Wealth Factory Podcast | Episode 15

Guest: Doug Winston

In this episode of the Wealth Factory Podcast, Scott Larsen talks with Doug Winston, who shares his journey from a skilled tradesman to a savvy business owner and wealth builder. Doug reflects on the lessons learned managing cash flow, understanding accounting methods, and leveraging financial strategies to protect and grow his wealth.

Doug’s key insights include:

• The importance of hard work paired with smart business practices.
• Why cash flow is the biggest reason small businesses succeed or fail.
• How understanding accounting methods like accrual vs. cash basis can help manage taxes and cash.
• Using vendor discounts and lines of credit as tools to improve cash flow and pricing.
• The value of diversifying investments and utilizing tax-advantaged retirement plans.
• A broader definition of wealth as freedom, health, and peace of mind, not just money.
• The best advice Doug ever received: “Shit happens. People remember how you handle it.”

Doug also shares why owning property instead of renting has been vital for his wealth and why working with trusted financial advisors is key.

For any entrepreneur or business owner, this episode offers actionable lessons on the financial and personal side of building lasting wealth.

Chapters
0:10 Hard work and early business lessons
4:20 Cash flow and accounting insights
9:50 Wealth protection strategies
14:30 What true wealth means
18:10 Best advice for new business owners

Listen Now: https://wealthfactory.com/podcast

Learn more about Wealth Factory: https://wealthfactory.com

#WealthFactory #Entrepreneurship #CashFlow #FinancialFreedom #BusinessTips #Investing #Accounting #WealthBuilding