Rich Habits Podcast - Episode 97: Creating a Millionaire Mindset in 2025

Release Date: December 30, 2024

Introduction

In Episode 97 of the Rich Habits Podcast, hosts Austin Hankwitz and Robert Kroke delve deep into the intricacies of cultivating a millionaire mindset by 2025. As a financial literacy podcast aimed at empowering listeners to take control of their finances through effective habits, this episode stands out by focusing on the mental frameworks that underpin lasting wealth creation.

Creating a Millionaire Mindset

1. Vision and Life Goals (02:07)

Robert Kroke initiates the conversation by emphasizing the importance of having a clear vision for one’s life. He asserts, “What do you want your life to look like? What are you working toward? What's your vision?” (02:07). Establishing a vivid picture of the desired future acts as a foundation for all subsequent actions and decisions. This vision, whether articulated through a vision board or a personal manifesto, provides the tenacity and drive necessary to persevere towards millionaire status.

2. Discipline vs. Motivation (02:54)

Austin builds upon Robert’s point by highlighting the transition from drifting through life to adopting a deliberate, purposeful approach. He shares his personal journey to becoming a millionaire, attributing his success to disciplined planning over mere motivation. Austin states, “Motivation can only get you so far... having the discipline to show up each and every day” (02:54). This discipline involves consistent effort, incremental improvements, and the ability to stay focused amidst distractions and setbacks.

3. Avoiding Comparison and Lifestyle Creep (06:34)

Robert touches on the pervasive issue of living a comparison-based lifestyle, exacerbated by social media platforms like Instagram and TikTok. He warns against falling for the allure of “fake gurus” who propagate unrealistic standards of success and productivity. Instead, Robert advises maintaining authenticity and avoiding unnecessary lifestyle upgrades that can derail financial progress. He remarks, “Don't get it twisted that all these fake gurus... have nothing to do with building a millionaire mindset” (06:34).

4. Continued Learning (08:13)

Emphasizing the necessity of lifelong learning, Robert underscores the importance of staying informed and adaptable. He encourages readers to engage with reputable sources like the Wall Street Journal, CNBC, and Bloomberg to stay ahead of market trends. Austin adds that continued learning isn’t limited to business or finance but extends to personal development, stating, “Millionaire mindset is always learning about what interests you so you can always evolve” (13:10).

5. Networking (12:28)

Networking emerges as a critical component of the millionaire mindset. Robert shares his belief that “You’re one meeting, one event or one email away from a totally different life” (15:48). Building meaningful relationships with like-minded individuals and industry leaders can open doors to opportunities that might otherwise remain inaccessible. Austin echoes this sentiment by discussing the importance of proximity to power and surrounding oneself with people who uplift and inspire.

6. Overcoming Mindset Hurdles (19:30)

Addressing common psychological barriers, Robert identifies three predominant mindset hurdles:

• Lack Mentality: Believing that wealth is unattainable due to perceived limitations.

• Victim Mindset: Allowing past circumstances to dictate future outcomes.

• Imposter Syndrome: Doubting one’s abilities and fearing exposure as a fraud.

He shares his personal battle with these challenges, highlighting the necessity of self-belief and resilience. Robert affirms, “It’s possible... you just have to apply, have the tenacity, and stick with it” (24:00).

7. Risk Management (24:00)

Austin introduces the concept of risk management as a safeguard for sustained wealth. Citing Warren Buffett, he reiterates, “Never lose money. Never forget rule number one” (24:55). Diversifying investments, avoiding high-stakes gambles, and ensuring that wealth accumulation is steady and protected are paramount for maintaining millionaire status.

Listener Q&A

The latter part of the episode features insightful questions from listeners, with Austin and Robert providing thoughtful and actionable advice.

1. Taylor’s Dilemma: Balancing Debt and Law School (28:04)

Question: Taylor, a college student with plans to attend law school, seeks advice on managing consumer debt while pursuing higher education.

Robert’s Advice: Robert recommends creating an honest budget and automating payments to alleviate financial anxiety. He emphasizes the feasibility of balancing work and education with disciplined financial planning.

Austin’s Insight: Austin underscores the importance of living within one’s means and maximizing income streams to minimize future debt. He advises Taylor to focus on paying off debt aggressively to avoid excessive student loans, which can hinder long-term financial freedom.

2. Ernie’s Investment Conundrum (31:46)

Question: Ernie, a 30-year-old engineer, has $100,000 in a Fidelity money market account and seeks guidance on optimal allocation.

Robert’s Advice: While acknowledging Ernie’s strong financial foundation, Robert cautions against overextending into real estate given current market conditions. He suggests diversifying into cryptocurrency and maintaining investments in high-performing assets.

Austin’s Perspective: Austin encourages Ernie to consider personal desires, such as purchasing a new car, but advises balancing such expenses with continued investment to ensure long-term growth and financial security.

3. Kate’s Leap into Entrepreneurship (39:35)

Question: Kate, a 27-year-old living with her parents and working in food compliance and part-time Pilates instruction, contemplates buying a Pilates studio.

Robert’s Advice: Robert advises thorough due diligence to ensure the business’s viability, emphasizing the importance of understanding financials and avoiding overpayment. He also recommends maintaining the current job until the new business is financially stable to mitigate risk.

Austin’s Insight: Austin highlights Kate’s financial readiness, commending her savings and investment portfolio. He reassures her of the potential success, drawing parallels to similar success stories, and encourages her to pursue the opportunity while managing risks effectively.

Conclusion

Episode 97 of the Rich Habits Podcast offers a comprehensive exploration of the millionaire mindset, intertwining personal anecdotes with practical advice. Austin and Robert emphasize that achieving and maintaining millionaire status is as much about mental resilience and disciplined habits as it is about financial acumen. Through vision setting, disciplined action, continuous learning, strategic networking, overcoming psychological barriers, and effective risk management, listeners are equipped with the tools to transform their financial futures by 2025.

As the hosts wrap up the year, they reflect on the podcast’s growth and preview exciting plans for 2025, encouraging listeners to stay engaged and continue cultivating their rich habits.

Notable Quotes:

• Robert Kroke (02:07): “What do you want your life to look like? What are you working toward? What's your vision?”

• Austin Hankwitz (02:54): “Motivation can only get you so far... having the discipline to show up each and every day.”

• Robert Kroke (06:34): “Don't get it twisted that all these fake gurus... have nothing to do with building a millionaire mindset.”

• Austin Hankwitz (13:10): “Millionaire mindset is always learning about what interests you so you can always evolve.”

• Robert Kroke (15:48): “You’re one meeting, one event or one email away from a totally different life.”

• Robert Kroke (19:30): “It’s possible... you just have to apply, have the tenacity, and stick with it.”

• Austin Hankwitz (24:55): “Never lose money. Never forget rule number one.”

For more insights and to join the Rich Habits Network, visit the show notes and follow Austin and Robert on their social platforms.