10 Money ($$) Lessons That Will Change How You Build Wealth
Most people struggle with money not because they don’t earn enough.
It really comes down to critical lessons about personal finance, taxes, investing, protection etc. The difference between those who build wealth and those who stay stuck often comes down to a few key principles. These topics are often more complex than needed. It's my job to simplify them and help people take action.
These ten lessons aren’t just theories—they’re practical, time-tested strategies used by financially successful individuals.
1.Invest Early and Consistently
Starting to invest early leverages the power of compound interest, allowing your investments to grow exponentially over time.
Consistency in investing, even in small amounts, can lead to substantial growth.
Regardless of how much you start with, investing is the most important thing you can do, and the earlier you start, the better. Compounding starts slow and then becomes incredibly impactful. Do not stop compounding!
2. Protect your plan and your wealth
Most people assume that once they build wealth, they’re set. That’s not true. Wealth can be lost just as fast as it was made.
A lawsuit can wipe out millions if you don’t have proper liability coverage.
A bad investment can go to zero and erase years of gains.
A failed business can leave you with nothing if assets aren’t protected.
This is why insurance, legal protections, and risk management are critical. Proper planning ensures a single event doesn’t destroy everything you’ve built.
3. Keep it simple
Too many people chase complexity when it comes to money. They buy financial products they don’t understand, take on unnecessary risk, and scramble to build multiple income streams because they heard that’s what millionaires do.
You don’t need to do this.
I see it all the time—people come to us with overly complicated financial lives, tangled in strategies that create more stress than results. Managing all of this takes time and attention away from what actually matters: making real money in your business or career.
Focus on maximizing your primary income first. Build one strong, sustainable revenue stream before worrying about diversifying. More income sources won’t help if the foundation isn’t solid.
4. Tax Planning is One of the Biggest Wealth Levers
Most people focus on investment returns, but tax planning can create bigger, guaranteed results. Unlike the stock market, tax savings are 100% in your control.
Many business owners and high earners miss out on massive tax savings simply because they never plan for it. Strategies like:
Maximizing retirement accounts
Choosing the right business entity
Utilizing Qualified Business Income Deductions (QBID)
Leveraging state-level tax workarounds (PTETs)
Can save tens or hundreds of thousands per year.
Invest in tax planning—it’s one of the highest ROI moves you can make.
5. Money is a Tool, Not the Goal
I’ve worked with people who have more money than they could ever spend. But many of them are still chasing more—never satisfied, always moving the goalpost.
Money itself isn’t the goal. It’s a tool to improve your life.
The happiest, most successful people I know use money to:
Buy back their time so they can focus on what they enjoy.
Take care of their family without financial stress.
Pursue meaningful work rather than being trapped by financial obligations.
If your only focus is accumulating wealth, you’ll never feel like you have enough.
6. Financial Knowledge is More Important Than Income
Earning a high income doesn’t mean you’re good with money. In fact, I’ve worked with many high-income earners who are clueless about personal finance.
They make great money but don’t know how to invest it.
They leave hundreds of thousands on the table in taxes because they don’t plan properly.
They take on unnecessary financial risks without realizing the consequences.
You don’t need to be an expert, but you do need basic financial literacy. Read books, listen to podcasts, take courses, or hire an advisor who will educate you along the way.
Ignoring your finances now will cost you later.
7. Your Income is Your Most Valuable Asset
Too much financial advice focuses on cutting expenses. Yes, spending within your means is important, but there’s only so much you can cut. Your income, on the other hand, has unlimited growth potential.
Most of my high-earning clients weren’t making anywhere near their current income five years ago. They got there by:
Mastering a skill that makes them valuable
Focusing on one core business or career path
Putting in the work to grow their income exponentially
Rather than obsessing over lattes and budgets, focus on increasing your income. It’s the fastest path to financial security and long-term wealth.
8. Your Income isn't Guaranteed
I’ve seen many people double or triple their income in a short period—only to lose half of it just as fast.
The problem? Their lifestyle inflated along with their income. They bought bigger houses, luxury cars, and locked themselves into fixed expenses that couldn’t easily be cut when income dropped.
Here’s how to avoid this:
Don’t increase expenses at the same rate as income. Give it a few years before upgrading your lifestyle.
Build cash reserves. Have enough liquidity to survive a downturn.
Avoid debt that depends on future earnings. Financing luxury purchases is a trap if your income isn’t stable.
A sudden drop in income shouldn’t force you to sell assets or make desperate decisions.
9. Concentration Builds Wealth, Diversification Preserves It
Most financial advice tells you to never have more than 10% of your wealth in a single investment. But if you ask most wealthy people how they made their money, they’ll tell you it came from concentrated bets—whether in their own business, real estate, or a specific investment.
Concentration creates risk but also creates wealth. If that investment fails, you can lose a lot. But if it succeeds, it can be life-changing.
The key is knowing when to diversify. Once you've built wealth through concentration, shifting to diversification protects what you’ve earned.
10. Learn to spend your money!
Many high-net-worth individuals struggle to enjoy their money because they were raised with a scarcity mindset.
They spent years saving, investing, and delaying gratification.
Now, despite financial security, they feel guilty spending money.
The goal isn’t to die with the highest bank balance. Money should enhance your life—not just sit in an account.
Give yourself permission to spend on things that improve your life.
Don’t assume you’ll suddenly “flip a switch” and start enjoying money later. Most people don’t.
Find a balance between saving for the future and enjoying life today.
If you’ve built wealth, use it to create a better life—not just a bigger number on a screen.
Mastering your finances isn’t about chasing the latest investment trend or making huge sacrifices—it’s about making smart, consistent choices over time. If you focus on these ten lessons, you will really see a difference related to financial stability, growth, and freedom.
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About the author: Finn Price, CPFA, CEPA, is a business owner and wealth manager at Railroad Investment Group. He helps successful entrepreneurs & individuals with concentrated stock positions in their 30s, 40s and 50s build, organize, protect and transfer their wealth.
Note: this article is general guidance and education, not advice. Consult your money person or your attorney for financial, tax, and legal advice specific to your situation.
Securities and advisory services offered through LPL Financial, a registered investment Advisor, Member FINRA/SIPC.
