Creating Wealth For The Average Guy

By Rocky Castleberry

Creating Wealth For The Average Guy by Rocky Castleberry is a brief introduction to the key principles of building wealth. Castleberry tells readers to create a vision, aim high, and work to achieve their financial goals.

Castleberry writes: "The 'Vision,' what is it? It is the thing that drives all great men, it is the catalyst, the enabler, it is what drives us, consumers us, makes us want to succeed. It is what pulls us and separates us from those around us. It is the basis of the Entrepreneur. The Entrepreneur is the fabric of this nation: the Henry Ford's, the Edison's, Getty's, and Carnegie's. What separated these men from others? Was it the desire to maintain the status quo? Was it to live on past successes or past achievements? No! It was the 'Vision,' the thirst for bigger and better; the continual striving towards defeating the self-inflicted restrains of past experience, failures, prejudices and the constant barrage of friends, family and naysayers that said it wasn’t possible."

Castleberry, a Texas real estate investor and entrepreneur, emphasizes the importance of living below your means, so you'll have money to invest. He tells the story of a friend who wanted to save $100,000 to start his own business. Unfortunately, Castleberry knew his friend was unlikely to achieve his dream with his current mindset. He was unwilling to give up his expensive truck and lifestyle to sock away the money. By cutting back his expenses, Castleberry shows how his friend could have rather easily achieved his goal. Castleberry says too many people put the cart before the horse—purchasing luxuries before acquiring the income to properly support them.

Castleberry writes: "We all wake up every morning exactly where we are. I know it sounds mundane or even trite, but remember, every decision you have made in the past has brought you to this point and every decision you make today will shape your future. You can't change the past, you can only start moving up from where you are today."

Even after acquiring a lot of money, over-consumption can still do in a would-be-mogul. Castleberry points out how M.C. Hammer, after his initial success, spent $30 million and then went bankrupt. Castleberry writes: "Individuals become euphoric with their new found wealth. They rush out and buy new cars, new boats, the "dream" vacation, etc. without considering the consequences of their actions. They increase their liabilities without increasing their cash flow. A dangerous trap."

After saving money for your goals, Castleberry says you must put your "little green employees" to work. Money properly invested will go to work for you to create more money. Creating Wealth For The Average Guy explains the importance of time and compounding in achieving wealth. Castleberry discusses the difference between good purchases, which will add to your cash flow, and bad purchases, which simply put your "little green employees" to work for somebody else.

The book covers: rental real estate; deciding which debts to pay off first; understanding when to finance a purchase; the importance of planning and getting expert advice; and teaching your children to value money properly.

Ultimately, Castleberry says true wealth is about personal contentment, family, and character. Wealth is a way to care for your family. Creating Wealth For The Average Guy is a great book for people who want to understand the basics of successful personal finance and growing wealth.