Now, I’ve had a conversation with two different business owners over the past week, which brings me to this conversation with you on how to get rich. Now, both of these business owners had an idea. They’d seen people on social media advertising their marketplace, the way that they do it, right? And it was kind of that flashy tone, the Bentley, the nice house, the vacations, the stuff that all of us probably want.
Well, I’ve had the opportunity of coaching extremely wealthy individuals, extremely successful people, both in the areas of their personal lives and their business, but especially in this conversation the areas of finance. And what I mean by finance is building true wealth. These are actually very wealthy people. They’re multi-millionaires. And so, the way that they got there is the opposite of what you probably think. It’s not sexy and I know listening to something like this if you want to know the secret to getting rich, well the secret I would say to getting rich is common sense. And, of course, you know common sense just isn’t that common. We hear that all the time, but the truth is these people had saved up. They didn’t live beyond their means. Now, in their business at times they took calculated, I mean calculated, risks with money and finance, but they always had a backup and they always worked hard.
Now, what they did, of course, as they’ve gotten very wealthy they’ve spent more money, but they didn’t do that. They looked at their values, their value propositions, and they really pushed forward with those making sure to do things that were free in life. And in their early years, and I would say early being 20s, 30s, and 40s, these people, for the most part, really focused on wealth accumulation rather than spending. Now, what do a lot of us do? We get a raise, we get a commission, we get a bonus or something along those lines and often times don’t we spend that within the first, you know, month or two or maybe some of us spend it in the first week or the first day.
We go out, we buy that thing we want. We buy that new snowboard, we buy that new car, we take everybody to dinner, we buy everybody drinks. Whatever it may be, we have money now. Hallelujah. But, what these people would do is they got a raise, they got a bonus, they would actually sock it away and act as if nothing had happened. And they would invest it. They would invest it and let their money work for there, almost like they were forgetting about it like they never had it. And they would live as if throughout these decades they only had their base salary covering their base needs.
Now, of course, they took trips, they did splurge on themselves, but not as much as you might think, not as much as these get rich quick schemes or people that are throwing this on YouTube or Facebook or you see them everywhere like, you know, driving this, this house in the Hollywood hills, and these are all my Ferrari’s. Yeah, no big deal. Heres me with these different supermodels. You know, when you look behind the scenes the house is not theirs. It’s just leased against the business. You know, the girls are rented and the cars are leased as well and they’re not owned by even the company. They’re investments. The person is fake. They’re a public figure trying to sell you the opportunity to get rich.
I’m here presenting maybe a difference, right? And a couple of resources that I use, my wife and I both like, as we’re on this path, right? We’re on this path to build wealth so we can live our Author of Your Own Story lifestyle now, but then, later on, we can leave a legacy and really give, really give of our gifts and give to people that are just less fortunate. So, one resource that I’m gonna recommend throughout there is the Millionaire Next Door. I think this book is really good because it takes away that mystery, right, of the neighbor next door, down the street whose got the brand new cars and, you know, all the fancy toys. Come to find out they’re actually bankrupt or broke, right? Where the actual person driving the Ford Taurus, nothing wrong with that, but, you know, five, 10 year old car might actually be a millionaire. So, great book.
I also really like if you’re at this base stage, Dave Ramsay. I think he has a lot to add to the conversation and my wife and I still listen to him even though we fully understand his methodology just to stay in the conversation, right? So, it keeps us with the common language and we can really talk about it. So, I recommend checking Dave out. Its got a Christian slant to it and I don’t see that as a negative thing, but if you’re not a Christian, you know, give or take whatever you want. You know? We just like the talk, the tone. I really recommend his Millionaire Hour, right? He’s got one, a couple of episodes, where he talks to Millionaires and “Hey, how did you do it?” And it’s exactly what I’m telling you. It’s exactly what my clients have done.
