owner made $1M and paid about $50K in taxes, and why the number one lesson is to invest in what you understand.
TAKEAWAYS
- Pay yourself, but don't let your lifestyle grow faster than the business
- Raising your prices is one of the fastest ways to grow profit
- When you have capital, deals come to you
- Buyers pay for profit they can see, so show it before you sell
- The habits that build a business can make you a bad investor
- Prosperity has a definition, and it isn't your salary
- The CEO of Coca-Cola made $23 million. The investor who owns the shares made about 10 times more
- Simple tax moves like putting your spouse on payroll can change what your family keeps
- Depreciation can shrink the tax bill on a big income
- Invest in what you understand well enough to assess with confidence
RESOURCES MENTIONED
Episode 34: From $2,500 Credit Card to Full Passive Income with Andrea Foley https://youtu.be/2zaT-oGHz1o
Episode 29: How to Build a Freedom First Business with Jason Wright https://youtu.be/p-delHhx1jk
Episode 28: How to Overcome Limiting Beliefs and Partner for Growth with William Hollis https://youtu.be/BNuQP0vr6rk
Episode 55: How To Get Rich By Selling Your Business with Mitch McGinley https://youtu.be/Hleuu2BTKT8
Episode 4: Shifting From Entrepreneur to Investor: The Long-Term Perspective https://youtu.be/lFmG9Y_pveQ
Episode 118: Build Real Wealth, Not Just Income with Allan Franks https://youtu.be/OK5Xl6wrPqQ
Episode 18: Attracting and Empowering Top Level Employees with Gib Irons https://youtu.be/kQHL0BbeXso
Episode 140: Does Your Portfolio Match Your Brain? https://youtu.be/NxA75Af6jc4
FOLLOWS
Oak IQ Investments https://www.instagram.com/oakiq/
Own The Exit https://www.instagram.com/owntheexit/
Caleb Investing https://www.instagram.com/calebinvesting/
Aaron Investing https://www.instagram.com/aaroninvesting/
CHAPTERS
00:00 #10 Don't Let Your Lifestyle Creep
00:55 #9 Raise Your Prices
01:58 #8 The Person With Money Gets the Deal
03:01 #7 Show Your Profit Before You Sell
04:15 #6 Entrepreneurs Make Bad Investors
05:24 #5 Know What Prosperity Actually Means
06:29 #4 The CEO Made $23M. The Investor Made $200M.
06:46 #3 Put Your Spouse on Payroll
07:48 #2 $1M Income, $50K in Taxes
08:30 #1 Invest in What You Understand
KEYWORDS
income vs wealth, wealth building, how to build wealth, money lessons, wealth mindset, money mindset, financial freedom, financial literacy, lifestyle creep, raise your prices, tax strategy, depreciation, estate taxes, entrepreneur investing, investing for beginners, passive income, business owner, entrepreneurship, Own The Exit, Oak IQ Investments
COMPILATION EPISODE
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