KS 405 - Building Wealth with Faith-Based Strategies

Unlock the secrets to blending faith with financial success and discover how you can transform your relationship with money through biblical principles. Join me, Tyler McHart, as we pause our financial freedom series to explore how consistent action, inspired by Proverbs 21:25-26, can lead to tangible results. Drawing insights from Myron Gold's transformative book "From the Trash Man to the Cash Man," we'll uncover strategies to overcome poverty mindsets and create income-producing assets. Learn how to shift from merely working for money to empowering your money to work for you, and hear real success stories of Marketplace Christians who've applied these principles to thrive professionally and spiritually.

Dive into the wealth of knowledge that successful business leaders offer, while discerning which lessons are truly worth embracing. We'll discuss three core principles that pave the way to a richer life, not just in terms of finances but in relationships, family, and social spheres. With an abundance of resources at your fingertips, especially in the United States, growth and prosperity are more achievable than ever. Embrace a kingdom success mindset and join me as we explore how faith-infused strategies not only enhance your professional journey but enrich every facet of your life.

Chapters

• 0:02 Marketplace Christian Success Principles
• 18:02 Wealth Principles for Success

Transcript

Speaker 1: 0:02

Proverbs 22,. Verse 29 says Do you see a man skillful in his work? He will stand before kings. He will not stand before obscure men. Fellow Marketplace Christians, stop apologizing and start winning. Welcome to the Success Edge, the show that helps you take your walk as a Marketplace Christian to the next level. Here's your host Christian entrepreneur Tyler McHart.

Speaker 2: 0:30

What's going on? Kingdom Success listeners, tyler McHart coming at you, episode 405. All right, so I'm actually getting ready to go and join a group of awesome godly men and work out together, so I don't have a whole lot of time. But before I jump into my things. Let's kind of pause real quick, guys, okay. So, father Jesus, holy Spirit, we worship you guys.

Speaker 3: 1:06

We worship you guys. We worship you. We just slow down right now, lord. We slow down. Thank you, lord. We focus on you, father, we adore you. We focus on you. Thank you, lord, thank you, we adore you, we focus on you. Thank you, lord, thank you, thank you, lord. We worship you, father, we honor you, we honor you. Thank you, lord. Thank you so much. We bless your name, bless your name.

Speaker 2: 1:51

Thank you, lord, in Jesus name Amen so I know I've been going through a series of financial freedom and kind of the story of my process of becoming financially free. Now I wanted to take a quick pause with that series and I just felt led to actually talk about this right here and I feel like it's going to be a good topic. I feel like it's going to be something that's going to help you guys. It helped me help kind of clarify some things, but this was many, many years ago and I'll admit that it's. It feels good. Let me just say this it really does feel good when you have been doing these things, or you learned these things a long time ago and you've been incorporating them in your life consistently that's's a key word consistently and you see the fruit of them. It's so important.

Speaker 2: 3:14

But let me read this I read this actually in Proverbs 21, and it kind of spurred me on to want to do this episode today. So Proverbs 21, verse 25 through 26. To do this episode today? So Proverbs 21, verse 25 through 26. So the desire of the lazy kills him for the, for his hands refuse to labor, he craves all day long and does not work, but the righteous willingly gives and does not withhold what he has.

Speaker 2: 3:44

Okay, so I'm reading a book right now by Myron Gold I think it's Goldman or Gold, Anyway, and the title of the book is basically From the Trash man to the Cash man and it's been a really good read. It gives a lot of things to think about, to do, to act on, for you know, with what you want to do with yourself and your life and how to create income and how to actually overcome any kind of poverty mindset, how to actually become an entrepreneur, how to, you know, look for and create and think through creating income-producing assets. It's just a really good book. Highly recommend it.

Speaker 2: 4:48

You've probably maybe seen him on YouTube possibly. He does a pretty good job of his content and he's got two channels actually out there. He's got one channel that is all about just business, pure business and kind of what he talks about in that podcast, but then he also has a second channel that is his Bible study, and one of the reasons why I like it and I'm actually promoting it to you guys, I like it and I'm actually promoting it to you guys is he talks about how to apply biblical principles in the marketplace, which I gang. I mean that's really one of the that's probably the one of the foundational, one of the hallmark things of this podcast, of why I do this podcast, is so that you guys can either go get resources that I find or that I hear about. Secondly, where I actually talk about biblical principles that I'm applying in my own life, in the marketplace and where you actually can go and apply them yourselves and even tell me stories about that, because, hey, I'm all about you know you guys telling me stories and you know I've had several of you guys always do that and I continue to encourage you to always reach out to me and message me. You can actually do that inside the app player that you have, whether it's Apple, Spotify, Google. I think I've got a send me a message link that you guys can take advantage of.

