In this episode, I discuss the 6 key steps to creating a $20 million (or whatever your number may be) net worth. It requires mindset, strategy, and execution.

#1. The Wealth Mindset

- Think long-term (10–30 years ahead).

- Set clear goals and embrace calculated risks.

- Identify your personal motivation (financial freedom, legacy, giving back).

#2. Establishing Income Streams

- Multiple income streams are key—millionaires average seven.

- Options include real estate, stocks, business ownership, and passive income (royalties, dividends).

- Scalable online businesses or digital assets can accelerate wealth accumulation.

#3. Strategic Investing

- Build a diverse portfolio with stocks, real estate, private equity, tax liens etc.

- Balance high-risk, high-reward investments with stable, income-generating assets.

- Educate yourself on every investment to avoid costly mistakes.

#4. Smart Debt and Leveraging Assets

- Debt can be a tool for growth (e.g., mortgages for real estate, business loans).

- Ensure investment returns outweigh the cost of borrowed money.

#5. Tax Strategy and Wealth Preservation

- Use tax-efficient investments (Roth IRAs, real estate depreciation, tax-loss harvesting).

- Work with financial planners and tax advisors to maximize savings.

#6. Long-Term Planning and Legacy

- Plan for wealth beyond yourself—trusts, charitable giving, and endowments.

- Wealth-building is about creating opportunities and impact.

By following these six steps with discipline and persistence, you can build significant wealth over time. Keep learning, investing, and growing!

Summary:

In this episode, I discuss the rise of the NEET generation—young people aged 15 to 34 who are Not in Education, Employment, or Training. I first learned about the term on the All In Podcast, but I’ve seen it around me with friends and relatives. This disengagement affects individuals financially, emotionally, and mentally, while also harming the economy and social stability.

Economic factors like automation, globalization, and the rising cost of education play a big role. Many jobs that used to employ young people without degrees are gone, and even those with degrees often struggle to find meaningful work. Social media and changing work values also contribute, creating a culture of comparison and paralysis around career choices. Mental health challenges like anxiety and depression make it even harder for many to break free from the NEET cycle.

To address this, we need better access to education, meaningful entry-level jobs, and mental health support. Shifting societal attitudes and encouraging community and/or religion-based support can also make a big difference.

✔️Summary:

In this episode, I interviewed Tanya Taylor, a financial coach, who focuses on helping individuals and corporate employees enhance financial literacy and achieve stability. Through her personal coaching program, she empowers clients to build financial confidence, starting with mindset work. Tanya guides clients in areas like budgeting, credit repair, investing, and retirement planning. In the corporate space, she conducts financial literacy workshops to address gaps where employees often underutilize company-offered financial programs due to accessibility challenges.

Tanya’s financial journey began early when she immigrated to the U.S. and learned to budget with limited resources. Her disciplined approach led to corporate success and strategic investments in real estate and the stock market. Setting clear goals, such as accumulating a $1M retirement portfolio by age 45, she consistently worked towards financial independence.

A life-changing car accident prompted Tanya to transition from corporate employment to full-time entrepreneurship. This experience underscored the importance of risk management, particularly supplemental disability insurance, which she now advocates strongly. Tanya emphasizes having multiple income streams, advising clients to explore opportunities like side businesses or real estate to mitigate financial risks.

She is the author of Broke to Wealth, a guide designed to help readers build financial literacy and wealth through practical steps like mindset shifts, budgeting, and investment strategies. Tanya encourages young people to focus on budgeting, paying themselves first, and consistently investing, even with limited resources.

Tanya believes financial education should start early to break cycles of ignorance and empower future generations. She highlights the importance of realistic financial planning, leveraging available resources, and taking calculated risks to build wealth. Her mission is to demystify finances and make wealth-building accessible to diverse audiences. Tanya shares her advice and resources through her website, GrowYourWealth10x.com, and social media platforms, where she continues to inspire individuals to achieve financial success.

⭐️About Tanya:

Tanya Taylor is a financial coach and educator whose journey from arriving in America at 16 years old to building a career with Fortune 500 companies embodies resilience and empowerment. With over 20 years of expertise, Tanya has dedicated her life to equipping individuals and businesses with practical financial knowledge to escape paycheck-to-paycheck living and achieve financial freedom. Creator of Grow Your Wealth, she specializes in budgeting, credit, debt management, investing, retirement strategies, and tax planning. Tanya’s experiences, including overcoming personal setbacks, fuel her mission to help others build wealth and navigate life’s financial challenges with confidence and purpose.

💜Where to find Tanya:

► Website: https://growyourwealth10x.com/

► Linkedin: https://www.linkedin.com/in/tanya-taylor-cpa-mba-growyourwealth/

☞ Tanya’s Book Recommendation:

► “Think and Grow Rich” by Napoleon Hill

► “Millionaire Next Door” by Thomas J. Stanley and William D. Danko

► “I Will Teach You to be Rich” by Ramit Sethi