EP 60- Income vs Wealth: Financial Strategies for Entrepreneurs with Krisstina Wise

The Mark Perlberg CPA Podcast

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Curious about the difference between income and wealth, and how to transform one into the other? Join us as Krisstina Wise, founder of Wealthy Wealthy, shares her transformative journey from earning a considerable income to encountering financial disaster. Krisstina 's story unveils the shortcomings of traditional financial education and underscores the necessity of running a personal profit and loss statement for household profitability. Learn the secrets of growing both income and wealth throughout your career to achieve ultimate financial freedom.
Entrepreneurs face unique challenges in balancing business growth with personal wealth accumulation. This episode delves into effective money management strategies, stressing a profit-first mentality and the importance of setting aside a consistent percentage of revenue for profit. Krisstina highlights how neglecting profitability in favor of top-line revenue can be detrimental and shares insights on budgeting for taxes and profits, particularly for real estate investors. These strategies are designed to provide clarity and sustainability in business growth and wealth building.
Real estate investment offers both short-term income and long-term wealth-building opportunities. Krisstina discusses the merits of a measured and conservative approach, the pitfalls of over-leverage, and the necessity of maintaining liquidity. By adopting a "get rich slow" mentality, you can navigate market unpredictability and regulatory changes with confidence. Krisstina also emphasizes the importance of understanding your financial numbers and delegating tedious tasks to professionals, ensuring you stay focused on strategic growth.
To hear more from Krisstina check out her site at: https://wealthywellthy.life/ and go to her Youtube channel:@kristinawise https://www.youtube.com/@krisstinawise

Bölümler

1. Income vs Wealth (00:00:00)

2. Managing Money for Entrepreneurs (00:09:55)

3. Real Estate Investment Strategies (00:24:37)

4. Building Long-Term Wealth Through Real Estate (00:34:16)

5. Understanding Money for Entrepreneurs (00:43:55)