Secrets of Wealthy Women (with Erinn Bridgman): Episode 379 - Rachel Ngom (2024)

Takeaways:

• Erinn shares that it is possible to use a business to create passive income and fund personal wealth.
• It’s important to set specific financial goals: In order to achieve financial freedom through real estate, it’s important to set specific financial goals and work towards them consistently.
• It is important to continuously learn and seek out mentors in order to grow and scale a business. To be successful in real estate, you need to educate yourself about the market, local real estate laws and regulations, and best practices for managing properties.
• Real estate can be a good investment for generating passive income.
• Entrepreneurship can be a way to pay off debt, including student loans.
• It is important to have a philosophy about money, such as wanting money to work for you rather than just working for money.
• Erinn talks about the power of leveraging assets, such as real estate, that can help generate income and build wealth.
• Diversification is key: Diversifying your real estate portfolio can help mitigate risk and provide a steadier stream of income.
• It is possible to turn a passion or hobby, such as photography, into a profitable business.
• Building a successful business often requires hard work, dedication, and a willingness to take risks.
• It is important to share knowledge and experiences with others in order to help others achieve success as well. Building a strong team is crucial: Building a team of trusted advisors, such as a real estate agent, lawyer, and accountant, can help you make informed decisions and navigate the complexities of the real estate market.
• Mindset is a key factor in building wealth: It’s important to work on your mindset around money, including beliefs about your worthiness and potential for success, in order to make healthy financial decisions.
• It’s important to focus on salary first: To build wealth, it’s important to prioritize paying yourself a salary, even before focusing on profits.
• Having a financial plan is essential: A financial plan can help you stay on track and make progress towards your financial goals.
• Building a strong financial foundation is crucial: This includes understanding cash flow, profitability, and personal financial goals, as well as developing strategies for managing and investing your money.
• Erinn shares that it’s so important to be comfortable with risk and potential loss in real estate investing, and the value of seeking out mentorship.
• It’s important to take risks and seek out knowledge: Wealthy women are willing to take calculated risks and seek out knowledge in order to grow their businesses and build wealth.

Highlights:

• (0:57) A little more about Erinn Bridgeman’s background and business.
• (2:20) Using a business to fund personal wealth.
• (3:26) Setting specific goals and making a plan.
• (4:08) The importance of learning and seeking out mentors.
• (5:04) Real estate as a source of passive income.
• (6:12) Paying off debt through entrepreneurship.
• (6:57) Leveraging assets to build wealth.
• (7:53) Turning a passion or hobby into a business.
• (8:54) Hard work, dedication, and risk-taking in entrepreneurship.
• (9:49) Sharing knowledge and experiences with others.
• (15:00) The importance of mindset in building wealth.
• (15:25) Worthiness issues.
• (16:04) Strategic risk-taking in building wealth.
• (16:52) The connection between mindset, actions, and results.
• (18:23) The role of manifesting in building wealth.
• (23:07) Some lessons Erinn has learned–being comfortable with risk and potential loss in real estate investing, and the value of seeking out mentorship.
• (25:35) What it means to Erinn to make an impact.
• (27:44) Where to connect with Erinn.

Quotes:

• “We had a philosophy that we want money to work for us, not just us work for money.”
• “We were able to save 18,000 and we decided we could take that eighteen thousand dollars and we could pay off one student loan or we could buy an asset that would produce the money for us to eventually then pay off all of our student loans.”
• “I think you know like let’s recap on what I just said really quickly is we made a decision that we were going to have our business created a certain amount of money that we could then have it make more money that would leverage something for us in our personal life.”
• “I always tell people like it’s not about the money it’s about the impact that you want to make in the world and so if you can align those two things and start building towards that then that’s when the magic happens.”
• “I think it’s so important to have a mentor or multiple mentors that are in different areas of life and business.”

Resources

Connect with Erinn:

Instagram: @erinnbridgman

Website: https://www.erinnbridgman.com