Ten Legacy Lessons of Wealth - Frank AuCoin, Theresa AuCoin

Ten Legacy Lessons of Wealth (eBook)

What the Wealthy Teach Their Children That the Masses Don't Know

Frank AuCoin, Theresa AuCoin (Autoren)

eBook Download: EPUB

2024 | 1. Auflage
152 Seiten
Bookbaby (Verlag)
979-8-3509-4833-2 (ISBN)

In 'Ten Legacy Lessons of Wealth,' Frank AuCoin, a former sixth-grade dropout turned successful CEO, shares his straightforward wisdom on building lasting wealth. Through engaging stories, practical advice, and timeless insights, AuCoin provides a clear blueprint for creating generational prosperity. Whether you're seeking financial stability, stronger relationships, or a lasting legacy for your family, this book offers a simple yet powerful guide to achieving your goals. If you're ready to embrace the straightforward path to wealth, this book is for you.

Theresa, a graduate of Georgia Southern University, holds a master's degree in education with a focus on learning disabilities and special education. She's authored educational resources like 'The Specific Learning Disabilities Resource Program' that reflect her love and devotion for both teaching and children. After eight years of teaching special education, Theresa ventured into entrepreneurship alongside her husband, Frank. They established a chain of bookstores, called The Book Exchanges. Later they founded a thriving graphic sign franchise, Sign It Quick, Inc. Additionally, they manage over forty rental properties in South Carolina. Theresa is a contributing author to several books on leadership and financial empowerment for women. Her passion for health and wellness led Theresa to get certified in nutritional counseling and become an advocate for helping people become deliberate about creating excellent health. In her seventies, Theresa enjoys spending time with her children, grandchildren, and friends. She also loves to read, learn, garden, attend Pilates classes and tend to her chickens. Writing this book with Frank, her husband of fifty-plus years, has been one of Theresa's greatest joys of her entire life. For more information on the authors, visit www.FrankAuCoin.com.

Despite being a sixth-grade dropout and illiterate until his thirties, author Frank AuCoin is very often asked, "e;How do I build and keep wealth?"e; In Ten Legacy Lessons of Wealth, the CEO and franchiser imparts his simple and clear wisdom to learn how to create real generational wealth. In fact, Frank says, "e;If you can learn to tie your shoes, ride a bike, and drive a car, you can learn to become wealthy, and there is nothing on God's green earth to stop you."e;Through his rich storytelling, practical instruction, and nuggets of wisdom, you will walk away with a tried-and-true formula to build wealth, establish healthy relationships, and lead a maintainable and manageable inheritance for your children and for generations to come. If you are ready to accept that becoming wealthy is quite simple and certainly not as complex as most would have you believe, then you will love this book.

Legacy Lesson #2

There Are Two Economies

In speaking to audiences of thousands across the globe, I’m inevitably asked the question, “Mr. AuCoin, what do you think about the economy?” My response is always the same. “Which economy?” This response is usually met with confusion. “What do you mean?”

My simple answer is, “There are two economies that nobody talks about. There is a buyers’ economy and a suppliers’ economy.”

So, your second Legacy Lesson of Wealth is obvious. There are two economies. Now here is the thing: About 97% of all people are buyers who make up the poor and middle class, and only about 3% of the population are suppliers. The 97% get up every day, get dressed, and go to work and spend eight to ten hours a day working. They do this five to six days a week, fifty-two weeks a year for about forty-one years of their lives—doing something they cannot own, cannot sell, nor leave to their families, while making the 3% of the population who are the suppliers and their families wealthy.

So, you may want to consider walking away from the 97% and joining the 3%.

If all you are doing is working and buying, sooner or later you’ll be crying. But if you are working and supplying a product, service, or opportunity, multiplied by a large number of people, you could be dining and flying with the wealthy.

It now all made sense. I now knew what they meant when they said, “The poor get poorer, and the rich get richer.” The poor and middle class go out every day and work and get paid, and they look at the world and say, “What can I buy with this money I’ve made?”

The wealthy work every day, look at the world, and say, “What can I supply to all those who are buying?” It’s pretty obvious that if 97% of all people are sending all their money to the 3% of the people who supply the products, services, and opportunities, then the rich have to get richer. I don’t know about you, but this was one of the most profound things I think I’ve ever figured out. And my course of action was pretty simple. What product, service, or opportunity was I going to supply, and how many people could I supply?

Simply put, there are people who buy books and people who supply books. There are people who buy water and people who supply water. There are people who buy phones, computers, houses, cars, etc., and there are people who supply those. Think about it. If 97% of the population is out buying and sending all their money to the 3% of the people who are supplying products and services, the money only goes one way. The rich inevitably get richer. It’s called a refined study of the obvious, and it has not changed for 6,000 years of recorded history.

So, you may want to seriously consider walking away from the 97% and joining the 3%. By this time, you are probably asking yourself, “What product, service, or opportunity am I going to supply to a large group of people so that I can become rich?” If you want to become wealthy, you will also need to have other people supplying your product, service, or opportunity to a large number of people. With this multiplication of effort and supply, you can truly join the 3%.

