What Wealthy People Know (and you can too by listening to this episode): An Encore Presentation of Ep 70
This week, I am doing an encore presentation of Episode 70: What Wealthy People Know (and you can too by listening to this episode)
In this episode, I am sharing with listeners what wealthy people know! I have the opportunity to work with financially successful people every day and I would love to share with you some tips that have led to their success so you can do the same. Being wealthy is possible for ANYONE – it’s not a character trait you are either born with or without. And if you want to know just how that’s possible for you then you must listen to this episode!
About the Host:
I am a financial professional, who specializes in helping people to achieve their financial goals. My absolute passion is creating new possibilities in people’s lives by showing them the ropes when it comes to money. I’m here to spark healthy and positive conversations around wealth and investment and create a world where nobody is limited by their financial situation. I believe this begins with education and shifting our relationships with money. I love getting to witness people achieving their most ambitious goals and creating new possibilities for themselves and their families!
I love your questions! Reach out to me anytime at:
Email: kalee.boisvert@raymondjames.ca
Instagram: https://www.instagram.com/kaleeboisvert/
Twitter: https://twitter.com/wealthandwelln2
https://www.facebook.com/kaleeboisvertwealthandwellness/
Thanks for listening!
Thanks so much for listening to our podcast! If you enjoyed this episode and think that others could benefit from listening, please share it using the social media buttons on this page.
Do you have some feedback or questions about this episode? Leave a comment in the section below!
Subscribe to the podcast
If you would like to get automatic updates of new podcast episodes, you can subscribe to the podcast in your favorite podcast app.
Transcript
Welcome to the wealth and wellness podcast with
Kalee Boisvert:me Kaylie Bob air, I specialize in helping people to achieve
Kalee Boisvert:their financial goals. I have a love for all things numbers, and
Kalee Boisvert:I'm passionate about financial literacy. My goal is to spark
Kalee Boisvert:healthy and positive conversations around wealth and
Kalee Boisvert:investment, and create a world where nobody is limited by their
Kalee Boisvert:financial situation. But wealth is just one piece of the
Kalee Boisvert:equation of living our best lives. So join me as we explore
Kalee Boisvert:both wealth and wellness topics. From your net worth, to your
Kalee Boisvert:self worth, get ready to take confident action.
Kalee Boisvert:Hello, this is Kaylee. And I want to thank you for taking the
Kalee Boisvert:time to listen to this episode of the wealth and wellness
Kalee Boisvert:Podcast. I'm sticking to a wealth topic today and getting
Kalee Boisvert:really wealthy by chatting about what wealthy people know. Now,
Kalee Boisvert:the definition of wealthy I think is very subjective. And
Kalee Boisvert:what wealthy means will look different for everyone. So for
Kalee Boisvert:some, it might be living a certain lifestyle where, you
Kalee Boisvert:know, you can afford a lot of different things. Others might
Kalee Boisvert:see it as having flexibility and freedom. And others might put $1
Kalee Boisvert:amount, such as having, you know, a million dollars or
Kalee Boisvert:multiple millions dollars. And that is completely fine.
Kalee Boisvert:Whatever your definition of wealthy looks like. That's
Kalee Boisvert:great. And I'm hoping to really, you know, in this episode, think
Kalee Boisvert:of me talking about it in that broad sense, and really covering
Kalee Boisvert:all those bases of wealthy so whether it be freedom,
Kalee Boisvert:flexibility or money in the bank, you know, it's it's all
Kalee Boisvert:wealth, it's all wealthy. And that's what we're chatting about
Kalee Boisvert:today. Okay, so, as a financial professional, I have the
Kalee Boisvert:opportunity to work with financially successful people,
Kalee Boisvert:everyday people on track to achieving their goals, and those
Kalee Boisvert:who have actually reached their goals and are now living in
Kalee Boisvert:retirement or their financial freedom years, I think it's
Kalee Boisvert:important for me to share some of the behaviors and actions
Kalee Boisvert:that stand out most for just how these people have built their
Kalee Boisvert:wealth. I of course, don't plan on sharing any personal details,
Kalee Boisvert:but more so the how, like, how they got there, how they
Kalee Boisvert:achieved it, or how they're achieving it right now, because
Kalee Boisvert:ultimately, I want you to be wealthy too. Okay, so let's all
Kalee Boisvert:be wealthy. So first, I want to start off by throwing out
Kalee Boisvert:limiting beliefs about wealth, and your ability to be wealthy.
