How To Build & Keep Wealth w/ Dr. Billy Williams

It is the habits that we establish personally and professionally that will ultimately decide the success or failure we experience with our money.

In this episode of the Stuff About Money podcast, Dr. Billy Williams shares with Erik Garcia, CFP® and Xavier Angel, CFP®, ChFC, CLTC, his secrets to his financial success.

Episode Highlights:

  • Dr. Billy Williams shares his story and discusses what he learned from his father. (4:22)
  • Dr. Billy Williams mentions that the military paid for every bit of education he ever had. (5:40)
  • Dr. Billy Williams discusses the power of compound interest. (6:36)
  • Dr. Billy Williams mentions that he used to educate his subordinates about finances while he was in the military. (9:13)
  • Dr. Billy Williams discusses the 4 types of discipline, which are: self-discipline, accountability, automation and technology, and delegation or outsourcing. (15:57)
  • Dr. Billy Williams explains that one of the most common mistakes individuals make with money is hiding their mistakes with money. (16:47)
  • Dr. Billy Williams explains why the most expensive item you’ll ever own is a lack of discipline. (22:36)
  • Dr. Billy Williams mentions that he is an investor in the Stash app. (29:36)
  • Dr. Billy Williams explains how one’s ego can get in the way of their success. (33:58)
  • Dr. Billy Williams discusses how emotion leads us to make poor decisions. (35:38)
  • Dr. Billy Williams shares that his company is now worth $1.3 billion. (40:26)
  • Dr. Billy Williams mentions that if individuals really want to be in charge of their finances, they should consider the four disciplines. (42:05)

Key Quotes:

  • “If you can’t pay for it twice. You can’t afford it. So if I’m buying something, and let’s say it costs $1,000. If I don’t have $2,000, I really can’t afford that. Because now I’m living at that 100%. And you should never live at 100% of your total debt.” – Dr. Billy Williams
  • “If you guys really want to control your money, really think about those four disciplines: self-discipline, accountability, automation/technology, and delegation.” – Dr. Billy Williams
  • “Lack of discipline is the most expensive item you’ll ever own. Because it’s the discipline that allows us to be who we are and allows us to get where we are.” – Dr. Billy Williams

Resources Mentioned:

About Erik Garcia

Hi there, I'm Erik. How you manage your money and other resources impacts practically every aspect of your life. I help individuals and families invest plan for a more secure and predictable financial future. Thanks for taking time on my site!

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