On this episode of The Rich Equation Podcast, Ashish is joined by guest Chris Naugle. Ashish and Chris dive deep into wealth creation, relationships with money and the inventible financial crash. Ashish and Chris discuss how the problem begins with our upbringing and education systems teaching us to trade our time for money. Chris shares four simple things we can do to hold onto our wealth as well as sharing some tips we will need for the upcoming financial crash, and how we can take advantage of it.
HIGHLIGHTS:
0:00 – Ashish shares a brief introduction to his guest
2:24 – Ashish mentions how he has learned so much from Chris in the short amount of time that they’ve known each other
3:31 – Ashish talks about how our relationship with money is one of the most difficult things for people to talk about
3:58 – Chris speaks about how your relationship with money starts with your upbringing
4:18 – Chris mentions how he thinks things begin to go wrong in the education system because they’re teaching us that we need to trade our time for money
4:57 – Chris mentions how if you follow wealthy people you’ll notice that they don’t put a value on their time
6:31 – Chris states that when you chase money is runs away from you
7:30 – Chris states that when you give, you get
11:21 – Chris states that the more people who hate the more he wants to love
12:10 – Chris shares that there will be an event that will happen, a market collapse perhaps, but it will happen
15:00 – Ashish mentions how his family never talked about money or the value of money growing up, which gave him an abundance mindset because he never had a scarcity of money
17:24 – Chris speaks about how people are good at making money but they don’t know how to hang onto it and keep their wealth
17:41 – Chris shares Law No.1 of the laws of wealth: you have to keep 1/10 of your gross income
19:19 – Chris explains the importance of moving money
20:21 – Chris states that compound interest is the most powerful thing in the financial world
20:38 – Chris shares how the third law is to protect your wealth and tells us how we can do it
21:40 – Chris advices us to research our financial advisor and make sure they have failed before because that’s where the learning happens
23:39 – Chris states that banks are one of the smartest financial institutions
25:33 – Chris speaks about Warren Buffet and how he has been investing longer than any of us
26:10 – Chris talks about how building wealth is a marathon not a sprint, but most people today are in a hurry to get rich and they seek unrealistic returns which results in money fleeing
29:05 – Chris mentions how every dollar more you have gives you the ability to help a lot more people
31:17 – Chris states that your money will work for you and compound on itself if you understand how it works
34:22 – Chris speaks about the book ‘Hard Times Create Strong Men’ by Stefan Aarnio
35:17 – Chris talks about how he sees one of the biggest financial crashes we have ever seen coming in the future
36:36 – Chris shares how he is scared of it but he knows that when it happens it will be his catapult
37:20 – Ashish asks Chris to share one or two things that we can do to prepare for this market crash
42:51 – Chris states that patience is a virtue and it’s something we have lost but if we just wait, opportunities will come
43:45 – Chris mentions how when this crash happens, it won’t matter what you invest in because everything is going to collapse
45:52 – Ashish encourages you to do your research and take in all the free content that you can
46:25 – Chris shares that being rich for him is having the tools to help and solve other peoples problems