Wealth-Building Made Simple

Key Takeaways:
- Calculate the amount needed for retirement by multiplying your desired annual income by 25 to 30.- Find a job or income source that you love to alleviate the pressure of saving a large sum for retirement.- Market volatility can be an opportunity for higher returns if you invest in future generation businesses.- Rising healthcare expenses can strain retirement funds, but investing in innovative healthcare technologies can help mitigate the impact.- Prepare for unexpected expenses by maintaining an emergency fund and consider investing in assets that generate cash flow.- Carrying debt into retirement can affect financial security, so focus on paying off consumer debt and manage investment debt responsibly.- Downsizing or making lifestyle adjustments in retirement can be more manageable if approached with a mindset of happiness and contentment.
 
 
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and topic of financial pressures in retirement || 0:01:14 | Writing a book in real time and the benefits of writing || 0:02:49 | Feeling pressure to save for retirement when children come || 0:03:32 | How to determine how much to save for retirement || 0:06:11 | Finding a job you love to blur the lines between work and retirement || 0:07:21 | Expanding investment time frame and investing in future generation businesses || 0:09:05 | The impact of market volatility on investments || 0:10:24 | The potential strain of rising healthcare expenses in retirement || 0:13:30 | The reliability of pensions and Social Security benefits in retirement || 0:16:00 | The impact of carrying debt into retirement || 0:26:00 | Preparing for unexpected expenses in retirement || 0:27:37 | Dealing with job loss or career setbacks in retirement || 0:28:12 | Adjusting lifestyle or downsizing in retirement due to insufficient funds |
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 
 

Key Takeaways:1. KPIs are essential for tracking business goals and financial health.2. Focus on a few key KPIs that align with your business objectives.3. KPIs provide actionable insights to improve business performance.4. Trends in KPIs can indicate the need for course correction or continuation of successful strategies.
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and sponsor || 0:00:30 | Importance of KPIs for business owners || 0:01:31 | Definition of KPIs and their significance || 0:02:29 | Selecting and focusing on a few key KPIs || 0:05:08 | Addressing the challenge of not meeting KPIs || 0:06:23 | Analyzing trends and making adjustments based on KPIs || 0:07:39 | Following the path of least resistance using KPIs |
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 
 
 

Key Takeaways:
- Financial pressure is a natural part of growth and expansion.- The pain from financial pressure is self-imposed and comes from focusing on the conditions instead of how you want to feel about the situation.- Owning the feeling of financial security and appreciating the good aspects of life can help alleviate financial pressure.- Focusing on feeling good and enjoying the journey can lead to positive outcomes and faster growth.
 
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and topic of managing financial pressure || 0:01:24 | Financial pressure is a natural part of growth and expansion || 0:03:00 | The pain from financial pressure is self-imposed and comes from focusing on conditions || 0:06:06 | The desire for wealth is really a desire to feel good || 0:08:59 | Owning the feeling of home and focusing on quality of life || 0:10:01 | Business owners can manage financial pressure by upgrading their business || 0:13:14 | Investment losses are a natural part of learning and growth || 0:16:07 | Focusing on feeling good activates an optimistic point of view || 0:17:28 | Finding joy in the entire process of wealth building || 0:18:38 | The result of focusing on feeling good is increased wealth |
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Key Takeaways:1. Niching down allows businesses to focus on a specific target audience and provide a specialized product or service.2. Specializing helps streamline expenses, investments, and marketing efforts, leading to growth and success.3. The emotional balance sheet is just as important as the financial balance sheet in finding fulfillment and satisfaction in business.
 
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and topic of loving your business || 0:01:49 | Importance of specializing in a specific product or service || 0:03:24 | Benefits of focusing on a target audience and industry || 0:04:38 | Streamlining expenses and investments through niche specialization || 0:07:50 | Emotional balance sheet and finding purpose in serving specific clients || 0:08:49 | Growing business and targeting revenue by knowing your niche || 0:09:38 | Examples of successful niche specialization in the music industry 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 

Summary
Phillip and Rob discuss the recent Airbnb ban in Dallas. The ban prohibits short-term rentals in residential areas and aims to treat Airbnb properties like hotels. The ban is set to take effect on January 1, 2024, but enforcement may be challenging. The ban affects approximately 95% of Airbnb listings in Dallas. Some property owners may appeal the ban, leading to a potential legal battle. The future of Airbnb in Dallas remains uncertain, and property owners are exploring their options.
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Key Takeaways:
- Wealth follows productivity and is influenced by changing preferences and beliefs.- Each generation brings new ideas and perspectives that shape the future of wealth.- Embracing freedom and being open to new technologies and trends is crucial for long-term success.Quotes:
- "Wealth follows productivity. You have wealth from leverage and wealth from productivity, two different forms of wealth."- "The people that built the old economy, no matter the level of manipulation that is done, you're never going to catch the kids."- "Wealth is like water. It continues to flow and follows the path of freedom."
 
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast episode || 0:01:52 | The story of the Freedmans and the cycle of wealth || 0:04:46 | Lack of investment in technology leads to decline in business || 0:05:51 | Parents pass on the business to the next generation || 0:06:31 | Next generation starts their own successful businesses || 0:08:30 | Wealth from leveraging debt vs. wealth from productivity || 0:09:37 | Beliefs and preferences shape the value of things || 0:11:29 | Wealth follows free thinking and free markets || 0:13:09 | New generations create the future and disrupt existing industries || 0:15:21 | Investing in the new while adhering to time-tested principles |
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

About The Guest(s):Brayden Daniels is the founder of Lead Like a Magician and a professional magician. He combines his expertise in magic with leadership principles to help individuals and organizations improve their leadership skills. Braden has a background in business and has been practicing magic for many years.
https://www.bradendaniels.com/
 
Summary:Braden Daniels, founder of Lead Like a Magician, joins Phillip on the Wealth Building Made Simple podcast to discuss the four elements of leadership and the power of imagination in business and leadership. Brayden explains how the magician archetype can be applied to leadership, emphasizing the importance of communication, discipline, reflection, and support. He also highlights the role of imagination in problem-solving and creative visualization. The conversation touches on the relationship between magic and science, as well as the difference between Tony Stark and Doctor Strange as archetypal characters.Key Takeaways:- The magician archetype in leadership emphasizes guiding and supporting others rather than wielding power.- The four elements of leadership are air (communication), fire (discipline), water (reflection), and earth (support).- Imagination plays a crucial role in problem-solving and creative visualization.- Magic and science both seek to understand the unknown, but magic preserves an element of mystery.- Tony Stark and Doctor Strange represent different approaches to leadership, with Tony focusing on innovation and profit, while Doctor Strange prioritizes responsibility and collaboration.Quotes:- "As a leader, you want to be a guide to your employees, not the hero. For your employees, your employee is the hero. Customers are the hero." - Braden Daniels- "Imagination is part of a bigger process that includes immersion, identification, and involvement." - Braden Daniels- "Reality is subject to change without notice." - Braden Daniels
 
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and guest Brayden Daniels || 0:03:20 | Brayden's background in magic and leadership || 0:08:45 | The four elements of leadership: air, fire, water, earth || 0:16:05 | The importance of imagination in business and leadership || 0:24:37 | The difference between magic and artificial intelligence || 0:30:40 | The power of visualization and vibrations in leadership || 0:36:21 | Information about Brayden's magic show and upcoming events || 0:38:13 | How to contact Brayden for more information || 0:38:41 | The difference between Tony Stark and Dr. Strange || 0:43:05 | Conclusion and appreciation for the conversation |
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 
 
 
 
 
 
 

Key Takeaways:1. Passive income can be generated through dividends, rental properties, online businesses, and royalties.
2. Dividends are payments made by companies to shareholders from their profits.
3. Rental income is generated from owning real estate properties that are rented out.
4. Online businesses can provide passive income once the initial setup is done.
5. Royalties are payments received for the use of content created in the past.
6. Diversifying income streams is important for financial independence and making money while you sleep.
7. NFTs have the potential to revolutionize the royalties asset class.
 
 
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and topic of passive income || 0:00:50 | Philip Washington, Jr. introduces the concept of passive income || 0:02:06 | Dividends as a type of passive income || 0:05:39 | Rental properties as a source of passive income || 0:06:51 | Online businesses and their potential for passive income || 0:09:01 | Podcasts and other forms of online content as passive income || 0:10:47 | Royalties as a form of passive income for content creators || 0:12:49 | Phillip emphasizes the importance of having multiple income streams || 0:12:59 | Closing remarks and end of the podcast |
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Key Takeaways:
- Balancing reason and imagination is crucial for successful investing.- Overreliance on reason can hinder creativity and lead to overthinking.- An undisciplined imagination can result in a disconnect from physical reality.- Using both reason and imagination allows for a more holistic and informed approach to investing.- Imagining a future wealthy self can help maintain a positive mindset and make decisions aligned with long-term goals.
Chapters
 
| Timestamp | Summary || ------------- | ----------- || 0:00:01 | Introduction to the podcast episode || 0:01:41 | Announcement about changes in podcast frequency || 0:02:11 | Explanation of reasoning and imagination || 0:04:26 | Importance of balancing reason and imagination || 0:07:11 | Negative effects of overthinking with reason || 0:08:46 | The power of imagination in changing financial situations || 0:10:11 | The importance of balancing reason and imagination in investing || 0:14:24 | Using reason and imagination to analyze the impact of artificial intelligence || 0:17:38 | Choosing to flow with change rather than resisting it || 0:18:27 | Story about using imagination to balance decision-making || 0:21:04 | Conclusion and closing remarks |
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Key Takeaways:
- A family limited partnership is a legal entity that allows for the organized transfer of assets within a family structure.- Setting up a family limited partnership can help reduce the overall value of an estate, potentially lowering estate tax implications.- Income and losses can be allocated to different family members, taking advantage of lower tax rates.- It is important to work with an attorney and tax advisor to properly set up and manage a family limited partnership.
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast || 0:00:13 | Disclaimer about the information presented || 0:00:48 | Phillip and Alison discuss tax benefits || 0:01:35 | Introduction to family limited partnerships || 0:03:40 | Benefits of family limited partnerships || 0:05:46 | Allocation of income in a family limited partnership || 0:06:46 | Difference between family limited partnerships and family trusts || 0:07:50 | Contact information for Alison || 0:08:58 | Conclusion and closing remarks || 0:09:21 | Disclaimer about the information presented |
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 
 

