Podcast Episode 035 – The Millionaire Next Door


In this episode of the Business Broken to Smokin’ Podcast:
Lodestone True North’s Head Coach Mark Whitmore and his right hand man Shane Kardos discuss the book “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy” by Thomas J. Stanley & William D. Danko.

3:44 “The rich have money, the wealthy have time.”
6:33 Preface, there are some hurdles…

  1. First hurdle – not having an epiphany
  2. Second hurdle – putting an epiphany into a context of bigger picture/vision
  3. Third hurdle – framework or format to execute
  4. Last hurdle – getting it done… Grit…

13:02 Shoutout to Troy Evans
Book Reference – Richest Man in Babylon by George S Clason

15:49 10 Pieces of Gold story: 7 pieces of gold for everyday expenses, 1 piece of gold goes to payoff (not service) debt, 1 piece of gold goes to savings, 1 piece of gold goes to invest.
Book Reference – Profit First

22:23 PAW and UAW (Pages 13-14 of the book)

Equation: Your Age  x  Realized Pretax Annual Household Income.
Take this number and divide by 10.
This (less any inherited wealth) is what your net worth should be.

25:37 Seven common denominators of wealthy people:

  1. They live well below their means
  2. They use their time, money, and energy very efficiently
  3. Financial independence not wealth artifacts
  4. They don’t have parental economic support
  5. They nurture self sufficient adult children
  6. Leveraging market opportunities
  7. Choose the right vocation

38:29 Take aways:
39:21 Wealth does not equal income
39:56 Spend less than you make
40:36 The book is full of lots of stats
41:21 Self control
41:51 Unity with your spouse
42:51 You need to put your money to work
44:38 Budgeting vs. book-keeping
45:39 Folks that figure out how to focus on just a few things get a lot more done
47:09 Get good at ignoring what people may think about you
48:13 Shoutout to Lucas Cole of Epipheo https://epipheo.com/

Music – Twice as Hard by The Black Crows (from their album “Shake Your Money Maker”)

Website: https://www.lodestonetruenorth.com
Website: https://www.bigeasydesk.com
LinkedIn Book Club Group: https://www.linkedin.com/groups/14158790/
LinkedIn Mark: https://www.linkedin.com/in/mark-whitmore-lodestone/
LinkedIn Lodestone: https://www.linkedin.com/company/lodestone-true-north
Lodestone Online Courses: https://lodestone.thinkific.com

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Mark Whitmore

Mark Whitmore

Mark Whitmore is the Head Coach and founder of Lodestone True North, a dynamic firm of experienced business coaches who help entrepreneurs and managers get to their Land of Awesome.

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