In this episode, Iyia, Mike, and James from Lighthouse Financial discuss five ways to build wealth. They start by emphasising the importance of cashflow and budgeting, highlighting the need to set goals and work backwards to create a budget. They also discuss the significance of accountability and controlling your environment to achieve financial success. Keywords money, wealth, cashflow, budgeting, goals, income, property, leverage, capital gains, property investment, shares, starting small, property ladder, adding value, new builds, commercial property, interest-only, principal repayment, timing, diversification, setting goals, financial plan Takeaways Set clear financial goals and work backwards to create a budget that aligns with those goals. Accountability and controlling your environment are key to successful budgeting. Have open conversations with your employer to explore opportunities for increasing your income. Pay your taxes and have a good accountant to ensure compliance and financial stability. Investing in property can be a powerful way to build wealth, leveraging the bank's money and benefiting from potential capital gains. Start small and get on the property ladder to begin building wealth Consider different strategies for property investment, such as adding value or investing in new builds Be cautious when investing in commercial property due to the risks involved Evaluate the pros and cons of interest-only vs. principal repayment for investment properties Timing the property market is difficult, but current conditions may present opportunities Shares offer diversification and can be a fun way to engage with finances, but should not replace paying down debt Set clear goals and create a financial plan to guide your investment decisions https://www.makeithappen.org.nz https://lighthousefinancial.co.nz/ See omnystudio.com/listener for privacy information.

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