Rich Habits Podcast: It’s Our 2-Year Anniversary + Q&A!

Podcast Information:

• Title: Rich Habits Podcast
• Hosts: Austin Hankwitz and Robert Croak
• Description: A financial literacy podcast dedicated to empowering listeners to take control of their finances by adopting new habits. Hosted by Robert Croak, a decamillionaire with extensive business experience, and Austin Hankwitz, an ambitious young entrepreneur.

Episode Overview: In this special two-year anniversary episode, Austin Hankwitz and Robert Croak celebrate the milestone by reflecting on their journey, answering listener questions, and sharing their favorite moments and insights from the past two years. The episode blends gratitude with actionable financial advice, maintaining the podcast's commitment to demystifying the financial habits of the rich.

1. Celebrating Two Years

Austin's Reflection:

• Introduction: Austin welcomes listeners to the podcast's second anniversary, highlighting the incredible growth since their first episode, "How to Become the First Millionaire in Your Family," which garnered millions of downloads.
• Journey: Reflects on the honor of engaging with the audience weekly and teasing a reflection montage at the episode's end.
• Quote:

  "We've got hundreds of podcast episodes over the last two years." (00:59)

Robert's Reflection:

• Memories: Shares excitement about reminiscing favorite moments and favorite episodes.
• Quote:

  "It's mind blowing to think about what we've done over the last two years." (01:53)

2. Listener Q&A

The hosts address several listener-submitted questions, providing in-depth advice and personal insights.

a. Time Warp Investing

• Question by Philip B.: If they could go back 10 years, what two tips or mindset changes would they impart regarding investing?

Robert’s Advice:

1. Seek Qualified Advice:

   "Never listen to people who are not qualified to give you advice on a topic of investing." (04:17)

2. Trust Your Gut:

   "Always go with your gut... don't let others dictate your financial decisions." (04:17)

3. Long-Term Wealth Building:

   "Building wealth is a long-term play... think in years." (04:17)

Austin’s Advice:

1. Avoid Keeping Up with the Joneses:

   "The quicker you can forget about impressing people, the quicker you're going to be happy." (05:23)

2. Steer Clear of Penny Stocks:

   "Forget about the penny stocks... there's no get rich quick scheme. It's a get rich slow." (05:23)

Robert’s Reinforcement:

"Investing is not gambling. Build a diverse investment base first." (07:26)

b. How to Advertise a Small Business

• Question by Muzaffar K.: Strategies for marketing a small, local business.

Robert’s Strategies:

1. Nextdoor Advertising:

   "Find a geographical area and advertise in that neighborhood with platforms like Nextdoor." (08:41)

2. Flyering:

   "Flyer distribution to local businesses can effectively convert customers." (08:41)

3. Social Media Marketing:

   "Facebook, Instagram, and TikTok are powerful tools for connecting with your audience." (08:41)

4. Email Lists:

   "Building an email list provides multiple touchpoints with your customer base." (08:41)

Austin’s Enhancement:

• Case Studies:

  "Share clear case studies of how your services have positively impacted clients to increase conversion rates." (10:27)

c. Investment Property Decision

• Question by Shia Shaya: Should she buy an investment property in Colorado while still in school or wait until graduating and moving to California?

Austin’s Perspective:

• Focus on Education and Career:

  "Investing time and energy into your career will have higher upside potential than worrying about a property." (07:26)

Robert’s Perspective:

• Build a Financial Base First:

  "Save and invest up to $100,000 before considering real estate investments to avoid financial strain." (14:59)

d. Buying a Small Business

• Question by Zaid: Should he quit his job to run a purchased small business full-time, and how to handle acquiring additional businesses.

Robert’s Advice:

1. Maintain Current Employment:

   "Do not quit your 7 to 3 job; manage the business alongside it initially." (18:18)

2. Scale Without Selling:

   "You don't need to sell one business to buy another; instead, expand your portfolio by adding more businesses." (19:51)

Austin’s Reinforcement:

"Hire managers or partners to handle operations before considering quitting your job." (19:11)

Robert’s Additional Insight:

"Owning multiple businesses requires building a team to sustain growth efficiently." (21:48)

e. Bonus Contribution to 401(k)

• Question by Soha A.: Advice on how much of a bonus to contribute to a 401(k) to minimize tax implications.

