The Secrets to Building Wealth

Welcome to the wealth and wellness podcast with me Kaylie Bob air, I specialize in helping people to achieve their financial goals. I have a love for all things numbers, and I'm passionate about financial literacy. My goal is to spark healthy and positive conversations around wealth and investment, and create a world where nobody is limited by their financial situation. But wealth is just one piece of the equation of living our best lives. So join me as we explore both wealth and wellness topics. From your net worth to your self worth. Get ready to take confident action.

Hello, this is Kaylee. And thank you so much for listening to this week's episode of the wealth and wellness podcast. Today's topic is very much a wealth focused topic. And I'm calling it the secrets to building wealth. So I'm really glad that you're tuning into this episode. I think it's very important, obviously, if I'm going to reveal some secrets here.

So but you're welcome to tell other people about it. It's not that secretive. So the more the merrier when it comes to listening to this week's episode. So the secrets to building wealth, let's get right into it. So

first one that I want to talk about is make saving money and investing a habit. So it's so important that it becomes second nature and a habit in your life, this investing, saving money actually putting away money for you. So just getting into the routine of having this ongoing saving and investing happening is so key. And I want to stress that you want to focus less on the amount, and just more on the taking action part of it. So because if your focus is on the amount, you might find yourself putting it off and making excuses. So you might say, well, I'll get this started. And I'll start doing this whole savings and investing thing that Kaylee's talking about, when I have more money, or when I get that raise, or, you know, there's so many things that we can come up with, right. But the key is to start now doing what you can. Anything you can if it's putting away $10 a month, because that's what's extra right now. And that's what's manageable and feasible than doing that. Because really, again, we're just getting into the taking action, and getting into the routine and creating a habit out of it. So when those things do happen, maybe it's okay, you start with a certain amount, but you do get that raise or you do you know, get a new job and start to make more a higher income, then maybe that is the time that you can adjust and increase but really the key. And you know that secret is making it a habit just having it happen and getting comfortable with that ongoing investing, ongoing saving.

Having that automatic reoccurrence of savings always happening is so important. And specifically what that means is just base it on when you get paid. So if you're getting paid bi weekly, bi monthly, weekly, one time per month, or maybe that's just when you want to be putting the money away. But as a minimum, I'm suggesting when it comes to savings and investing the frequency be at least monthly. So again, you can pick any sort of recurrence, it can be as often as weekly. But as a minimum, if you can be putting away money at least monthly. And always ensure you're directing a portion of that to your long term savings bucket. So that financial freedom, retirement, whatever you want to call it, but having a portion always being directed to that amount, because it's it's so key and so vital, building that long term savings amount and, and investing accordingly. Because, you know, when it comes to financial freedom or retirement, it's just probably not enough if you're relying on some of the you know, government payments and things like that, if that's really what you're looking at as your retirement income. My suggestion is, you know, make sure you're supplementing it, you're growing your own. Again, it's that financial freedom, financial independence that you feel confident in power that you have enough and ability to, you know, retire even before those amounts kick in, perhaps if that's your goal, right? So

making sure that that money that's being added on an ongoing basis, this is key to making sure it's being invested. So it's not just that, okay, I'm allocating, you know, this percentage each month to my long term savings bucket and it's going in on a monthly basis, or bi

a weekly basis or whatever that looks like. And then it's just sitting there as cash, because that's not going to get us, you know, building and closer to the goal. So it is important that you are investing. And when it comes to investing, there's so many options out there. So you can invest according to your timeframe still. So for that longer term investing, if you're young, and you're putting away money for your financial freedom goal, you can get very growth focused with that investment money, or with those investments, sorry, and you can aim for, you know, types of investments that might be a little bit, you know, more volatile, but in return, you're expecting a higher potential return from them. So, again, in the world of investing, there's so much flexibility, there's so much out there. So make sure that that money that's going to these different buckets, maybe once your financial freedom goal, maybe one saving up a down payment for a vacation property that that you always dreamed of making sure that the types of investments for each of those goals is in line with the time horizon for that goal. And, and sort of you know where your expectations are. And when you need that money and how much you need, make sure that the investment is aligned with that. But again, key is that you are investing, it's not just sitting there as cash, because you're gonna have to put away a lot more money for that financial freedom goal, if it's all just gonna be cash coming from you, right? We want investing to be working for you growing, compounding, and it really takes a lot of the you know, the the stress off you because it's going to help grow your money and build it. And you don't have to put away that as much because of that. So

