The Millionaire Mentor with Krisstina Wise
Today’s guest is Krisstina Wise, a real estate mogul, millionaire coach, best-selling author, and creator of several multi-million-dollar businesses. Krisstina now teaches high-income entrepreneurs how to convert business income into personal net worth and passive income. She is the host of the Wealthy Wellthy Podcast, Author of Falling For Money, and Owner of Wealthy Wellthy and the Wise Money Method. Equalman and Krisstina discuss the difference between income and wealth, how to properly invest in your business, the biggest mistake made by entrepreneurs, and much more.
Need a sneak peek? Below are the main takeaways from the episode.
The Millionaire Mentor with Krisstina Wise
Episode Preview:
“The biggest mistake I see across the board, that everything we’re talking about, is just not paying attention to the money. So in business, entrepreneurs are just focused on making more, they’re not managing the money, they’re not tracking the money to use your words, and they’re not compartmentalizing the money. And they’re not focused on profit, they’re not managing expenses, they’re not watching the capital, the money they keep putting in to make sure they’re creating returns on that. So they’re abdicating the money piece to their CPAs, their bookkeepers, I just want to create and build the business, I don’t want to worry about the money. And that really is the biggest money mistake that everyone makes, but especially entrepreneurs, and it is just by not paying attention, that so much money is wasted. So much money is poorly reinvested, and so on and so forth. So that’s certainly on the entrepreneur front. But then what happens when we start making a lot of money as an entrepreneur, you know, we’re getting that payoff for all that hard work, and sleepless nights and, and the grind and hustle and the long weeks and long days. So now we’re making money. And we start to feel rich because we’re making these really high incomes. What happens in business is entrepreneurs tend to write off a lot of household expenses, home expenses through a business, and it’s just easy to start spending a lot of money. And I call that feeling we start to feel rich, and what feeling rich, does it mean it makes people spend accordingly. So you make a lot of money in your business.
Now you’re living this very rich lifestyle. And there’s this thing called Parkinson’s Law and Parkinson’s Law of money says our expenses will always rise to match income, that the lifestyle expenses, this thing called expense creep, the lifestyle expense grows and the business expense grows to start living this really rich, lavish lifestyle. And now that creates this financial pressure, because we’ve got these really expensive lifestyles, we have to go hustle in the business, not now to make payroll of this growing business but also to meet the obligations of the expensive costs of the family lifestyle. And that can go on forever. And so now even though we’re making more money than we’ve ever made, we’re more stressed than we’ve ever been financially because we have to even work harder this next month to meet match that, you know, $100,000 month to cover the cost of a very expensive home lifestyle. And we’re not taking that 20%. So we’re, I just see so many entrepreneurs that because they believe they’re rich, they spend accordingly because they can spend and they’re just not getting any farther ahead in the long run.”
Learn more about Krisstina Wise
Instagram: @krisstinawise
Youtube: https://www.youtube.com/channel/UC7Q2UuhhY3QZ4XwRhL463fA
Facebook: https://www.facebook.com/krisstinawise/
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The Super U Podcast is hosted by #1 bestselling author and Motivational Speaker Erik Qualman.