Kalee Boisvert:So being bad with money, it's not a personality trait. It's
Kalee Boisvert:not a character flaw you're born with. Anyone can build wealth.
Kalee Boisvert:Building Wealth is not based on a special skill that only
Kalee Boisvert:certain people are born with. So anyone, I repeat, anyone can
Kalee Boisvert:build large amounts of wealth and be wealthy. And that's one
Kalee Boisvert:of the things I love so much about, well, wealth and money is
Kalee Boisvert:that it isn't something we're born with, or that we have to be
Kalee Boisvert:born into. If we're, you know, destined to have it or not, with
Kalee Boisvert:diligent savings and ongoing investing, anyone can anyone can
Kalee Boisvert:achieve their financial goals. I work with people who are
Kalee Boisvert:millionaires, but in their working years, they never earned
Kalee Boisvert:six figure salaries. So to me, that's that proof that anyone
Kalee Boisvert:can be wealthy. Of course, they had diligent behavior and saving
Kalee Boisvert:strategies. But it's that reminder, oftentimes people
Kalee Boisvert:think, you know, to have a lot of wealth to be wealthy, it's,
Kalee Boisvert:you know, we need to be the next Elon Musk and have this
Kalee Boisvert:brilliant idea and be an entrepreneur and all those
Kalee Boisvert:things. And I think that example of, you know, these clients that
Kalee Boisvert:again, they just earned their incomes throughout their working
Kalee Boisvert:years, they were diligent about putting money away, investing on
Kalee Boisvert:an ongoing basis, and they achieved millionaire status. So
Kalee Boisvert:it really is achievable. And it doesn't have to be in those, you
Kalee Boisvert:know, stereotypical ways are where our minds go to, will have
Kalee Boisvert:to be something really big, and I have to make a lot of money.
Kalee Boisvert:And then, you know, with those beliefs, being very limiting
Kalee Boisvert:beliefs, because then feeling that that's overwhelming feeling
Kalee Boisvert:that that's maybe not feasible for you and where you're at in
Kalee Boisvert:your life, and then, you know, that doesn't at all lead in a
Kalee Boisvert:positive direction. So let's get rid of those limiting beliefs.
Kalee Boisvert:And let's talk about what wealthy people know. So, first
Kalee Boisvert:off, wealthy people are mindful about their money. They have an
Kalee Boisvert:awareness of what comes in and what goes out and they know that
Kalee Boisvert:in order to build wealth, what comes in so income is what as
Kalee Boisvert:far as what's coming in has to exceed expenses. If you are
Kalee Boisvert:spending more than you earn, or the same as what you earn each
Kalee Boisvert:month or a year, you can not build wealth. building wealth
Kalee Boisvert:comes from saving your money, you have to keep some of it for
Kalee Boisvert:you, that idea of paying yourself first, it's pretty
Kalee Boisvert:simple math, the more you save, the faster you will be able to
Kalee Boisvert:build your wealth, I can tell you that wealthy people are
Kalee Boisvert:mindful of income and expenses. I think that's also sort of a
Kalee Boisvert:misnomer, or, you know, a belief that people have is that when
Kalee Boisvert:you're really wealthy or wealthy people, they are not even, they
Kalee Boisvert:don't know what they even expend, and what comes in and
Kalee Boisvert:all that. But I can tell you that from the financially
Kalee Boisvert:successful people I work with, they absolutely are mindful of
Kalee Boisvert:money coming in and money going out, they have a good
Kalee Boisvert:understanding of how much comes in each month and what goes out.
