The African American Business Owner, Building True Wealth
Which Lifestyle Do You Want? Rich or Wealthy?
Episode Summary
A business owner’s goal is his peace of mind and happiness. The vehicle is a financially successful business. A scalable business is part of the plan! As an entrepreneur, he must know the importance of investing and has the consciousness to find that which will take them to their peaceful, enjoyable, and happy golden years. Ron Escoffery is a serial entrepreneur who’s faced these challenges himself, failed more than once, but has ultimately come out on top. He’s published three books on his experiences and, in this new podcast, is broadening the discussion on what it means to build true wealth and how to achieve it. On the fifth episode of the African-American Business Owners Podcast, Ron Escoffery poses a powerful question to entrepreneurs who must decide whether they want to be rich or wealthy. What’s the difference between the two? Listen to the podcast to find out.
Episode Notes
Topics Covered:
- Do you want to be rich or do you want to be wealthy? [0:52]
- Money does one thing very very well- it buys you options [1:11]
- The important thing is what do you desire for yourself [2:49]
- Building wealth is a journey [3:35]
- If you're not moving forward, you're moving backward [4:25]
- Peace of mind is something that is priceless [5:03]
- What it means to be rich [6:05]
- Why is networking so important [7:45]
- You really should only save until you get to the point that you can start investing [10:38]
- You have to invest [11:24]
- We can't have everything we want at the same time [12:58]
- You deserve to celebrate your success but it is a journey. Don't fall asleep. [13:44]
- Calculate now what the lifestyle you desire in your golden years is going to cost. [14:42]
- A rule of thumb [17:09]
- Investing in real estate [23:59]
- Become conscious of what it will take to have peaceful, enjoyable, and happy golden years [26:37]
- Closing Remarks [27:05]
Connect with Ron Escoffery:
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