Episode 8: The Major Difference Between Budgeting and Building Wealth

Jan 12

In this podcast, you’ll learn the major difference between budgeting and building wealth because contrary to popular belief, they’re not the same thing!

I’m going over all the ways budgeting can be a limiting experience and exactly what to focus on instead (it’s only 2 things) in order to build wealth.

Enjoy!

Key highlights

[00:00:00] Introduction to today’s topic: The Major Difference Between Budgeting and Building Wealth

[00:00:58] What building wealth means for me

[00:02:40] What is budgeting?

[00:05:39] What is building wealth?

[00:08:09] Steph Douglas as an expander for me

[00:08:58] The right mindset for building wealth

[00:12:20] What to focus on during wealth building

[00:13:17] Step-by-step path on how much money you’re putting toward your present and future self

[00:14:18] Amount of satisfaction you derive from the money that you put towards your present life versus money towards your future vision

[00:16:18] Building wealth Masterclass on January 17th, 18th and 24th

Notable Quotes

Truthfully, if I'm going to build the life I want for myself, I'm not going to use my past as the guiding principle to establish and create the future that I want for myself; that's a completely different exercise. If I'm going to build the life I want, and I want to be intentional with my money, I'm going to step into the future version of what I want for my life, and I will make decisions from there.
Building wealth gives you freedom because when you have multiple income sources that you can build and maintain, it means that your income is not directly dependent on your current work power, your current energy, or your actions today in this very moment because you have multiple income sources that you've figured out how to work for you and make money on your behalf so that you don't always have to have your direct time making money because your money is making you money.
Here is what I want all of you to know; I want you to know that freedom with money is very, very possible.
I just want you to know that finding your stuff and looking around at people building financial freedom in their lives is incredibly motivational, important, and inspirational to your wealth-building journey because unless your brain thinks it's possible, it's not going to do so it.
It feels really good when you know your ultimate goal is freedom and that you are on the path to getting there.
You got to have a strong enough connection to the vision for your future self that when you're putting money towards that vision, you are deriving pleasure from it today, even though you don't have it yet.
You have to let go of this idea that you need to be budgeting and categorizing expenses and feeling overwhelmed with your money, you got to let all that go, and you got to step into this future vision for yourself.