Want to hear a secret? Building wealth doesn’t begin with a ton of cash in the bank or a seven figure business. It begins with tiny money habits that compound over time… literally. As a part of my wealth building series, I’m breaking down the habits you can implement ASAP to build wealth. From overcoming “Perfectionist Fantasies,” which I learned about from Kara Loewentheil on her podcast Unf*ck Your Brain, to which investment accounts to open up and start putting money into, this episode has everything you need to get started.
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Some key takeaways on building habits for investing:
You do not need a 7-figure business to be wealthy. Thinking you need to hit a certain number in revenue in order to enact strong money habits is holding you back. Start building habits today with what you have.
Consider investing in an S&P 500 index fund. These index funds are medium risk investments based on the market that show great returns in the long run, which should be your ultimate goal when it comes to investing for your retirement.
Compound interest is the interest you earn on your investment earnings. If you leave your earnings (meaning the deposit you put into your investment account + the interest gained), you’ll earn interest on your interest, which results in your investment growing exponentially over time.
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I’m Sarah Young - a CPA, Virtual CFO, and the Owner of Young + Co! I have over a decade of experience in helping entrepreneurs scale their businesses and build wealth at the 6- and 7-figure levels, and I started the Profit + Prosper podcast to help you do the same. Profit + Prosper is a business finance podcast created to help entrepreneurs build their wealth in a way that’s fun and empowering. This is NOT a boring numbers podcast - I will share tactical tips to increase your profit so you can truly prosper in your business and in life. I hope you’ll subscribe so we can Profit + Prosper together!
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