EP 002: 5 Costly Wealth Creation Mistakes Most Australian Business Owners Make

As Keith Cunningham says: life and business is not about making more of the right choices but making fewer of the wrong ones.

This powerful phrase also applies to wealth creation. 

As a business owner, you’ve likely faced the impact of what one bad call can make. A dumb mistake made after another can unleash a domino effect putting your livelihood at risk.

This pushes us to hone our decision-making skills – to ensure we minimise the amount of wrong turns we make.

Going with the same mindset, we also need to develop our skills when making decisions about building wealth.

Fortunately, we’re willing to share in this episode what we’ve learned from the stupid—and expensive—mistakes we’ve made along the way and that most Australian business owners also do. 

We also share some tips and insights around how we’ve dealt with those challenges. 

So if you’re an Australian business owner who wants to learn from the choices we’ve had in the past, this episode is for you.

DISCLAIMER: All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.

Episode Highlights:

00:00 Introduction
01:37 Charley’s and Grant’s biggest mistakes in creating wealth 
03:41 Mistake #1: Poor understanding of wealth creation as business owners 
05:32 The notion that business is the strategy to becoming wealthy 
09:45 Mistake #2: Lack of education about generating personal wealth 
10:35 Applying strategies tailored to your financial situation 
15:30 Mistake #3: Investing in assets that exhaust your pocket
18:08 Learn the risk profile of different investment strategies
19:00 Mistake #4: Picking investments that don’t align with your time and availability 
22:51 Mistake #5: Confusion about tactical investing vs. strategical investing
27:18 Charley’s and Grant’s current approach to building personal wealth
32:19 Explore the wealth creation options available to you

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