Key Takeaways:1. Both partners should have roles and responsibilities in handling finances in a marriage.2. Involving both partners in the decision-making process brings different perspectives and strengthens the couple's financial journey.3. Major purchases should be made together, even if one person has a stronger preference.4. Finances in marriage should be fun and not stressful.5. Approaching finances as a unique expression of the couple's collective mindset can bring them closer together.Quotes:- "I'm just a big believer in, when you're in a marriage, you both want to expand as a person overall."- "Having both people involved in the decision-making process... has been one plus one equals three."- "Finances, typically what are thought to subtract from marriages, should be very additive."- "The topic of money in marriage should be fun, it's not supposed to be stressful."- "If you deal with the stress before you deal with the problems or solutions, it's going to solve everything."
 
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the episode || 0:00:49 | Importance of both partners having roles in finances || 0:02:32 | Both partners should be involved in investment decision making || 0:04:55 | Both partners should be involved in major purchases || 0:06:32 | Finances should bring couples closer together || 0:08:16 | Dealing with stress before problem-solving || 0:08:22 | Conclusion and closing remarks |
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Key Takeaways:1. The decision of whether to buy an investment property or a primary residence depends on individual circumstances and goals.2. Building equity in an investment property can help increase housing affordability by adding another stream of income.3. Investing in up-and-coming areas can lead to significant appreciation over time.4. Stability and security are important factors to consider when buying a primary residence, especially for families with children.5. Being an early adopter of a community can provide opportunities for growth and potential financial gains.
Quotes:- "If you can get in, get in." - Rob Lewis- "The best bank account ever, especially when other people are putting money in the account." - Rob
 
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and sponsor || 0:00:46 | Phillip and Rob discuss whether a first home should be an investment or primary residence || 0:02:03 | Rob shares his perspective on the importance of stability and security || 0:03:34 | Phillip discusses the benefits of buying an investment property first || 0:07:27 | Rob explains how rental income can help with housing affordability || 0:09:14 | Phillip suggests a strategy for making a primary residence a good investment || 0:10:48 | Rob talks about being an early adopter of a community || 0:12:07 | Phillip mentions the advantage of knowing about development and growth || 0:13:16 | Rob provides his contact information || 0:13:39 | Closing remarks and contact information for Phillip |
 
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Join the Wealth Building Made Simple newsletter:
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 

Key Takeaways:1. Bonds are a form of lending money to an institution or organization, and investors receive interest payments for the duration of the bond.2. Stocks represent ownership in a company, and their value fluctuates based on the company's performance over the long term.3. Mutual funds allow investors to pool their assets and achieve diversification by investing in a portfolio of stocks and bonds.4. ETFs (exchange-traded funds) are a lower-cost alternative to mutual funds, providing flexibility and the ability to trade throughout the day.5. Understanding the asset class and economic outlook is crucial when deciding which investment option is suitable for your portfolio.Quotes:- "Bonds are lending money at the core of it. If you buy a bond from the US Government, you are basically lending them money."- "Stocks have less certainty. If the company doesn't do well, you lose money. If the company goes under, you lose your capital."- "ETFs were built as a lower-cost way to own stocks and bonds. You can buy and sell them throughout the trading day."- "The asset class you invest in delivers most of the return. Picking the right fund manager is challenging."- "Understanding the economic outlook and your risk tolerance helps determine the right investment option for your portfolio."
 
Chapters
 
| **Timestamp** | **Summary** || 0:00:01 | Introduction to the episode and topic of investment strategies for beginners || 0:00:50 | Explanation of bonds as a way of lending money || 0:03:45 | Explanation of stocks as ownership in a company || 0:06:19 | Introduction to mutual funds as a way to pool assets || 0:08:34 | Introduction to ETFs as a lower cost way to own stocks and bonds || 0:09:48 | Discussion on the importance of asset class in investment returns | 0:11:28 | Brief mention of crypto as a 24/7 trading option || 0:12:08 | Conclusion and invitation to consult with a financial advisor || 0:12:08 | Disclaimer and end of the episode |
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 
 

Summary:Phillip discusses how to bet against government spending. He draws parallels between the 2008 financial crisis and the current state of government debt, emphasizing the importance of understanding financial statements and debt accumulation. He also explains how bitcoin was created as a solution to protect against government debt default and inflation. He highlights the transparency and limited supply of bitcoin as factors attracting investors seeking to safeguard their assets. 
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and topic of betting against government spending || 0:01:29 | Introduction to Wealthbuildingmatesimple US newsletter || 0:02:09 | Explanation of the movie "The Big Short" and understanding debt || 0:04:23 | Debt accumulation in the system and the transfer to governments || 0:06:27 | Increase in money supply to absorb debt and manipulation of interest rates || 0:08:02 | Explanation of market movements and the tipping point || 0:10:36 | Introduction to bitcoin as a solution to government debt default || 0:12:14 | Comparison of bitcoin to the banking system and gold || 0:15:21 | Money gravitating towards bitcoin as protection against inflation and defaults || 0:17:50 | Bitcoin as the arc to protect value in the next economy |
Quotes
"No, debt is debt, whether it's on an individual, whether it's on a company, or whether it's on a country.""If you look at an individual's income, if their expenses are more than their income and the expenses are growing at a higher rate than their income is growing, then you can just do the math and say, at some point in time, they're not going to be extended credit anymore and their financial system blows up." "Debt had been accumulating in the system for a while, really since the 70s, when we came off the gold standard, which was kind of a US default.  We defaulted on our promise to exchange dollars for gold for our international trading partners who stored their gold here.”
"We need a way to short government debt that will protect our money when that happens." "For a period of time, it appeared as if there was no problem because interest rates stayed relatively low for a long period of time. You're able to suppress and manipulate energy for a period of time, but for every action, there's an opposite and equal reaction.""The tipping point is when the majority of the market comes to realize something, then you see the movement in the market.""The fire (overindebtedness) never went out.  The fire transferred to the government balance sheet.""Bitcoin, from what I understand and believe from what I'm seeing from my research and where I put my money, is the arc that's attracting more and more money to protect from all these governments having to wash away these debts through massive defaults and inflation."
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary:
Alison and Phillip discuss the tax benefits of setting up a family foundation. They explain that a family foundation is a philanthropic organization designed to serve the community and can be a great estate planning tool. However, they note that setting up a foundation requires significant assets and comes with high administrative fees. They also mention alternatives such as donor-advised funds, which offer more flexibility and privacy. Overall, they highlight the importance of consulting with a qualified financial advisor or tax professional before making any decisions.
Timestamp
Summary
0:00:01
Introduction to the podcast and topic of family foundations
0:01:23
Description of family foundations and their philanthropic purpose
0:03:43
Benefits of setting up a family foundation for tax savings
0:05:06
Considerations and downsides of family foundations
0:06:46
Alternatives to family foundations, such as donor advised funds
0:08:27
Contact information for more information on charitable planning and tax strategies
 
Quotes
"I'd be cool to take something like a billion dollars and put it into a foundation and then be able to invest and buy and sell stuff without tax implications so I can use that capital to more benefit the charitable organizations I'm given to."
“The upside to the family foundation is that it's a great way to shift around assets to help your family in terms of estate planning and a great way to leave a legacy in honor of your family."
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 
 
 
 

Summary:
Phillip continues his four-part series on marriage and money in this episode. The focus is on navigating financial conflicts in marriage. He emphasizes the importance of having a good system in place to eliminate conflicts, but acknowledges that conflicts may still arise. Phillip advises approaching conflicts with a clear and calm mindset, recognizing that both partners ultimately want financial security and freedom. He also discusses the balance between spending and saving habits in a relationship and the importance of open communication and discussing money in a stress-free environment.
 
Timestamp
Summary
0:00:01
Introduction to the podcast episode
0:01:25
Importance of having a good system to eliminate conflicts
0:03:02
The essence of financial goals in marriage
0:04:17
Balancing different spending habits in a relationship
0:06:27
Respecting each other's gifts and finding harmony
0:09:29
Setting boundaries and choosing the right time to discuss money
0:10:10
The importance of clarity and relaxation in resolving conflicts
0:12:45
The impact of stress on financial decisions during divorce
 
Quotes
 
"We both want the same thing emotionally. We're conflicting because there's a mistranslation of what we're trying to say or what we're trying to do or what we're trying to communicate."
"If you're calm internally and you're in a good emotional state, somebody else cannot be in a combative state with you if you remain calm."
"It creates problems when the spender judges the saver or the saver judges the spender."
"Don't talk about money when either person is stressed about it."
"Make sure that when you talk about finances, you do it in a safe space, a space of no judgment, of relaxation, of no stress."
"So much money gets wasted in divorce that can go to kids and the well being of both sides from stress and negative emotions."
"When you're overstressed, you make terrible financial decisions."
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary:
Rob and Phillip discuss housing affordability in this episode. They emphasize the importance of homeownership and building equity, even in a fluctuating market. They advise listeners to adjust perspective and focus on the feeling of a home they desire rather than getting caught up in societal expectations.
Timestamp
Summary
0:00:01
Introduction and disclaimer
0:00:44
Philip and Rob introduce the topic of housing affordability
0:01:56
Rob emphasizes the importance of real estate as an investment
0:03:26
Discussion on the current state of the housing market
0:04:14
Explanation of infill lots and their role in real estate
0:06:17
Rob advises lowering standards to find affordable housing
0:07:39
Importance of making a house a home through personalization
0:09:18
Discussion on the negative effects of greed and desire
0:10:53
Rob shares his contact information
0:11:56
Closing remarks and disclaimer
 
Quotes:
"Your house is just a house until you put some people in it. That's when it becomes a home."
"Greed is desiring something that you feel you lack or yearning for something that you feel you lack. Trying to get something through the external version of it, as opposed to working from the inside."
 