it's key that you're actually investing that money that you're getting the habit of putting away lots of flexibility when it comes to investing. So if you have your reservations, if you're not if you're more of a risk adverse person, I'm telling you, there's something out there for you, there's so many products, whether it's individual stocks, mutual funds, ETFs, exchange traded funds, there are so much out there that there is going to be something that fits with you your goal, your timeframe. So don't get scared of the idea of well investing, you know, it could be too risky, or it's,

I don't know not enough about it. Again, those are excuses, there's something out there, there's something that would work for you, there's something that is likely lower risk, if that's what you're looking for. So don't let those excuses turn you away from investing completely. mutual funds, I find are a great tool to utilize for ongoing investing, because they can be purchased in fractional units. So if we're getting into the nitty gritty of while I'm putting away, you know, $150 every paycheck,

a mutual fund is a great solution there because you're going to be investing that full $150 versus if it's a stock an individual stock investment, for instance, and it's trading at, you know, $92 a share, well, then you can only buy one, right, you can't buy one and a half when it comes to stock. So mutual funds are a great tool to be getting that full full value of your invest your amount put away invested. So again, just a side note or something to consider. Again, though, there's so many options out there, it doesn't have to be necessarily a mutual fund.

And this idea of making saving money and investing a habit, it will check off so many boxes when it comes to personal finances. Because if you read the books, if you read the articles about investing and growing your finances, they're you know, you're always hearing these themes of pay yourself first. So you're doing that you're checking the box, you're doing that by by making sure you're in this habit, I'm not trying to time the markets, again, you're checking that box off, too, because you're putting money in and investing it just on an ongoing basis. Maybe it's weekly, maybe it's bi monthly, but you're having to go into the markets at these different times. So markets might be going up at the time markets might be going down, you're averaging in, you're buying at those different points, you're not trying to time, you're just getting invested. And it's about you know, the the time in the markets versus timing the markets, again, is something we hear a lot of as well. And again, you're checking the box, you're making sure that you're doing that as well, by just having it as a routine, a habit. It's just going in on a constant basis. You're not trying to find the best part to buy, you're not waiting on the sidelines saying Okay, I'm gonna wait for the next crash. Because you don't necessarily know when that's going to happen. And you could be waiting a long time or I mean, you know, maybe it could happen as quick as next week. But, you know, what you can be sure of is that if you're investing in your business

Thing ongoing, you're going to get some of the UPS, you're going to get some of the downs, you're going to get some of the in between. So again, it's just getting into the routine, having it be a habit. And then it's essentially, it's on cruise control, right? It's just happening, it's just ongoing investing on an ongoing basis. And you don't have to get too caught up in the days to the day to day of the markets, because they're changing every day, they're going up one day, they're going down one day. And it's just the nature of, you know, investing and that sort of World of investing. But if you just decide, hey, I can't control that, I'm going to focus on this habit, this routine I have of putting money away and being diligent about that, that's something you can do, and you can feel really good about doing it. Because you are checking so many of the boxes, you can read any articles and, and you know, books out there, and they're all going to tell you to do that, right, you need to be putting money away, you need to be getting invested. So making it a habit, making it part of your routine, having on cruise control, having it just happen automatically, if you can have that setup, that's basically you know, the best way, right, and then you don't even have to think about it. So that's one of the keys to building wealth. Another one of the keys I want to share is about keeping it simple. And then really keeping it that way. So keep it simple, but then keep it that way. So you might start out, keeping it simple, but I find that people, you know, sometimes like to sort of get a little bit more, you know, sort of starting to move things around and make changes where it's again, let's if we start out keeping it simple, let's just keep it that way. There's so many options out there when it comes to investing your money. And I would say there's perhaps too many options. There's 1000s of individual stocks, mutual funds, ETFs, exchange traded funds, that's what ETFs are. And there's an array of alternative products. So you know, the the list is endless. And oftentimes, I do see people having that willingness to start out keeping it simple. But then like I said, it's just some time, you know, and it's almost like, they start to get bored, they're fidgety, they need a fidget toy, you don't need to fidget with your investments, get a fidget toy, my daughter loves them,

