I vividly recall when I made the decision to move towns. My business strategy was not working as I anticipated so I had to take the leap: either do the same thing with the same results or think different. The past one month has been full of its ups and downs and I have been second guessing myself a lot until a few minutes ago when I started reading this chapter so I could summarize it. I feel so vindicated because everything Robert Kiyosaki discusses in this short chapter, I have experienced or considered as a bargaining tool for moving towns. My struggle has been validated and I feel so rejuvenated. I thought I was doing it wrong but no, it is what happens when you chose to be a CEO the founder way as opposed to the employment way. Continue reading “Chapter 9: More To Do’s”
“There is gold everywhere. Most people are not trained to see it.”
To find million dollar ‘deals of a lifetime’ requires us to call our financial genius. I believe that each of us has a financial genius within us. It lies asleep because our culture has educated us into believing that the love for money is the root of all evil. I offer you the following ten steps as a process to develop your God-given powers-powers which you have control. Continue reading “Chapter Eight: Getting Started”
“The primary difference between a rich and poor person is how they manage fear.”
Even when you are financially literate, you may still not grow your asset column because of the following reasons:
- Bad habits
The fear of losing money is real.I have not met anyone who doesn’t have it.Even the rich have it.Having fear is not a problem. The problem is how you handle it.My rich dad kept telling Mike and I that the greatest reason for lack of financial success was because people played it safe.Most people do not win financially because the pain of losing money is more than the joy of being rich.Most people dream of being rich but are terrified of losing money. Continue reading “Chapter Seven: Overcoming Obstacles”
“Job security meant everything to my educated dad, learning meant everything to my rich dad.”
Skilled But Broke
I had an interview with a skilled writer.
“Someday I would love to be a bestselling author like you,”she said.
I suggested that she takes sales classes that were offered by a friend of mine. She was offended.
“I hate sales people, all they want is money.”
“What is it I see on your notes?” I asked.
“Bestselling author.Not best-writing author.”
Anger flared from her eyes.At least she gave me a fair write-up the next day.
I ask the classes I teach.
“How many can make a better hamburger than MacDonald’s?” Continue reading “Chapter Six: Work to Learn, Don’t Work For Money”
“Often in the real world,it is not the smart but the bold who get ahead.”
In the real world, something more than academics and grades is required. Inside each and everyone of us is a brave,brilliant and daring character. The only thing that holds us back is self-doubt.Some of us are geniuses in school but when it comes to financial literacy that is required to survive the real world, we fall flat.Most brilliant employees are worried about getting raises more than making millions. They live pay cheque to pay cheque with a little left for emergency. People work harder because they cling to old ideas. Continue reading “Chapter Five: The Rich Invent Money”
“A corporation is the biggest kept secret of the rich.”
The History of Taxes
Originally, we had no taxes. The kings and presidents would ask the rich to “chip in” in cases of wars.The poor and middle-class saw this as a fair feat ,in accordance with the theory of Robin Hood that involved taking from the rich to give to the poor. The rich were being “punished”.However, once the governments tasted money, their appetites grew.Soon, both the poor and middle class were being taxed as well. Continue reading “Chapter Four:The History of Taxes and Power of Corporations”
“The rich focus on their asset columns while everyone else focuses on their income statements.”
Ray Kroc, MacDonald’s’ founder was invited to give a talk to an MBA class.
He asked the students, “What business am I in?”
After an awkward silence, someone replied, “Who doesn’t know you sell hamburgers Ray?”
“I thought you’d say that. I am in Real Estate.”
He then went on to explain how his hamburger business is just the tip of his real business, real estate. Continue reading “Chapter Three: Mind Your Business”
“Life is not about how much money you make, it is about how much money you keep”
After the rich dad’s demise, Mike took over his father’s empire and run it even better than he had been groomed.
The meaning of retirement
True retirement means that with or without working, the money still streams in. A pension plan may be a good idea of a retirement plan but if you focus on building assets that grow, chances of a greater retirement package are at bay. Think of assets as trees. If you water them for years, they will grow and not need you anymore one day.
Robert and his friend Mike attended the same school as rich kids even though they were poor. They faced segregation because of their state when Jimmy, whose parents seemed to be doing well, did not invite them to the beach house. This prompted them to begin their first business, money laundering, in an attempt to be rich. When his dad, a school teacher, caught them in the act of smoldering toothpaste tubes that were made of lead to produce nickels, he laughed so hard and mentioned Mike’s dad as someone who could teach them how to make money. This surprised Mike, since he did not see his dad as rich, true to Robert’s dad’s sentiments, the banker whom he shared with Mike’s dad had nothing but praises for his financial literacy despite not being as formally educated as the school teacher.
Sharon narrates her life at the very beginning of this best seller. She was raised by parents who provided the best formal education. She graduated with honors; got a good job, a good family and settled. She sorted to raising her son the same way her parents did her. However, the world had changed; graduates were not earning the same anymore. Her husband, a patent lawyer was also raised the same way. When she met Robert Kiyosaki through him, he explained to her the rat race in which she was sending her son into, in a world where formal education was slowly losing value as the only method of lifetime acquisition of wealth.