Episode 014 Sam Walton: From Milking the Family Cow to Producing a Cash Cow

 

SHOW NOTES- Episode 14 Sam Walton: From Milking the Family Cow to Producing a Cash Cow

 

60 sec pre show roll: Jayson Narag Debt-Free Coaching

 

15 sec pre show roll: Audible

NaRagstoRiches Show Episode 14 is brought to you by Audible! Get a FREE audiobook download and a FREE 30-day membership at naragstoriches.com/audible. Audible has over 180,000 titles to choose from for your iPhone, Android, Kindle or mp3 player.

 

WELCOME

  • Welcome to the NaRagsToRICHES Show! Inspiring you to start writing your own rags to riches story, do work you love and make more money!
  • This is Jayson Narag, your host, broadcasting from the NaRagstoRiches Studios.
  • Thank you so much for hanging out with me! I’m glad you’re listening.
  • Today, we’re talking about someone who has built a billion dollar business in the retail industry. We’ll introduce you to that person in a just a bit.

 

CALLS TO ACTION

  • Please sign up for the NaRagstoRiches Newsletter by filling out the form on naragstoriches.com. This newsletter will be of value to you. I will be giving my best tips to support you on your journey to be debt-free, increase your income and start your own rags to riches story.
  • Please complete a review of the NaRagstoRiches Show on iTunes or any of the podcast platforms you listen on. Your reviews will help me to know what I’m doing that you like and to continue improving as a podcaster.
  • If you’re deep in debt, you want to get out of debt and not pay thousands to a debt settlement company or to a lawyer in bankruptcy, email me at jndebtfreecoach@gmail.com to see if debt free coaching may be a good fit for you.

 

SUCCESS QUOTE

Swim upstream. Go the other way. Ignore the conventional wisdom. If everybody else is doing it one way, there’s a good chance you can find your niche by going in exactly the opposite direction.” -Sam Walton

 

RAGS TO RICHES STORY

  • The person whose rags to riches story we’re talking about today is… Sam Walton
  • I worked for Wal-Mart in my second year of college. I had just come back to college from California and several of my friends, Jeff, Matt and Eddie were working there stocking shelves and I joined them.
  • I liked my job there, but I didn’t like working the infamous graveyard shift. Third shift is not for me, but then again, part of it was I was going to school full-time, working at Wal-Mart full-time and then I was very active in church attendance and church ministries. That could’ve played a role in why I think 3rd shift is not for me.
  • I may have to work graveyard shift again and I’m ok with it if I have to.
  • I didn’t get paid much, but my school bills were never paid late.
  • I had to be very frugal and lived on a very strict budget. Kind of like right now with getting the coaching business off the ground and doing this podcast.
  • I had to say no a lot to going out to eat with my college friends because I couldn’t afford it. The crazy thing is at the end of the school year, I had $1000 saved up in the bank, which was more than the college kids that had much higher paying jobs.
  • People in college earned more than me, but somehow they could not pay their bills. I wonder why? They shouldn’t worked at Wal-Mart with me instead. I say it forced me to be frugal.
  • Thank you, Sam Walton and the Walton Family for helping me pay for college in my second year.

 

The Result

  • Sam Walton built Wal-Mart from nothing to a monster business.
  • Annual sales over $485 billion today.
  • Assets of $198 billion
  • Wal-Mart is worldwide business.
  • Sam Walton had a net worth of $8.6 billion at the time of his death.

 

Facts about Sam Walton

  • Samuel Moore Walton was born March 29, 1918 in Kingfisher, OK.
  • As a young boy, he and his family moved from small town to small town.
  • Growing up through the Great Depression, Walton’s family was very poor.
  • As a young teenager, Walton milked the family cow, bottled what they didn’t need and brought it to customers.
  • Afterward, he delivered newspapers on a paper route. He also sold magazine subscriptions.
  • After Walton graduated from high school, he went to college to see if he could find a better way to support his family.
  • He went to work for J.C. Penney as a management trainee 3 days after graduating. His pay was $75 a month. He worked there for about a year and a half.
  • Walton left J.C. Penney thinking he would be drafted to serve his country, which did happen.
  • He supervised security at aircraft plants and pow camps where he eventually became Captain.

