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Win Make Give with Ben Kinney

Wealth Series 2.0 - Episode 3 - Assets and Your Net Worth

Win Make Give with Ben Kinney

Ben Kinney Training

Education, Self-improvement

4.9 • 1.5K Ratings

🗓️ 9 January 2023

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Tracking your assets and liabilities every month helps you understand your financial trajectory. In episode three of Wealth Series 2.0, Ben Kinney, Bob Stewart, and Chad Hyams explain the power of tracking your net worth and achieving your desired lifestyle. 

Before you listen to the episode, download Win Make Give's FREE Net Worth Tracker at https://winmakegive.com/resources.

Disclaimer: You should not use our advice to make financial decisions. We highly recommend you seek professional advice from someone authorized to provide investment and retirement advice.

In this episode we cover the following:

  • Defining an asset [1:05]  
  • Different types of assets [2:19]
  • How people become rich by owning assets [4:55]
  • Truths about wealth building [6:07]
  • Equities, stocks, bonds, securities [7:14]
  • Fixed income assets [8:32]
  • Cash or cash equivalents [9:19]
  • Commodities [10:20]
  • Real estate [10:57]
  • All or part of a business [11:11]
  • Insurance [11:23]
  • Personal belongings, collectibles, art [11:38]
  • Assets exercise [12:40]
  • Net worth tracker exercise [15:44]
  • How assets increase wealth over time [18:32]
  • Income-generating assets [22:49]
  • Liabilities exercise [28:24]
  • Being accountable [33:00]
  • Reflection exercise [34:50]
  • Stats on net worth [35:23]
  • How to increase your net worth [39:50]

Resources discussed in this episode:

Connect with the hosts:

More ways to connect: 

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Part of the Win Make Give Podcast Network

Transcript

Click on a timestamp to play from that location

0:00.0

Welcome to the Windmate Give Well Series. This section is covering assets and net worth.

0:18.4

And as always, I'm joined with Bob Stewart in Chad Himes. Say hi, gentlemen.

0:25.4

Hi, gentlemen. And Chad, hello, hello, hi. You're both complete idiots.

0:30.4

Hey, man, you are, I mean, we're here with you. If I could pick one word for you guys,

0:37.0

it would be that I think both of you are assets. Wait a minute, what was that? Where was

0:44.6

the emphasis on that syllable to see how that worked out for us?

0:47.8

We are moving forward with the Well Series. And in order to do that, we need to calculate

0:54.4

how many assets that we have and what our net worth is.

1:03.3

Yes. So I just thought I would dive into the old Webster dictionary.

1:09.4

Okay. And I just Googled, can you Google in a dictionary? I searched inside a dictionary

1:15.6

for asset. And it says a useful or valuable thing or person or quality. It also said

1:29.4

that an asset could be property owned by a person or a company, regarded as having value

1:37.2

and available to meet our debts, commitments, or legacies. I like that description.

1:45.9

The government might not describe it as things like military equipment, such as plane

1:52.8

ships, communications, radar installations, et cetera. I always like the et cetera, et

2:01.1

cetera. Yes. But for me, assets are the things that we own that have value, the things

2:12.8

that we own that have value. When it comes to wealth building, I'm going to break this

2:20.5

down into different types of assets. Right now, about 65% of the United States, probably

2:36.0

Canada too, okay? Come home every night to a home they own instead of rent. For families,

2:47.4

making more than 78,000 a year annually, that number is almost 80%. And that home, gentlemen,

2:56.9

is an asset. Right now, about 52% of all families have investments in the stock market. For

3:07.8

families making over 100,000 a year, Bob, it's 88%. About 15% of people, on at least

...

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