Conversations around money and personal finance are often emotionally fraught.
The truth is that many people don’t have control over their money or don’t have a goal in mind. There’s tons of conflicting information out there and it’s hard to know what to do.
Even high-achieving entrepreneurs can struggle to know how to manage their finances well.
This is where Caleb Guilliams comes in. As the founder and CEO of BetterWealth, his goal is to help entrepreneurs control and keep more of their money.
We talked to Caleb about his company and mission on a recent episode of the Stride to Freedom podcast—here are some key takeaways.
The BetterWealth Story
Caleb founded his company at just 21 years old. This isn’t surprising though, because he was always an ambitious young person.
Growing up in Wisconsin as the oldest of six children, he took on the mantle of oldest child, highly responsible and determined. He learned from a young age that he had to work to change what was in his control and not worry about the rest.
He read two influential books as a teenager, “Richest Man in Babylon” and “Good to Great,” which inspired him to one day start a financial company to help people take control of their finances.
He started working as a bank teller before advising clients at just 19 years old. Through mentorship and support, Caleb grew his skills and knowledge to launch BetterWealth. Today, they operate100% remotely across the entire US.
BetterWealth is a one-stop shop for entrepreneurs. They offer coaching services, investment management, cash planning, and retirement planning. On top of this, they have a strong education and content creation arm to help people learn and grow in their own financial knowledge.
Rethinking Life Insurance
There are a lot of financial gurus out there who tell people to steer clear of life insurance.
And, in Caleb’s opinion, often for good reason.
The life insurance field is littered with poorly managed contracts and greedy brokers, offering little value to the client.
But it doesn’t have to be this way. When handled correctly, life insurance is a powerful savings vehicle that lets you earn tax-free gains which can then be spent or transferred tax-free.
Now, life insurance isn’t an investment tool—it’s an additional tool to manage your cash flow and savings in the short and long term.
Life insurance is a big part of BetterWealth’s business; Caleb is passionate about the positive impact it can have on your life and finances. But, like anything, you need to evaluate each opportunity for yourself.
Caleb’s a big believer in getting clear on your “why.” What motivates you, and why? What are your life goals, and why? When you know your “why” you can ask questions to help make decisions:
- Does this bring me closer to my goal?
- If so, is it the best option to get there?
These are some of the mindset practices that Caleb and his team help clients through so they can make sound financial decisions.
Getting Out of Your Own Way
As the company has grown, Caleb’s had to re-evaluate his own role and purpose. At one time, he was doing everything and, like many entrepreneurs, it simply wasn’t sustainable.
So, he got clear on his three life-giving areas: creating a vision, creating content, and building relationships.
If he strays into other areas of the business, he’s actually bringing them down. Each person needs to work in their zone of genius to maximize efficiency and bring high levels of engagement and motivation.
But too many entrepreneurs get in their own way and try to do too much.
Focus in on your “why”—what are you trying to accomplish? From there you can home in on exactly the value you bring and why you’re uniquely positioned to do it.
We talked about so much more with Caleb—including his interesting take on content creation in the financial services industry. If you’re curious to know more, listen to his full interview on the Stride to Freedom podcast. You can also connect with him on LinkedIn or check out BetterWealth.
This Stride Live Webinar is hosted by Stride Services. Stride is a comprehensive financial solutions provider, specializing in outsourced bookkeeping, accounting, tax, and advisory services for Managed Service Providers.
If you’re interested in being a featured guest on our Live Webinars or if there’s a subject matter expert you’d like us to interview, please let us know!
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Show Notes + Transcript:Â
Caleb Guilliams: LinkedIn
BetterWealth: Website/LinkedIn
Caleb Guilliams: caleb@betterwealth.com
Webinar Transcript:Â
Wealth Management for Entrepreneurs: Mindset, Knowledge, and Purpose
