We are all building a financial house. Some have a financial shop, others a financial mansion, and most people are somewhere between. The six-building blocks of wealth make up your financial house. They help you understand where you are in each block, what to do to strengthen them and have an unbreakable financial house.
In this episode, we discuss the six building blocks of wealth with Chelsea Matthews. She is a wife, mother, entrepreneur, financial advisor and author of Let’s Fight About Money.
In this session, Chelsea dives deep into the six building blocks of wealth from cash flow, debt management, creating reserves, getting your insurance policy, amassing generational wealth, ensuring you have your legal documents in order, as well as the three major enemies to your wealth. If you’re looking forward to building wealth, this episode has all you need!
Key Highlights From The Episode
[01:17] About Chelsea Matthews
[02:15] About the book Let’s Fight About Money
[05:14] How to get on the same page with your partner
[06:50] What Joseph Connell pulled from the book
[09:00] The six building blocks of wealth
[13:50] The three enemies to your wealth
[14:10] Cash flow -Finding ways to increase your paycheck
[20:15] Debt Management-Good versus Bad debt
[22:00] Creating a healthy reserve
[26:40] Proper protection in terms of getting your life assurance
[32:52] Creating generational wealth and passive income
[39:19] Importance of having your legal documents in order
[48:15] The building blocks of wealth upcoming webinar
[51:34] To connect with Chelsea Matthews
Notable Quotes
● Fight about the money but then figure out the solution. Don't just stay in a mess.
● Putting aside reserves is key to handling some unexpected things that we do not plan for.
● If you don’t have any reserves yet and you’re starting afresh. The first thing you have to do is open a savings account completely different from your checking account.
● No matter how successful somebody is, there is always something else they can do to strengthen their financial house and grow it further.
● Don’t invest money in anything you don’t understand.
● Everything we have done in our business has come out of the necessity to solve a problem.
● When you provide value in something that people want, you can exchange money for that.
● It is not always about being in agreement and doing everything the same. It's about taking who each other is and complementing each other to get to your financial goals faster.
Resources
Mentioned Book
Let’s Fight About Money
To get a free digital copy of Chelsea’s book Let’s fight about money
https://letsfightaboutmoney.com/
To connect with Chelsea Matthews
Instagram: https://www.instagram.com/1chelseamatthews/
Youtube: https://www.youtube.com/watch?v=LODnsAeCcOk
The Lavahot podcast is proudly sponsored by
Rice’s Termite and Pest Control
Matt the Carpet Guy