Speaker 2: 6:36

But anyway, he talks about in the book and I'm not going to go into in depth, but he talks about mindset of the rich and the mindset of the poor, and I want to read this opening statement that he makes actually in that chapter, which was kind of set up even more of what I want to talk about. So, rich people understand how money works. Poor people only understand how money to work for money. So let me say that again. Rich people understand how money works. Poor people only understand how to work for money. Let me get a quick sip of water and we'll jump into this, okay.

Speaker 3: 7:27

All right.

Speaker 2: 7:29

So there's some fundamental principles that make up the difference between how rich people think and how poor people think, and I want to give you just he lists out, I think about five, six, maybe seven things that he points out actually inside that chapter, but I'm just going to cover three of them. And so the first one is don't work for money, have money, work for you. So this is a concept that I learned in my early 20s. This was not taught to me by my parents, which I bless my parents, I appreciate them teaching me the value of a dollar bill and but you know my mom and dad, they weren't poor, by no stretch of the imagination, but they just didn't. They really didn't know how to teach these principles. Okay, which doesn't make them wrong, they were actually operating in these principles, but they just didn't know how to teach them to us kids. We probably had to either figure it out for ourselves or we had to observe them and kind of figure it out for ourselves. So don't work for money, have money work for you. Poor people just don't understand this. They actually go it out for ourselves. So don't work for money, have money work for you. You know, poor people just don't understand this. They work, actually go and work for money. You know you have.

Speaker 2: 8:59

You know I learned this right here that you know there's really two ways of creating income in this world. You can either go, and you know, trade your time for money, can either go and you know, trade your time for money, or you can have your money, go and make money. I kind of like to equate it to where your money actually goes and makes other little baby monies. Okay, that's, that's the side of the equation that you need to get on sooner than later. You know, one of the basic ways to do that is obviously, you know, if you've got a bank and you know the bank has got a money markets uh uh account, you know, that's that's. You know really. I mean, that might be the basic or most basic level. Or even putting your money in, say, a CD or some kind of interest-bearing account, because there your money. If you saved up money and you've got money in there and you don't like sit there and frivolously spend it, guess what? That money is going to create other little baby monies. And that's this whole entire principle is being able to understand that. You know, once you start to accumulate money, once you start to accumulate money. This is very important. Once you start accumulating money, you don't just go and spend the money, you don't spend all the money.

Speaker 2: 10:40

Something I'm teaching my own children right now is the 10-10-10-70 principle. I used to teach 10-10-80, which is still a great principle, just to get started, but 10-10-10 70 is probably a better route. You know, you give a minimum of 10% to the Lord, you put away 10% for a rainy day and then you actually take 10% and you go and invest it into something that is going to create other baby money right, a little baby's money. Like you know, right now I've got a business of my own which is an options trading business and inside that options trading business, you know I take my time or not my time, but I take my money and I, you know, create uh options in an options business and I either buy a put or buy a call, or, you know, create a credit spread or net uh put credit spread or uh call credit spread, whatever it is, and you know I let my money do work for me for about 30 days and it creates other little baby monies. Okay, and I really liked that a lot. I mean I'm, you know I like being able to see the increase of that. Usually I'm in, you know, receiving at least between you know, somewhere as between eight and sometimes 12% on the money that I have tied up for 30 days. That's not a bad return, okay. So think about it that way, guys, you've got to be able to create, you know, money. You don't work for money, you have money, work for you. All right. Now you might start out working money. You don't work for money, you have money work for you. All right. Now you might start out working for money, which is kind of sometimes where we all start. But you've got to start to move yourself over to that side of the equation of actually having money work for you all right. Number two don't entertain yourself. Educate yourself, man. This is this one right here.