 

After the Military

  • In 1945 after leaving the military, Walton bought a Ben Franklin variety store in Newport, Arkansas with a $20,000 loan and $5,000 he saved up from the Army.
  • His second store was an Eagle department store down the street from his Ben Franklin store.
  • He owned 16 Ben Franklin stores in 3 states.
  • Walton wanted to open bigger stores in rural areas with discounted prices in order to attract more customers increasing sales volume, but executives of Ben Franklin were not on the same page, so they didn’t approve the plan.
  • That’s when Walton decided to take a huge risk of going out on his own and open his first Wal-Mart.

 

Wal-Mart

  • The first Wal-Mart opened in 1962 in Rogers, Arkansas. It was called Wal-Mart Discount City Store.
  • Walton focused his efforts in small towns not large cities.
  • Buying in volume and efficient delivery method allowed Walton to provide name brand products at a discount.
  • This allowed his business to thrive and grow rapidly with time.
  • By 1985, Forbes magazine had named Sam Walton, the richest man in the U.S. The declaration seemed to irritate him. He said “All that hullabaloo about somebody’s net worth is just stupid, and it’s made my life a lot more complex and difficult.”
  • A month before his death, he was awarded the medal of freedom by George H.W. Bush for his entrepreneurial spirit and his concern for his employees and community.
  • At the time of his death, he employed over 380.000 people, 1960 stores and annual sales of $50 billion dollars.
  • Wal-Mart went on to grow and become the world’s largest company by 2010.

 

Other facts about Sam Walton

  • He was a Sunday school teacher.
  • He supported various charitable causes including his church.
  • Walton had a “hard-charging, demanding style.”
  • He started his workdays at 4:30am.
  • Even with all the success and wealth he earned, he lived in the same house in Bentonville since 1959 with his wife.

 

RICH HABIT POOR HABIT

Based on 350 interviews of rich and poor people by Tom Corley.

Rich habit for today is: Become a Niche Expert

Poor habit for today is: Pessimistic

 

BOOK RECOMMENDATION

  • A college professor of mine said, “If you want to be smart, you have to read.” I added to the part, and I say “If you want to stay dumb, don’t read.” We’re all dumb at heart, that’s why we do dumb things. Reading is a smart thing to do and it makes you smart because you’re listening to smart people that wrote smart things. So read!
  • I don’t have a book recommendation today, but I am reading CashFlow Quadrant: Guide to Financial Freedom by Robert Kiyosaki.
  • I’m not going to recommend it until I’m done reading it, but that’s what I’m reading right now.

 

CALLS TO ACTION

  • Please sign up for the NaRagstoRiches Newsletter by filling out the form on naragstoriches.com. This newsletter will be of value to you. I will be giving my best tips to support you on your journey to be debt-free, increase your income and start your own rags to riches story.
  • Please complete a review of the NaRagstoRiches Show on iTunes or any of the podcast platforms. Your reviews will help me to know what I’m doing that you like and to continue improving as a podcaster.
  • If you’re deep in debt, you want to get out of debt and not pay thousands to a debt settlement company or to a lawyer in bankruptcy, email me at jndebtfreecoach@gmail.com to see if debt free coaching may be a good fit for you.
  • I’ll share one more thing Truett Cathy said. He said, “If you have debt, you have to worry about it. I would challenge each of you to try to be debt-free.”

 

CLOSING

  • Thanks again for hanging out with me today! I hope you were inspired by something that was said in the show today. Take that bit of inspiration and write another sentence of your rags to riches story.
  • Let’s improve our lives and the lives of others! I’m Jayson Narag, your host! Thank you all for listening.

 

https://en.wikipedia.org/wiki/Sam_Walton

http://www.biography.com/people/sam-walton-9523270

http://corporate.walmart.com/our-story/our-history

http://corporate.walmart.com/our-story/history/10-rules-for-building-a-business

https://www.entrepreneur.com/article/197560

http://www.thefamouspeople.com/profiles/sam-walton-209.php

Categories: NaRagstoRiches Show

Leave a Reply

Your email address will not be published. Required fields are marked *