Wealth is defined as the people Greg works with as having enough money to do what they want and need to do. They live in a “post-budget world.” The first-generationwealthy are building their wealth in non-sexy ways, like consistent investing over time. This might be in their own companies or retirement accounts, for example. Most millionaires don’t inherit money. They build wealth themselves slowly and consistently over time. All this talk about first-generation wealth begs the question about the second generation. How do you manufacture the hunger?The reasons for financial failure are 1) lack of purpose, 2) lack of a plan, and 3) lack of discipline. That’s why the 3 financial superpowers are 1) Power of Purpose, 2) Power of Plan, and 3) Power of Execution. Having a purpose and a plan helps you avoid decision fatigue. You’re also easily able to reset if you “mess up.” Having a clear purpose is the most important thing. You don’t even need to have a high income! If you haven’t started, though, it’s important that you getstarted ASAP with an emergency fund (“financial shock absorber”). Having a plan keeps you from comparing yourself to others, which is key. You compare yourself to only yourself. Anybody can do this and become first-generation wealthy.
If you liked this episode, you’ll also like episode 199: the 3 pillars of prosperity.
About Greg:
The founder of Luken Wealth Management, Greg Luken. He began developing math-based investment solutions forclients in the early 1990s. For nearly four decades he has been working primarily with first-generation wealthy – men and women who have built their own wealth from nothing. It is this experience that inspired his new book, “Unleash YourFinancial Superpowers: How the First-Generation Wealthy Do It and How You Can Too!”
Connect with Greg:
Website: www.Luken.pro/book
Social media: https://www.linkedin.com/in/gregoryluken/
Connect with Lauren:
https://www.realadultingiseasy.com/
https://twitter.com/AdultingIsEasy
https://www.instagram.com/adultingiseasyreal/
About Lauren:
Lauren Keen Aumond is passionate about personal finance. She hosts the Adulting Is Easy podcast, where she helps make adulting easier for listeners by making money easier. Lauren became a millionaire at age 31 through high income, investing in stocks, and owning and managing real estate. She was able to leave her 9-5 at age 33 and now manages her short- and long-term rentals on the west coast of Florida with her husband. For fun, Lauren plays tennis, spends time with her family, drinks red wine, travels, and boats.