Should You Focus on Generating Profit or Building Wealth?

Is your financial freedom limited by the time for money trap? How do you stop exchanging time for money and build wealth instead?

Most tradies strive to earn a huge profit. But what they don’t know is that getting stuck in that hamster wheel doesn’t equal financial security in the long run. 

Instead of trading your time and energy for earnings that barely cover your rising living expenses, follow these five simple steps that we’re going to share with you on how to build your income streams in your trades business and paddle your wealth. 

Preparing for the long game is better than just letting your profit sit in the bank account. So click the play button now and listen to this episode! 

Discussion Points:

0:00 Introduction 

1:04 Identify the purpose of your business 

3:26 Generating wealth vs. generating profit 

5:40 Learn to invest your profit 

6:07 Pay yourself first and workout your expenses 

7:26 Don’t invest in anything you don’t understand 

9:09 Invest in assets that produce more cash flow 

12:16 Your passive income should exceed your earned income 

Resources:

• Visit the Tradie Business School website (https://tradiebusinessschool.com/) 
• Join us on our FREE Facebook Group (Tradies & General Contractors Global)

Books mentioned in the episode: 

• The Path to Freedom by Barry Williame Magliarditi (https://www.pathtofreedom.com.au/free-book-1) 
• Rich Dad, Poor Dad: What The Rich Teach Their Kids About Money - That The Poor And Middle Class Do Not! by Robert Kiyosaki
  (https://www.amazon.com/Rich-Dad-Poor-Teach-Middle-ebook/dp/B0175P82RA) 

You can also connect with us on Linkedin. For more podcast episodes, visit our website at https://tradiebusinessschool.com/ or subscribe to The Tradie Business School on Apple Podcasts, Spotify, and Google Podcasts.

 

Thank you for tuning in! 

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