In this episode of the Millionaire Mindcast, Beau Henderson talks about building wealth and living a rich life and shares the roadmap to unlocking it, tackles the importance of having financial literacy, and finding out the true meaning of rich and fulfilling life!

Beau Henderson is a Financial Advisor & Founder of Rich Life Advisors, helps clients across the United States approaching retirement with a strategy to save more money, pay less in taxes, giving retirement coaching and retirement planning.

He is a best-selling author of several books including The RichLife: Ten Investments for True Wealth, The Roadmap to a RichLife, The 5 Thieves That Will Steal Your RichLife, The RichLife Stewardship Principle and Masterful Communication For Success With Business and Life with Dr. Bill Lampton, and the host of The RichLife Show, a retirement consultant, money and business coach.  He has helped over 3,000 clients to not just improve their relationship with money but to live their unique definition of a fulfilled life with purpose. As a media contributor, Beau’s message of the RichLife has been featured in media outlets including The Huffington Post, Wall Street Journal, Reuters, CNBC, and MarketWatch.

Beau is very intentional in investing meaningful experiences, investing in physical health, and investing in financial literacy. He believes in having financial planning is really significant to move towards a financial goal. If you want to do something do it,  there’s no better time than now. Get on the path of creating a roadmap to unlocking a rich life. Identify your clear definition of rich life because it will light you up, gives you energy, and a sense of empowerment. But be honest with yourself and don’t let your unconscious side affected by negative things like mistakes and beliefs affect your plans, actions, and principles.

Then, learn how to create income, handle it, sustain, grow, and leverage it.  Make sure to create expenses on what’s left, and don’t accumulate debt that you can’t afford. If you have an issue managing a thousand dollars then you’ll have the same issue managing thousands in the future. The money thing starts working when your philosophy changes. When money, investing, savings, and something doesn’t work, it doesn’t mean you're a failure. Don’t be afraid to try, fail, learn, get feedback, try again. Do it repeatedly and just continue giving yourself opportunities. 

However, monitor on what you’re doing to make sure you’re on your goal, do you need to change your goal, and what lessons you’ve learned. Make sure you’re putting your business in a good position, your business partners, your family, and look for opportunities where you can mitigate risks.

On the other hand, Beau learned the philosophy of life - you don’t have to choose between successful with money and success in life, make sure you’ll use the latter to live a life that is meaningful and fulfilling to you. If not, you’ll look back with a lot of regret in life.

He is proud of looking back that he had helped a million kids got expose about financial literacy than looking back earning millions of money. This is what makes him happy and fulfill. He was taught by his dad to invest in other people. It’s the one thing that can’t be taken away from him. It’s his contribution to people. Beau has been blessed to monetize what he loved. There’s nothing that’s really gonna serve you as well as finding that thing that lights you up, that you’re good at, that serves people, that helps people and creating a business around that.

Knowledge is power, start educating yourself. Work with people whose competent that actually teach you things like to invest, how to do real estate and grow with them. Have the right financial money plan but also do the context of a life plan.

Some Questions I Ask:

• What’s your definition of a rich life? (02:20)
• What did that journey look like for you as you started going down the path of being a financial advisor and decided to help others? (03:59)
• What are some of the things that you see people preventing them to get into the next level? (06:09)
• Where do people start in unlocking rich life? (08:58)
• What are some of the biggest roadblocks that you see people adapted to think more abundantly around money and any strategy to improve their financial fitness or literacy? (13:32)
• What are some good money habits that you see individual adapting as wealth building practices from a true financial grow standpoint? (18:05)
• What do you recommend to people on how to start growing their wealth? (33:12)
• What are some of the things that people should be aware of in the financial space? (38:08)
• From a diversification standpoint, what is the perfect allocation of that million-dollar portfolio for you? (41:34)
• How to find a world-class talent for your team like a financial planner to equip yourself with financial learning and tools? (44:29)

In This Episode, You Will Learn:

• Main component to unlocking a rich life - what is it. (09:54)
• One thing that perfect parallel with life and money.  (13:00)
• The things that sabotaging ourselves. (13:56)
• The 3 pillars in building wealth. (16:52)
• Why did Beau lost 13 properties. (23:23)
• Mitigate risks. (27:08)
• What legacy you’ll leave behind. (30:44)
• Advice for people who want to build a real estate portfolio. (36:25)
• Biggest mistakes people do when starting a business. (36:46)
• Credentials versus Experience. (45:25

Quotes:

• “Live a life with the attitude of creating memorable experiences.”
• “Maybe we’re missing the boat somewhere.”
• “Live the life that is meaningful and fulfilling to you.”
• “Most people are just they’re sleepwalking through lives.”
• “Take off the boundaries off and let’s think about what it is and let’s see what excites us.”
• “I believed in what I talked about.”
• “It resonates because I believed in it.”
• “Set up the next steps and be flexible.”
• “Money has a very strange powerful energy.”
• “We are sabotaging ourselves not even realizing it.”
• “There are patterns you’ll see, it’s hard to realize until you can draw it out over the timeline of your life.”
• “You have to be real to live rich.”
• “Learn how to create our expenses on what’s left.”
• “The money thing starts working when your philosophy changes.”
• “If you want it to be better and you want the stress around to be better, you can make a choice to do better with it.”
• “Wealth is the side effect of financial literacy.”
• “I had to learn some hard lessons.”
• “Learn in that, that you can apply smarter living forward and stay the course.”
• “We use to avoiding fear.”
• “Making mistakes makes you smarter, I’m a very wise man.”
• “You can’t set it and forget it, you have to monitor it.”
• “Proper mitigation risks completely save families and lack of it really blow things up people.”
• “Start thinking about the legacy we want to leave behind that hopefully lives well beyond best.”
• “Look for opportunities to invest in other people.”
• “The people I’m investing are investing in other people.”
• “It’s really creating a formula to reach your goals.”
• “Monetize what you loved.”
• “Sometimes you might have to create in your own way.”
• “Let’s build it from the ground up.”
• “Stick with basic things, work with the financial planner.”
• “Work with people that actually teach you things.”
• “Build it smart, don’t overcomplicate things.”
• “Get clear, know your numbers, get strategy, invest appropriately, and diversify.”
• “The bar is kind of low.”
• “Look for experience.”
• “Credentials are great but you might keep some extra training to get different credentials.”

Resources Mentioned:

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The Rich Life: Ten Investments for True Wealth book by Beau Henderson