The Complete Guide to Getting Rich with Special Guest Bobby Duncan
Published by Trey Stone on
Aug 15, 2020 4:50:00 PM
Host- Trey Stone
Co-Host- Bobby Duncan
Topic- The fallacies about literature like the magazine: “The Complete Guide to Getting Rich”
Some of the myths in this magazine were no different than they were 20+ years ago. There are a lot of books, magazines, and how-to’s about this topic that don’t actually give you actionable information. They don’t give you steps to take or guide you on what to do. Trey Stone addresses bogus material and validates anything that is actually helpful in these types of books.
Trey saw the magazine, “The Complete Guide to Getting Rich,” at a checkout aisle in Whole Foods. He asked his wife to look at it without any of her knowledge and experience, but from an outsider perspective and he asked what would stand out to her about the magazine. Trey’s wife explained the placement and vulnerability of putting it in a grocery aisle. She would think about how hard she’s working and how tired she is which would lead her to ask what she is doing wrong and maybe this magazine knows.
What’s Not in the Magazine
If you want to build wealth early in your life, you should live within your means. You should also work for money and as you make that money you take a percentage and set it aside into your savings account. As that savings accumulates, invest in something simple that you can understand. Save the money from the investments on top of your monthly savings. It grows at a rapid pace and then you can re-invest that. Warren Buffet refers to this as compound interest and the most powerful form of investment known to man. On a graph, it’s growing on an upward curve. As much as we don’t want to focus on math- money is governed by math. Spend less, save more, invest in something, allow money from investments to go back into savings, then you build wealth.
Even millionaires/billionaires should follow these principles. A huge percentage of athletes in professional leagues go broke. Big entrepreneurs also fail. You can’t get away from the basic math of money regardless of how you start out and how much you earn. All of us ultimately have to play by the same rules.
“Math doesn’t care who you are, it all adds up the same.” Trey Stone
At the end of the day, the basic principles that we should have all been taught early in life are the principles that govern whether you build up wealth or keep that wealth.
“Savings Advice from Millionaires”
The magazine references a section with this title, implying that millionaires have a secret to saving. Trey says there’s no secret and all money adds up the same way. It’s simple- if you don’t take a percentage of the money coming in and set it aside for yourself, you can’t build wealth. You have to take the money off of the top to save it and then invest it. If you never invest the money, you’re going to shrink it because of inflation. As time goes on, it will be worth less. Pay yourself first- before your other payments towards credit cards, car payments, etc. Trey Stone says millionaires don’t have secrets, you just follow the same principles that have worked for hundreds of years.
“The 5 Dos and Don’ts of Kid Cash Conversations”
One of the things people say is “I haven’t been able to build any wealth and I don’t want my kids to make the same mistakes so I’m teaching them how to do it.” Trey admires the intent but he says if you don’t understand money yourself, you’re not qualified to teach anyone. The way to resolve it is to figure out how you can become successful when it comes to money and once you’ve accomplished it then start teaching it. Use the simple formula of saving from the top and investing, then reinvesting to accomplish this. For people who want to teach their kids about this, you should look at your results. If your results are bad then go get better results. If your results are good then definitely teach what you’re doing.
Get back to basics, stay away from gimmicky magazines, and check out Trey’s reading list for some valuable and realistic information- email firstname.lastname@example.org for a copy.