they start to you start to try to find the next best thing, looking for something different.

Feeling like a you know, you have to change or do something. So sometimes if your investments are going well, it's almost like we sabotage it ourselves and just go, Well, I should probably change it, I should probably make some changes, you know, it's it's going well. And then it's not like we can just accept it, it's like we have to get in there and start messing around. So no, you don't need to do that. You can just truly keep it simple. You don't have to jump at, you know, these great investment opportunities that maybe you heard your colleague or your neighbor talking about that. That could be the most complicated thing in the world and have 50 pages of disclaimers. And at the end of the day, really what we're looking at the number is rate of return, it's really the only number that matters. It doesn't matter how you go that get there. It's just that number of well, what was your rate of return? If you held one ETF, just simple, you know, you you kept it simple, and you held one thing, one ETF, and again, ETF is a basket. So it's there's a variety of investments within it. But let's say that one holding had an 8% annual return. But let's say your friend, you know, they're really into the stock markets, they have 50 different stocks, and they're always researching and buying and selling and, you know, doing a lot of sort of fidgeting, and you know, buying, selling changing things up and they spend a lot of time and energy. What matters though, at the end of the day is their rate of return. So you know, it doesn't matter what's inside, it's what you got as a as a return. So yours might look really simple. It's just one line item and you received your 8% annual return based on the numbers, where you started the year and where you ended the year. And let's say they had a lot going on. And there's you know, a list of different investment holdings they have they had some great ones. And then they had some that went down. And

at the end of the year, though, again, their starting number and their finishing number they had an 8% return to well, which path would you have rather taken? The simple one without one investment generating 8%.

Again, there's probably a variety of holdings within that. So it's not maybe one stock holding but one diversified investment holding or that complicated, time intensive 8%. Obviously you want the simple one you don't care. You know what's inside, you just see that number. Hey, you started the beginning of year with this. This is the ending number. It's an 8% return. You don't care how you got there. But you'd obviously rather choose the simpler path and the one with less of and you know one at a time.

And energy in it as well. So I cannot stress enough, more complicated does not translate to greater returns or better investments, I think the reason people sort of seek these out or go after them is, well, this sounds really complicated. And we assume that really complicated means, okay, it's gonna make me a lot of money. That is not the case, simple, can generate the same and even better results. So let's get that out of her head that it has to be, you know, complicated, and it has to be a lot of time and energy and effort, that that that's not what correlates to investment return, right? It's, it's a number, it's your starting number, your ending number, what happens in the in between, is not as important. And really, if we can keep it simple and get that number, keeping it ultra simple, that's a much easier path to take. And I think everyone would agree that they'd rather take that path. An interesting stat I read was from 2003, to 2013. So that 10 year range, fidelity was tracking their investors, the best return numbers, so fidelity, especially in the US is a large investment firm and individual investors can have their accounts with fidelity. So what they found was the best investors or dead or inactive. So that, you know, goes to this comment of keeping it simple, they were keeping it simple, they were not getting antsy, they were not searching for the best thing. Next Best Thing, they were literally doing nothing. Like obviously in the case, especially of people that had passed away and their again, their investments obviously just continued on. Maybe they weren't notified that the people had passed away where for whatever reason, but the fact that people the who were the best returns were from dead or inactive, again, goes back to the point of do don't have to make it complicated, complicated, and taking a lot of action and doing things does not necessarily translate to better results. And all we're looking at is that return number that result number. So we can keep it simple, you can be you know, just in a simple, easy investment, you don't have to have all the bells and whistles and you know, get the next best, you know, stock tip to have a successful portfolio, okay?

