James: James Schramko here from SuperFastBusiness. I’m chatting with Salena Kulkarni from InkosiWealth.com. Hello, Salena.
Salena: Hey, James, great to be here.
James: Now, you were telling me recently that the traditional wealth model is broken. Now, you help people, you coach them on their wealth creation, you specialize in helping business owners replace their business income with passive income over a period of several years, with some strategic and proprietary-type investments. Nothing too tricky, but certainly not the same stuff that every mum and dad’s got access to through their traditional property or shares. But what do you mean by the wealth model is broken?
Salena: I mean, I’ve been a long-time advocate of building wealth outside of your business. But the more people I’ve worked with, the more I realized there are some flaws in the way that we perceive wealth should be built. And I think first and foremost is, we think that we should abdicate in order to build wealth and hand out money to somebody else, and the reality is, handing your money to someone else is really going to get you very ordinary results, if at all. And I think too many people, particularly business owners, subscribe to this idea that if they give their money to someone else, that they’re going to care about that as much as you know, as they do. But that’s not the case. So I definitely think that the first mistake is that you need to recognize that when you give your money to somebody else, and hope they’ll build wealth for you, what you’re really doing is diluting your wealth.
I think the second big one is that people tend to focus on wealth-building strategies that build capital, which is awesome in the early stages of wealth building, you absolutely have to do that. That is part one of the game, is build your capital, use leverage, chase assets where you can see that rise over time. But the problem is that majority of assets worldwide are terrible, notoriously terrible for cash flow. And the reality is if, as an investor, you could kind of recognize that you could maybe make a switch into other investments that actually generate strong income, you wouldn’t need such a huge net worth. And I think that the battle that a lot of people have is that they think they’ve got to be on that treadmill of ratcheting up their net worth for decades, when in fact, they don’t need to, it could actually be game over much, much sooner.
James: Right. So the key points here are, if you’re using a traditional investment advisor, like all the big banks always pushing this onto you or whatever, you could actually be diluting your wealth instead of managing your wealth in a more effective way if you took responsibility for it. And the second thing is, most people focus too much on capital, when they should actually be focusing on income.
Now imagine if someone’s interested in growing their wealth and having a wealth coach, they could get in touch with you at InkosiWealth.com. I appreciate you coming and sharing this tip today. It’s certainly eye-opening. And I’m going to be checking out what options are available for me at that website.
Salena: Thanks, James.
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