Why the Wealthy Start Businesses
Troy Holt, CFEI?
Do You Want to Eliminate Debt and Grow Wealth? Discover How Small Business Owners, Veterans, and Healthcare Pros Can Turn Financial Issues into Wealth Opportunities!
It’s a fact—the wealthy start their own businesses.
Here’s a breakdown of the top ten richest people in the world…
One investor.
One CEO.
One heir.
Seven entrepreneurs.1
That’s true further down the totem pole as well. Fidelity Investments research revealed that 88% of millionaires are self-made entrepreneurs.2
Why? Because businesses can create wealth that equals or surpasses savings, often in a quicker time frame.
Here’s how it works…
Let’s say your ideal retirement income is $5,000 per month. Just enough to rent a beachside condo, enjoy a night on the town once in a while, and visit the grandkids whenever you want.
But where will your retirement income come from? Not a job—remember, you’re retired!
Standard procedure is to save a nest egg and live off the interest. In this example, you would have to save $1.4 million at 5% interest to generate $5,000 monthly income.
That goal is fine if you’re 25 with enough cash flow to put away some each month. But what if you’re closer to retirement? You simply don’t have the years needed to unleash the power of compounding interest to grow your savings. You need retirement income, and you need it now.
That’s where starting a business can help.
As the business grows, the hope is that your income will too. If and when you reach your target income, you should have a strategy in place to step away from active operational management of the business and still enjoy the cash flow. After all, you’re the one who took the risk of starting it!
This concept is called?Wealth Equivalency.?Simply put, building a business can create an income stream equal to living off the interest of your savings.
That’s why the wealthy start businesses. They know it’s an opportunity to create an income that’s equivalent to saving millions for retirement in a much shorter time frame.
So here’s the question—which one is more feasible for you?
Saving a nest egg that generates a $5,000 monthly income?
Or building a business that generates a $5,000 monthly income?
If you’re young, the answer might be saving. With time and compound interest on your side, you can build the wealth you need to retire with confidence.
But if you need income NOW, consider imitating the wealthy and starting a business. It may create an income that rivals saving on a far more realistic timetable.
Best of all, with the right mentorship and strategies, entrepreneurship doesn’t have to be a leap of faith. In fact, it can leverage skills, relationships, and hobbies that you already have!
If you want to learn more about creating a sustainable income for retirement, let’s chat. We can review your situation and see what strategies you can leverage to face the future with confidence.
1 “The 10 Richest People in the World,” Dan Moskowitz,?Investopedia, Dec 8, 2021,?https://www.investopedia.com/articles/investing/012715/5-richest-people-world.asp
2 “The Ultimate List of Entrepreneur Statistics 2022,” Jack Steward,?Findstack, Dec 5, 2021?https://findstack.com/entrepreneur-statistics/
UPCOMING EVENTS
TODAY AT 1PM EST/12 PM CST
Join me Troy Holt, Thought Leadership Branding Club founder & (5X TEDx speaker) Bobby Umar &, Co-founder of Your Black News, Martin Pratt as he shares with us in Social Audio Strategies Building Community & Deeper Trust.
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?? Martin Pratt is co-founder of Your Black News, an online digital daily 1 hr live news show on Clubhouse launched in 2021 and WYBNradio.com which is online radio station that will launch ?? 4.15.22.?
?? Martin is one of 5 cofounders of #BlackLinkedinIsThriving community and one of the 4 founders of #BlackTwitter.?
?? Martin has worked as the program director for CodeStart #CodingWhileBlack mvmt in 2016 and He has formerly worked as executive producer of Tech Hub on AIBTV in Atlanta GA, as producer and host of Technocolor Radio show on WHCR 90.3FM and as one of the producers of Reality Check on WURD Radio 96.1FM in Philadelphia.?
?? Martin was awarded a Poynter-Koch Journalism Fellowship, Solutions Journalism Network’s LEDE Fellowship in 2019; and currently he is a Visiting Research Fellow and assistant to the Senior Policy Analyst for the The Council of State Government - Eastern Regional Conference
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Troy Holt is a Chief Encouragement Officer,? Certified Financial Educator Instructor, and Podcast Host of Troy Talks
Bobby Umar is a 5x TEDx speaker, Inc Magazine Top 100, and Author of “How to Network Anytime, Anywhere,
Martin Pratt is co-founder of Your Black News, an online digital daily 1 hr live news show on Clubhouse launched in 2021 and WYBNradio.com which is online radio station that will launch ?? 4.15.22
TOMORROW at 1 PM EST/12 PM CST
Join me Troy Holt and Spectrum Law Firm Miami, PLLC Estate Planning Attorney Sandy Boisrond, ESQ with an upcoming series this week 5 ???????????? ?????? ???????? ???????? ?????????? ???????????? ???????????????? starting on Thursday, April 7, 2022, at 12 pm/ 1 pm EST on LinkedIn Audio
In financial education, we teach about the 7 Money Milestones.?
One of those milestones is Protecting Wealth.?
Sandy will be sharing with us, strategies and tips on how to protect our wealth.?
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?? Sandy Boisrond is an Auntie, Attorney, Advocate, and Author.??
?? She is an Estate Planning Attorney with a passion for supporting Autism families, a mission to mentor law students and newly-barred lawyers, and a determination to educate our community on legacy building and generational wealth.??
?? Sandy is also the Co-Founder of LearnBiz, LLC, an Entrepreneur Coaching Agency and producer of LearnBiz The Podcast, and Co-Author of the soon-to-be-released book, Civility Wins: Find Your Peace While Taming the Beasts.?
Don't forget to check out our weekly Social Audio Strategies LinkedIn Audio with? Troy Holt & Bobby Umar every Wednesday at Noon central!
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