Kalee Boisvert:And they make savings a priority. So the even at this
Kalee Boisvert:sacrifice of other things. So there, you know, there are
Kalee Boisvert:people that are saying, Actually, I can't go and do
Kalee Boisvert:that, actually, I can't buy this, you know, this fancy
Kalee Boisvert:purse, I saw that store these great shoes or something like
Kalee Boisvert:that, it's just, it's not a good time, I don't have the money
Kalee Boisvert:saved or you know, my money is going to savings and with what's
Kalee Boisvert:going to savings and what I spend, there's not anything
Kalee Boisvert:leftover or what I'm willing to, you know, spare for that. So
Kalee Boisvert:it's that they do make sacrifices, these people that
Kalee Boisvert:have built me built massive amounts of wealth are on their
Kalee Boisvert:way to building wealth, I can tell you that they do have to
Kalee Boisvert:make sacrifices, so that is true for them as well. Okay, so
Kalee Boisvert:another thing that wealthy people know and understand is
Kalee Boisvert:that building wealth takes patience, patience, patience,
Kalee Boisvert:patience, and more patience. So building wealth is a game of
Kalee Boisvert:extreme, I can't stress this enough, extreme patience, the
Kalee Boisvert:major factor to growing your money is through the power of
Kalee Boisvert:compounding. And although it's quite magical to see compounding
Kalee Boisvert:in action, when I use my you know, financial calculator, or
Kalee Boisvert:use the planning software, and you know, getting to see what
Kalee Boisvert:those numbers actually become and what they can be. It's,
Kalee Boisvert:it's, it's amazing. It's crazy to see those and it's fabulous.
Kalee Boisvert:But the actual act of seeing compounding inaction, year by
Kalee Boisvert:year or day by day, month by month, it is very, very slow. So
Kalee Boisvert:you have to be patient, when it comes to growing your wealth. In
Kalee Boisvert:the early years of savings, it might seem like it really isn't
Kalee Boisvert:working or nothing much is happening. But if you can
Kalee Boisvert:maintain extreme patience, it will pay off. I'm telling you,
Kalee Boisvert:it does, I see it happening, I see the results. But again, it
Kalee Boisvert:is extreme patience. So I want to give you an example. So you
Kalee Boisvert:don't have to keep hearing me say the word patience over and
Kalee Boisvert:over again. So imagine saving 500 per month, growing at a 10%
Kalee Boisvert:annualized growth rate. So 10% per year, 500 per month you're
Kalee Boisvert:saving after year one, you have $6,282. Again, that's the boring
Kalee Boisvert:part. That's the part where you look at and go well doesn't
Kalee Boisvert:really seem like it's working or that anything much is happening.
Kalee Boisvert:I put in a total of $6,000 over the past year. And now I have
Kalee Boisvert:6200 6282. So I made $282 Doesn't seem like a heck of a
Kalee Boisvert:lot. How is that going to get me to, you know, wealthy? Well,
Kalee Boisvert:here's sort of the snowball effect of compounding, after
Kalee Boisvert:five years, that $500 a month has now grown to $38,700. So
Kalee Boisvert:again, you might look at that number still five years in and
Kalee Boisvert:go so huge. It's not you know, it's not it's not enough to
Kalee Boisvert:retire off of. But then after 10 years, that $500 a month has
Kalee Boisvert:grown to $102,000. So again, getting bigger, you know, the
Kalee Boisvert:Snowball is rolling gathering, I guess no. And yet a lot larger
Kalee Boisvert:after 20 years. So after 10 years, 102,020 years 379,000. So
Kalee Boisvert:okay, this is looking good. But again, this is 20 years in and
Kalee Boisvert:then after 30 years, so 30 years, we've hit over a million
Kalee Boisvert:dollars, it's 1,130,000. So that's really your like the The
Kalee Boisvert:compounding and the magic numbers 30 years in, though, and
Kalee Boisvert:it's over a million dollars from putting 500 a month away. So
Kalee Boisvert:over the 30 years, you only contributed about 180,000 Is
Kalee Boisvert:what you put away. So, in compounding growth, you've made
Kalee Boisvert:almost a million dollars in 30 years. So almost a million
Kalee Boisvert:dollars had come from just the growth and compounding, but it
Kalee Boisvert:took 30 years. And a really good example of this is from a book
Kalee Boisvert:I'm reading, it's called the psychology of money. fabulous
Kalee Boisvert:book I recommend absolutely everyone needs to read this
Kalee Boisvert:book. But he gives an example. Hopefully I get explained it