Powered by Robert Lewis, Jr. at Ink Realty and Stone Hill Wealth Management
 
https://ink-realty.com/
https://stonehillwealthmanagement.com/
 
Join the Wealth Building Made Simple newsletter:
https://www.wealthbuildingmadesimple.us
 
Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 
 

Summary:
Phillip continues his four-part series on an Introduction to Wealth Building. In this episode, he discusses the importance of developing a wealth mindset. He emphasizes the role of emotions in shaping our beliefs and actions, and how overcoming limiting beliefs is crucial for achieving wealth. Phillip also explores visualization techniques and affirmations as tools to reinforce the feeling of wealth and abundance. By practicing these mindset strategies, individuals can attract and maintain wealth with more ease and less stress.
Timestamp
Summary
 
 
0:01:19
Developing a wealth mindset
0:02:18
Overcoming limiting beliefs and feelings of lack
0:05:09
Defining wealth and practicing the feeling of abundance
0:05:55
Visualization techniques to practice the feeling of wealth
0:09:41
Affirmations and the importance of aligning feelings with words
0:13:23
Using general affirmations to activate the feeling of wealth
0:14:48
Specific affirmations to express desired wealth
0:15:29
The importance of emotional work in building wealth
0:16:06
Conclusion and next steps for developing a wealth mindset
 
Quotes
"The reason why you see a lot of wealthy people that end up doing some unscrupulous things to maintain it, or when they get the wealth, they age ten years, is because the wealth becomes like this massive weight on their shoulders."
"You could still have limiting beliefs and have wealth because you never overcome your demons or your doubts.  They attack and eat away at you, and you will have no peace until you balance that out."
"If you just say, no, I'm going to define what wealth is to me because it's not a number.  It literally is not a number. So is it a million? Is it 2 million? Is it 5 million? No, wealth is wealth technically, if you look it up, it just means quality of life."
"You become trapped in a societal belief to the extent that you agree with society. If society doesn't respect a certain race or gender, it expresses itself through the law of averages.  So in the law of averages, if this group of people is taking advantage of that group, the law of averages is going to show what society believes. But individually, you can just not believe it."
"I like to use visualizing personally to just practice the feeling. For me it is less about the actual details and more about practicing the feeling."
"The level of unworthiness from some people that have money is higher than you know. They have the money, but they don't feel worthy. They just have money. They don't have the feeling."
"Everything is a confidence game. There's nothing that anyone is unable to do if they put their mind to it. These visualization techniques are just confidence builders."
"Affirmations are just self talk, positive self talk around what you want. But I've found affirmations to be worthless if you're doing them outside of the feeling. So if you're just saying things and you haven't activated the feeling, then it's like a waste of time."
"This work (the emotional work) is the most important work in wealth building from my perspective.  It’s the foundational work.  It's like a house. The house is pretty and the house is really good to look at, but if the foundation of the house is not set up properly, the house won't stand."
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary:
Phillip discusses the potential for investing in the podcast industry. He highlights the parallels between podcasting and the music industry, emphasizing the importance of content creation and personal branding. He explores the various monetization opportunities available in podcasting and shares notable podcast investment deals, including Spotify's acquisitions of Gimlet Media and The Ringer. He concludes by encouraging individuals to consider podcasting as a legitimate and lucrative business opportunity.
 
Timestamp
Summary
0:00:01
Introduction and disclaimer about investment advice
0:00:45
Philip introduces the topic of investing in the podcast industry
0:01:19
Podcasting is becoming more popular and attracting attention and money
0:02:02
Podcasting is similar to the music industry in terms of finance
0:02:44
The accessibility and reach of podcasting has increased with digital transformation
0:05:11
Personal branding is important in podcasting for business opportunities
0:07:11
Monetization opportunities in podcasting are endless
0:11:54
Noteworthy podcast investment deals, including Spotify's acquisitions
0:15:49
Various ways to participate in the podcasting industry
0:19:50
Podcasting is a legitimate and profitable business opportunity
 
Quotes:
 
"Podcasting is like the expression of that (media personalities). It may have played out before in like, talk shows or radio personalities. So it's the same thing."
"The cost of distribution for music and podcasting is basically free.  Because all those platforms allow you to distribute it at no cost. And so the level of your reach is large. That's huge, because I have people that listen to me all over the world out of this studio in Mansfield, which is awesome."
"You create based on what you feel is what you need to express. You give it to the market, and then it'll evolve it. The market will evolve it. You'll evolve.  You'll get better. You'll be inspired more based on your interaction with the market."
"Let's have the conversation (interaction with the market), let's have harmony, let's have a two way conversation and let's find mutual agreement. And that's where you find your flow. And you can put out content into infinity by having that conversation."
"The opportunities for monetization are endless and they're only limited to your imagination."
"Podcasting is a real business. A legitimate fun way to make money.  And it's here and it's early and those who take advantage of it are going to make stupid amounts of money.”
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 
 
 

Summary:
Alison, CPA and Phillip discuss tax-effective ways to get equity out of a business. They explore options such as distributions, loans, and increasing salary, highlighting the benefits and potential tax implications of each. They emphasize the importance of consulting with a tax advisor to determine the best strategy based on individual circumstances and long-term goals. The goal is to be tax-efficient and maximize opportunities for financial planning.
Timestamp
Summary
0:00:01
Introduction to the podcast and sponsor
0:00:48
Discussion begins on tax-effective ways to get equity out of a business
0:04:41
Options include distribution, loan, increased salary, or dividend
0:06:40
Considerations for choosing the best option for each individual
0:08:09
Downsides and potential tax impacts of each option
0:11:55
Importance of analyzing options and consulting with a tax advisor
0:13:38
Considerations based on the stage of the business
0:14:44
Contact information for Allison Rife Martin
 
 
Powered by ReiffMartin CPA and Stone Hill Wealth Management
https://www.reiffmartincpa.com/
https://stonehillwealthmanagement.com/
 
Join the Wealth Building Made Simple Newsletter: https://www.wealthbuildingmadesimple.us
 
Social Media Handles 
Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter (https://wealthbuildingmadesimple.us/subscribe/)
Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 
 

Summary:
Phillip continues a four-part series on marriage and money in this episode of the Wealth Building Made Simple podcast. The topic of discussion is combining finances versus maintaining separate accounts. He emphasizes that there is no right or wrong answer, and it ultimately depends on what works best for each couple. He explores the pros and cons of both approaches and suggests a hybrid system where couples have a joint operating account for shared expenses and separate accounts for individual discretionary expenses. The goal is to find a system that allows for independence and growth in financial understanding for both partners.
Timestamp
Summary
0:00:01
Introduction to the podcast episode on marriage and money
0:01:20
Discussing the pros and cons of combining finances vs maintaining separate accounts
0:02:59
Exploring a system of combining finances while maintaining individuality
0:04:22
Suggesting a two-pronged system with joint operating account and separate discretionary accounts
0:05:42
Highlighting the importance of feeling independent in managing finances
0:06:30
Describing a hybrid approach of combining and separating finances
Quotes
"I think it boils down to what feels right for the two people involved."
"Combining finances is simpler, easier if you're on the same page emotionally."
"You can combine the systems. In this example, you can have the operating account be the combined account but then have separate accounts for what I call discretionary expenses or the expenses that you're in charge of and your individual spending. That's a way where you can end up having a two pronged system so that way you don't have to go ask every single time your spouse if you want to go buy a new pair of shoes."
"Because feeling independent is super important. I've observed it to be empowering for both people."
"But if you run systems similar to this, then they can get better at what they're doing. Over time, you can get better and you both can grow in your understanding of finance, but you also can jointly work it together."
Social Media Handles 
Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter (https://wealthbuildingmadesimple.us)
Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 

Summary:
Rob and Phillip discuss the five reasons why a home may not be selling. They emphasize the importance of pricing, marketing, condition, location, and upgrades in attracting buyers and maximizing the value of a property. They also highlight the need for effective communication between sellers and realtors to align goals and objectives. Rob Lewis shares his expertise and offers his contact information for those seeking guidance in the real estate market.
 
Timestamp Summary
0:00:01
Introduction to the podcast and sponsor
0:00:45
Philip and Rob introduce the topic of the episode
0:01:16
Joking about Rob being the "real estate messiah"
0:04:24
Discussion of the five reasons homes don't sell
0:05:59
Importance of pricing and marketing a home correctly
0:07:37
The role of home condition in selling
0:08:28
The impact of neighborhood appearance on home value
0:09:17
The value of upgrades in increasing home value
0:11:42
Importance of considering overall goals when selling a home
0:13:49
Rob shares his contact information
 
Rob's Quotes
"Clean the house. You would be amazed at some of the houses that you walk in, and it is just filthy."
"If your neighbor's house looks atrocious or the grass is up to your waist, I'm going to offer to cut that person's yard."
"Fresh paint does wonders.”
"Changing out a countertop. Depending on the size of the kitchen, $3,000. But however, it might greatly increase the value of the kitchen."
"Avoid having to reduce the price. Do those things, bring the value up to the price, and then you sell it. Probably above the list price."
"If you have a ton of equity… and if you're on a tight time frame, we're not going to do very many upgrades because everything you have is already there."
 
