EP 008: Why Having a Good Business is Always Step 1 for Wealth Creation

Creating wealth is just like building a house. You need to start with a solid foundation.

Without a solid foundation, you’ll be severely limited with your options moving forward… 

Not to mention, taking on way more risk than is necessary. 

What most business owners don’t understand is having a good business is the foundation to wealth creation.

Business owners seem to treat wealth creation and their business as two separate entities.

But when you have a business set up right, it is the foundation for wealth.

If you tune in to this episode, you will hear the specifics of what a good business looks like…

And how it can be the foundation of your wealth. 

: 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
01:50 Why Charley quit plumbing to start a business
06:40 Charley’s investing takeaways from his first business
13:23 Grant’s realisations from his business ownership journey
20:19 A good business is your ticket to the wealth creation game
25:46 What are the characteristics of a good business?
26:44 Characteristic #1: Stable profits
27:20 Characteristic #2: Enough salary for a comfortable life
29:00 Characteristic #2: Ability to leverage team
30:52 Characteristic #4: Stable services and products
33:36 Characteristic #5: At least 2 years of positive financials
36:33 Turning active business income into asset blocks
40:34 Living off of your assets, NOT your business
41:32 Pivoting away from a bad business
43:39 Filling in gaps in your business
45:33 Our greatest business advice
46:55 Did we get lucky in business?
49:40 Key takeaways from the episode

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