Ep152 Turning Income into Wealth

Here are the Wealth Quadrant elements: Income minus Expenses  Assets (what you own) minus Liabilities (what you owe) With the money that you have left over each month (aka once you deduct your expenses from your income) - hopefully you have money left over (if you don't, then that's a whole different topic!), you invest it in Assets.   These Assets are how you build wealth. Assets are something that you invest in, and the value of your investment will grow over time, and you also preferably receive an income from this asset.   Small business owners often see their business as their asset. However, if it isn't an asset that could run without you, or be sold in the future, it is purely the income-generating vehicle.   Recognizing this is important, as once you do, then you can more clearly start to build wealth!   If you're in Brisbane, here is an in-person workshop you might be interested in. Being held on Tuesday 13 May from 9:30am to 2:00pm in Newstead, "Practical Money Workshop for Entrepreneurs": https://www.money-madesimple.com.au/practical-money