The Psychology of Money and Wealth with Ramit Sethi

Pat Flynn: So I like to mix things up here on the Smart Passive Income Podcast. This is a very different kind of episode, you’re going to be transported to the city of New York. I actually conducted a walking interview, through the city of New York, with a good friend of mine, Ramit Sethi. I was in New York for some interviews and to meet some people and some retailers, related to the SwitchPod. And I was there with Caleb and he said, why don’t we just try this thing? And so we did it, it’s a learning process. You’ll hear at the beginning of the episode, my mic was a little bit hot because I was holding it close to me. You’ll also probably hear how cold I was. I was losing my breath a little bit, because it was twenty-five degrees Fahrenheit. Which for me, being from […]

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Why Entrepreneurship Alone Isn’t Enough To Make You Really Rich

You can’t just be savvy about your business strategy. Keep these steps in mind to make your money work for you. May 28, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. Entrepreneurs become entrepreneurs for a number of reasons. Being your own boss ranks high on the list. The sense of accomplishment that comes with creating a company and making it a success is another motivation for some. The primary driver for many is the prospect of becoming extremely wealthy. While some entrepreneurs like the idea of being rich simply for the sake of being rich or for the hedonistic pleasures money makes possible, that’s not the case for most business owners. Generally, the desire to become really wealthy is accompanied by loftier goals, including taking care of loved ones and supporting non-profits. Many entrepreneurs are a personality type known as the family steward. They care […]

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10 Things Wealthy People Do to Keep Getting Richer

No matter how much money you earn, you’ll always be poor if you spend more than you make. April 29, 2019 8 min read Opinions expressed by Entrepreneur contributors are their own. In a world of average people — and average salaries — many of us aspire to join the 7-figure club. Who doesn’t dream of becoming wealthy, so they can stop working, go on guilt-free shopping sprees and take endless vacations? However, most rich people don’t do those things, and that’s part of how they build and maintain their wealth. There’s a difference between living a life of careless spending (which will quickly drain even a wealthy person’s bank account) and living for long-term financial independence and wealth. The self-made rich aren’t necessarily smarter than anyone else, but they have mastered some important principles that help them get ahead and stay ahead. Most important, they treat building wealth as […]

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Are You Rich and Don’t Even Know It?

July 6, 2018 4 min read This story originally appeared on Due What does it mean to be “rich?” Does it mean an ability to afford basic needs like a home, clothing and food? Is it an arbitrary earning rate, like $100,000 per year or $1 million per year? Is richness measured by how much money you have in the bank? While there may not be a clear answer to what makes someone rich, many people do try to categorize us by earnings, assets and other measures. One common way to look at your wealth is to compare yourself to others. That often comes in the form of “keeping up with the Joneses,” or feeling bad if you can’t. Some recent studies showed the average income in some of America’s biggest cities, and where the top and bottom incomes are found in the United States. Let’s dive in to see how you compare […]

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How to Invest the Passive Income You Earn from Business with Ryan Moran

One thing I’ve never discussed here on the blog or podcast before is what I do with the earnings I generate online. I can tell you, however, that several people have asked me about it though. Generally, I’ve been less open about what I do with my earnings compared to how I generate an income online, but I’ve shared a few things here and there. For example, I’ve put a bit aside into respective 529 plans for my kids’ education, I’ve reinvested some of that income into back into my business and building my team (and my own business education), and I’ve barely mentioned that I have an emergency fund, invest into retirement accounts (solo 401k) and even put a chunk of my earnings aside each month into a managed account over at Wealthfront. Plus, I donate quite a bit to charities and organizations (usually anonymously), such as my support for Pencils of […]

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