Kalee Boisvert:right with Warren Buffett. So obviously, we're all familiar
Kalee Boisvert:with Warren Buffett, he's a very successful investor. And he is
Kalee Boisvert:at a point where his net worth is in the billions. So it's, you
Kalee Boisvert:know, 80 billion or something like that, let's say, okay, but
Kalee Boisvert:in his example, and with compounding, he says, If Warren
Kalee Boisvert:Buffett were to have actually retired and just stopped at the
Kalee Boisvert:age of 60. So we all know Warren Buffett is getting up there in
Kalee Boisvert:age, he's been around, you know, investing game for a long time
Kalee Boisvert:and good on him, and he's still going strong. But
Kalee Boisvert:if he were to have stopped and said, Okay, it's 60, I'm going
Kalee Boisvert:to stop, I'm going to play golf, I'm going to enjoy life. Now, he
Kalee Boisvert:would have only had something around like I think in the book,
Kalee Boisvert:he says, like 12 million or something like that. So the
Kalee Boisvert:majority of Warren Buffett's wealth was amassed, sort of
Kalee Boisvert:beyond his 60s Like, and that again, goes to show for the
Kalee Boisvert:compound, he started investing early, he was a very early
Kalee Boisvert:investor. He talks about buying his first stock when he was like
Kalee Boisvert:13 years old. But so leading up to that, yes, he did great and
Kalee Boisvert:got to the multiple millions by the age of 60. But the magic
Kalee Boisvert:really happened beyond that, because again, we're talking
Kalee Boisvert:compounding, you know, 6070 years, and these later years
Kalee Boisvert:were really gathers strength. So I'm not saying you have to be
Kalee Boisvert:Warren Buffett, and never stop working and keep invest in till
Kalee Boisvert:you know, late 80s. And in your 90s. And, but it is how
Kalee Boisvert:compounding is going to really grow, grow, grow. So again, it
Kalee Boisvert:says patience. And that's something he has displayed so
Kalee Boisvert:well with his investing. It says in the book, he's not, he's not
Kalee Boisvert:the greatest investor in terms of returns. But he's patient,
Kalee Boisvert:he's diligent, and that is really what comes out with his
Kalee Boisvert:behavior, and what he's been able to achieve as a result of
Kalee Boisvert:that patience. So the long game, it's the long game that wins and
Kalee Boisvert:wealthy people think in terms of years and decades, not months.
Kalee Boisvert:So I think this is such a great reminder for investors, when
Kalee Boisvert:we're watching the markets day to day and it's, you know, it's
Kalee Boisvert:up and then it's down, and it's up and, and you don't you know,
Kalee Boisvert:know which way to go and what's gonna happen next, and it's
Kalee Boisvert:stressful. But if you can take a step back and say, No, I'm
Kalee Boisvert:looking at, you know, the 20 years, the 30 years, 30 years
Kalee Boisvert:plus, like, that's the magic happening. So what it does day
Kalee Boisvert:to day, it's really not as important as what it's going to
Kalee Boisvert:do over those longer term periods. So getting our head to
Kalee Boisvert:that very long term. And it's really difficult to do, but
Kalee Boisvert:hopefully, those examples helped really illustrate the patients,
Kalee Boisvert:patients, patients patients, had to stick it in there a few more
Kalee Boisvert:times. Another thing that wealthy people know is that
Kalee Boisvert:there are no shortcuts to building wealth.
Kalee Boisvert:So you might want to argue with me and say that's not true. But
Kalee Boisvert:I feel like we should just say there are no shortcuts just, you
Kalee Boisvert:know, throw out the thought that you're going to find some quick
Kalee Boisvert:shortcut. Yes, there might be some lucky moments, and maybe
Kalee Boisvert:you win a lottery. That's great. But that is a very low
Kalee Boisvert:probability event of happening, although I wish anyone out there
Kalee Boisvert:well as they try to win the lottery, and I wish everyone
Kalee Boisvert:could win the lottery. But let's stick to this rule. There are no
Kalee Boisvert:shortcuts, trying to massively beat the markets or find the
Kalee Boisvert:next get rich money making opportunity. It might leave you
Kalee Boisvert:looking and chasing forever, and it could result in you actually
Kalee Boisvert:losing money from taking on some really high risk. That's the
Kalee Boisvert:truth is most investors actually don't beat the market. And for
Kalee Boisvert:those who are willing to accept that there are plenty of
Kalee Boisvert:solutions that are great long term investment opportunities.