Austin’s Considerations:

1. Autonomy Over Investments:

   "If you can choose your investments within the 401(k), balance your contributions based on your bonus size and existing debt." (27:26)

Robert’s Advice:

"Max out your Roth IRA and diversify your investments, including considering a crypto portfolio for added diversity." (27:26)

3. Reflecting on Favorite Guests and Episodes

Favorite Guests:

• George Camel: Discussed Whole Life Insurance and demystified complex financial products.
• Candice Nelson (Founder of Sprinkles): Highlighted the importance of learning and growing with a business partner.
• Jay Jacobs (iShares): Shared insights on Wall Street strategies and market thinking.
• Harley Finkelstein (President of Shopify): Provided invaluable advice for budding entrepreneurs.
• Sahil Bloom: Explored the concept of mental and physical wealth.
• Jeremy Schneider (Personal Finance Club): Emphasized simple, low-effort investment strategies like VTIs and VOOs.

Favorite Episodes:

• Episode 44: Your 8 Favorite Rich Habits from 2023
• Episode 85: Side Hustles for Busy People

  "Consistency and compounding will take effect and you're just going to be off to the races." (38:50)

• Episode 28: Mindset Shift: Consumer to Wealth
• Episode 100: 2025 Market Predictions

4. Memorable Moments and Achievements

Key Milestones:

• Spotify Success:

  "Hitting number one on Spotify’s business chart was a light bulb moment confirming the podcast’s impact." (35:35)

• Opening Bell at NYSE:

  An unforgettable experience symbolizing their growth and recognition in the financial community. (45:03)

• White House Invitation:

  Prestige of being invited to interview and participate in discussions at the White House. (45:03)

Personal Highlights:

• Building a Team: Transitioning from solo hosts to having an editor and a growing team to manage the podcast’s expansion.
• Community Growth: Reaching over 50,000 newsletter subscribers and 535 members in the Rich Habits Network.
• Upcoming Events: Organizing in-person events like the Grit Money Summit and planning future meetups.

5. Notable Quotes and Financial Insights

Key Quotes:

1. Personal Finance is Personal:

   "We all have different backgrounds, relationships with money, and life circumstances. Make decisions that suit your individual plan." (32:01)

2. Automate Your Money:

   "If you automate your money, wealth is inevitable." (38:50)

3. High-Interest Debt vs. Investing:

   "You can't out invest high-interest debt. Pay off debts before investing." (38:50)

4. Make Your Money Work:

   "Make your money work as hard for you as you work to get it." (38:50)

6. Looking Forward: The Future of Rich Habits

Expansion Plans:

• Team Growth: Hiring additional team members to handle content distribution, community management, and email campaigns.
• Subscriber Goals: Aiming to grow the newsletter to 100,000, 200,000, and beyond.
• In-Person Events: Planning to host events like the Grit Money Summit and future meetups in 2025.
• Content Diversification: Exploring more webinars and interactive sessions to engage the community further.

Call to Action:

• Support the Podcast: Encourage listeners to share the podcast, subscribe, and engage with content on various platforms.
• Feedback and Ideas:

  "Leave a comment with ideas for merchandise, events, or other content you'd like to see in 2025." (48:35)

Conclusion

In this heartfelt anniversary episode, Austin Hankwitz and Robert Croak not only celebrate the milestones achieved by the Rich Habits Podcast but also reaffirm their commitment to providing valuable financial insights and building a supportive community. Through engaging Q&A sessions, reflections on past successes, and plans for future growth, the hosts demonstrate their dedication to empowering listeners to cultivate rich financial habits.

Join the Rich Habits Movement:

• Subscribe: Follow the Rich Habits Podcast on Spotify and other major platforms.
• Newsletter: Sign up for the Rich Habits newsletter to receive exclusive content and updates.
• Community: Join the Rich Habits Network to engage with fellow listeners and participate in live sessions.
• Follow on Social Media: Stay connected through Instagram and YouTube for additional tips and behind-the-scenes content.

Thank you for celebrating two incredible years with us! Here's to many more enriching episodes and financial successes together.