Powered by Robert Lewis, Jr. at Ink Realty and Stone Hill Wealth Management
 
https://ink-realty.com/
https://stonehillwealthmanagement.com/
 
Join the Wealth Building Made Simple newsletter:
https://www.wealthbuildingmadesimple.us
 
Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

**Key Takeaways:**1. Start by imagining the feeling of what you want to achieve financially.2. Prioritize the feeling over specific goals or details.3. Be open to different paths and possibilities for reaching your financial goals.4. Track your emotional progress and expand your capacity for wealth.**Quotes:**- "Start with the feeling of what you want. The possibilities of how to get there become endless."- "Prioritize the feeling over everything so that you're open to different paths."- "Track your emotional progress around money, not just numbers or metrics."- "Expand your emotional capacity for wealth and track your progress in that area."
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and topic of setting financial goals || 0:01:27 | Importance of understanding the feeling of financial independence || 0:04:07 | Different ways to plan for financial independence || 0:06:11 | Prioritizing the feeling over specific goals || 0:10:29 | Tracking progress based on emotional capacity for wealth || 0:13:57 | Outro and contact information |
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary:
In the pursuit of financial success, one of the most significant obstacles we often encounter is the self-imposed belief that we are destined for a life of lack or that we are stuck on the level we are on. This limiting mindset can prevent us from realizing our true potential and hinder our ability to build wealth. However, it's essential to recognize that wealth is not reserved for a select few; it resides within each one of us. By acknowledging this truth and gradually embracing it, we can transform our lives and manifest abundance. Let's explore how to break free from the confines of our limiting beliefs and unlock the wealth that awaits us.
 
Awareness: Recognizing the Trap
 
The first step towards building wealth is acknowledging the existence of limiting beliefs that hold us back. These beliefs often stem from past experiences, societal conditioning, or fear of failure. By becoming aware of these thought patterns, we can start challenging and reframing them, paving the way for a new mindset.
 
Acceptance: Embracing the Truth within
 
Wealth is not merely about financial abundance; it encompasses a holistic sense of prosperity in all areas of life. Begin by accepting that you have the potential to create and attract wealth. Recognize that your current circumstances do not define your future, and that change is possible. Embrace the truth that wealth is your birthright, awaiting your conscious alignment with it.
 
Belief: Cultivating a Prosperity Mindset
 
Building wealth requires nurturing a positive and empowering belief system. Start by affirming your inherent potential for abundance. Replace thoughts of lack with affirmations of abundance and success. Surround yourself with positive influences, be it through books, mentors, or supportive communities, that reinforce your belief in your ability to amass wealth.
 
Inspired Action: Translating Belief into Reality
 
Believing in our potential is the foundation, but it must be accompanied by inspired action. Develop a clear feeling of your financial goals and sort through many ideas on how to achieve them. You will feel the plan that feels right.  Don’t rush it.  Take consistent steps towards financial literacy, savings, investments, and expanding your income streams. Celebrate small wins along the way, reinforcing your belief in your ability to create wealth.
 
Persistence: Sustaining the Journey
 
Building wealth is a long-term endeavor that requires persistence and resilience. Stay committed to your goals, even in the face of setbacks or temporary challenges. Surround yourself with a supportive network of like-minded individuals who can encourage and inspire you during difficult times. Remember, each setback is an opportunity to learn and grow, bringing you closer to your financial aspirations.
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 
 

Summary
Alison and Phillip  discuss the tax implications of being paid in equity. They explain that being paid in equity means receiving stock or ownership in a company instead of cash. While there may be no immediate tax implications for receiving “sweat equity", once the equity is converted to unrestricted shares or there is a payout, it becomes taxable income. They emphasize the importance of consulting with an attorney and understanding the legal and tax implications before entering into any equity arrangement.
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and topic of tax implications of being paid in equity || 0:02:00 | Explanation of being paid in equity and its tax implications || 0:04:50 | Reporting equity as income on tax returns || 0:06:37 | Discussion on startups and tax implications of equity || 0:08:25 | Tax implications when converting sweat equity to equity || 0:10:51 | Importance of reading operating agreements and consulting an attorney || 0:11:42 | Risk and reward of sweat equity || 0:13:30 | Reminder of tax impact and timing of sweat equity |
**Key Takeaways:**1. Being paid in equity means receiving ownership in a company instead of cash.2. Equity received as compensation is considered a taxable event and must be reported as income.3. Individuals who receive equity as compensation may need to set aside money to pay the taxes when they convert the equity to unrestricted shares.4. There is potential for significant financial gain with equity compensation, but also the risk of the equity becoming worthless if the business fails.5. It is important to consult with a qualified financial advisor and tax professional before accepting equity as compensation.**Quotes:**- "When you get paid in equity, you could say, hey, you could pay me $20 million for doing this deal, or you can give me $20 million worth of stock to do the deal." - Philip Washington Jr.
- "If you have the entrepreneurial spirit and see somebody with a business that you find interesting or that you have the right skill set for, it'd be a great way to invest in it without having to necessarily outlay cash by doing sweat equity." - Alison Reiff-Martin, CPA
- "Sweat equity doesn't always have to convert or sometimes just doesn't convert because the business doesn't work out." - Alison Reiff-Martin, CPA
 
Powered by ReiffMartin CPA and Stone Hill Wealth Management
https://www.reiffmartincpa.com/
https://stonehillwealthmanagement.com/
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 

Summary
Phillip discusses budgeting and financial planning in marriage in this episode of the Wealth Building Made Simple podcast. He emphasizes the importance of setting goals together as a couple and focusing on the emotional essence of those goals. Phillip suggests finding a budgeting system that both partners can agree on or seeking the help of a professional financial planner. He encourages couples to approach budgeting and planning from a place of emotional harmony and understanding, rather than compromising on individual desires.
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast episode on budgeting and financial planning in marriage || 0:01:36 | Importance of setting goals together and focusing on the feeling || 0:06:46 | Managing expenses and finding a system that works for both || 0:09:37 | Planning and budgeting from a place of emotional harmony |
 
Quotes
"I think a big reason why people get divorced is money, and a big reason why people don't get divorced is money."
"Because at the core of all, everything that we all want, regardless of sex, race, religion, is we want good feelings."
"Everything is relative. To one person you might be good at budgeting, to the next person you might be bad."
"You don't have to compromise.  You both can have what you want."
"If you come together and know that at the essence of it is the same, “the how” it looks for both of you all will unfold in time, as you both recognize the feeling together."
“Conflict only arises in the interpretation of the desire."
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary
Emotional harmony is of the utmost importance when it comes to money and suggests that instead of trying to control our emotions, we should strive to be in harmony with them. Phillip uses examples such as dating, home purchases, and investing to illustrate how finding balance between our thoughts and emotions can lead to financial success. He encourages listeners to be optimistic about the future and to appreciate what they have while still striving for more.
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and topic of getting control of finances || 0:02:07 | Importance of emotional intelligence in managing finances || 0:03:27 | The concept of harmonizing thoughts and emotions for financial success || 0:06:31 | Using the example of Naruto to illustrate harmonizing emotions || 0:08:44 | Applying the concept of harmony to dating and home purchases || 0:10:59 | Balancing desires and financial limitations in dating and home purchases || 0:12:40 | Dealing with pressure from family and maintaining optimism about the future || 0:18:09 | Investing and maintaining optimism about the future || 0:19:41 | Balancing optimism and pessimism in investing || 0:23:24 | The role of emotions in shaping mindset and expressing life |
Quotes
"Train your mind to be in harmony with your feelings.""At this stage of life, especially with the internet, we know everything we need to know about making good decisions with our money.""Have them (thoughts and emotions) harmonized together to create the financial outcome that we want.""You can have just as much fun doing a free date or a picnic as you can getting picked up in a limousine and going to the most expensive restaurant.""You can have the person with all the qualities that you want without having to spend all your money that you plan to invest and do things with to get them.""The home is where the heart is.""The world always gets better.""There is no ‘man’ holding you down."
"Emotions are the hands in the clay that shape the mind."
 