Then next, seek Secret to Building wealth is having a willingness to do the work and be prepared to make sacrifices. So you cannot simply have a head in the sand approach, and then hope that one day, when you choose to stop working, your finances are just going to be there and ready to support you on this next phase of your life. You know, that's a little bit wishful thinking, right? You do have to do work, and it will take action. And sacrifices also likely will have to be made at times. Now I don't like talking in the the negative sense. I'm all about, you know, positive. And if we're staying that way, we're welcoming more, you know, and we're manifesting more, and we're bringing more into our lives, if we can kind of see it on the positive. So I don't know a better way to say, you know, sacrificing, but maybe thinking it as

the having to make a decision, you're going to have to make decisions, you're going to have to choose between this or that of picking one thing over the other when it comes to your money that is going to happen. It's not it's not simple. It's not, you know, earth, it's not that we can always indulge and go for everything we want, right? We can't have everything. But we can have we will be faced with decisions and we can pick one thing over another, or there will be options for us. So I have clients that were able to, for instance, retire as millionaires in their 50s. And during their working years, never made six figure salaries. So we always assume that to be a millionaire to be a multi millionaire, you have to have really big incomes to create that, that level of wealth in your life. Well, that is not the case. And I can tell you, from personal experience from seeing it myself that it is possible. You don't have to make the six figure salaries and you can still get to those big goals. But now you might be asking, Well, how how is it that they do this? Well, they were disciplined. They were diligent with savings and how and where they spent their money.

So that doesn't mean though, that it didn't come with a cost, you know, this building of their financial freedom was really important to them. And they always stuck with that in their decisions about money. So I remember talking to one of the this client in particular, and she mentioned that,

you know, there was a time where their friends came to them about this vacation they had planned and it sounded amazing. And they really wanted to go, but they ran the numbers, and they just didn't have, you know, the money for it. Like it wasn't in their budget, they had sort of their where their money was directed, it was going to the separate buckets, and they didn't have that money ready to spend on this trip. And they didn't, they didn't believe in putting it on a visa and paying for it later. Again, that was a decision that they made. So they they had to decline just because it didn't fit with their budget, but saving for their future was their priority. So this, this sacrifice or this decision, it really did align with their ultimate goal. So I mean, initially, it might have felt like, oh, that sucks, we can't go. But at the probably, you know, really thinking about our days later, they still probably felt you know good about their decision, if that's really what aligned with their values and goals. So to really succeed in wealth building game, you know, there likely will be areas of your life that you will have to make some important decisions. But if you do so with the intention to align your expenses and your savings, and this plan for your money with your goals and values, then you likely will still feel good about those decisions and not have any regrets. So an example of this is, let's say, your value, one of your values is adventure and travel. And then let's say that you recently received a bonus from work, so it was recently deposited into your account. And it's kind of like you see it in the bank account, the balance has gone up and you're like, wow, it's, you know, it's almost burning a hole in your pocket. And you're like, I need to spend this money. And you might be maybe browsing at the mall one day, and you see this fabulous designer bag and and, you know, you're you save yourself, you justify and say, Well, I did just get this bonus, I worked really hard for it, and I you know, I deserve this, I should reward myself but after you buy it, you might still have some buyer's remorse that sets in right away, or maybe in the days to follow. And this is likely due to, in that case, the purchase not really aligning with your goals and values. And I'm not in any way saying that we shouldn't treat ourselves to the lavish, you know, a lavish gift every now and then and have those things because that's those are those are, you know, that's good. It's, they make us happy. And you know, it is it is nice to see the rewards of our, our work and our efforts. But if you would have directed it, in this case, if you valued adventure and travel, if you would have taken that bonus money and then automatically put it towards your travel account. For Oregon on a weekend getaway, you might have felt a lot better about where that money went. So again, it's this to sit making decisions. It's being intentional about where you're directing your money. So you have to be prepared. Again, I don't want to say the word sacrifice, but you're gonna have to, there's going to be moments with your money that you're going to have to say, Is it this? Or is it that is it? You know, do I want it going here or there and really deciding with your values? What is most important? So yes, I love to splurge on fancy lattes. And I love having a dinner out like it's fun to go out for like a to a new restaurant. And