Kalee Boisvert:Some examples of these could be in the form of ETFs or exchange
Kalee Boisvert:traded funds, or mutual funds. So this acceptance of this also
Kalee Boisvert:means that we're investing with a long term approach. We wealthy
Kalee Boisvert:people know that they don't have to be investing geniuses, you do
Kalee Boisvert:not have to be the next mathematician or know everything
Kalee Boisvert:about investing to be wealthy and to win in the investment
Kalee Boisvert:game. I think in that book, again, he said something like,
Kalee Boisvert:you know, successful investors that have made money had a
Kalee Boisvert:success rate of their sort of wins and losses of something
Kalee Boisvert:like 60%. So it's not, it's not a really high, you know, batting
Kalee Boisvert:average or percentage, but they've still made money off of
Kalee Boisvert:that. So you don't have to be this investing genius. You don't
Kalee Boisvert:have to time the market perfectly. You don't have to
Kalee Boisvert:find the ultimate low of when you're going to get in the
Kalee Boisvert:markets and sell at the you know, the all time highs and
Kalee Boisvert:find, you know, where's the high the highest high, it's going to
Kalee Boisvert:be because that's where I need to sell. You know, you don't
Kalee Boisvert:need to be this person that can time the market impeccably,
Kalee Boisvert:because I would argue that nobody can even the investing
Kalee Boisvert:gurus, the Warren Buffett's of the world that have been very
Kalee Boisvert:successful, they do not do that either. With their investing,
Kalee Boisvert:again, it's diligence. It's long term. Wealthy people accept what
Kalee Boisvert:is in their control and what is not in their control. They do
Kalee Boisvert:invest for the long term, again, its patients invest on an
Kalee Boisvert:ongoing basis basis, they avoid panic buying and selling. And
Kalee Boisvert:they build their wealth in the long run just by taking these
Kalee Boisvert:actions and not getting caught up in all the noise. So that
Kalee Boisvert:doesn't sound very exciting. Just you know, avoiding the
Kalee Boisvert:panic buying and selling, adding on going to the markets. That's
Kalee Boisvert:not That's not like Wolf of Wall Street stuff. But I can tell
Kalee Boisvert:you, it's the stuff that gives you money in the bank builds
Kalee Boisvert:your wealth. So what else have they figured out? That
Kalee Boisvert:consistency is key for building wealth? Again, it isn't so much
Kalee Boisvert:about finding those lucky opportunities to get massive
Kalee Boisvert:returns overnight. It's about sticking to a long term plan of
Kalee Boisvert:ongoing saving and investing. building wealth is about saving
Kalee Boisvert:money, and sticking to that plan, long, long term as well,
Kalee Boisvert:increasing when the opportunity arises. So maybe you get a pay
Kalee Boisvert:raise. And you increase that savings rate on an ongoing
Kalee Boisvert:basis. Most of us in our careers, you know, where we
Kalee Boisvert:start to where we finish, we've had increases throughout the
Kalee Boisvert:time in our salaries and wages. So taking those opportunities to
Kalee Boisvert:actually increase the savings rate along the way as well is
Kalee Boisvert:very diligent. So again, it's not an overnight success story
Kalee Boisvert:to building wealth, it's about taking a diligent approach. And
Kalee Boisvert:sticking with that over the long term, one of the best actions
Kalee Boisvert:you can take is just setting up an ongoing contribution or
Kalee Boisvert:savings that's invested on an ongoing basis. And ideally, you
Kalee Boisvert:want to coordinate that with every pay. So it's paying
Kalee Boisvert:yourself first every time you're receiving money. So maybe you're
Kalee Boisvert:paid bi weekly, or you're paid two times a month, well having a
Kalee Boisvert:designated amount automatically go into your separate investment
Kalee Boisvert:accounts or you know, maybe it's a couple of different investment
Kalee Boisvert:accounts, maybe one at one point, it goes into your
Kalee Boisvert:retirement savings account. And another one, it's more of your
Kalee Boisvert:Tax Free Savings Account. But it's that ongoing each pay
Kalee Boisvert:period. And just keeping it up not stopping it for any reason.
Kalee Boisvert:It's the consistency. So doing what you can afford and what you
Kalee Boisvert:can consistently do. If it's over stretching, and you do it
Kalee Boisvert:for a few months, and you have to stop it for several months to
Kalee Boisvert:catch up. Well, that's not a great strategy. Because again,
Kalee Boisvert:consistency is key. So do what you can do that can be done with
Kalee Boisvert:consistency. You don't have to get this massive bonus or
Kalee Boisvert:inherit a large sum of money. You're consistent efforts of
Kalee Boisvert:making saving a priority on an ongoing basis, pay off, they add
Kalee Boisvert:up. What else do wealthy people know? Well, they know that you
Kalee Boisvert:have to invest.
