Introduction: From The Trashman To The Cash Man
In this article, we are going to cover a brief summary of the book “From the Trashman to the Cash Man”. Make sure to read till the end to get all the golden nuggets.
Have you wondered how some people build a multi-million dollar business from the scratch? It’s truly remarkable to see their success and wonder what sets them apart from others.
What really makes some individuals wealthy, while others remain in the lower class? It’s a thought that has crossed many minds, including mine.
Perhaps you’ve observed that some of the most intelligent individuals out there never seem to achieve more than a middle-class lifestyle. The reality is, they simply don’t know the key actions necessary to become a millionaire.
Maybe you’re interested in learning the practical strategies that can make you rich regardless of where you’re starting from.
In this article, I’d like to share with you some valuable insights from a book called “From The Trashman To The Cash Man: How Anyone Can Get Rich Starting From Anywhere” written by Myron Golden.
This book is a great resource for anyone who’s interested in creating wealth and achieving financial success. I believe it contains principles that many people could benefit from.
In this book review, I’ll be presenting a brief summary of the key points discussed in the book. I think will be helpful for those who haven’t had the chance to read it yet. So let’s dive into some of the secrets to success that Myron Golden reveals in his book!
Who is Myron Golden?
Let’s take a moment to talk about Myron Golden, the author of “From The Trashman To The Cash Man: How Anyone Can Get Rich Starting From Anywhere.“
Myron grew up in poverty and struggled with various setbacks throughout his life. He didn’t excel in school, was extremely shy, and even contracted polio as a child, which left one of his legs significantly longer than the other, making it difficult for him to participate in athletic activities.
Despite these challenges, Myron was willing to work hard and persevere. He started his career as a garbage man, earning just $6.35 an hour, but he was determined to turn his life around.
In one memorable moment, when his wife was pregnant and their electricity and water supply were cut off, Myron realized he needed to make a change.
He turned to God and learned fundamental principles that helped him make millions of dollars. The book he wrote is all about these principles, and how they helped him go from a seemingly hopeless situation to a life of financial abundance.
What You Can Learn from “From The Trashman To The Cash Man”?
If you’re interested in making more money than you ever thought possible, this book is definitely for you. Myron shares insights and knowledge that most people have never been taught, and certainly won’t learn from a teacher earning a modest salary.
However, if you’re the type of person who constantly makes excuses and blames circumstances for your lack of success, this book may not be for you. Myron’s principles require hard work and dedication, and if you’re not willing to put in the effort, you won’t see results.
While I can’t reveal everything that’s covered in the book, I can share some of my favorite parts with you. So, if you’re interested in learning more, I highly recommend picking up a copy and reading it for yourself.
The Four Panes of the Window of Opportunity
Myron Golden introduces the concept of the “window of opportunity,” which represents the different ways in which a person can make money. This window is divided into four panes, each representing a different way to make money.
Having a Job (H.A.J)
The first pane represents having a job (H.A.J), which is the most common but also the worst way to make money. Most people believe that having a job is the only way to make money, and they never question this assumption, even if they dislike their job.
Owning a Job (O.A.J)
The second pane represents owning a job (O.A.J). This is what most people do when they start a business. For example, a painter working for a painting company might quit his job and start his own business as a painter, working for himself as a freelancer. Owning a job provides more control than having a job. Having a job requires trading time for money, and there is no security of a regular paycheck and benefits. This is why Myron Golden calls it “owning a job” – it’s still the same job, just with more control but less security.
Owning a System (O.A.S)
The third pane represents owning a system (O.A.S), which is a much better way to make money than the first two options. Owning a system means having a business that pays you even when you’re not working. There are many different types of businesses, big and small, that can function as a system. Unlike the first two options, how much money you make doesn’t depend on the work you do day to day. You can work as much or as little as you want, and the amount of money you make is pretty much unlimited.
The reason so few people own a system is that most people are addicted to getting a paycheck. When you’re building a system, you don’t get paid anything initially, and most people don’t have the patience to work for “no pay” for a while to set up the system.
Sowing Money Seeds (S.M.S)
The fourth pane represents sowing money seeds (S.M.S), which means investing your money in things that will create more money. This could be stocks, bonds, real estate, oil wells, or any other investment that gives you more money in return.
The Three Financial Houses: From The Trashman To The Cash Man
Myron Golden goes on to discuss the three kinds of financial houses: the poor financial house, the middle-class financial house, and the rich financial house. Each house has four windows: an income window, a wealth-reducing liabilities window, an income-producing assets window, and an Outgo window.
Poor Financial House
In the poor financial house, all the money that comes in through the income window goes right back out again through the Outgo window. Poor people spend all of the money they get from their job on bills, food, and entertainment, and they never have any money left over.