again, it's it's a new experience, it's good food and some a lot better than my cooking. But at the same time, it also feels good to make my make my tea at home some mornings instead of going to Starbucks and paying the five bucks or whatever it is and and it feels good to make home cooked meals. Because in those moments, I know that the money that I'm not spending on on those splurging, I know it can be directed towards my financial freedom account. And that's an important goal of mine. So yes, there are sacrifices or decisions to make along the way. But I'm doing it in a way that's intentional. I'm saying hey, it's fun to go buy a Starbucks, but I also know when I'm drinking up my at home, coffee or tea that I am excited that I'm you know, saving that money that I would have spent and then that money is there, extra that I can put towards one of those goals that I'm very passionate about. And that feels good too. So again, you know, I say sacrifices, but if you really look at it and see where it kind of falls in the whole plan of your money, it should actually feel pretty Good to be making these decisions. But again, that's part of the secret is that there's going to be those tough decisions along the way. And there's going to be times you might have to say no to things that you know, sound really fun or enticing, but they just don't align. And that you're, you're likely going to feel better off though down the line because of it. Um, a good book I read on this topic was also the book The Millionaire Next Door. And in it the author studies, millionaires. And I found it so interesting to learn about like the behaviors and what they're spending their money on that a lot of the millionaires are the majority that the