Kalee Boisvert:Investing is key to wealth building. Your money must not
Kalee Boisvert:sit idle, it needs to work for you. If you've been sitting on
Kalee Boisvert:the sidelines with your money and you're not you're not doing
Kalee Boisvert:yourself any favors because you're actually losing value as
Kalee Boisvert:inflation or roads away at your cash. Wealthy people know that
Kalee Boisvert:investing is the way to make their money work for them while
Kalee Boisvert:they continue to work for their money. This means you will have
Kalee Boisvert:to invest. If you're afraid afraid to invest because you're
Kalee Boisvert:concerned you will lose money. I completely understand that is a
Kalee Boisvert:valid concern and fear but you have to find a way to work
Kalee Boisvert:through that because there's plenty of investment solutions
Kalee Boisvert:and products out there. That might be a perfect fit for you
Kalee Boisvert:that meets that criteria of that kind of concern of volatility
Kalee Boisvert:and fear, okay, so you have to work through that it's not doing
Kalee Boisvert:you any favors sitting on the sidelines, you have to invest.
Kalee Boisvert:And remember the key point of impatient. The key point that we
Kalee Boisvert:kept talking about the word I said over and over again,
Kalee Boisvert:patience over the long term, over the long term time
Kalee Boisvert:horizons, the stock market has always returned positive
Kalee Boisvert:results. So again, this is based on past performance. So I can't
Kalee Boisvert:necessarily say that that's indicative of future
Kalee Boisvert:performance, obviously. So disclaimer, there, I can't
Kalee Boisvert:guarantee any market results, I do not have a crystal ball to be
Kalee Boisvert:able to tell you what is going to come. But I can tell you
Kalee Boisvert:historically, looking at the stock markets, over long term
Kalee Boisvert:time horizons, they have always returned positive results. So if
Kalee Boisvert:there is that fear of losing money, again, if we can go back
Kalee Boisvert:to that reminder of patience of long term goals, then you will
Kalee Boisvert:be in a positive position, again, based on past performance
Kalee Boisvert:numbers. And lastly, what I want to share about what wealthy
Kalee Boisvert:people know is that you don't have to do it alone. Wealthy
Kalee Boisvert:people know that their time is their most valuable asset. They
Kalee Boisvert:know what their strengths where their strengths lie, and they're
Kalee Boisvert:willing to outsource the areas that they don't feel as strongly
Kalee Boisvert:in. Think of it this way, working with a professional
Kalee Boisvert:might actually yield better results, then you would have
Kalee Boisvert:been able to do on your own. And that could generate a positive
Kalee Boisvert:return on your investment. So yes, there's a cost associated
Kalee Boisvert:with working for with sorry, professionals, but what it can
Kalee Boisvert:generate for you in savings, and things like that might actually
Kalee Boisvert:be a positive return. So although you're spending money,
Kalee Boisvert:it still could leave more money in your pocket at the end of the
Kalee Boisvert:day. So think about in terms of working with an accountant, for
Kalee Boisvert:example, if your taxes are simple and straightforward, and
Kalee Boisvert:you don't mind doing them, by all means, take a DIY approach,
Kalee Boisvert:do it yourself. But investing in working with a tax professional
Kalee Boisvert:may lead to tax savings opportunities that you would
Kalee Boisvert:have missed on your own, and planning strategies that leave
Kalee Boisvert:more money in your pocket. So although there's a cost to
Kalee Boisvert:working with a professional, you might have actually saved more
Kalee Boisvert:in tax savings over the years, then you would have by doing it
Kalee Boisvert:on your own. So in the long run, it's, it's a benefit, it's an
Kalee Boisvert:investment for you, it's actually a better opportunity
Kalee Boisvert:than doing it yourself. So again, not only is it
Kalee Boisvert:outsourcing and saving time, but you actually might be making a
Kalee Boisvert:better decision or it might be more positive for you at the end
Kalee Boisvert:of the day. Another example, I recently worked with a life
Kalee Boisvert:coach, could I've taken a DIY approach read personal
Kalee Boisvert:development books, which I mean I read them anyway but use those
Kalee Boisvert:books and the strategies I found out to make my own sort of plan
Kalee Boisvert:and outline and stuck with it and develop to my personal goals
Kalee Boisvert:and my business goals myself and, and did the steps that I
Kalee Boisvert:need to do to get there. Yes, I could have done that myself. But
