Building Wealth: Strategies for Accumulating and Preserving Money

About The Guest(s):

• Alfonso Cadena: Co-host of the Eminence Legacy Podcast 
• Jose Luis Cadena: Co-host of the Eminence Legacy Podcast

Summary:

Alfonso and Jose Luis Cadena discuss the importance of building wealth and the misconceptions surrounding it. They emphasize the difference between being a high earner and being wealthy, highlighting that wealth is not always observable or tangible. The hosts also discuss the importance of discipline, frugality, and long-term thinking when it comes to accumulating wealth. They explain the concept of net worth and provide examples of how to invest and grow assets over time. They stress the importance of budgeting, reducing expenses, and being mindful of spending habits. The hosts also emphasize the need for a shared vision and values with a partner when it comes to financial goals.

Book Reference :  The Millionaire Next Door, "Thomas Stanley and William Danko present the surprising findings (based on 20 years of research) of how the majority of self-made millionaires truly live and build their wealth."

IG: Alfonso Cadena

IG:Jose Luis Cadena Jr.

IG: Eminence Legacy 

Facebook: Eminence Legacy

YouTube: Eminence Legacy 

Website: Eminence Legacy 

Key Takeaways:

1. Wealth is not always observable or tangible.
2. High earners are not necessarily wealthy.
3. Accumulating wealth requires discipline and long-term thinking.
4. Net worth is the difference between assets and liabilities.
5. Investments and reducing expenses are key to building wealth.
6. Budgeting and shared financial goals are important for success.

Quotes:

• "Wealth is being able to build security and accumulate assets." - Alfonso Cadena
• "You don't have to be a business owner to build wealth." - Jose Luis Cadena