The Iron Law of Wealth Building (or How to Translate Personal Financial Statements into Results) RPF0029

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Finance, Retirement, Insurance, Business, Money, Education, Self-improvement, Financial, Independence, Growth, Advice, Investing, Family, Personal, Radical, Christian, Faith

4.4 • 1.9K Ratings

🗓️ 28 July 2014

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

There is an iron formula of wealth that can be applied to all financial plans. The relationships between balance sheets cannot be broken in any way. To become wealthy, you much increase the net worth on the bottom of the balance sheet. The only two ways to increase net worth are to increase assets or reduce […]

Transcript

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0:27.0	Radical Personal Finance, Episode 29.
0:34.0	On today's show, The Iron Law of Wealth Building,
0:39.0	I guess I should say the Iron Formula of Wealth Building.
0:42.0	The only three topics, the only three... say the iron formula of wealth building.
0:42.8	The only three topics,
0:44.3	that's only three variables that you can adjust
0:47.6	to ensure your long-term wealth. And the Welcome to the Radical Personal Finance Podcast for today Monday, July 28, 2014. I am your host, Joshua Sheets. Thrilled to be back with you. Feeling a little bit better,
1:17.8	not quite back at 100%, but a little bit better. And I couldn't stand to stay away from you any longer.
1:24.0	I figured I got to get you a show, got to get your show and so today we're going to have a show on
1:28.0	wealth building, my favorite. You know it really was hard to be away. I really look forward to recording these shows. I enjoy doing it and I just love doing it. And so being out and being sick last week to the point where a couple days I could barely even speak and usually I would roll over in bed.
1:55.0	See what happened was that I just I just got run down as far as the amount of time was staying up too late, getting up too early.
2:01.0	I got a lot of fun exciting projects that I'm working on and so when I should quit and go to bed I just
2:07.4	oh just a little bit longer a little bit longer and you know a couple days in a row of going to bed at 11 getting up at 6 going to bed at 2 getting up at 6
2:16.0	going to bed at 12 getting up at 5 you know going to bed at 1 getting up at 7 these don't work for me and I should you would think that at this
2:25.0	point in my life I would be smart enough to to say no and to stay you know to go to
2:30.3	bed and force myself to do it but I just trying to make progress on on some
2:34.5	projects that I've got going on and and well anyway I didn't do it I
	...

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