Nov 8, 2021
In today’s show, Pancham interviews Rocky Lalvani - fractional Chief Profitability Officer at Profit Comes First, and host of Richer Soul Podcast.
Rocky has immigrated to the United States with his parents to live the American dream. Growing up, he tends to overhear his parents’ and their friend’s conversation about finances and generating wealth that made him aspire to be a millionaire and has started educating himself. In this episode, the “Profit Answer Man” will unpack his journey on how he achieved success and make you realize that you can achieve financial independence faster!
Rocky will share everything you need to know as he provides tips and tricks to kickstart your investing journey and the distinct differences between Roth and Traditional IRA. Time is indeed gold and you’ll know why you should make every second count as we’ll dissect the power of compound interest to generate wealth and how to keep it growing so tune in until the end!
Listen and enjoy the show!
Quote:
“Wall Street is one way to make money but there are so many other better ways to do it and that gets much better returns.”
Timestamped Shownotes:
- 1:12 - Pancham introduces Rocky to the show
- 2:20 - How compound interest helped in building his wealth
- 6:24 - Lowering your biggest expense to reduce the gap with your earnings
- 10:08 - How real estate investing gives you leverage and earn profit
- 13:34 - Roth IRA vs. Traditional IRA: Which is a better investment?
- 17:11 - How you can develop your child’s habit of saving
- 20:47 - Recognizing your money mindset to start accumulating wealth
- 24:37 - On achieving time freedom as his inspiring and uncomfortable goal
- 26:34 - Taking the Leap Round
- 26:34 - His first property investment outside of Wall Street (in his 40s!)
- 27:32 - How his fear kept him from taking that first step towards investing
- 28:53 - Why his rental property didn’t work as expected
- 30:11 - Why beginners should simply start their financial journey
- 30:59 - How you can connect with Rocky
3 Key Points:
- Trust the process of how compounding works to help build your wealth as its results are seen at the last double and not at the start.
- Identify what is your wealth-building skill and use that to maximize your wealth as everyone has a unique ability that they can use to their advantage.
- Start saving money as early as today to be able to get the benefits of compounding as you grow older.
Get in Touch:
- Lalvani and Associates Website - https://lalvani.net/
- Richer Soul Podcast - https://richersoul.com/
- Rocky Lalvani Email - rocky@richersoul.com
- The Gold Collar Investor Banking - https://thegoldcollarinvestor.com/banking/
- The Gold Collar Investor Club - https://thegoldcollarinvestor.com/club/
- Pancham Gupta Email - p@thegoldcollarinvestor.com