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.
Are you looking for more information on how to build wealth with your business and generate your first $1M? Sign up for my free weekly email series, Millionaire Mondays!
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.
If you love the podcast, please consider leaving me a review on Apple podcasts and sharing with a friend! This helps me share more knowledge with people like you so they can become more financially literate, create more profit in their business, and feel more financially stable and secure. Click here and scroll to the bottom to leave a review and make sure to let me know what you're finding the most helpful!
Do you have a question or topic you’d like me to cover on the show? Click here to send us your submission!
Resources mentioned in this episode:
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!
Connect with Sarah: