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
“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.”
- 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
- 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
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.
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