#158 6 Financial Habits for Successful Wealth Builders, ft. Dr. Peter Kim
In this episode, Dr. Peter Kim shares six financial habits to successfully build wealth in terms of finances, time, happiness, and overall control in life. He shares practical steps to help you reach a legacy of true wealth.
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Now, let’s look at what we discussed in this episode:
- Think intentionally about where you invest.
- Create multiple streams of income.
- Utilize debt to make money.
- Know your numbers.
- Develop a growth mindset.
- Become a lifelong learner.
Here’s a breakdown of how this episode unfolds.
Think intentionally about where you invest.
Dr. Peter Kim asks the listener to reflect on key aspects of investing. He urges everyone to ask questions like: Why do you invest? Do you have alternative investments? Why do you choose to invest? What are the underlying reasons that you invest? And what are you trying to accomplish and achieve?
“Wealthy people understand that your investments, your capital, your time, whatever it is, are all finite resources, and you only have so much of it.” — Dr. Peter Kim
Wealthy people have multiple streams of income.
Peter talks about how 7 streams of income are aspirational numbers, and how diversification is important when making these income streams. He emphasizes that physicians can utilize their knowledge and skills within medicine to create a diversified portfolio.
“I think today’s economy with everything seemingly a little crazy out there, [it] is more important than ever to figure out how to create other income streams.” — Dr. Peter Kim
Figure out how to utilize debt to make more money.
Dr. Kim shares how to develop a healthy mindset toward debt, and how to utilize that debt to your advantage, thus creating significant wealth for you in the future. He encourages everyone to start out by understanding what is good debt and bad debt.
“There are certain platforms that make you completely scared and paralyzed by debt, but I absolutely believe that those who know how to utilize debt, get there faster, get where they want to be in terms of accomplishing their goals.” — Dr. Peter Kim
Know your numbers.
Dr. Peter reflects on how knowing your basic assets and liabilities, your income, and your expenses is immensely important when keeping track and setting a goal. He stresses that it makes you aware that you’re moving in the right direction when it comes to handling your finances.
“I’m tracking it and I’m making sure that I’m moving in the right direction. How can you know you’re getting closer to your goals if you don’t track it?” — Dr. Peter Kim
Develop a growth mindset.
Dr. Peter Kim reminds everyone to continue developing a growth mindset. He states that the key to building wealth and achieving financial success is by focusing on opportunities for growth rather than limitations.
“Developing a growth mindset. It’s about seeing opportunities…To take action, to help you get where you want to be, to always want to do more, to be willing to go outside your comfort zone, and knowing that that’s the only way to get where you want to be. ” — Dr. Peter Kim
Become a lifelong learner.
Dr. Peter Kim closes by inviting everyone to be lifelong learners even after finishing residency or training. He recalls how listening to podcasts, joining mastermind groups, having a coach, and continually finding resources to learn from will keep you energized and push you toward another breakthrough.
“We all want to be wealthy. Again, it’s not just about money. It’s not about greed. It’s about having the intentional life that we all want. Whether that means being successful in business, in our careers, in our families, in our time, being absolutely generous in giving and contributing to the world, whatever it is for you. That’s what true wealth is.” — Dr. Peter Kim