The Mindset That Makes Millionaires (And Why You Don’t Have It) | Peter Krauth
Most People Get Rich All Wrong
"Patience is the rarest commodity…over the last 20, 25 years…patience has been extremely well rewarded.." — Peter Krauth
In this episode of my podcast series, Building Generational Wealth with Living Your Greatness, I had the pleasure of welcoming back my friend and former guest, Peter Krauth.
Peter is an investor, author, and precious metals expert with over two decades of experience in the financial world. His thoughtful approach brings much-needed clarity to how we think about money. But Peter’s influence goes beyond numbers. He cares deeply about making financial literacy understandable and useful for everyone.
What stood out most in our conversation wasn’t just Peter’s practical advice, but the personal way he approaches wealth. For him, building wealth isn’t only about strategy—it’s about knowing why you’re doing it, being patient, and making choices that fit your life and values.
Episode Lessons
Here are some lessons I took from my conversation with Peter Krauth. I hope they resonate with you as much as they did with me.
1. Start by Paying Yourself First
Peter’s first piece of guidance is timeless:
“Try to spend less than you earn. That’s the first way.”
He shared how in places like Switzerland, investing isn’t an afterthought, it’s a top priority:
“One of the first places that they commit money is to investments… It’s the mindset.”
This echoes the classic rule: pay yourself first. Even starting small, consistently putting money aside for your future builds wealth and, more importantly, the right habits. And while the results may feel slow, patience transforms small efforts into lasting gains.
“Patience is the rarest commodity,” Peter reminded us, noting that in precious metals and investing, “over the last 20, 25 years… patience has been extremely well rewarded.”
The takeaway? Start early, start small if you must—but stay patient. The discipline matters more than the dollar amount.
2. Financial Literacy Is Non-Negotiable
Peter voiced disappointment that financial literacy isn’t taught more widely:
“It’s very important… I’m honestly disappointed that financial literacy is not taught more in schools at every level.”
His solution? Begin by understanding the fundamentals:
“Start by understanding budgeting. After that, get a very, very broad perspective on investing…”
Stocks, bonds, cash, real estate, precious metals—learn what they are and how they work. You don’t have to master them all at once; the goal is to feel comfortable enough to ask smarter questions and make better choices.
The takeaway? Build a broad base of knowledge. Financial literacy is the foundation of every great financial decision.
3. Learn by Doing, Do It Gradually
Peter believes the best learning happens when real money is involved—but there’s wisdom in starting slowly.
“If you have a thousand dollars to invest, put—even if it’s as little as $100… you will start following that company like a hawk.”
By investing a small amount, you become engaged and invested emotionally, too. This creates a relationship with your investment, teaching lessons that books alone can’t.
The lesson? Begin with manageable stakes. Learn from experience, then scale up as your confidence grows.
4. Emotional Intelligence Matter More Than Timing
Many investors stumble not because of markets, but because of emotions.
“Probably one of the biggest things is people are impatient. They don’t necessarily take the time to do the research necessary.”
Peter stresses the power of emotional discipline: if you’ve done your homework, it’s easier to ride out volatility without panic.
“If you’ve put in the time and effort to understand… you can ride out volatility a lot more easily.”
The takeaway? Success isn’t about perfect timing. It’s about patience and staying committed when markets inevitably fluctuate.
5. Keep an Open Mind
Perhaps Peter’s most liberating advice is about humility and adaptability.
“Keep an open mind. Things can change… The absolute most successful investors are the ones that can change their point of view when the facts have changed.”
Markets evolve, and so must we. The wisest investors never believe they have the final answer—they stay curious and flexible.
“They’re always willing to consider new sources of input… Things change all the time and they change faster than they ever do.”
The takeaway? Stay humble. Keep questioning. Adapt as the world shifts.
Final Thoughts
Peter Krauth’s insights remind us that building generational wealth isn’t about chasing the latest trend or trying to outsmart the market. It’s rooted in habits, discipline, emotional resilience, and choosing your circle wisely.
Above all, it’s about staying curious and asking questions, no matter where you are on your journey:
“Just be inquisitive. Don’t be afraid to ask questions… Everyone had to start somewhere.”
As you move forward, start small, stay patient, keep learning—and stay open to change.
Thanks for reading! 🫶
Much love,
Writer l Speaker l CEO of Living Your Greatness
P.S. If you have not tuned in to any episodes yet of Building Generational Wealth, I encourage you to start by watching the previous episodes ( 1 - Peter Grandich, 2 - Michael Gentile and 3 - Daniela Cambone, 4 - Rick Rule).
Notes
Read my newsletter archive
Subscribe to my newsletter on Substack
Listen to my podcast on Spotify, Apple Podcast, Amazon Music, and YouTube
Become a sponsor of a newsletter issue
Enjoy reading?
Help Living Your Greatness grow by sharing this newsletter with a friend and becoming a paid subscriber here.