You know, I have a couple clients that inherited a lot of money and that’s great for them, but most of my clients actually worked from the bottom to the top. And the way they did that is really by being frugal, really frugal and frugal just means being smart with your money. That’s all it really means. So, it’s not a negative term in my eyes. So, those are two resources you can do and, yes, Dave Ramsay, if you look at his baby steps is what he calls it, mathematically paying off your debt in his methodology, you know, doesn’t work, right? He says that. Like the math doesn’t work, you know, ’cause obviously I think you pay off the highest interest, but he’s saying something that rings true to me in my practice, which he’s saying “Look, I’ve worked with thousands of people. I just know this works and paying off the highest interest first for most people doesn’t.” And even though it’s counterintuitive he knows the math doesn’t work, but he’s saying this process works.
I know coaching, you know, both in the fitness field and moving on to coaching business owners, I’ve worked with literally 10s of thousands of people through those fields and most all of the ones have worked in the fitness are all business owners and I can tell you that, you know, there are certain methodologies that you need to employ in order to get to your outcome. They’re not always the logical ones. The path isn’t always linear to get there. So, check him out. See what you think and then if you’re looking for some more advanced opportunities for financial education there are tons of resources. This is a quest that I’ve been on for years and I’m fortunate enough to have some great friends who are amazing at this. So, thank you for listening and always offering me advice, but if you guys have looking for other resources I’m by no means a financial expert or adviser, but I want to give you kind of a realistic look at how people really do it. Not this fake, shiny object syndrome.
It also gets me to thinking, you know, where else in my five to thrive am I chasing a unicorn? Kind of a fake path so to speak and really maybe I want to narrow it down and say “Hey, what is the basics? Who is the expert that knows the path to success?” And this is why I always have a coach and mentor in my corner. It’s like having a boxing coach in your corner always telling you what you need to be doing even though you think you might know, but they can see you better. So, if you can’t, you know, get a coach obviously books are a great way. Audible is something that I always employ, but I encourage [inaudible 00:07:10] grab your five to thrive and look at that and say “Hey, where are my five to thrive? Am I possible trying to take the path of the get rich quick?” Right? “Or am I taking drugs for dieting, right? Or muscle gaining when I really shouldn’t be?” Or somebody selling this thing.
We see it all the time in fitness and I’ve been in that world for so long where people are selling a workout and a diet regimen, but they don’t tell you that they’re on steroids, clenbuterol, they’re doing all these things to their body and poisoning themselves. And it’s very short term, but they don’t tell you that part. Or, you know, in the areas of business I see this all the time, these kind of, you know, straw men type business that, you know, when I get a chance to look at the financials from an investor standpoint and that’s something that I do now is I invest in businesses through my coaching, it’s an equity trade, but when I look in their PNL’s I’m like “Holy smokes. This business is almost bankrupt.” And on the outside, though it looks great. It’s polished. It looks amazing.
Talk to bankers. If you know any banker friends you’ll see that too. So, what else in my five to thrive and your five to thrive are we going after that get rich quick idea rather than looking at the basics and the fundamentals and let’s make a shift. Let’s make a power shift at this moment together, both of us, and go the right direction so we have more leverage and freedom so we can climb to the Author of Your Own Story lifestyle, which I want for you.
That’s it for me today. I hope that helps you out. I know it’s not a sexy conversation to be having, but it’s just the basics, right? And sticking to the basics is sometimes the sexiest because it gets you to your goal and that’s what I want for you. As always go to authorofyourownstory.com to get the latest tips, tricks, and techniques right to your inbox and sign up for the Author of Your own Story university. This February we’re opening the doors back up and we’re doing a deep dive and I want you to be a part of that. I really want you to be included and I want us to have conversations that matter. Let’s keep these conversations going, let’s keep talking about it.
So, go over there, sign up, get on the waitlist. It’s no commitment necessary to get on the waitlist. If you have any questions about that just let me know personally. I’m easy to find on social media or anywhere else or anybody else on our team are happy to let you know and make sure it’s a good fit for you. So, that’s the Author of Your Own Story university. Highly recommend it, of course, and I want you to be a part of it. Go out today. Be the author of your own story. Inspire somebody just by being yourself. What a radical thought, right? Inspire somebody ’cause you know you will. And I will see you tomorrow. Take care.
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