DeepSummary
In this episode of the Rich Habits podcast, Robert Croak and Austin Hankwitz discuss three myths related to personal finance and building wealth. The first myth is that you need to constantly add new stocks and ETFs to your portfolio, which they dispel by emphasizing the importance of having a concise plan and sticking to it. The second myth is that you need thousands of dollars to start investing, which they debunk by highlighting the power of starting small and consistently investing over time.
They also address the third myth that if you were never taught personal finance or didn't grow up around money, you can never learn how to build wealth. Robert shares his own journey of coming from a poor background and making it big, emphasizing that financial literacy can be learned through intentionality and consistency.
Throughout the episode, Robert and Austin stress the importance of simplicity, discipline, and intentionality when it comes to building wealth. They encourage listeners to start investing early, even with small amounts, and to focus on a few key investments rather than over-diversifying.
Key Episodes Takeaways
- Simplicity is key when it comes to building wealth and investing. Focus on a few key investments rather than over-diversifying.
- Consistency and discipline are essential in sticking to your investment plan, even when life throws curveballs.
- You don't need a large sum of money to start investing. The key is to start small and consistently invest over time.
- Having a concise plan and clear goals is crucial for successful investing and wealth-building.
- Mindset is a significant factor in building wealth. Overcome the belief that you need a lot of money to start investing.
- Financial literacy and wealth-building knowledge can be learned through intentionality and consistency, regardless of your background or upbringing.
- Consider real estate syndications as a potential investment option, especially when starting out in real estate investing.
- Be cautious of over-complicating your investments or taking on projects beyond your current knowledge and capabilities.
Top Episodes Quotes
- “The key is to keep it simple and really define what you're trying to accomplish.“ by Robert Croak
- “The key to building wealth really is just getting started, period. A lot of it is just mindset because we're conditioned to believe that we need a lot of money to start your wealth building journey and you don't.“ by Robert Croak
- “You don't need dozens of different things inside of this portfolio. You just need about five, maybe ten total, and you are good to go.“ by Austin Hankwitz
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Episode Information
Rich Habits Podcast
Austin Hankwitz and Robert Croak
4/29/24
In this episode of the Rich Habits Podcast, Robert Croak and Austin Hankwitz debunk the top three wealth-killers in America.
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To learn more about Robert: https://stan.store/RobertJCroak
To learn more about Austin: https://stan.store/austinhankwitz
Contact: richhabitspodcast@gmail.com