Middle-Class Financial House
The middle-class financial house is a little more complicated. By earning more money through their middle-class jobs, they expand their income window. From there, they allocate some of it towards bills and entertainment, the Outgo window. The remaining amount goes towards the wealth-reducing liabilities window. This is where they purchase items such as boats, cars, college degrees, and other things to keep up with others. This goes into their wealth-reducing liabilities window. It is usually financed with debt, which they have to pay back with interest. This increases the amount of money they have to put back through the Outgo window. So, they end up in the same situation as people with low incomes. All of their money going to pay for basic bills, entertainment, and debt.
Rich Financial House
In the rich financial house, the money that comes in through the income window goes into the income-producing assets window. They use this money to buy assets that generate more income, such as rental properties, stocks, and other investments. As their assets generate more income, they become financially independent.
In this house, the income window is used to create income-producing assets, which means that the money you make from your job is not used to pay for expenses or to acquire liabilities but is invested in assets that will generate income.
Income-producing assets can include rental properties, stocks, bonds, or any other investment that generates income. When you have income-producing assets, you no longer rely on your job to make money because your assets are generating income for you.
The Outgo Window in the Rich Financial House
The Outgo window in the rich financial house is also different from the other houses. In poor and middle-class houses, the Outgo window is where all the money goes out to pay for expenses and liabilities. In the rich financial house, the Outgo window is used to acquire more income-producing assets.
The rich invest their money wisely, so instead of spending it on liabilities, they use it to acquire assets that will generate more income. This creates a cycle of wealth creation because of the more income-producing assets you have. The more income they generate, the more assets they can acquire.
By building income-producing assets, you can create a passive income stream that will provide you with financial security and freedom. The rich understand that the key to building wealth is not how much money you make but how much money you keep and how you invest it.
The Income-Producing Assets Window in The Rich Financial House
The rich, at least when they’re starting out, put most of their income that comes in through the income window into the income-producing assets window. The assets could be stocks, bonds, or real estate. They could also invest in their own knowledge by buying books like this one or purchasing online courses. It may also be possible that they could make a capital investment into new businesses they’re starting.
Of course, they still have to send out some of their money to the Outgo window to pay for their bills. Moreover, they still pay for wealth-reducing liabilities like boats, cars, and similar kinds of things. But the difference is that they put most of their money into things that will make them money in return.
After a while, all the money that they’ve put into the income-producing assets window starts coming back. It starts making money and coming back into the income window. Their assets make money for them, and then they put that money into buying still more assets, so their money just expands infinitely.
So, if you want to be rich, even if you’re poor or middle-class, and you want to build your financial house the same way the rich do, then you have to give up buying new cars and fancy dinners. If you want to be rich in the future, that’s the way to do it.
Why being a VM is better than being a VP: The millionaire lifestyle without climbing the corporate ladder
Another concept I found compelling was that it’s better to be a VM than a VP. You know, most people think the way to success is to work really hard at your job, climb the corporate ladder, get promoted, and then if you make the VP position, then you’re doing pretty well.
It is much better and much easier to become a VM, which Myron calls a virtual millionaire. If you play the corporate game long enough, you can become a millionaire.
Actually, a lot of upper-middle-class people eventually become millionaires. For example, if you get a job that pays a hundred thousand dollars a year and you save 25% of that for 40 years, you will have saved a million dollars, plus a little extra for compound interest.
What do you do with that money?
Well, if you invest a million dollars at, let’s say, 6% interest per year, that means you’re making $60,000 per year from your investment.
You probably don’t want to spend the original million dollars because that means you’re cutting into your income.
But basically, having a million dollars in the bank means you get to earn $60,000 per year without working.
Though being a millionaire if you’re not working means you get to live a $60,000 per year lifestyle, there are much easier, much faster ways to live that same millionaire lifestyle without having to slave away at that miserable corporate job for 40 years.
The best way is to own a business system. That means you can have a website, an e-commerce store, an MLM business, or an affiliate marketing business.
If you can create a system that brings in sixty thousand dollars per year of passive income, then you have created the same lifestyle for yourself as somebody who slaved away for 40 years at a desk job to make a million dollars.
You only have to make five thousand dollars per month in income to be living the same lifestyle as a millionaire.
That’s why it’s better to be a VM than a VP. So, that’s just a small taste of the information that you learn in this book. I definitely recommend that you buy the book.
Conclusion: From The Trashman To The Cash Man
In conclusion, “From The Trashman To The Cash Man: How Anyone Can Get Rich Starting From Anywhere“ by Myron Golden is a valuable resource for anyone looking to create wealth and achieve financial success. Myron’s life story demonstrates that anyone can achieve their dreams through hard work and perseverance. The book covers key principles for building wealth, such as the four panes of the window of opportunity and the three financial houses. These concepts provide readers with a clear understanding of how to generate income, reduce liabilities, and invest in income-producing assets. The principles outlined in the book require dedication and hard work. It offers a roadmap for achieving financial freedom regardless of where you’re starting.
To learn more about Myron Golden, you can read our recent posts that were published on him if you’re interested.