Saving, investing, paying down debt, buying real estate… There are SO many ways to increase your net worth, but where the heck do you start? Grab your notebook and a cold beverage, because we are going deep in today’s episode about how to build your net worth no matter where you are with your business today. If you’ve always been intimidated by the concept of increasing your net worth, this is the episode for you because I’m bringing you back to basics with clear next steps to follow.
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Key takeaways from the episode:
Build up both a personal cash cushion and a business cash cushion. Your business cash cushion should cover at least 2-3 months of expenses, and your personal cushion should cover 6 months of living expenses.
Then, prioritize paying off high-interest debts first before investing or paying off low-interest debts. Those high interest loans are going to rack up a ton of interest over time, so the sooner you eliminate that liability, the better!
While it’s important to plan for retirement, don’t forget to consider investments you can access before retirement age if you need to or want to. Real estate, franchises, or digital products are a few examples that can generate income short term and long term with little to no effort from you.
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Resources mentioned in this episode:
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Listen to Episode 20: Turning Your Business Cash Flow Into Wealth
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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