The idea of becoming rich may hit us in extremes. We may deem it super easy or dramatically difficult. In reality, building wealth is usually more nuanced and defies being categorized as either “easy” or “hard.” One thing it may certainly be, if you don’t currently hold a vast amount of wealth, is mysterious. What do you really have to do to get rich if you didn’t inherit millions? What are the lesser known steps? In a video posted on the YouTube channel she co-founded, The Financial Diet, Chelsea Fagan ...

Core Insights - Ramit Sethi, a prominent figure in personal finance, offers strategies for wealth building applicable to individuals at any income level [1] Group 1: Automating Savings and Investments - Sethi emphasizes the importance of automating savings and investments to enhance financial decision-making and reduce the temptation to spend [2][3] - By automatically allocating a specific amount or percentage from each paycheck into savings or investment accounts, individuals can create a safeguard for their financial goals [3] Group 2: Debt Management - Sethi highlights the necessity of creating a debt payoff plan to regain control over finances, particularly concerning high-interest debt [4][5] - Paying off credit card and other high-interest debts is crucial as it allows individuals to redirect funds towards saving and investing, thereby facilitating wealth growth [5] - Sethi recommends using a debt payoff calculator to understand the timeline for debt repayment and encourages individuals to know their exact balances and interest rates [6][7]

Core Insights - The primary advice for wealth accumulation from Codie Sanchez revolves around acquisitions, emphasizing the importance of buying businesses as a strategy for financial growth [1] Group 1: Business Acquisition Strategy - Sanchez suggests starting by creating a personal company and then acquiring others to enhance wealth [2] - The average age of small business owners is 67, indicating a significant number are looking to retire, presenting opportunities for acquisition [3] - Business owners may also be motivated to sell due to personal circumstances such as divorce or death, which can create acquisition opportunities [3] Group 2: Financing and Revenue Considerations - Seller financing is highlighted as a beneficial method, allowing sellers to potentially earn more while facilitating the sale [4][5] - Targeting businesses with less than $10 million in annual revenue is recommended, as this segment faces less competition from private equity investors [6] - It is crucial for buyers to ensure that the business generates enough profit to cover operational costs and debt service [6] Group 3: Market Opportunities - Sanchez distinguishes between on-market deals (businesses currently for sale) and off-market deals (unlisted businesses that may still be available for purchase) [7] - There are approximately 11 million businesses listed for sale and over 40 million that are not actively advertised but could be sold if approached with a suitable offer [8]