In this episode, I discuss the 6 key steps to creating a $20 million (or whatever your number may be) net worth. It requires mindset, strategy, and execution.

#1. The Wealth Mindset

- Think long-term (10–30 years ahead).

- Set clear goals and embrace calculated risks.

- Identify your personal motivation (financial freedom, legacy, giving back).

#2. Establishing Income Streams

- Multiple income streams are key—millionaires average seven.

- Options include real estate, stocks, business ownership, and passive income (royalties, dividends).

- Scalable online businesses or digital assets can accelerate wealth accumulation.

#3. Strategic Investing

- Build a diverse portfolio with stocks, real estate, private equity, tax liens etc.

- Balance high-risk, high-reward investments with stable, income-generating assets.

- Educate yourself on every investment to avoid costly mistakes.

#4. Smart Debt and Leveraging Assets

- Debt can be a tool for growth (e.g., mortgages for real estate, business loans).

- Ensure investment returns outweigh the cost of borrowed money.

#5. Tax Strategy and Wealth Preservation

- Use tax-efficient investments (Roth IRAs, real estate depreciation, tax-loss harvesting).

- Work with financial planners and tax advisors to maximize savings.

#6. Long-Term Planning and Legacy

- Plan for wealth beyond yourself—trusts, charitable giving, and endowments.

- Wealth-building is about creating opportunities and impact.

By following these six steps with discipline and persistence, you can build significant wealth over time. Keep learning, investing, and growing!