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PODCAST

Wealth-Building Made Simple

Phillip Washington Jr.

Money can be stressful, but it doesn’t have to be! This podcast is about helping people understand their finances and make smart choices for their future.

business investing

All Episodes

23:45

Investing Intelligence: Processing Information for...

Wealth-Building Made Simple ·

2024/05/06

Key Takeaways: Investment Intuition: Recognizing the balance between quantitative and qualitative aspects of investing can lead to more informed decision-making. Intuition and feelings significantly influence the attraction to certain investments. The Feeling of Wealth vs. Poverty: Wealth is associated with feelings of freedom, optimism, and security, while poverty often aligns with hopelessness and impatience. Navigating Technology and Progress: Understanding the historical benefits of

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17:23

CPA Experts Discuss Selling and Succession Planning...

Wealth-Building Made Simple ·

2024/05/03

Key Takeaways:CPAs should consider succession planning early, focusing on making their businesses attractive to potential buyers and ensuring client retention. It's vital for CPA businesses to adapt their names and processes to reduce owner dependence, enhancing their appeal and potential market value. Key staff might become prospective business owners; incentivizing with equity stakes might secure a successful and beneficial transition. Aggressive investment of net profits into diverse assets such

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22:24

Bitcoin: A Better Store of Value Than Gold or Real...

Wealth-Building Made Simple ·

2024/04/29

Key Takeaways: Bitcoin is proposed as an ideal savings medium that offers appreciation in value and security against manipulation. The episode parallels the stability of savings-oriented systems with the imbalance of economies rooted in easily-inflatable credit. Comparative insights reveal Bitcoin's superior performance against traditional assets when measuring the purchasing power of oil over the past decade. The gradual but inevitable financial system shift is emphasized as governments and wealth

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10:43

The Importance of Building a Business Treasury for...

Wealth-Building Made Simple ·

2024/04/26

Key Takeaways:Having a robust treasury function in your business can be critical for sustainability and growth, especially in a fluctuating economy. Businesses should ideally maintain at least three to six months of operating expenses in cash as a buffer against market challenges. Investment in assets like real estate or conservative stock portfolios can help businesses outpace inflation and build wealth over time. The depreciating currency rate poses unique challenges for American small

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20:32

Understanding the Changing Landscape of Finance and...

Wealth-Building Made Simple ·

2024/04/22

Key Takeaways:Understanding historical and modern stores of value is crucial for making educated investments that span across space and time. The best long-term investments are often in scarce assets that are resistant to laws, violence, manipulation, and collusion. Rich individuals often transition profits from short-term, innovative ventures into more stable, hard currencies to preserve wealth. Bitcoin presents a new paradigm as a liquid and secure store of value, challenging traditional assets

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15:00

Mitigating the Unintended Consequences of Business...

Wealth-Building Made Simple ·

2024/04/19

Key Takeaways:The importance of having a preemptive strategy, like a prenup or postnup, to protect business interests in case of a divorce. The necessity to have life insurance equating to the business's worth to secure its value and provide for beneficiaries upon the owner's death. Including disability scenarios in succession planning to ensure continuous business operation if the owner becomes incapacitated. Ensuring clear defined roles and agreements for business partners to prevent and manage

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29:47

Understanding Currency Trading and Investing in the...

Wealth-Building Made Simple ·

2024/04/17

Key Takeaways:Consider setting aside 10-20% of your budget for the maintenance of owned assets to prevent financial stress and ensure their enjoyment over time. Every investment is essentially a currency trade, reflecting the vision and current preferences of the market's collective mindset. Positioning for 'the big trade' involves anticipating shifts in market expectations and investing in assets that will be scarce and valuable in a future economic landscape. The episode underscores the emerging

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20:57

Embracing Emotions for Successful Wealth Building

Wealth-Building Made Simple ·

2024/04/15

Key Takeaways:Emotions are integral to the investment process, acting as a guide to align financial decisions with personal satisfaction and well-being. The practice of emotional self-awareness, such as through meditation and journaling, can help individuals navigate financial choices with greater clarity. Overcoming fears related to spending, failure, and uncertainty is crucial in building wealth and feeling secure in financial decisions. Embracing positive emotions can lead to a more attractive

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29:37

WBMS Docuseries: Healthy Mind, Body, and Spirit...

Wealth-Building Made Simple ·

2024/04/13

Key Takeaways:Mental health is an ongoing journey that benefits from a proactive, rather than reactive, approach, much like physical health care. The role of therapists, spiritual leaders, and barbers extends beyond their professional titles, often bridging the gap to emotional support and healing within the community. Understanding and navigating the stages of grief is crucial for both personal healing and aiding others through difficult experiences. Continual self-improvement and self-discovery

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11:57

Exploring Alternative Payment Options and Mitigating...

