Your biggest asset is time

Apr 23

In this episode of the Generations of Wealth podcast, host Richard emphasizes the paramount importance of time in building wealth, but also gives hope for those of us who feel like it’s “too late for me.” Richard discusses the relevance of saving at any age, not just for retirement but for various financial goals.

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Key Takeaways:

Saving is Relevant at Any Age:
While starting early is advantageous, Richard stresses that it's never too late to begin saving. Even individuals in their forties can benefit significantly from starting the habit of saving, whether it's for retirement, a down payment on a house, or other financial goals.
Time in Business Succession Planning:
The critical role of time in planning for the transfer of business ownership. This includes considerations like the two-year ownership rule for tax-free capital gains, the implications of corporate freezes and rollovers, and the need to strategically plan for owner transitions, potentially by training successors well in advance of a sale.
The Psychological Aspect of Time and Money:
Richard touches on the human tendency to procrastinate on long-term financial planning. He highlights that many younger individuals don't prioritize retirement savings due to the perceived distance of the event, while older individuals might feel they've run out of time. The episode encourages listeners to overcome this mindset and recognize the continuous and crucial role of time in all financial decisions, regardless of their current stage of life.