"Don't give power to someone outside yourself."
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary:
The state of black venture capital in the US has seen growth and progress in recent years, but there is still a significant disparity compared to other racial groups. Historically, black entrepreneurs have faced challenges in accessing venture capital funding due to various factors, including systemic biases and limited networks. However, efforts are being made to address this issue, such as the emergence of black-led venture capital firms and initiatives focused on supporting black founders. While there is work to be done, the landscape is evolving to foster greater inclusivity and opportunities in venture capital for black entrepreneurs. 
Benjamin J. Vann is founder and CEO of Impact Ventures.  He and his team have a unique mission to empower talented, yet under-estimated Women and Communities of Color to build generational wealth through inclusive entrepreneurship, community wealth building, and integrated capital
We talk about their mission and more on this episode.
https://impact-ventures.co/
 
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Subscribe to Wealth Building Made Simple newsletter (https://wealthbuildingmadesimple.us)
Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 
 

Summary
It’s a MUST that you believe in yourself when starting a business or pursuing financial goals. Knowledge and information about the “how to” is widely available, but without belief, your action will be fruitless. There are plenty of examples of businesses that started with little to no money and became very successful because there is always a way to achieve one's goals. Own your faith and beliefs, and re-source it every day in order to maintain confidence and continue moving forward..
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and topic of discussion: "Where do I find money to start a business?" || 0:00:45 | Introduction to Wealthbuildingmadesimple.us and its services for subscribers || 0:01:52 | Discussion on whether money is necessary to start a business or not || 0:04:11 | Examples of businesses that started with little to no money || 0:04:49 | The importance of belief in oneself and the ability to find a way || 0:05:23 | The role of belief in achieving success || 0:05:52 | The importance of belief and faith in oneself in achieving success || 0:06:20 | The level of information on how to make money is accessible, but belief is the missing element || 0:07:34 | The importance of believing in oneself in trading and investing || 0:08:45 | The importance of applying a system to a trending market and having faith in oneself || 0:09:49 | The key to success is owning the belief and faith in oneself and restarting it every day |
 
Quotes
 "You have to believe it before you achieve it.  And so if you start with the feeling of belief in yourself, then you can hear all the ideas that either your friends are going to tell you or from a book that you read, or from wherever you get your inspiration. But until you believe it, you can have a one on one lunch with Warren Buffett, and he can break down his entire system to you on what to do and you will not hear what you need."
 "The level of information on what to do to make money is abundant. There's no reason anybody shouldn't be doing what they want to do. The knowledge is out there, and it's super accessible. The only missing element is belief.  Some people say, ‘I've worked 80 hours a week following this person's foolproof action to be successful, and I'm still broke.’... That’s because you never believed in yourself.”
“I have a friend who was spending a ton of time focused on finding ‘the perfect’ trading system. He said, ‘I need the perfect trading system in order to make money.’ I told him,  ‘You are the perfect trading system.’"
"The key is to own the faith, the belief, and do everything you can to build on that, and don't act until you have it. And by the way, you have to restart it every single day, because I still wake up every morning and I'm looking at the ‘dark side of the moon’ on some things. And so I have to go meditate, go rebelieve in myself so I can get up and do this and speak confidently and talk to clients confidently and maintain my confidence so that I can continue to move forward and evolve."
"Because I feel like if you feel like you need money, then what you're feeling is, I lack what I need."
"There's plenty of other people that because they had a good idea and they believed in it, they attracted other investors who wanted to invest in their company, and or they were led to maybe like a franchising opportunity where the bank would finance the business. They started from a place of openness, a place of faith where they believed in themselves. And then through serendipity, luck, whatever you want to call it, they found what was necessary."
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 
 

Summary
 
It’s important to have a positive mindset when it comes to building wealth and achieving success in real estate. There is a difference between the middle class and the rich when it comes to buying and selling real estate.  The rich focus on finding a property that meets their high standards and tastes, while affordability is the biggest concern for the middle class.  Rob and Phillip touch on the topic of ensuring privacy for properties and suggest the idea of putting it in a trust if it's a primary residence or an LLC if it's an investment property. 
 
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and sponsor || 0:00:44 | Philip introduces the episode with Realtor Rob Lewis || 0:01:02 | Discussion on the ease of wealth building || 0:02:29 | Mindset being the key to wealth building || 0:03:05 | Discussion on playing Jesus in the drama ministry || 0:04:07 | Idea of redoing The Last Supper art piece || 0:04:50 | Explanation of the true meaning of The Last Supper || 0:05:34 | Discussion on the Medici's and the image of Jesus || 0:05:44 | Differences between the rich and middle class in real estate || 0:07:13 | Real estate as a means of winning and growing wealth for the rich || 0:08:04 | Ensuring privacy and security for properties through trusts and LLCs || 0:09:49 | Differences in mindset of the rich and middle class in buying and selling properties || 0:10:22 | Safety and security as a top concern for the rich || 0:11:20 | Feeling surrounded by people who are similar as a form of security for the rich || 0:11:37 | Differences in mindset between working class and middle class in building wealth || 0:13:00 | Perception of wealth and race in segregating neighborhoods || 0:15:56 | Society's subconscious thought on systemic practices || 0:16:26 | Importance of enlightening people to think differently || 0:16:32 | Rob Lewis' contact information || 0:17:11 | Rob Lewis' nickname as the Real Estate Jesus |
 
Quotes
- "Wealth building made easy is not about it being simple, it's about it being enjoyable." - "Jesus represents the version of yourself that you invent, the better version of yourself." - "Real estate is a powerful investment strategy because it's a tangible asset that can generate passive income." - "Location is key when investing in real estate, do your research and know the market." - "Diversification is key to building a successful investment portfolio." - "Short-term thinking can lead to short-term gains, but long-term thinking leads to long-term wealth." - "The biggest security that the rich have is feeling like they are surrounded by other people who are just like them."- "The impact of systemic practices on society's subconscious thoughts about race and wealth."
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary
There are infinite opportunities to find a career that pays well and that you love… especially in today's world. Following your passion can lead you to the trends of where the world is moving to, and it's the key to finding a job you love.  New ideas are disrupting the old ways of doing things, and the ideas that seem the most secure are the ones that are going to be the most disrupted. Many people need to unlearn the idea of a "real job" and to follow their passion with faith to find the high paying, fun career of their dreams. 
Chapters
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and topic of finding a job that pays well and that you love || 0:00:43 | Disclaimer || 0:01:22 | Introduction to Wealth Building Made Simple newsletter || 0:02:07 | Opportunities to find jobs that pay well and that you love are infinite || 0:02:52 | Example of a podcast about DC Comics and marketing to a targeted demographic || 0:03:25 | Salespeople are paid to communicate to their network and podcasts can be used to build a network || 0:04:24 | Opportunities in manufacturing, electric vehicles, robotics, and metaverses || 0:05:00 | The key to finding a job you love is to know it's normal and that's where the money is || 0:05:20 | Example of a podcast tour about money as a lucrative job opportunity || 0:05:41 | Following your passion leads you to the trends of where the world is moving to || 0:06:18 | Placing your security in something that's changing is not sustainable || 0:07:03 | Historically secure jobs become insecure as things change || 0:08:25 | Each generation creates what they don't like about what they're living || 0:09:04 | The job you want is there, you just have to follow your passion with faith |
 
Quotes
 
- "If you get people listening, a couple hundred, few hundred people listen to your podcast, you can grow that and then use that to sell different things."- "The job you want is there, you just have to follow your passion with faith and allow it to happen."- "Unlearning old beliefs and following your passion."- "And so if you're looking for a job that pays well and you love, I think the first thing you got to do is get clear on what you love to do."-"What happens when you don't follow passion and you follow logic, right? Logic can only look at the past and then recreate."- "And the crazy part is, each generation, whenever we see something about what we're living that we don't like, that ends up being what the next generation creates."- "Once you get a real job, I don't even know what that means, but it typically means something that they saw that worked for the previous generation…And so you have to unlearn all that."
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 
 

Summary:
 
On the journey to wealth, people may experience a range of emotions such as fear, doubt, uncertainty, guilt, and even loneliness. As people's mindset changes, it can create tension with loved ones who may not understand or support their goals. It is important to acknowledge these emotions, communicate openly, set boundaries, and seek support when needed to navigate these challenges.
Some emotional intelligence raising practices that can help manage emotions related to wealth-building and changes in mindset include:
 
Meditation: This can help reduce stress and anxiety, improve focus and concentration, and promote overall well-being.
 
Journaling: Writing down thoughts and emotions can help process feelings, gain clarity, and identify patterns or triggers.
 
Exercise: Physical activity, such as walking, running, or yoga, can help reduce stress and improve mood.
 
Mindfulness: This involves being present in the moment, paying attention to thoughts and sensations without judgment, and can help reduce stress and increase resilience.
 
Practice Appreciation: Practicing appreciation by focusing on what we have rather than what we lack can help shift our mindset and improve overall well-being.
 
Therapy, coaching, or counseling: Talking to a professional can provide support, guidance, and tools to manage emotions and navigate challenging situations.
 
It is important to note that these practices may not be effective for everyone and that seeking professional help may be necessary in some cases.
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary
This episode focuses on the business takeaways from Alison and Phillip’s Smoothie King study. 
A big takeaway from the study is to make sure you have a clear understanding of your “why” and then make the upfront investment necessary to be successful. It is also important to pay attention to the numbers and make sure you have a good professional to help you stay on top of those numbers to assist with your business growth. Additionally, look for trends that you can invest in and make sure to pick a business that you are passionate about. Pooling resources with friends and family is also an option, but it is important to make sure that everyone is equally as motivated and passionate about the business.
Emotional clarity is important when taking on a business partner, whether that partner is a friend or family member. Having a CPA, as well as a good attorney to draw up a buy-sell agreement to ensure that everyone is on the same page. If both parties are not equally passionate about the business venture then they may not be a good fit as investment partners.
Chapters
 
0:01:13: Conversation Summary: Smoothie King and the Benefits of Healthy Living
0:04:11: Discussion on Investing in a Smoothie King Franchise
0:09:40: Investing with Friends and Family: Tips for Success
 
Quotes
"Know your numbers. And if you don't know your numbers, you're never going to know if you're going to be successful or if you're going in the right direction. And I do think that Smoothie came with their innovation of marketing approaches, from their romance novel to their smoothie bowls and just their drinks in general, that customers love. And again, relentless focus on driving profitability through implementing technology and innovative products and how to keep costs down or even just bringing the drive through model only."
 
"Yeah, I just love investing in trends. Right. I feel like a lot of times if you're running a business or you're investing, there's like an investment saying that I'm going to say 90%, I don't know the actual number, but some big percentage of your return comes from asset class if you look at the long term returns. And a lot of times we tend to think it's individual intellect, right, that can overcome anything. But I'm like, well, for example, last year it didn't matter how great of a CEO you were. Last year you lost money, whether it was bonds, whether it was stocks, because the economic tailwinds for that year was tailored, or even over the last decade, even some of the best CEOs at banks."
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary
 
It’s important to have faith and adopt a mindset of knowing that things will work out when it comes to having confidence in affording children.  It’s also important to be satisfied with what you have and appreciating the present moment, rather than focusing on what you don't have. That foundation keeps us from going outside ourselves to seek what we desire which leads to overspending and all kinds of other stress.
 