Speaker 2: 12:53

I learned when I was again 20 years old, or 22, 23 years old I remember, that my vehicle needed to turn into a university on wheels. So there and I say this that from from that time I realized that I needed to turn off the radio. You know, I think during that time, whenever I was living in Myrtle Beach, south Carolina, there was this radio station called I think it was called John Boy and Billy in the morning and you know I would be on my way to work, which was about a 25, 20-minute drive on my way to my job, and I would obviously have that on, or I would have on you know, the Christian radio station at the time playing Christian music. You know saying, oh I'm, you know, worshiping Jesus and everything like that and so forth. But I was kind of just being entertained by the DJs on there because they would tell funny stories of you know people's cats or you know silly things that kids said, you know, and it was just entertainment, you know to me, you know to me.

Speaker 2: 14:08

Well, I, whenever I got around wealthy people or people that had, you know, wealth, you know they talked about how they would educate themselves. They talked about how that, you know, they took their vehicle and made sure that they had something going on where they were learning something. Now, now I took that to heart and I began to convert my vehicle as a university on wheels. That was one of the things I did and it became a powerful asset to me.

Speaker 2: 14:49

And you know, now that YouTube is such a easy format, by the way, I'm actually exploring, actually making sure that I have my podcast, actually as a video podcast as well, so more of that probably to come, but here again, like right now, I'm actually learning about.

Speaker 2: 15:13

I'll just go ahead and tell you what I'm learning about. I'm learning about how to set up an Etsy store. I'm sitting there going you know why? Haven't I thought about this before? I just didn't know about this, and so I'm educating myself on how to do this myself, on how to do this, and again, I you know, instead of me just sitting there learning about the stats or what the college football rankings say and what the analysts are saying about this team and that team, and comparing all these different things that are going on, right now I I might do a little bit of that, but majority of my time, unless I'm with my family, I'm trying to educate myself on how to do certain things my current new opportunity that I've just gotten of becoming actually a wealth strategist a wealth strategist of helping families and actually business owners and real estate people investors be able to create their own bank and have a family bank and be able to take advantage of this infinite banking concept.

Speaker 2: 16:25

You know, I've just got my life insurance license and so I've been learning how to offer that and teach that to people right now, which is a powerful thing. So, again, don't, it's not a not a bad thing to entertain yourself. I'm not saying don't do that, I'm saying don't do it. You know as much. Educate yourself. And the last one that I think you know probably is the most important one for me, is choose your advisors wisely. Choose your advisors wisely. So this third, third aspect right here is probably served me very, very well. You know, you don't know what you don't know, and the Lord places people in your path for you to actually take advantage of and I don't say advantage, I'm talking about in a good, godly way of taking advantage of somebody, of actually gleaning from their wisdom and understanding.

Speaker 2: 17:33

I sat down with a gentleman just the other day having lunch with him. He's I think he's probably close to you know almost 70 years old. He's had multiple businesses. He's succeeded in businesses. He's failed in businesses. He shared with me multiple stories. He talked about how the Lord's helped him out on certain things and I was gaining a ton of wisdom from this gentleman and you know he is. You know there's certain areas of the life that I don't want to replicate, so I'm not going to maybe take advice from him from that, but at the same time I can definitely learn from him from a business standpoint and kind of understand what he did, what he didn't do, why he did certain things a certain way, and I can learn from that. So I guess what I want to get life where you want to be, or start taking advice from people that are making more money than you and understand them, understand what they're teaching, understand how they're teaching things. These are just basic core tenants to our actual you know what successful people do and rich people do versus what poor people and unsuccessful people do or lazy people. That's why I read the whole entire verse in the beginning. So those are just the three principles I just wanted to cover right there.

Speaker 2: 19:10

Guys, I'm telling you, if you take just these three principles and just apply them, you are going to become wealthy. You cannot help but become wealthy, and when I say wealthy it means more than money. You're going to become wealthy in the sense of your marriage. You're going to become wealthy in the sense of raising your kids. You're going to become wealthy in the sense of relating to other people and how to work with other people. You're going to become wealthy, you know, financially, it's all there, guys, there's an abundance. I mean YouTube's for free, the libraries are free, the books in the library are free, the libraries are free, the books in the library are free. I'm telling you, there's no excuse, no excuse not to be wealthy in our, especially in the United States of America, especially with you know what's getting ready to happen in the next four years.

Speaker 2: 20:10

So, kingdom success. Know that you're blessed, you're highly favored, you're empowered to prosper, you walk in divine health. The spirit of breakthrough is upon you. Guys and gang, we'll catch you on the other side.