Episode description

Episode 125

In our conversation, we talk about how we can start thinking about our businesses not just from the perspective of earning cash, but in terms of actually generating wealth so we can build something long lasting that serves us at a higher level. In order to do this, we need to generate cash flow and then invest that into assets that can produce more cash flow. This sounds simple, but what does this actually look like? Sarah shared some great tips and insight on how to build wealth, attain passive income, and get yourself on the path toward financial independence. Sarah is a firm believer that having your finances in order will not only allow you to enjoy your business more, but will actually allow you to enjoy your life more as you gain time freedom and the ability to spend more time doing what you love. Who wouldn’t want that for themselves? Financial literacy is important for both your life and for your business, so I hope after listening you feel inspired and excited about using your business to actually generate wealth.

In this episode, we cover:

- How Sarah got her start working online

- How to ensure you’re actually making a profit

- Commodity vs. strategy business models

- Valuing your time and energy (not just your profit)

- Examples of passive income that can produce cash flow

- What it looks like to have multiple income streams

- Stages to achieve wealth - stabilizing, protecting, and investing

- Financial literacy in your business

- The biggest financial mistake business owners make

If you want to chat more about this topic, I would love to continue this conversation with you, over on Instagram! @laurenwrighton

Learn how to become a profitable podcast manager without working more than 20 hrs/wk in my free masterclass! Grab a seat at LaurenWrighton.com/masterclass

SHOW NOTES: https://laurenwrighton.com/episode125