Things change over time, and you'll be able to provide more and more for your children as your resources expand. Breaking a generational curse is not about giving children material things, but rather passing along emotional intelligence. 
 
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and topic of discussion || 0:00:30 | Disclaimer about investment risks and advice to consult a financial advisor || 0:00:46 | Emotional approach to affording children: having faith that things will work out || 0:01:55 | Practical approach to affording children: Warren Buffet's example of renting an inexpensive apartment and using a drawer as a crib || 0:04:54 | Having the mindset of knowing that things are going to work out and being willing to do what you need to do to make ends meet || 0:06:03 | Being satisfied with where you are today and allowing the picture to fill in through inspiration, ideas, and intuition || 0:06:52 | Focusing on the positive aspects of what you want and being satisfied with what you have || 0:07:29 | When you are not satisfied with where you are currently, you are shutting your mind down to ideas and opportunities that can make things better || 0:09:22 | Appreciating the beauty of the process of life and being easy about it || 0:10:27 | Making adjustments, passing emotional intelligence, and breaking generational curses || 0:11:01 | Disclaimer about Stone Hill Wealth Management and consulting a qualified financial advisor before implementing any strategy discussed herein |
Quotes
- "Once you have faith, which you can call it love, you can call it faith, you can call it feeling good, you can call it satisfaction, you can call it appreciation, I'm just going to call it faith… But when you have a confident feeling that things work out you open up your genius." (0:03:13)- "If you can just be satisfied…be happy where you are today." (0:06:03)- "The way you break a generational curse is not to give them (children)  stuff. It breaks by passing along emotional intelligence." (0:10:27)
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary
In this episode of Wealth Building Made Simple, host Phillip Washington Jr. and Realtor Rob Lewis discuss the issue of housing affordability in light of higher interest rates. Rob emphasizes the importance of understanding reality and income limitations. Rob also believes that the easiest entry point to building wealth is through real estate, specifically one's primary residence, which serves as a savings account and forces individuals to save money. He acknowledges that higher interest rates may make it difficult for some to afford their dream home initially, but emphasizes the importance of building equity over time. He encourages individuals to live in a house they own for a few years, build up equity, and then move to a more comfortable situation. 
Rob also challenges the mindset that may prevent individuals from pursuing homeownership, suggesting that if they are content in an apartment, there is no reason they cannot be content in a house. The conversation also touches on the idea of buying a home with roommates or friends. 
Affordability is not as easy as it used to be if you’re buying the traditional way, so more people may start collaborating to buy a house and enter into an agreement where they will have the house together for a few years. After that, they can either sell it or one person can move out, pay the other their equitable interest in the property, and the other person can keep it as a rental. 
There are still opportunities to purchase affordable properties in certain areas that are further out from current economic centers. Housing prices have declined nationally for three consecutive months, making it a good time to buy.  Rob encourages listeners to take advantage of the current market and not be afraid to jump in, even if there is still competition for desirable properties. 
 
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and topic of housing affordability || 0:01:00 | Discussion of higher interest rates and their impact on affordability || 0:02:23 | The importance of real estate as an entry point to building wealth || 0:03:11 | Addressing the question of how to afford a home with higher interest rates || 0:04:24 | The importance of building equity in a home || 0:05:31 | Comparison to historical housing affordability in England || 0:06:10 | The role of mindset in home ownership || 0:07:10 | The benefits of owning a home vs. renting || 0:08:15 | The importance of working with a qualified financial advisor || 0:09:05 | Discussion of current housing market opportunities and the potential for buying a house with others || 0:11:39 | Discussion of buying a house with friends || 0:14:45 | Creative ways to make money with a jointly-owned property || 0:15:11 | Contact information for Rob the Realtor || 0:15:39 | Information about complimentary consults with Philip Washington, Jr. of Stonehill Wealth Management |
Quotes
"Real estate is the easiest entry point to building wealth."
"The best savings account that you could possibly have is your primary residence."
"If you're going to be content in an apartment, what's stopping you from being content in a house?"
"Go get your house. Go get your house. One of the best opportunities that I have seen personally in the last five years...."
"I think we're going to start seeing more people that like now let's say me and you are graduates. We're 30 years old and single. I'm like, hey, bro, let's go buy a house. I don't plan on getting a wife anytime soon. I don't want to miss out on this property. Let's just go buy a house together."
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary
 
As people are living longer, many individuals find themselves in a position where they need to financially support their aging parents. While this can be a challenging conversation to have, it's important to approach it with empathy and understanding. Here are some practical tips for supporting aging parents financially while also managing your own finances:1. Open and honest communication: It's important to have open and honest conversations with your parents about their financial situation. This can be a sensitive topic, so approach it with empathy and understanding. Listen to their concerns and work together to find solutions that work for everyone involved.2. Explore financial assistance programs: There are many financial assistance programs available for seniors, such as Medicaid and the Supplemental Nutrition Assistance Program (SNAP). Research these programs to see if your parents are eligible and can benefit from them.3. Downsizing: If your parents are living in a large home and struggling to maintain it, downsizing may be a viable option. This can help reduce their expenses and free up funds for other necessities.4. Consider hiring a financial advisor: A financial advisor can provide guidance on how to manage your own finances while also supporting your aging parents. They can help you create a financial plan that takes into account your parents' needs and your own financial goals.5. Set boundaries: While it's important to support your parents, it's also important to set boundaries. Make sure you're not sacrificing your own financial stability to support them. Have a frank conversation about what you can and cannot afford to do, and work together to find a solution that works for everyone involved.Supporting aging parents financially can be a challenging and emotional experience, but with open communication, empathy, and practical solutions, it's possible to find a balance that works for everyone involved.
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and sponsor || 0:00:46 | Introduction to the topic of supporting aging parents, paying bills, and saving for the future || 0:01:10 | Introducing the Wealthbuildingmadesimple.us newsletter || 0:01:38 | The importance of managing emotions when dealing with financial stress || 0:02:30 | The burden on retirees due to rising costs and fixed incomes || 0:03:33 | The importance of maintaining a positive emotional state when helping aging parents || 0:04:05 | The need to see parents as equal and capable of providing for themselves || 0:04:51 | Communicating faith in parents' abilities to provide for themselves || 0:05:42 | Seeing parents as equal and maintaining a positive emotional state when helping them financially || 0:09:11 | Emotional state is 99% of the problem in financial planning; merging households is a good solution || 0:10:17 | Reminder to seek professional advice before implementing any strategies |
Quotes
- "You want to help your family, and there's a way to help your aging parents." - "If you stay in the emotional state where you perceive your parents as needing you and you being their source of security, that's going to create an unbalanced relationship."- "You can help your parents but also see them as equal and having the ability to provide for themselves."
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary
 
In this episode of Wealth Building Made Simple, Phillip discusses the evolution of global economic systems and the potential for Bitcoin to become the foundation for a new financial system. He highlights successful components of past systems, such as the Venetian network's extensive trade network and innovative banking idea of double entry bookkeeping, the Dutch's use of joint stock companies and a stock market, the UK's successful management of currency and long period of low inflation due to their strict adherence to the gold standard, and the US's innovation in its democratic system, which fosters a culture of innovation and reinvention. The new world being built is a globally connected internet economy, and the financial system of this economy is crypto, particularly Bitcoin. Bitcoin has the potential to become the gold of this system due to its transparency and decentralized nature. It incorporates the successful components of past systems, such as transparent bookkeeping and a lack of central authority, while also being limited in supply like gold.  It’s Phillip’s belief that Bitcoin will be the anchor asset and the most creditworthy coin, serving as the pristine collateral of the digital financial system being built. Bitcoin will operate as the gold to where, if different people trade in different currencies like ethereum, US dollars, Yuan,  or whatever, and things out of whack, Bitcoin will be the asset that people are most willing to lend and settle against. Banks will lend in different currencies, but Bitcoin will be the most trusted currency. Understanding how the system works and the mechanisms behind it will reveal why so much building is going into Bitcoin. While Bitcoin won't be the only currency, it will play a role similar to gold as the pristine collateral of the digital financial system being built.
 
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and sponsor || 0:00:44 | Introduction to the topic of a world with bitcoin at the center || 0:01:18 | Explanation of emotional intelligence and promotion of Wealthbuildingmadesimple.us newsletter || 0:02:38 | Overview of global financial systems throughout history, starting with the Venetian network and double entry bookkeeping || 0:04:21 | Discussion of the Dutch and their extensive trade network and empire || 0:05:15 | Discussion of business competition and the evolution of innovation in financial systems || 0:05:59 | Explanation of the UK's management of currency and use of the gold standard || 0:07:02 | Discussion of the US's culture of innovation and democracy || 0:07:30 | Explanation of the hyperconnected internet economy and the innovation of crypto || 0:09:10 | Introduction to bitcoin as the epitome of transparency in the digital world || 0:10:26 | Discussion of Bitcoin as a credit-worthy coin and its role as an anchor asset || 0:13:10 | Bitcoin's role as the pristine collateral of the digital financial system being built |
Quotes
**(0:09:45)** "Bitcoin, it's a super transparent system."**(0:10:26)**"It builds upon the lessons from all the previous generations into a currency, but it doesn't mean it's not going to be other currencies."**(0:11:02)**"And what's the most consistent currency to date? Gold, because it's lived through every economy, because it can't be changed. So then you go to internet currency and you go, all right…Which one has the biggest network and can be changed the least? It's Bitcoin."**(0:12:35)**"Because what ends up happening is if somebody wants to lend me money in whatever currency and they want collateral and I got Bitcoin, they'll lend me whatever currency I want against the Bitcoin because it will be the most trusted currency."
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

SummaryThis conversation was focused on the advantages of investing in a franchise. This investment is not for the faint of heart and requires a significant amount of liquid cash. However, the payoffs are worth it if the franchise is a product that the investor is passionate about and the market desires. 
 
