Mobile Home Parks In Real Life (MHP_IRL) MMW: Wealth Building Wisdom Evolution
5 snips
Dec 15, 2021 Discover how the mindset of wealth evolves from middle class to ultra rich. Learn the crucial distinction between income and net worth, and why focusing on passive income is key to building real wealth. Gain insights on transforming your thinking to elevate your financial status. This engaging discussion offers invaluable tips for those ready to shift their perspective and achieve their financial goals.
AI Snips
Chapters
Transcript
Episode notes
Ryan Norris's Salary Struggles
- Ryan Norris shares his journey chasing a $100,000 salary after college and struggling to meet his goals.
- Despite improvements, he faced setbacks, including pay cuts and disillusionment with traditional career paths.
Living Frugally to Build Wealth
- Ryan quit his job and lived frugally in a mobile home park, paying himself a low salary while reinvesting earnings.
- This taught him the value of low expenses and focusing on building net worth over annual income.
Shift Focus to Net Worth
- Middle class people obsess over yearly income while the rich focus on net worth growth.
- Net worth enables financial freedom without reliance on taxable income or promotions.