276: How to Build Wealth Outside of Your Business
The reality is most entrepreneurs won't reach the singular exit that retires them for life. So why is their strategy to build wealth rooted 100% in their business? It's common for entrepreneurs to feel the urge to go all in and invest 100% in their business. But spoiler alert: Running a business is hard and selling your business for enough to spend your retirement at the Four Seasons with a pina colada in hand is even harder. In today's episode, Andrew Foxwell and I talk about how entrepreneurs can build wealth outside of their business by focusing on three different buckets of investments, why a diversification strategy is something to consider, and how we are preparing for looming financial issues that are on many people's minds. Episode Highlights 6:27 Establishing what financial freedom looks like for you 9:27 The three buckets of investments 10:38 How Austin and his wife got into real estate investing 16:08 Austin and Andrew's stock market strategy to build wealth 19:18 Protecting yourself from an inflation event 22:09 Views on cryptocurrency and how to create a hedge for yourself 24:12 Austin's business strategy to build wealth 2840 How to build a $100M asset without having a $100M business 30:48 Leveraging the skills you have to create outsized returns 34:04 The importance of having a net worth progress tracking system Links and Resources: Allegra’s Website Factora Wealth Wealthfront I Will Teach You To Be Rich by Ramit Sethi Brand Growth Experts The Coalition Foxwell Digital andrew@foxwelldigital.com @a_brawn on Twitter @andrewfoxwell on Twitter Review or subscribe on iTunes