I’m sure you’ve heard the adage derived from the Bible—If you give a man a fish, he can eat for a day. If you teach a man to fish, he can feed himself for a lifetime. That is a good saying for the poor and middle class. But the wealthy know, if you own the lake everyone is fishing in, it doesn’t matter to you if people are fishing or teaching others to fish. You’ll still be getting paid, and your family can eat for generations.

Another way to think about this is that everyone gets paid for exactly the same thing, whether you are a doctor, a Certified Public Accountant (CPA), a teacher, a carpenter, a welder, a mechanic, a salesperson, etc. The only way that people are willing to give you their money is if you solve a problem they have. There are always three potential problems to solve:

•People are trying to get something;

•People are trying to keep something; or,

•People are trying to get rid of something.

For example, people are trying to get a car, keep a car, or get rid of a car. People are trying to get hair, keep hair, or get rid of hair. People are trying to get water, keep water, or get rid of water. People are trying to get a spouse, keep a spouse, or get rid of a spouse.

So, if you can help people get, keep, or get rid of, you’ll make a fortune. A lot of things will change in the future. However, people will always have problems, which means you have a bright, bright future.

The masses are trying to run away from problems; the rich are trying to find problems to solve. This is a micro mind-shift with massive results. The bigger the problem you solve, and the more people you help, the richer you become. All you have to do is turn any one of these problems into your next big project and you can become wealthy.

Looking back at my ill-fated shingling job, I was getting paid to solve a homeowner’s problem. He needed to get rid of the old roof and get a new roof. But the minute I was unable to solve that problem because of an injury, I was broke. In other words, I was the asset bringing in the money, but the moment my asset was not able to work, my asset was broke. Here’s the revelation: I was solving a problem for only one person. But the man I worked for had many other people supplying the same service to a large number of people. When I got injured, his income did not stop, because he had many other people providing the same service as me. I couldn’t pay my bills, but he sure could continue paying his bills.

Just like tomorrow morning, you could get injured or get sick and lose your job, but the owners of the company you work for would continue making money.

A short time after my recovery from my life-changing, two-story fall, I remembered another incident prior to my accident that totally reinforced my realization of the two economies and how rich people are suppliers.

Before I share this incident with you, please keep in mind that this was in 1974 when the average salary was only $7,000 per year.

One afternoon we opened a letter from our insurance company. It said that our car insurance was being canceled because they were questioning my income and how I made a living. To get the situation straightened out, I drove to Savannah from Statesboro, Georgia, to talk with the insurance company rep. During that time, I often listened to radio broadcaster Paul Harvey, and I did so during that trip. So, there I was listening to Paul Harvey while driving through Statesboro. I changed stations in Savannah and also heard the Paul Harvey show there. He was long considered the most listened-to syndicated broadcaster in the world, known for his distinctive delivery, including how he’d say, “Now, for the rest of the story” after the commercial. He had 20 million listeners and hosted the No. 1 syndicated talk show in the nation. As I listened, I wrote down the station’s call letters and got the phone number when I stopped to get gas.

I put a dime in a pay phone and called the number. I asked the guy who answered the phone if he had Paul Harvey’s phone number. He responded that he did not, but maybe the disc jockey would. He connected me to the disc jockey, and the disc jockey found Paul Harvey’s number on an invoice. I called that number and asked if Paul was in, which he was not. I asked the receptionist when he would be in, and she responded that he only comes in a few hours a day. I explained that I had been listening to the show and was curious about how Harvey’s show happened to be on in both Statesboro and Savannah, seemingly at the same time. Her response was that he’s on a lot of stations and broadcast in many cities, along with being in many magazines and newspapers. She added that he also broadcast overseas to the armed forces.

I said, “So if I owned a station, how would I get him on my station?” Of course, the retort was, “Well, do you have a station?” My answer obviously was no, but I learned that he made approximately $5 per station per day, and he was syndicated to about 5,000 subscribers. This meant he earned approximately $25K per day, according to my calculations, while only working two to three hours per day. I don’t know about you, but my big takeaway from this incident and question to myself was: “Well, Frank, what are you going to supply to a large number of people?”

This was in 1974. Years later, I learned that Harvey signed a contract with ABC News Radio for $20 million a year. He was the supplier, and he was supplying entertainment to a large number of people. He was earning $54,794 per day during a time when—as I pointed out earlier—the average person only made $7,000 per year.

Think about this. If Paul Harvey had only broadcast in Statesboro, he could have still been the best broadcaster in the world, but he probably would have only been paid $5 per day. Period. You can be the best plumber, carpenter, lawyer, doctor, teacher, etc., but without supplying to a large number of people, you are limited in the amount of income you can earn.

It took a while for me to put it all together. The conclusion was that we are all only one person, idea, or relationship away from financial and emotional...

Erscheint lt. Verlag	11.6.2024
Sprache	englisch
Themenwelt	Sachbuch/Ratgeber ► Beruf / Finanzen / Recht / Wirtschaft
ISBN-13	979-8-3509-4833-2 / 9798350948332

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