Rich Dad's Advisors: Guide to Investing In Gold and Silver: Everything You Need to Know to Profit from Precious Metals Now. Rich Dad's Guide to Investing is a thank you for helping to make Rich Dad Poor Dad and Back in Roman times, people used to clip silver and gold coins. In this RICH DAD'S ADVISORS guide, Michael Maloney shows readers how to invest in the oft-overlooked market of gold and silver. He covers when to get into. FLAT WHAT IS FOREX February 14, How networks will be clear the map. Find your license. The bugcheck was: tries to join I could throw for VNC just.
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|Robert kiyosaki guide to investing in gold and silver pdf||You see them in the later years of their lives, broke, spent, and talking about the deal they almost made or the money they once had. So don't get carried away, just be clam and take only necessary information. Return to Book Page. During these times there is always an enormous wealth transfer, and it is within your power to transfer that wealth away from you or toward you. Is that what you are saying? As of May this book must be in great demand. Since the Federal Reserve Bank was given the power to print unlimited dollars in the early 20th century, the price of gold has twice corrected upward so that the price of the United States gold supply matched the price of its currency in the s and in|
|Open a forex brokerage company||ComiXology Thousands of Digital Comics. Fifteen years after starting to play golf and beginning to invest, Mike was now a great golfer, had a substantial investment portfolio, and had years more investment experience than I did. If he keeps going with his old beliefs about jobs and job security, I am afraid he will waste the last years of his life. Rich dad signaled the maid for more cofee, and Mike closed the three-ring binder. View 1 comment. He had never seen me in uniform before. I have seen the best real estate in the best location lose money because the wrong people were in charge.|
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He is in a very bad way right now, trying to start over again at the age of Investing ultimately begins and ends with taking control of yourself. Lying in my bunk that night in in a dingy room on the Marine Corps base, my mental preparation had begun. Mike was fortunate enough to have a father who had accumulated great wealth. I was not that fortunate. In many ways, he had a year headstart on me.
I had yet to start. It starts with a very personal decision—a mental choice to be rich, poor, or middle class. It is an important decision because, whichever inancial position in life you choose—be it rich, poor, or middle class—everything in your life then changes. Secure, 2. Comfortable, or 3. In other words, their irst choice when it comes to money decisions is security, second is comfort, and third is to be rich. After they have a secure job or profession, then they focus on comfort.
Only three out of a hundred people in America are rich because of this priority of choices. For most people, if becoming rich disturbs their comfort or makes them feel insecure, they will forsake becoming rich. A few people do get rich on one lucky investment, but all too often they lose it all. I have been both rich and poor and in both inancial positions, I have been both happy and unhappy.
I wonder why people think they have to choose between happiness and being rich. For me, I was willing to feel insecure and uncomfortable in order to be rich. I have been rich and poor as well as happy and unhappy. But I assure you that when I was poor and unhappy, I was much unhappier than when I was rich and unhappy.
Receiving money has always felt better than receiving a bill for money I owe. At least that is my experience with money. I feel happy when it comes in and sad when it leaves. Back in , I put my priorities in this order—to be: 1. Rich 2. Comfortable 3. Secure As stated earlier, when it comes to money and investing, all three priorities are important. Which order you put them in is a very personal decision that should be made before beginning to invest.
Before beginning to invest, it is important to decide what your priorities are. One is not better than the other. I do know, however, that making the choice of which core values are most important to you often has a signiicant long- term impact upon the kind of life you choose.
So the mental-attitude question is: What are your core values? List in order of importance which core values are most important to you: 1. Talk seriously with your spouse or mentor. Knowing what your personal priorities are will save you many agonizing decisions and sleepless nights later.
One of the most startling diferences between my rich dad and poor dad was the kind of world they saw. My poor dad always saw a world of inancial scarcity. He could see a world of too much money. If we do the right things, there will always be plenty of money. One problem is not enough money. Which type of money problem do you want? Most people come from families where the money problem was not enough money.
Since money is only an idea, if your idea is that there is not enough money, then that is what your reality will be. One of the advantages I had, coming from two families, was that I could see both types of problems—and rest assured, both are problems. My poor dad always had problems of not enough money, and my rich dad always had problems of too much money.
So they lose all their suddenly found wealth and go back to the only world of money they know—a world of not enough money. From on, rich dad had me become very aware of my thoughts when it came to the subjects of money, working, and becoming rich. Rich dad truly believed that poor people remained poor simply because that was the only world they knew. You cannot change your outside reality until you irst change your inside reality about money. I could see these diferences in attitudes between my two dads.
My real dad always encouraged me to play it safe and seek security. My rich dad encouraged me to develop skills and be creative. I asked rich dad why lottery winners usually go broke. In other words, they handle the money in the same way they always did, which is the reason they were poor or struggled in the irst place. People who can see the other side of the coin would take that money and multiply it rapidly and safely.
I am retired now because it is a full-time job to keep taking this cash out of my banks and moving it into more productive investments. I repeat, it is a full-time job that becomes more challenging every year. Now that I am retired, he is running the engine that I built.
You have a chance, with my guidance, to make the transition and stay on the other side. I have had to constantly remind myself that there is a world of too much money, because in my heart and soul, I have often felt like a poor person. One problem is not enough money and the other is too much money.
Which one do I want? I am not one of these wishful-thinking people or a person who believes solely in the power of airmation. I asked myself that question to combat my inherited point of view on money. Once my gut was calmed down, I would then ask my mind to begin inding solutions to whatever was inancially challenging me at the time.
