Are you struggling to build wealth despite a high income? You’re not alone.
In this episode of Wealthy Wellthy, host Krisstina Wise sits down with Mark Perlberg to discuss the crucial difference between income and wealth. Krisstina, founder of Wealthy Wealthy and a seasoned real estate investor, shares her journey from high-income earner to near bankruptcy, and how she turned it around to build lasting wealth.
The main focus of this conversation is understanding that high income doesn’t automatically translate to wealth. Krisstina and Mark delve into strategies for entrepreneurs and real estate investors to maximize their income while simultaneously building long-term wealth. They emphasize the importance of profit-first mentality, proper money management, and playing the long game in wealth creation.
Additional topics covered include the pitfalls of “get rich quick” mentalities in real estate investing, the importance of liquidity in navigating market changes, and practical tips for managing personal and business finances. The discussion also touches on tax implications for real estate investors and the value of experienced mentorship in wealth building.
Ready to transform your relationship with money and start building true wealth? Listen to this episode for actionable insights from Krisstina Wise and Mark Perlberg on how to create lasting financial success.
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Upcoming Workshop
Make 2025 the year of you! A goal without a plan is just a wish. Get these resources from Krisstina’s planning workshop to stop wishing and start planning in 2025.
Top 5 Takeaways From This Conversation:
- Why understanding the crucial difference between income and wealth can transform your financial future!
- How the “profit first” mentality can skyrocket your business success and personal wealth-building!
- The surprising truth about why real estate investing isn’t a get-rich-quick scheme, but a powerful long-term wealth strategy!
- How combining short-term income strategies with long-term wealth building creates the ultimate financial freedom plan!
- Why having liquidity and avoiding over-leveraging are the secret weapons for surviving market downturns and unexpected challenges!
Here Are My Favorite Quotes:
- “Income and wealth are two radically different distinctions, yet they get conflated all the time.”
- “Wealth is private and it’s not obvious. I might have $10 million in net worth, but if I drive a Honda, people can’t see my financial statements or bank accounts.”
- “Whether you’re just starting or wherever you are in your business, take away this realization: Yes, I need to grow my business, but I also need to build my wealth.”
Time Stamps:
- [10:50] First steps for entrepreneurs
- [15:26] Real estate investing strategies
- [21:42] Measuring wealth in real estate
- [29:04] Long-term real estate strategies
- [34:33] Lessons from market downturns
- [39:57] Biggest wins in real estate
- [43:15] Christina’s approach
MYTH BUSTED: “High income automatically leads to wealth.”
Despite having a finance and accounting degree, and nearly completing her CPA certification, Krisstina Wise found herself broke and on the verge of bankruptcy despite earning a high six-figure income.
This experience shattered the common misconception that a high income automatically translates to wealth. The breakthrough came when Krisstina discovered the crucial distinction between income and wealth. As she shares, “Income is the money we make… reflected on something called a profit and loss statement,” while “wealth is reflected on a balance sheet.” True financial success requires understanding and managing both aspects: maximizing income while simultaneously building long-term wealth through assets.
Krisstina emphasizes, “We want to grow our income and we want to simultaneously grow our wealth.” The key insight? Building lasting financial security isn’t about focusing solely on increasing income—it’s about strategically converting that income into wealth-building assets over time.
Next Steps:
Upcoming Workshop
Make 2025 the year of you! A goal without a plan is just a wish. Get these resources from Krisstina’s planning workshop to stop wishing and start planning in 2025.
