Caleb Guilliams on How to Build Wealth | PoP 518

Image of Caleb Guilliams speaking to Joe Sanok on this therapist podcast about how to build wealth

How can you make your money work better for you? Can you utilize your debt to help you instead of hinder you? How can organizing your financial life with clarity accelerate and encourage your wealth?

In this therapist podcast episode, Joe Sanok speaks with Caleb Guilliams about how to build wealth and shares a 4 step framework you have to pay attention to.

Podcast Sponsor

Taking care of employees has never been more important. For years, Gusto’s been helping more than 100,000 small business owners run payroll, offer benefits, onboard new employees, and more. They call it the people platform. And it doesn’t just look nice — it works!

Your payroll taxes are filed, deductions are calculated, and your team gets paid. You can even offer health insurance and 401(k)s. Get 3 months free after your first payroll when you go to gusto.com/ joe.

Meet Caleb Guilliams

Image of Caleb Guilliams speaks with Joe Sanok on this therapist podcast about building wealth.

After taking over the entire investment department of a bank by the age of 19, Caleb saw firsthand how 98% of Americans were financially failing despite “professional” financial advising.

After 3 years of traveling the country being mentored by the most successful financial minds, Caleb discovered a better way to build wealth. 

Leaving his prestigious position at the bank, Caleb founded the company BetterWealth, authored the best-selling book “The AND Asset”, hosts the Better Wealth Podcast, and speaks to thousands around the world. One of the youngest leaders in the industry, Caleb is quickly becoming The New Face of Finance.

Visit his website, connect on LinkedIn, Facebook, and Instagram. Listen to his podcast here.

In This Podcast

Summary

  • Caleb’s wisdom on money investments and mistakes
  • Caleb’s four-step framework
  • Rules of thumb about debt
  • Mindsets to get you on track towards wealth

Caleb’s wisdom on money investments and mistakes

We as individuals are our greatest asset, and if you think everything in our life, our ability to show up, work and provide value is the derivative of everything we’re experiencing. Any act, the financial industry, Wall Street, the banking industry, is literally doing the exact opposite. They’re telling us the exact opposite … I almost think of them as devaluing or minimizing their greatest asset and it’s showing up in the way they think about their money, and showing up in the way they think about their time. (Caleb Guilliams)

The institutions are not giving us the ability to take our money to the next level. Therefore, it is important to understand how money works not as a product, but as a framework. Understand how it works from its foundational point of view and you can utilize this framework in future investments and business collaborations.

Caleb’s four-step framework

  1. Looking inward and getting clear on what you actually want: The majority of people in life do not have clarity on how or where they want their life to go, and it shows up in the inconsistency of their work. Keep ROR in mind – return on result, meaning, get clear on where you want to go and everything going forward needs to be connected to creating this lifestyle.
  2. Creating efficiency through auditing: cash flow – which is money coming in as any income. Cash flow can be consumed or saved for a reason, and this is where many people get lost. By not tracking their money, so much gets lost and people can no longer save money effectively.
  3. Assets: ask yourself, is this asset that I own best serving the result that I want now and in the future?
  4. Debt: there is good debt and bad debt, and ask yourself if the debt that you have is putting money in your pocket, or is it literally taking money away from you?

Rules of thumb about debt

The interest rate

If you are paying 4% or lower on your house, are you able to create a greater result than 4%? If you say no, Caleb encourages you to rethink your business. In Caleb’s book, he discusses that you are better off emotionally, with control, and financially by not aggressively paying off your house and paying your house off a third a year mortgage.

Debt scorecard

Looking at your debt the same way you look at real estate. There is some debt that is efficient meaning, that it takes less money away from you and helping you create more money, while there is some debt that is toxic and takes a lot of your money.

Mindsets to get you on track towards wealth

People who are generally more successful in dealing with money are those who understand leverage, and what that means is that wealthy people know how to leverage their time, money, skillsets, and relationships. They understand how to live in the context that best benefits and uplifts them and those around them.

Some people who are wealthy also utilize the mindset that they are their greatest asset, and they live in that way, because whenever they make a decision, they go back to their clarity and what they want in order to make decisions that will further their goals.

Books mentioned in this episode

Useful Links:

Meet Joe Sanok

private practice consultant

Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners that are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.

Thanks For Listening!

Feel free to leave a comment below or share this podcast on social media by clicking on one of the social media links below! Alternatively, leave a review on iTunes and subscribe!

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.