Investing in a franchise is also kind of like investing in a bond portfolio. Additionally, they discussed some of the other advantages of franchising being, shared purchasing with other franchisees, access to technology, and assistance with finding the best locations for the business. Overall, investing in a franchise can be a great way to become an entrepreneur and have some back support while still having the freedom to be creative with the business.
Chapters
 
0:00:01
Heading: Exploring the Franchise Model with Smoothie King: Cool Drinks and Smoothie Bowls for Summertime
0:02:00
Discussion of Smoothie King Franchise Business Model
0:03:57
Conversation Summary: Investing in a Franchise Model
0:11:59
Heading: Leveraging Bank Money to Make Money with a Franchise Model
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary
The cost of weddings has become exorbitant and often stems from a desire to recreate the feeling of other weddings the bride and/or groom previously attended. Before entering into such an emotionally charged expense, it's important to ensure that one's emotional state is in the right place. Rather than focusing on impressing others, focus on the feelings you want to experience during the wedding and own those feelings internally. By doing so, you can avoid becoming enslaved to debt and make financial decisions that align with your current financial resources. 
 
The key is to own the feeling internally and not need a specific experience to fill an emotional void. The opposite creates unbalance, stress, and leads to debt or overspending.  Meditation, visualization, and journaling help with the emotional balance necessary to keep those insecure (unbalanced) feelings in check. The ceremony has no impact on the ongoing feeling of a marriage, and overspending on a wedding can put unnecessary stress on a marriage.  
 
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and topic of saving for a wedding || 0:00:29 | Disclaimer and investment advice || 0:01:15 | Introduction to Wealthbuildingmadesimple.us newsletter || 0:01:58 | Discussion of the high cost of weddings || 0:02:41 | Emphasizing the emotional aspect of weddings || 0:03:27 | Recreating the feeling of a wedding || 0:04:07 | Importance of owning the feeling before the wedding || 0:04:43 | Feeling beautiful and appreciating oneself || 0:05:16 | Owning the feeling and practicing it makes planning easier || 0:06:10 | The importance of owning the feeling and not the experience || 0:06:52 | Don't worry about what others think and focus on yourself || 0:07:28 | The ceremony has no impact on the ongoing feeling of marriage || 0:08:35 | Get the emotional state from owning the feeling, not the thing || 0:09:23 | Acting out of obligation creates stress and leads to debt || 0:09:57 | Information about complimentary consults for portfolio review || 0:10:33 | Disclaimer and investment advice |
Quotes
 
**(0:04:07)** "If you just learn to just own the filling first, it lets you think clearly so that you can go the path that's right for you given where you are right now." **(0:06:10)** "Once you own the feeling, you can have your wedding in a shack or a big castle, it doesn't matter because it's going to be fun."**(0:06:52)**"Everybody who I have met that's been married, that look back and they go, man, the ceremony was good or it was bad, but with hindsight it wasn't as big of a deal (long term emotional high) as we thought it was going to be… As a matter of fact, depending on if we got into debt for it, it might have put some unnecessary stress that we had to overcome for years in the marriage.  That pattern of thinking expressed itself in the marriage, then in the house that we bought, then in our monthly expenditures because we were always searching for the feeling in things versus owning the feeling and allowing, wherever we are in satisfaction to appreciate the feeling and allow it to expand because it's going to expand…it can't help itself." **(0:08:35)**"Get the emotional state from don't look for the feeling that you want in the thing because it's not going to come in a thing."**(0:09:23)**"I call it acting out of obligation.  You “have to” have 300 people on the  list, right? I feel if I don't invite these 100 people, they're going to be bad. Who gives a shit? You know what I mean? They will be mad for a day or two and then they'll forget about it."Social Media Handles 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary
 
It’s important to catch small issues early on to avoid costly repairs in the future. With short term rentals, hosts have the opportunity to inspect the property after each guest leaves and address any issues before the next guest arrives. This is unlike traditional rentals where tenants may be less inclined to report minor issues, leading to bigger problems down the line. Hosts often charge a cleaning fee to guests, with some hosts charging the full fee while others charge a partial fee.
 
It is important to create a unique experience for guests. Finding a property with unique details that can be highlighted helps enhance that experience as well. There is no potential limit to what hosts can charge for their short term rentals as long as the experience matches the expense. Additionally, hosts can rent out rooms in their homes or designate a section of their homes for short term rentals, providing even more opportunities to earn extra income.
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the episode and sponsor || 0:00:28 | Disclaimer about investments || 0:00:45 | Introduction to the topic of maintaining a short-term rental || 0:01:20 | Comparison of maintenance for short-term rentals vs. standard rentals || 0:03:30 | Personal experience with maintaining short-term rentals || 0:04:43 | Cleaning process for short-term rentals || 0:05:28 | Importance of finding a reliable cleaning service || 0:05:30 | Charging cleaning fees to guests || 0:07:07 | Additional fees that can be charged on Airbnb || 0:07:29 | Potential for unlimited income with short-term rentals || 0:08:35 | Importance of finding unique details to enhance guest experience || 0:09:40 | Possibility of cities and HOAs changing to allow short-term rentals || 0:10:29 | Renting out rooms in your home as a short-term rental || 0:10:42 | Contact information for Rob, the Realtor |
Quotes
 **(0:01:32)** "With short term rentals, you have the ability to get in the house every time a guest leaves."**(0:08:00)**"There is no limit to what you can potentially charge for short term rentals. So if your experience matches the expense that you charge, people will pay it."
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary
 
The way to break the cycle of living paycheck to paycheck by changing one's mindset. Living paycheck to paycheck is a feeling of insecurity and dissatisfaction with one's financial situation. The key to breaking this cycle is to first appreciate and own what you have and find satisfaction in it. By finding something positive in your job or situation, individuals can open themselves up to opportunities that will bring them more satisfaction and abundance in the future. Once you identify what you love about what you’re doing, it becomes easier to sort through options and find opportunities that will add to the feeling you already own. 
 
Emotional intelligence is the key to filling the void that material possessions cannot fill. By teaching children to be emotionally intelligent, they can learn to become self-sufficient and happy throughout their entire lifetime.  The combination of satisfaction, faith in the future, and intuition is the energy necessary to take the strong action needed to achieve one's goals with joy and ease. 
 
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the episode and sponsor || 0:01:20 | Living paycheck to paycheck is a mindset of feeling insecure and unsatisfied || 0:02:14 | Breaking the cycle of living paycheck to paycheck by owning and appreciating what you have || 0:03:40 | Example of points of frustration that add up to living paycheck to paycheck || 0:04:20 | Finding something positive about your job to focus on || 0:05:29 | Find satisfaction first before seeking another job opportunity || 0:05:57 | Appreciate what you have to find satisfaction and opportunities || 0:07:02 | Animals communicate through feelings, humans should too || 0:08:05 | Doing what you love leads to success and wealth || 0:09:03 | Teaching emotional intelligence to children is more important than material possessions || 0:10:14 | Relying on intuition and feelings fine tunes opportunities for success |
Quotes
**B-(0:04:20)**> "Because it appears that the job is the problem, but really the problem is your mindset."**B-(0:05:29)**> "Before you even try to effort your way into another job, first find satisfaction where you are."**B-(0:07:33)**> "We speak languages, we can write and read, so we ignore the feeling aspect of how we communicate. But most of communication is feeling. Most of the time when you do something, you don't know why, because a feeling triggers you, so what I'm saying in this example is once you get the feeling of how you want your dream job to feel, then it's easier to sort through all the options because you're just looking for something that feels like that."**B-(0:08:05)**> "Once you're doing something you love, the money will come because the level of whatever you need to do from an action standpoint becomes easier and lighter because you're loving every aspect of what you're doing. Then it doesn't feel like work.  Whenever you're in a position where it doesn't feel like work, that's when the money starts really rolling in."**B-(0:09:03)**> "Instead of trying to fill their void (kids)  with stuff, let me fill their void with emotional intelligence.  It becomes more important to me to teach them to be emotionally intelligent, because that's what I've learned, provides the stuff."**B-(0:09:36)**> "And then your spouse who you're with. The good part about having a spouse is you learn more from each other, just from observation. You don't even have to teach your spouse anything. Just by the nature of how you feel, you begin to rub off on each other, and they will, over time, begin to see what's happening and feel the way you feel. Then all the need to keep up with the Joneses goes away."
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary
Energy (and money) flows from areas of heavy concentration to areas of lower concentration on its path to find equilibrium.  Phillip believes that one of the smartest things to do is to bet on women businesses, as women have been historically underfunded when it comes to money. We are moving into the age of women and that women will be appreciated more as the world shifts its belief system and focus. This shift will likely bring balance to the underinvestment of energy or money for generations. This means that things will become more balanced, and it will get harder for those who rely solely on their identity. Moving forward, individuals will have to operate on merit because the playing ground is becoming more equal everyday.
 
