Ep 637 | Are You on the Right Wealth Path? Take this 9 Question Quiz NOW!

Thank you for joining me today. It's Brian Gubernick, and welcome to the No Days Off podcast, where we believe that every single day brings a new opportunity to get better. One of the most common questions that I get from our No Days Off Nation— I get individual texts or calls or emails around wealth, and I, and, and I get the, the general question of Hey, how am I doing on my wealth journey? People will tell me the steps they've taken. Maybe they're saving a little bit more, they're buying a property, or they're starting some sort of side hustle. But then they ask, am I doing enough? Am I on track? Well, here's the truth. I don't think that I can answer, or anybody can answer that for you in any one conversation. But what I think I can do today is give you a framework, give you a quick 9-question quiz that I think you could take right now that will give you an idea as to where you stand. So I'm going to ask you 9 questions. We're just going to go through 9, and I want you to answer yes or no. Keep score, okay? 1 for yes, 0 for no. And then I'm going to show you how to read your results and know instantly if you're on the right path or if you're maybe drifting. So grab a pen or open up your notes app or just track it mentally. Let's, let's get into it. So the wealth quiz, question number 1, question number 1: Do you know your net worth right now? Do you know your net worth right now? Yes or no? Not a vague guess, an actual number. Assets minus liabilities. If you can't answer within $25,000, you're probably driving blind. Wealth starts with measurement. So, question 1: Do you know your net worth right now? Yes or no? Question 2: Do you save or invest at least 15% of your income every month? Do you save or invest at least 15% of your income every month? Now, this is after taxes. If you're not consistently putting money aside, or at least a portion of your earnings, you're not really building wealth. You're probably more so treading water. Question 3. Do you have at least 3 to 6 months of living expenses in, in an emergency fund? I'm just talking about liquid available cash. It doesn't have to be sitting in a savings account. Maybe you've got it in some sort of stock or index fund or whatever it may be that's rather, rather liquid. 3 to 6 months that you can grab immediately if you needed it. Do you have at least 3 to 6 months of living expenses in some sort of emergency fund? Compound? Now again, this is your safety net. Without it, one curveball like a, like a medical expense or an economic downturn, and your wealth plan can completely collapse. So answer question 3, yes or no. Question 4, do you own assets that compound? Do you own assets that compound? Now, savings accounts do not count. I'm talking about real estate or equities or businesses, things that grow over time. Wealth building requires compounding. It's not really optional. So, do you own assets that compound? Yes or no? Question 5, do you use debt strategically and not destructively? Yes or no? Do you use debt strategically and not destructively? Credit card balances at 22% interest, Those are destructive. A mortgage on a cash-flowing rental property, that's strategic. How you handle debt is one of the clearest markers of, of long-term wealth success. Question 6: Are you properly protected? I'm talking about insurance, be it life if that's what fits for you, disability coverage, health insurance, estate planning? Are you properly protected? Yes or no? You wouldn't build a million-dollar home without fire insurance. Why build wealth without protection? So, are you properly protected? If the answer is, uh, maybe, then, then it's no. I'm only looking for a firm yes if it's in fact yes here. Question 7: Do you review your financials at least quarterly? Do you review your financials at least quarterly? Now, not obsessively. I'm just saying consistently. Do you sit down and look at income and expenses and investments and net worth? Yes or no? Wealth is not built by accident. It's built by intention. Question 8. Do you have multiple income streams? Do you have multiple income streams, yes or no? One paycheck or one business or one commission, they could all vanish. I think diversification isn't just for your investments, it's for your income too. So even small side hustles count. It's just multiple income streams. I, I wasn't asking about the amount right now. So do you have multiple income streams, question 8? And then question 9: Do you have a clear wealth vision? Do you have a clear wealth vision? Now, that's not a wealth vision that sounds like, I just, you know, I want to be rich. That's, that's not a clear wealth vision. Do you know what wealth means to you? Do you know what financial independence or a certain net worth target or passive income goals— like, do you have those? That's what I'm talking about. Without vision, the, the wealth journey is somewhat aimless. Now let's score these, right? You should be able to sum up— 1, remember, 1 for yes, 0 for no. You should be able to go through those 9 questions and have a score. Total up your, your yes answers. Now if you have 7 to 9 points, 7 to 9 yeses, you're on a strong path. It's clear you're not just dabbling. You're playing the wealth game with purpose. Is there room, uh, for improvement? Are there some opportunities? Maybe, probably. But 7 to 9 yeses out of those 9 questions, you're on a pretty strong path. If you scored in the 4 to 6 range of yeses, you're moving. You're definitely making progress, but you have holes. One financial setback could really expose your weaknesses. So focus on shoring up your, your no answers one at a time. If you have anything less than 4, if you're 0 to 3, you're not really on a path. Sorry to be so harsh. You're drifting, but you probably knew that. Now, the good news is the awareness is step 1. Pick one question, one of those 9, fix it, and start building momentum. Here's what I want to make sure you notice. Every yes you wrote down is a signal of systems that are probably in place, and every no is a signal of exposure. So don't gloss over them. I think that's where your work really lives. So there are 3 signs I think you're on the right wealth path. If you, if you just want, if you just want a quick framework, if your net worth is growing every year, even if it's slow, the direction matters more than the speed. If your net worth is growing every year, you could be on the right wealth path. If you're balanced between offense and defense— offense is saving and investing, defense is protection and planning— if you're, if you're balanced, you probably are on a good path. Most people focus on one and ignore the other. You actually need both. And then lastly, around this quick framework, if you're consistent, if you're consistent— wealth is not a lottery ticket. It's, it's boring and repetitive and disciplined action that's compounded over time. So if your net worth is growing every year, if you're balanced between offense and defense, if you're consistent, if you got those 3 signs, you're probably on track. But take a look at those 9, take a look at your answers and see where you graded out. This would be my challenge to you. Take this quiz seriously. Don't just think about it. Write that score down. Circle one no answer and commit to flipping it to yes within the next 90 days. Because that one move could change your trajectory. It could build momentum. Wealth is not about perfection. It's about progress and it's about momentum. If this quiz gave you any sort of clarity, make sure you share it with a friend or share it with a partner. Even compare results if you feel comfortable doing so. Sometimes the fastest way to get serious about wealth is to put your score on the table, put it out in front of somebody you care about, create some accountability, talk about it, and watch what it does. Watch what it does, because the, the path to wealth, it isn't complicated, but it is intentional. The sooner you get a little bit more intentional, the sooner you stop asking, am I on the right track? And you start knowing that you are. That's all I have for you today, the No Days Off Podcast. Thank you so much for listening. And remember, every single day brings a new opportunity to get better. So let's get after it.