Kalee Boisvert:what I was able to accomplish after six months of working with
Kalee Boisvert:a life coach might have taken me doing it all on my own closer to
Kalee Boisvert:a few years. And so I saved a lot of time, it was like I took
Kalee Boisvert:a shortcut, I did it a lot quicker. And for me, that's a
Kalee Boisvert:big investment in myself, because it's being more
Kalee Boisvert:efficient is growing myself my business and that pays off for
Kalee Boisvert:me. So it was a very good investment. And final example
Kalee Boisvert:about working with a financial professional. By all means if
Kalee Boisvert:you're up for taking a do it yourself approach to wealth
Kalee Boisvert:building, to doing financial planning yourself and the
Kalee Boisvert:investment decisions and that interests you then of course, I
Kalee Boisvert:encourage you to take that approach. But if you if it
Kalee Boisvert:stresses you out if you have a busy schedule and you know your
Kalee Boisvert:money deserves time and attention, but you don't have
Kalee Boisvert:the time or the desire to ensure that you're you know, taking
Kalee Boisvert:these steps that you're investing your money, then
Kalee Boisvert:working with a financial advisor might be something for you to
Kalee Boisvert:consider the benefits from their planning services, investments,
Kalee Boisvert:election tax strategies, and support on the emotional and
Kalee Boisvert:psychology psychological traps that come up when it comes to
Kalee Boisvert:our emotions and money that they help guide you through and
Kalee Boisvert:support you through it might put you further ahead than if you're
Kalee Boisvert:doing it on your own. And again this is a personal decision
Kalee Boisvert:again if you like it if you enjoy it. If it's easy for you
Kalee Boisvert:if it comes easy and quick then by all means a do it yourself
Kalee Boisvert:approach is probably perfect for you. But if it doesn't come easy
Kalee Boisvert:for you if it's stressful again, it doesn't mean anything wealthy
Kalee Boisvert:people By all means, work with financial professionals, I work
Kalee Boisvert:with very financially successful people that have opted, you
Kalee Boisvert:know, to have me support them, or work or people that work with
Kalee Boisvert:financial professionals to support them. It doesn't mean
Kalee Boisvert:it's not a sign of weakness, it's not a sign of giving up or
Kalee Boisvert:saying, you know, I don't know this, it's, it's a sign of
Kalee Boisvert:saying, Hey, this is not my strength. I know my strength.
Kalee Boisvert:And I'm going to have someone help me through this to yield
Kalee Boisvert:the best results that I think I can get. So that's something
Kalee Boisvert:wealthy people know as well. And that wraps up what I think are
Kalee Boisvert:the key factors that are used to build wealth. Now, you might be
Kalee Boisvert:surprised that there were no complicated investing strategies
Kalee Boisvert:or tricky financial tools needed. But that was really the
Kalee Boisvert:point. Okay, so trick to no magical tools here are secrets
Kalee Boisvert:of the wealthy that only they know. It's really that wealth is
Kalee Boisvert:truly possible for everyone. And is partly because Ultra
Kalee Boisvert:complication, and you know, again, mathematical equation and
Kalee Boisvert:analyzing charts and graphs, it's not a prerequisite for
Kalee Boisvert:success. It's not required to win in the money game. Actually,
Kalee Boisvert:building wealth is easy. It's easy. So if it's not easy, then
Kalee Boisvert:you're doing something wrong, okay? Instead, it comes to down
Kalee Boisvert:to being mindful of your money, saving, investing, being I'm
Kalee Boisvert:gonna say it again, patient, and enlisting support where it might
Kalee Boisvert:be helpful. So that wraps up what I wanted to talk about
Kalee Boisvert:today for what wealthy people know. Again, hopefully, it's
Kalee Boisvert:empowering to realize that hey, that is very realistic, that is
Kalee Boisvert:very achievable. And I'm on my way to be wealthy too. So
Kalee Boisvert:hopefully that's how you're feeling after listening to this
Kalee Boisvert:episode. Thank you so much for tuning in. And I will catch you
Kalee Boisvert:on the next episode. All right, bye
Kalee Boisvert:for now.
Kalee Boisvert:I hope you found value in this episode. And because I'm such a
Kalee Boisvert:proponent of taking confident action, I want to pose a
Kalee Boisvert:question to you the listener. What is one action that you feel
Kalee Boisvert:inspired to take after listening to today's episode? If you enjoy
Kalee Boisvert:listening, please subscribe and share with your friends and
Kalee Boisvert:family. Thank you so much and I will catch you next time.
