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.
0:00 Intro
3:44 “The rich have money, the wealthy have time.”
6:33 Preface, there are some hurdles…
- First hurdle – not having an epiphany
- Second hurdle – putting an epiphany into a context of bigger picture/vision
- Third hurdle – framework or format to execute
- Last hurdle – getting it done… Grit…
13:02 Shoutout to Troy Evans
13:46 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.
17:11 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:
- They live well below their means
- They use their time, money, and energy very efficiently
- Financial independence not wealth artifacts
- They don’t have parental economic support
- They nurture self sufficient adult children
- Leveraging market opportunities
- 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/
*Credits*
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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