that they they, they studied or followed and interviewed, had been driving the same vehicle for you know, 10 plus years and they didn't spend a lot on these vehicles. It wasn't like the newest model on the lot it's that they've been driving good reliable vehicles for a long time. They're not necessarily living in mansions are the biggest house on the block. These everyday you know, millionaires, actual, the majority of the millionaires had amassed wealth from making sacrifices and not falling prey to that, you know, swanky car, the giant home, but directing it to their extra money towards their savings and investing. So it's interesting just to realize, I think sometimes we think that that wealthy life has to be what we see visually to and, you know, on the surface of all the stuff that you have, but that's not necessarily the reality of things, right. The reality is, they've had to decide, hey, you know, instead of buying the newest car, like I, you know, it's tempting, it's, there's the marketing, it's in our face, that, oh, we need to upgrade to the next best thing. They said, Hey, I mean, you know, keep my reliable vehicle, it's doing great, it's still running, I don't have to spend any money on it, it's already paid off. And that extra money is going into this financial freedom goal, where I can retire earlier than a lot of the people I know. And I can have a lot more freedom as a result. So again, this is different for everyone. And your goals and values are going to be different. I'm not saying one is right or wrong. But I am reminding that there's going to be moments that you do have to make some tough choices when it comes to your money. Okay. So next Secret to Building wealth is about being mindful of your money, knowing what you have and where it goes. So building wealth requires giving your money time and attention. And you must have an awareness of your money. One of the biggest mistakes I see when it comes to people and their money is they do not know how much they have. They don't know where it is, they don't know where it goes. They know literally nothing about their money. Like truly and if and if that's you, again, I'm not putting you down on this podcast. This is again, it's the secret. It's a learning experience. And so let's see, you know what we can do differently. So, again, we have to be mindful, we can't be ignoring it. We can't not know about it. We can't be like, I have no idea. I don't know where my accounts are I don't I have these other accounts elsewhere. I don't know what they are in I don't know how much they are. You know, that's, that's a bit alarming. We have to know we have to have the answers to those because that's how we build wealth. How do we know if we're building? How do we know if we're growing our wealth if we don't even know where we are now or where we started? And, and I'm a mom. So this makes me think of parenting as like a, you know, another example. So can you imagine if, if I took this approach, you know, if we took this approach with our children, and someone comes up to me and says, Hey, where's Ivy? And my dad Ivy's seven years old, so someone's just like, Hey, where is she? What she up to? And? And this is my response, you know, I'm not really sure. I don't know, I don't know where she is. I don't know what she's doing. Um, I don't know where she's been. You know, there would be frightened me up like, oh, my goodness, um, you should probably, you know, keep a closer eye on your seven year old child, but we're doing that with our money. We're not, we're not being aware, we're not being you know, conscious of or we're not being mindful of it. We don't even know where it's going. We can't answer those questions with our money. So we need to be mindful of our money too. We need to pay attention to it. We need to take care of it just like we do with our children. And again, I have to always like, maybe give myself these disclaimers here. And I'm not saying that, you know, the cost of paying more attention to our money is you know, giving up time and attention to our children or it's like we're adding another child but I am saying, you know, we have to give a care and attention to you can love it as well. You can. You know, you can see it as important and valuable because that's important and it sends an important message to our money about that we value it that we don't just Throw it away, that we know where it is, we know where it goes, we can send love for what our money affords us, you know, it's not crazy, to be thankful and grateful for what it you know, it leads to us building in our lives and creating. And this leads to a positive relationship with our money as well, which I think is so important. And for more on that money mindset, check out last week's episode. So the one before this, because that was all about money mindset. And again, it's a really important topic to discuss. So how can you be mindful with your money? How can you pay more attention, it's really just that it's, it's just giving you more time and attention, if you're giving it none. If you're not spending any time, with your money, paying attention to your money, tracking, you know, your money, where it goes, where it is, how much you have, then anything is going to make a difference. So maybe it's that you start with just making a point of going through your accounts, bank accounts, investment accounts, or credit cards, just looking at them making sure doing at least on a weekly basis, for instance, maybe that's your goal, seeing what your expenses are looking like, did you spend more than anticipated? Is there a category you're spending a little bit more in than you thought that you want to cut back on? Is there anything that comes up that was surprising, it can be very informal, it can be very just browsing through just seeing right, just visually looking at those numbers, logging into your online accounts, just looking. And then having that awareness, right. And it can be even more formal, though, you can create a budget, which you know, I call a cash flow statement, I like to call it a cash flow statement just to see where your money is going. You can make a big, you know, spreadsheet, you can make it on a piece of paper, you can do all sorts of things, if that's if you'd like to be a little bit more formal and use like these kind of tools. If you're a little bit more analytical, then this might even be sound like a fun task to you creating a network statement. So just having an idea of your assets versus your liabilities, and I break down and talk about you know what exactly that looks like on one of my episodes. I don't know, free now. It's like thinking Which one is it? Oh,

I do not remember, but it is one of it. I think I go over it a couple times. So let's take a listen to that if you want kind of a bit more detail of what a network statement is, and you can google it as well. But again, I stress I can't stress enough spend time in you know, taking a look, having awareness where your money is where it's going, how much money do you have? Spend time investing in your financial literacy, that's another important one for being mindful. And to do so you can just you know, you can read a book about money, you can listen to a podcast, there's so many amazing podcasts. If you're listening this episode, you're doing one right now, you can read an article, an article per week is going to make a difference in the financial literacy level that you if you feel like you want to learn more, that's going to make a big difference. It's an important to put that time and it's an important investment in yourself. Okay, so that's it's an important key. So another sort of tip for succeeding in the money game and building wealth. What's another secret This is how I want to ramp it up, is this is just this idea of just don't give up. Do whatever you can to stay positive and believe in yourself and the possibilities. wealth building can be slow. It can be boring. It's like watching a turtle or watching paint dry. Week, literally, you know, if you're watching it too closely, or every day you're, you know, multiple times within the day, maybe nothing's really happening. But you know, the key is that you want to stay positive, believe in yourself, believe in the possibility. Believe in the steps you're taking. If you're doing these actions just outlined in this podcast, keeping it simple, having that ongoing savings and investing, paying attention, give yourself credit for doing those things because they aren't easy. We have busy lives, but to just take these simple steps that I call secrets, but they're really simple steps, actually. They are really going to make the difference. It's not rocket science. Like I said, wealth building can be easy. It it can be really, you know, you can sort of have it on cruise control once you start doing these things. And it doesn't need to be something that's stressful, that's overwhelming. Don't beat yourself up about past behaviors. So if you're struggling, taking these steps and doing these things that I talked about in this episode, you're going to have to you know, move past those ideas about beating ourselves up about past mistakes we've made with money like I can't believe I did this or I made such a terrible you know, money mistake when I bought this house and I sold it and I shouldn't have I should have waited longer I should have waited till the markets came back and it was worth more there's there's an endless list of things you can say. And I will tell you that we're we've all made money mistakes. I least one I would say most of us plenty that we we look back on and say hey, I would have done this differently or whatnot. That's fine. It's a money lesson, right? It's not a money mistake. It's a money lesson. saying oh, I'm you know, it's too late. Now, there's no point that I hear as well or feeling like they're starting too late from people saying that, again, move past that decide that hate today is just let's use today as a clean slate. Stay positive, because when it comes to money, it's very easy to get negative, it's very easy to lose hope it's very easy to feel overwhelmed. But what if you had unwavering belief in yourself and a positive attitude at all times?