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and sponsor disclaimer || 0:00:44 | Shoutout to the team and reaching 100,000 downloads || 0:01:56 | Purpose of the newsletter and emotional intelligence || 0:05:41 | Introduction to the topic of the podcast: The Age of Women || 0:06:22 | Explanation of energy and concentration || 0:07:35 | Money flows to lower concentrated areas || 0:08:08 | Bet on women businesses || 0:09:22 | Women have been underfunded || 0:11:01 | Moving into the age of women || 0:12:08 | Women in sports and investing against perception || 0:13:50 | The underinvestment of energy and money for generations will flow, but this is not a threat to men. The playing ground is becoming equal, and identity alone will no longer provide an advantage. |
Quotes
 **B-(0:07:26)**"Women are the new age. And I'm not saying that to be cute. I'm saying that because it's a fact."**B-(0:08:38)**"The way energy works is it's going to distribute and diversify and then keep rebuilding...Whether it's the (morally) right thing to do or the wrong thing to do, from your perspective, it's just a smart thing to do is to bet on women in my opinion."**B-(0:09:01)**"So if you're looking for where the money's going to be made, where the opportunities are going to be, it's going to be with women."**B-(0:09:22)** "Women have been underfunded when it comes to money for, like I mean, since, like, Cleopatra era."**B-(0:14:24)**"What that also means is if you're just a cog in the wheel and you were relying just on your identity, it's going to get harder for you.  Meaning just because of your identity before, because you were a white Christian male in the Western world, at a macro level, gave you a leg up.  That leg up is gone. Moving forward now, you have to actually operate on merit as the playing ground is becoming more equal."
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
 
 

Summary
Smoothie King is a successful franchise model that has been in business for over 40 years. The company has had two CEOs, with Wan Kim taking over in 2012 and driving the company's success. Kim's background in process efficiency and profitability has helped him to grow the franchise and make it the number one franchise in the US for ten years running. Kim has surrounded himself with a strong management team, including Camille Hymes, who will become the new chief operating officer in June 2023. Hymes has experience in food service and franchise models from her time at Starbucks and Jack in the Box. Smoothie King's goal is to expand its presence internationally and improve the customer experience. The company is also looking to lower the barriers to entry for potential franchisees, making it easier for them to invest in the brand. Smoothie King may be working to become a hangout spot, similar to Starbucks, where customers can enjoy a healthy drink and spend time with friends. The company is also allegedly implementing automated drive-through models, which will make it more accessible to a wider range of people. Smoothie King's success is also due to its focus on innovation. The company is always looking for ways to improve its products and services, such as introducing new flavors and ingredients. This keeps customers interested and engaged, and helps to differentiate the brand from its competitors. Overall, Smoothie King's success is driven by a strong management team led by Wan Kim, who focuses on sales growth, franchisee growth, and profitability. By expanding internationally, improving the customer experience, and implementing drive-through models, Smoothie King can attract more customers and build brand loyalty. As the trend towards healthy options and socializing continues to grow, Smoothie King is well-positioned to capitalize on these trends and continue to be a successful franchise model for years to come.
 
Chapters
 
| **Timestamp** | **Summary** || ------------- | ----------- || 0:00:01 | Introduction to the podcast and sponsor || 0:00:48 | Introduction to the episode || 0:01:34 | Smoothie King's CEOs || 0:03:25 | Wan Kim's success and management team || 0:04:29 | New COO Camille Hymes and her background || 0:05:29 | Smoothie King's goal to make it easier to become a franchisee || 0:06:41 | The investment required to become a franchisee || 0:07:11 | Smoothie King's drive-through models || 0:08:25 | The potential for automation in franchises |
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Social Media Handles 
Follow Philip Washington, Jr. on Instagram (@askphillip)
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Overview
Phillip breaks down the topic of losing money in investments into two categories: permanent loss and short-term loss. He emphasizes the importance of having the right mindset when dealing with losses and learning from them to grow and expand.
Timestamped Chapter Summary
Introduction of the topic (0:00:01)
Mindset and learning from losses (0:02:17)
Overcoming permanent loss (0:03:02)
Short-term loss and the importance of mindset (0:04:48)
Learning process and building confidence (0:06:16)
The importance of investing on principles (0:06:43)
Finding the principle and building confidence (0:07:16)
Connecting the dots and having faith in the principle (0:08:05)
The market reflects the mindset of the collective (0:08:36)
Investing on principles and the learning process (0:10:30)
Your wealth comes from you (0:11:32)
Relevant Links and Resources
Wealth Building Made Simple Newsletter (https://wealthbuildingmadesimple.us/)
Stone Hill Wealth Management (https://stonehillwealthmanagement.com/)
Quotable Phrases and Takeaways
"The wealth that I'm going to attain comes from my mindset." (0:03:02)
"There's a learning process for everybody. It's part of how we expand. It's part of how you grow." (0:05:21)
"Don't beat yourself up. You learn. Move forward." (0:06:16)
"Invest in principles. And when you make a mistake, don't live in it. Move forward. Know it's part of the process." (0:10:30)
"Your wealth comes from you because you are the wealth." (0:11:32)
Social Media Handles 
Follow Philip Washington, Jr. on Instagram (@askphillip)
Subscribe to Wealth Building Made Simple newsletter (https://wealthbuildingmadesimple.us/subscribe/)
Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary Notes:
Here are some key considerations to keep in mind when purchasing a short-term rental property:
 
Location: The location of the property is crucial as it can impact the demand for short-term rentals, the rental rates, and the occupancy rates.
 
Local Regulations: Research the local regulations and zoning laws to ensure the property can legally be used as a short-term rental.
 
Property Management: You'll need to consider how you plan to manage the property, whether you'll hire a property manager or handle it yourself.
 
Renovations and Furnishings: Depending on the condition of the property, you may need to invest in renovations and furnishings to make it appealing to short-term renters.
 
Market Demand: Analyze the local short-term rental market to determine if there is a demand for rental properties in the area.
 
Financing: Consider the financing options available to you, including mortgage rates, loan terms, and down payment requirements.
 
Profitability: Calculate the potential income and expenses associated with owning a short-term rental property to determine if it will be profitable.
Timestamps
0:01:27 Conversation on Acquiring an Airbnb Property 0:03:35 Discussion on Acquiring an Airbnb Property and Budget Considerations 0:09:35 Understanding the Cost of Furnishing and Staging a Short-Term Rental Property 0:11:50 Estimating Airbnb Revenue and Expenses for Short-Term Rentals
 
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Summary notes:
Emotional intelligence plays a crucial role in financial planning because it helps individuals understand their emotions and how they impact their financial decisions. Our feelings about money often unconsciously dictate our spending habits and investment decisions. By developing emotional intelligence, we can become more aware of our emotions and make informed decisions that align with our financial goals. Simply put, how we feel about money is a better indicator of our financial behavior than what we say about money. Therefore, by developing our emotional intelligence, we can improve our financial well-being and achieve greater financial success.
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary Notes:
Phillip talks about how to know how much money you need in an emergency fund. He explains that there is a balance between the subjective and objective aspects of wealth building. When it comes to cash, the right amount is unique to the individual and what makes them feel comfortable. Intellectual intelligence often surpasses emotional intelligence, and this can lead to making mistakes, especially in the realm of finances.  A few ways to increase emotional intelligence around money include listening to podcasts about emotional intelligence, positive affirmations, meditation, speaking with people who have good money and emotionally intelligent habits, and speaking with a financial advisor.It is important to remember that feeling good financially is key to unlocking opportunities that can lead to wealth. This is exemplified by Warren Buffett, as if his mind were in someone else's body, they would become a billionaire in five years. This is because he has opened up pathways that allow him to see opportunities and attract things that others are not yet ready to. It is these pathways that allow people to see investments and business opportunities that others are not aware of. 
Timestamps
0:01:19 How to Determine the Right Amount of Cash for Your Emergency Fund0:03:24 The Dangers of Letting Intellectual Intelligence Outpace Emotional Intelligence in Financial Planning0:08:29 Balancing Facts and Feelings for Wealth Building 0:10:27 The Impact of Emotional Intelligence on Financial Success 
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary Notes:
Smoothie King was founded in **1973** in Kenner, Louisiana by Steve and Cindy Kuhnau. The company was still privately held as of November 2012¹. Steve Kuhnau was inspired to create healthy, flavorful smoothies after trying one while on a trip to Australia. He wanted to cure his own allergies and began experimenting with different ingredients and soon developed a line of unique smoothies.
 
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Summary notes: 
Artificial Intelligence (AI) and Web 3.0 are two of the most significant technological advancements of our time. Together, they have the potential to transform our world in ways that were previously unimaginable. One area where they are expected to have a significant impact is in the job market.
 
As AI and Web 3.0 become more prevalent, they are likely to create many new career opportunities. For example, there will be a growing demand for professionals with skills in AI, machine learning, and data analysis. These professionals will be responsible for developing and implementing AI-based solutions across a wide range of industries, from healthcare to finance to transportation.
 
In addition to creating new career opportunities, AI and Web 3.0 are also likely to make existing jobs more satisfying. With the help of AI, workers will be able to automate repetitive tasks, allowing them to focus on more complex and creative work. This will not only make work more enjoyable, but it will also lead to increased productivity and better job satisfaction.
 
Overall, the combination of AI and Web 3.0 is expected to bring about significant changes in the job market. While some jobs may become obsolete, many new and exciting opportunities will emerge. As we continue to explore the potential of these technologies, we can expect to see a world where work is more fulfilling, and career opportunities are abundant.
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

Summary Notes:
The subjective answer from Phillip's point of view is that 401(k)s are way too limiting and don't provide the ability to invest in the new (and in his opinion better options) coming available everyday with the new world being built.  They are great for getting free money from a matching 401(k) and a good forced savings plan, but from an investment option standpoint, Phillip is not enthusiastic.  
The principled answer is financial security flows from the inside out.  Each person expresses it differently in the form it takes.  For some it may be stocks and for others it may be crypto or real estate.  The key is to not see the expression as the source of security.  Financial security is a feeling.  From that feeling we can connect with intuition which will guide us to which investment options are the right investment options for us.  
 
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Phillip Washington, Jr. is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.