Wealth-Building Made Simple ·

2024/04/12

Key Takeaways: Embrace the convenience of alternative payment options like Zelle, Venmo, PayPal, and stable coins. However, balance it against potential risks and fees. Always verify the recipient's information before executing a transaction via alternative payment methods to prevent fraud. Implement strong IT security measures and two-factor authentication to protect financial transactions from cyber threats. Consider performing a small test transaction when setting up a new payment recipient to

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26:39

Understanding the Core Building Blocks of Finance

Wealth-Building Made Simple ·

2024/04/08

Key Takeaways: Finance and investment are about protecting purchasing power and adapting to changing economic landscapes. 'Hard money' represents assets that are difficult to replicate, such as commodities, unique technological advancements, and bitcoin. 'Artificial money' denotes easily reproducible assets like stocks, bonds, and government-issued currency. An effective investment strategy involves prioritizing long-term wealth storage in the hardest assets available, thereby countering

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09:56

Buy, Borrow, Die: A Wealth Building Strategy for the...

Wealth-Building Made Simple ·

2024/04/05

Key Takeaways:The "Buy, Borrow, Die" strategy involves acquiring appreciable assets, borrowing against them, and ultimately leaving them to heirs—typically with favorable tax implications. To leverage this strategy effectively, one must carefully select assets that are anticipated to appreciate in value over time. Utilizing loans strategically against assets is a non-taxable event that can fund further investments without incurring capital gains taxes. Implementing the "Buy, Borrow, Die" strategy

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31:06

Understanding the Evolution and Flow of Money in...

Wealth-Building Made Simple ·

2024/04/03

Key Takeaways: Money is primarily a unit of measurement for transactions, reflecting a system created by governments to track value exchange. The evolution of money follows a path of wealth moving from established order, through chaos, towards a new order, facilitated by creative innovation. Understanding the yield curve plays a crucial role in navigating investment decisions across short and long-term horizons. Wealth accumulation is driven by the flow of money towards problem solvers and creators

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19:34

Building Financial Confidence: Navigating Thoughts,...

Wealth-Building Made Simple ·

2024/04/01

Key Takeaways: Financial confidence is more about emotional intelligence than the ego or the manifestations of past financial actions. Improving emotional intelligence can lead to positive changes in how one interacts with money, leading to increased wealth. Feelings and emotions are powerful influencers on financial decisions; aligning these with positive financial goals is crucial. Relational intelligence and understanding one's relationship with money significantly impacts wealth-building

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14:30

The Risks and Rewards of Surge Pricing in the Fast...

Wealth-Building Made Simple ·

2024/03/29

Key Takeaways:Surge Pricing Debate - Surge pricing may work for some industries based on demand, but applying it to steady products like fast-food may not always be justified. Customer Retention - A significant risk of surge pricing is the potential loss of customers who may not see the added value in varying prices for the same product. Operational Excellence - A strong operational process can often negate the need for surge pricing by streamlining service delivery and maintaining consistent

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32:10

Understanding the Fundamentals of Money Management

Wealth-Building Made Simple ·

2024/03/27

Key Takeaways: Understanding the principles of thermodynamics can provide insights into money management and investment strategies. Inflation can be viewed as a hidden tax and manifests through increased debt across governments and societies. Assets that attract focused energy and action tend to increase in value relative to currency, revealing investment opportunities. Wealth accumulation is influenced by proactive money management and capitalizing on assets poised for growth. Finding balance in

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17:02

Overcoming Negative Emotions About Money

Wealth-Building Made Simple ·

2024/03/25

Key Takeaways: Emotional biases greatly impact our perception of financial information, often leading to flawed investment decisions. The media tends to amplify emotions, such as fear or dissatisfaction, due to its profit-driven model, influencing collective thinking about investments. Wealth feels like ease, satisfaction, patience, freedom, joy, and peace, and associating these emotions with money can lead to smarter financial choices. Negative emotional resonance with money can entrench

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08:26

Maximizing Retirement Savings and Tax Benefits for...

Wealth-Building Made Simple ·

2024/03/22

Key Takeaways: Retirement Planning for Business Owners - Plan ahead using retirement strategies such as 401(k)s or SEPs to effectively reduce taxes and build savings. Strategic Monthly Contributions - Implement a monthly contribution schedule to retirement plans to manage cash flow and maximize tax benefits over time. Understanding Plan Benefits - Recognize the substantial tax credits offered by new retirement plans, incentivizing business owners to maintain such programs for fiscal

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23:12

Sound Money Management: Principles for Individuals...

Wealth-Building Made Simple ·

2024/03/18

Key Takeaways: Sound money management principles apply universally and allow individuals to recognize similar practices within businesses and governments. Inflation and currency depreciation are recurring themes in unsound monetary policies, often leading to systemic economic issues. Money, being an energy, should be anchored in assets that are scarce and regulated by natural supply and demand, without human manipulation. There is a clear distinction between assets with intrinsic scarcity and worth

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11:48

Building a Strong Business Foundation: The Business...

Wealth-Building Made Simple ·

2024/03/15

Key Takeaways:Understanding the 'business planning pyramid' is vital for building a strong foundation for your business. Having the right team in place is crucial, which could mean offering sweat equity in the early stages to stay lean. Financial resources play a significant role in how you plan and execute business strategies. Facing and understanding your financial numbers, even when they're not ideal, is essential for growth and pivoting. Keeping an open mindset, similar to the clarity brought

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225 results

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