4 Steps to be Wealthy

On this week’s episode of the Wiser Roundtable Podcast, the team discusses 4 steps to be wealthy and practical financial habits to help.

Listen on Apple Podcasts or watch on YouTube:


The team begins the podcast by discussing how wealth is something that can be hidden. Someone who is rich and lives a nice lifestyle, might not actually be wealthy. Being wealthy is the byproduct of good financial habits that people create over their lifetime.

4 Steps to be Wealthy:

  1. Eliminate debt
  2. Build up enough emergency reserves
  3. Save for retirement
  4. Create an opportunity fund

Eliminate Debt:

Many Americans have some type of debt. You have to make sure you have a spending budget, and a plan to attack the debt. Our net worth is reduced by the amount of debt we have. Assign a purpose to every dollar that you earn, and eliminate all unnecessary expenses.

Emergency Reserves:

After debt is eliminated, you need to focus on creating an emergency reserve. This reserve is typically around three to six months of expenses. With this reserve in place, you can withstand market fallout or any surprises that come along the way. Once you reach your savings goal for your emergency reserve, you don’t need to keep adding to it.

Saving for Retirement:

Pay yourself first is a very simple budget system where a percentage of your income goes straight into an investment account before you get paid. Through investing and compounding interest, you can have a sufficient rate of return that will build wealth, which at some point in time you can turn around and pay yourself with.

Opportunity Fund:

Once you know you are on the right track with saving for retirement, the next step is to create an opportunity fund. This fund can be used for purchasing a rental property, a second home, or other investment. This fund allows you to get creative with how to invest your money and build wealth going forward.


0:00 Introduction

1:11 Rich people aren’t always wealthy

5:23 Tips to eliminate debt

17:00 How much in emergency reserves do I need?

20:54 Ways to save for retirement

27:15 What is an opportunity fund?


Learn more about Casey Smith and connect with him on Twitter.

Learn more about Brad Lyons.

Learn more about Matthews Barnett.

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Learn more about the Wiser Wealth Management Roundtable podcast and access previous episodes.


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