How to CREATE Wealth when you earn Minimum Wage

28/12/2023 51 min
How to CREATE Wealth when you earn Minimum Wage

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Episode Synopsis

**Show Notes: The Backyard Millionaire Radio Show - 12/28/2023**Chris Story www.ILoveHomerAlaska.com---**Opening Segment: Morning Reflection**- Set against the picturesque backdrop of the Kenai Mountain Range and Kachemak Bay at sunrise.-I'm Ever Grateful for a moment of tranquility with a steaming mug of Captains Coffee.---**Segment 1: Building Wealth on a Modest Income**- Email discussion on building wealth with a minimum or modest wage.- Introduction to the Golden Shovel Principle: Leverage X Effort = Gold.- Emphasizes the importance of learning about investing before entering the market.- Encourages opening an "Investment Account" with a small deposit.- Advises adopting an investor mindset, even with limited resources.- Practical tips for renters to treat their homes as owners and engage with landlords.---**Segment 2: What’s at the End of Your Rainbow?**- Reference to Napoleon Hill's article, "Hills Golden Rule - 9/1921."- Reflection on Hill's life lessons about the pursuit of money and the pot of gold.- Highlights the importance of a holistic approach to life beyond monetary goals.- Reference to the song "Somewhere Over the Rainbow."---**Segment 3: Maximizing Reading and Influence**- Introduces Mortimer Adler's "How to Read a Book" formula: R2A2.- Transition to Dale Carnegie's principles on increasing influence.- Five key principles from "How to Win Friends and Influence People."---**Segment 4: Wisdom from Benjamin Franklin**- Quotes from Benjamin Franklin on growth, progress, education, and healthy habits.- Emphasizes the value of involvement and continuous learning.---**Segment 5: Real Estate Insights from Robert Kiyosaki**- Key principles from Robert Kiyosaki's "Rich Dad Poor Dad" on real estate: 1. Cash Flow is King. 2. Use Other People's Money (OPM). 3. Emphasizes business education. 4. Advocates for problem-solving in real estate.---**Segment 6: Making an Offer**- Three key aspects to increase offer acceptance chances: Shrinkage, Terms, and Price.- Advice on keeping time frames tight, simplifying terms, and presenting an attractive price.---YOU really can make a million bucks in your own backyard!