Welcome to the Wealthy Wellthy Podcast, where we explore the intersection of wealth, health, and entrepreneurship.
Today my good friend Dino Watt interviews me about what I’ve learned in decades of working as and with entrepreneurs. We talk candidly about a trap that many people fall into and that can destroy their lives…like it did mine.
That trap is the belief that earning more money will fix your financial problems. I share how this idea almost killed me. I tell Dino that “It’s not how much money we make that matters; it’s what we do with it that makes the difference.” I learned this lesson the hard way—despite earning substantial income, I found myself in financial distress because I wasn’t focused on building wealth, only on keeping up with an expensive lifestyle.
We explore that the real solution lies in what you do with the money you make, not making more of it. This is partly because of Parkinson’s Law, which dictates that expenses naturally rise to meet rising income.
If you’re someone who’s tired of working harder only to feel like you’re not getting ahead, or you’re ready to stop chasing income and start building lasting wealth, not only is this conversation is for you. But, I’ll be going deeper on these topics on my upcoming “Wealth Mastery – Path to Financial Freedom Challenge.”
Top Five Takeaways from the Episode:
- Money is oxygen. It’s not just for your business—money is critical to your whole life.
- Parkinson’s Law of Money. Without active management, expenses will always rise to meet income, leaving you in the same financial position no matter how much you earn.
- Wealth is built in the household. Your business creates income, but the way you handle your personal finances determines whether you build wealth.
- Financial literacy is essential. Knowing how to earn money doesn’t mean you know how to manage it. Learning the rules of money is key.
- Take control. Don’t abdicate your financial responsibility to others. Understanding your money is crucial, whether it’s managing your household or your business.
Five of My Favorite Quotes:
- “Money is the oxygen to your life. Without it, everything else suffocates.”
- “Expenses naturally rise to meet income—it’s a law. The more you make, the more you spend, unless you manage it.”
- “Being great at making money doesn’t mean you know how to manage it.”
- “Wealth is private. It’s not about the houses or cars—it’s about financial security and freedom.”
- “Your business creates income, but your household builds wealth.”
Time Stamps:
- [00:00] – [01:19] Introduction to the podcast and preview of the interview topic: the trap of believing earning more money will fix financial problems
- [01:21] – [03:10] Host Dino Watt introduces guest Krisstina Wise and her background in helping entrepreneurs manage money
- [03:10] – [06:40] Krisstina shares her personal story, from humble beginnings to becoming successful in real estate
- [06:40] – [09:41] Discussion of Krisstina’s past mindset about money and how it led to financial issues despite high income
- [09:41] – [12:49] Explanation of the difference between being “rich” (outward appearances) vs truly “wealthy” (private net worth)
- [12:49] – [15:36] Krisstina describes her health crisis and how it revealed the importance of building wealth, not just income
- [15:36] – [19:55] Introduction to key concepts: income game vs wealth game, Parkinson’s Law of money, and lifestyle inflation
- [19:55] – [23:33] Detailed explanation of how to calculate “enough” money and create a financial plan based on that number
- [23:33] – [27:52] Discussion of the mindset shifts needed around money and the importance of taking personal responsibility
- [27:52] – [31:02] Overview of Krisstina’s framework for managing money: mindset, relationship with money, and financial literacy
- [31:02] – [35:34] Breakdown of the three main areas to focus on: business finances, household finances, and investment portfolio
- [35:34] – [39:20] Conversation about teaching good money habits to children and common money mistakes made by professionals
- [39:20] – [45:55] Krisstina outlines the biggest financial challenges for business owners and how to overcome them
- [45:55] – [50:54] Summary of key points and Krisstina’s overall approach to building sustainable wealth
- [50:54] – [54:11] Discussion of why many successful people struggle with finances despite high incomes
- [54:11] – [58:15] Closing thoughts and information on how listeners can connect with Krisstina for more financial guidance