In I took a Reiki course this past weekend. And it was just saying like, you know, just for today, I'm not going to worry just for today, I'm not going to get angry. So it's even if this seems overwhelming for me to say, Hey, be positive money all the time. What if you said hey, just for today, I'm gonna be positive when it comes to money, and where I'm at in my financial situation? And then Can you say that again tomorrow, right? If it if it takes taking it step by step like that, then do whatever I take, I encourage you, although it can be slow and boring. Investing is so powerful when we allow the magic of compounding to do its thing, right. And it's it's so hard for us to conceptualize. But compounding and action is saying Okay, let's say you invest $100,000, at 8%, over 10 years, it grows to 215,000 over 20 years, it becomes 460 some odd 1000. If it's growing 8% per year, after 30 years, your 100,000 that you didn't even add money to but grew and compounded is over a million dollars. That's amazing. Like that's, that's very powerful. And again, probably day to day, it doesn't seem like we see that progress. But if we're patient, if we see the sort of long game and that magic of compounding, it's still happening. putting away $500 a month at 8%. So just putting away 500,000 or $500 a month sorry, at 8%. So starting from scratch, just putting away your $500 a month, after 20 years, it grows to almost 400,000 even though you've actually put away 120,000. But the rest was compounding right. So compounding it's it's like our best friend, it's like our you know it's a little it's a little money treat along the way it's working for you working for your benefit. It's like having this this invisible partner helping you out with growing your money $500 a month at 8%. That was after 20 years. So after 30 years, it's become about it becomes about 750,000 even though you put away only about 180,000. So that's the rest was compounding. That's huge. So you have to believe in the possibilities, you have to realize that that's what that is that's happening that it's possible for you as possible for anyone. It doesn't sort of, you know, discriminate and only work for certain people that that's compounding. And that's the numbers of it. So that is in fact what it does. So this wraps up my secrets to building wealth. You know, if you're thinking if you're thinking these didn't seem very secretive, Kaylee, because they call it secrets. And you're, you're just going well, these are just a few, you know, very basic, maybe seemingly obvious. comments. That's it.

It's, you know, it's

not rocket science building wealth. And the key to building wealth is really through just taking action. It's being consistent, it's being boring. There's no secret tricks, there's no need to try to get, you know, tips on some top top secret shortcuts to get there. Because, you know, you're probably going to get there just just as easily or again, the shorter easier path is maybe is likely keeping it simple. I see it happen time. And again, in my business, like I said people that you wouldn't expect to be millionaires, because they didn't make these ultra high incomes that you assume you have to make to amass a lot of wealth but they still achieve that. So money doesn't have to be intimidating. It doesn't have to be stressful or overwhelming. It doesn't even have to be secret of what you found on this episode. It's not that secretive. It can be easy, and it can even be fun. So I hope you enjoy this episode and I hope to catch you Next time