Why Most People Will Never Build Wealth (And How to Break the Cycle)
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 24 October 2024
⏱️ 41 minutes
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Summary
Ken & Danille McElroy dive into the misunderstood concepts of money and wealth, highlighting the dangers of inflation and the devaluation of fiat currency. Learn why holding cash can cripple your financial future and how investing in real assets like real estate and gold can secure your long-term wealth.
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Visit Ken's Bookstore: https://kenmcelroy.com/books
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
Ken's company: https://mccompanies.com
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Transcript
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| 0:00.0 | most people aren't wealthy because they don't understand money. |
| 0:03.4 | I would say the majority of people don't. |
| 0:05.4 | Like if it's in their account, they understand it. |
| 0:08.0 | If they have their own, then of course they're such alert. |
| 0:11.5 | Yeah, I mean, people always say, like, oh, I'm bad with money, |
| 0:13.7 | and that just means that they're bad at balancing their tech book. |
| 0:16.1 | But really, like, understanding money is something that most wealthy people understand money. That's the |
| 0:22.4 | It's funny because it's it's really not too difficult. It's it's almost like like I know like to |
| 0:28.5 | compare it with you like once you start to understand health like what you eat and how it makes a |
| 0:34.6 | difference then it's crystal clear. So it's just a matter of just understanding a few things. |
| 0:40.6 | Yeah, because if you don't understand money, |
| 0:43.3 | no matter what you try to understand about being wealthy or how to obtain wealth, |
| 0:48.4 | you're never going to get it if you don't understand the basis. |
| 0:51.3 | No, because the only thing you have is I'm going to work more. |
| 0:54.7 | Right, right. |
| 0:57.0 | And that's not what you want to do. |
| 1:01.8 | What you want to do is make more, but you want to keep more. |
| 1:02.8 | Right. |
| 1:05.4 | You want to, what do you call that, passive income? |
| 1:07.4 | You want to be making money passively. But also, you know, understanding like what's your time worth. And, you know, I always |
| 1:14.0 | talk to people about, they know, I get asked to do all kinds of stuff all the time. And now I've |
| 1:19.1 | learned, okay, is it worth my time? Is it worth my time to drive over there, sit down, spend a half a |
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