Secrets of the Self-Made: How Ordinary People Built Extraordinary Wealth
Jan 2, 2024
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Dr. Josh Axe shares success principles and wisdom from Elon Musk, Warren Buffett, Tony Robbins, Mark Cuban, and Dave Ramsey. Learn how to change your mindset, break generational debt, and achieve financial freedom. Explore biblical principles surrounding money, the importance of an abundance mindset, and steps to build wealth. Discover investing advice, hear a success story about flipping homes and rental income, and learn wealth-building strategies and mindset tips.
01:14:21
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Quick takeaways
Having the right mindset about money is crucial for building wealth and it's important to believe that making money is not evil and wealth can be used to bless others.
The principle of sewing and reaping is a key aspect of building wealth, where being generous and sewing seeds of value and goodness into the lives of others will result in a bountiful harvest.
Creating a detailed plan and budget is essential for building wealth, which involves setting goals, living within your means, getting out of debt, and saving for emergencies.
Deep dives
Mindset about Money and Generosity
Having the right mindset about money is crucial for building wealth. It is important to believe that making money is not evil and that wealth can be used to bless others. Generosity should be at the core of your financial mindset, knowing that the more you give, the more it will come back to you.
The Principle of Sewing and Reaping
The principle of sewing and reaping is a key aspect of building wealth. Being generous and sewing seeds of value and goodness into the lives of others will result in a bountiful harvest. Giving 10% or more of your income and investing in organizations that do good in the world can lead to divine blessings and abundance.
Building a Wealthy Mindset
Having a wealthy mindset involves focusing on adding value to others, constantly learning and improving your skills, and not letting fear be a roadblock. Committing to random acts of kindness and viewing time as more valuable than money are also important principles for building wealth.
Planning and Goal Setting
Creating a detailed plan and budget is essential for building wealth. Setting goals and thinking about the future can help guide financial decisions. It is important to live within your means, get out of debt, and save for emergencies. A balanced approach to money prioritizes faith, family, health, career, and finances.
The Importance of Giving and Teaching Others to Earn Money
One of the main ideas discussed in this podcast is the importance of not just giving money, but also teaching people how to make money for themselves. The speaker emphasizes the principle of giving a hand up rather than a handout. They discuss the concept of a charity ladder, where individuals aim to give a minimum threshold of their income but also look for other ways to bless and meet the needs of others. The podcast also mentions examples of individuals who have gone beyond the minimum threshold of giving and have chosen to give a larger percentage of their wealth as they became more financially blessed.
Principles of Budgeting, Investing, and Wealth Building
The podcast episode highlights various principles of budgeting, investing, and wealth building. The speaker suggests prioritizing giving 10% of income to church or ministries and then investing the next 10% towards future goals such as paying off debt or investing in savings, stocks, real estate, personal growth, or small business ventures. It is also mentioned to be mindful of taxes and allocate an appropriate percentage towards tax obligations. The podcast advises living off the remaining percentage and being intentional about expenses. Furthermore, the podcast provides insights about investing in oneself and one's business, taking smart risks, investing for the long term, and diversifying investments. Other wealth-building tips shared include being patient, investing in quality companies, gaining knowledge from higher net worth individuals, and considering the power of compounding interest. Additionally, the podcast provides an example of using real estate as a means of generating income and building wealth.
50% of Americans have reported that finances have had a negative impact on their mental health.
Dr. Josh Axe is back to share the principles of success and wisdom when it comes to your finances. He presents personal insights and empowering advice from Elon Musk, Warren Buffett, Tony Robbins, Mark Cuban, Dave Ramsey, and more! Learn how to change your mindset and transform your money habits.
Dr. Josh Axe dives into:
Why it’s important to recognize the “why behind your wealth”
Biblical principles surrounding money
How to shift from a scarcity to abundance mindset
Steps to break generational debt
Success principles and tips from some of the most successful people
Tune in to transform your relationship with money! This episode will leave you energized and equipped to make positive changes. Dr. Josh dives deep into core principles that can help you achieve financial freedom, no matter where you're starting from.
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