Solutions could mean seeking new answers, inding new advisors, or attending a class on a subject I was weak on. I have noticed that most people let their panic about money defeat them and dictate the terms and conditions of their lives. Hence, they remain terriied about risk and money. Emotions such as fear and doubt lead to low self-esteem and a lack of self-conidence.
An interviewer asked him if he was worried. Worrying gets in my way of working to solve these problems. Later, rich dad went into the importance of a inancial plan. Rich dad strongly believed in having a inancial plan for when you did not have enough money as well as a inancial plan for when you will have too much money.
Security and scarcity go hand in hand. Most people can see opportunities. My personal challenge was to repeatedly remind myself that another kind of world existed—a world of too much money—and that I needed to keep an open mind to see a world of both possibilities for me. So the mental-attitude questions are: 1. Can you see that two diferent worlds of money can exist—a world of not enough money and a world of too much money?
If you currently live in a world of not enough money, are you willing to see the possibility of your living in a world of too much money? If the prime drops, what will that do to the spread? Why not use a put option instead of a short?
Investing seems so confusing. It sounded like what investors on TV and in the movies sound like. What most people call investing is not really investing. People are all talking about diferent things, yet they often think they are talking about the same thing.
Diferent People Invest in Diferent hings Rich dad explained some of the diferences in value. A large extended family is a way to ensure care for the parents in their old age. In America, about 45 percent of the population owns shares in companies.
Put all your eggs in one basket and watch that basket closely. It will crash in the next six weeks. Why am I always late to the party? Why does that happen? Look at your appliances. You receive your electricity from a utility company that people invest in. All of these things are there because someone invested in the business that delivers you the things that make life civilized.
Mental-Attitude Quiz Investing is a vast subject with many diferent people having as many diferent opinions. Do you realize that investing means diferent things to diferent people? Do you realize that no one person can know all there is to know about the subject of investing?
Do you realize that one person may say an investment is good and another person may say the same investment is bad, and that both could have valid points? Are you willing to keep an open mind to the subject of investing and listen to diferent points of view on the subject?
Are you now aware that focusing on speciic products and procedures may not necessarily be investing? Do you realize that an investment product that is good for one person may not be good for you? What do you recommend I invest in? A call came in from a listener wanting some investment advice.
I have a good job, but I have no money. My mother has a house with a lot of equity in it. She said she would let me borrow some of the equity so I could begin investing. What do you think I should invest in?
Should it be stocks or real estate? I want to know if you think the real estate market is better or the stock market. So I have money. I just want to know which market you think is better, the stock market or the real estate market. I thought you were an investor. And leave my mother out of this. All I want is investment advice, not personal advice. A single person may not need a large nine-passenger station wagon, but a family with ive kids would need one.
And a farmer would rather have a pickup truck than a two-seater sports car. I was beginning to understand. Obviously, you know that for the irst leg of your trip, a bicycle or car will not do. If you have a lot of time and really want to see the country, then walking or riding a bike would be the best.
Not only that, you will be much healthier at the end of the trip. But if you need to be in New York tomorrow, then obviously lying from Hawaii to New York is your best and only choice if you want to make it on time. Is that what you are saying? Rich dad nodded. But trading is not investing. A person trading stocks is not much diferent than a person who buys a house, ixes it up, and sells it for a higher proit.
One trades stocks. In reality, trading is centuries old. Camels carried exotic wares across the desert to consumers in Europe. So a retailer is also a trader in a sense. And trading is a profession. But it is not what I call investing.
Yet I want to do my best to reduce the confusion around this subject of investing. More are being created every day because so many people have so many diferent needs. When people are not clear on their own personal inancial plans, all these diferent products and procedures become overwhelming and confusing. Rich dad used the wheelbarrow as his vehicle of choice when describing many investors. For example, a person may invest only in stocks or a person may invest only in real estate.
It hauls a lot of cash around, but it is still a wheelbarrow. A true investor does not become attached to the vehicles or the procedures. A true investor has a plan and has multiple options for diferent investment vehicles and procedures. All a true investor wants to do is get from point A to point B safely and within a desired time frame.
I just want to use them. I just want to get from where I am to where I am going. When I land at the airport, I want to use the taxi to get from the airport to my hotel. Once I arrive at the hotel, the porter uses a handcart to move my bags from the curb to the room. So they look for investments they like and fail to put together a plan. I know people who invest only in stocks as well as people who invest only in real estate.
So even though they may make a lot of money buying, holding, and selling investment products, that money may not take them to where they want to go. Always remember that investing is a plan—not a product or procedure.
Could you imagine what could happen if someone just called in some people and began to build a house without a plan? Rich dad guided me in writing out inancial plans. It was not necessarily an easy process, nor did it make sense at irst.
But after a while, I became very clear on where I was inancially, and where I wanted to go. Once I knew that, the planning process became easier. In other words, for me, the hardest part was iguring out what I wanted.
Are you willing to invest the time to ind out where you are inancially today and where you want to be inancially, and are you willing to spell out how you plan to get there? In addition, always remember that a plan is not really a plan until it is in writing and you can show it to someone else.
Are you willing to meet with at least one inancial professional and ind out how his or her services may help you with your long-term investment plans? How can you say that? I hear it all the time. Why do you ask? In fact, in many cases, what it takes is free. Instead, as the lesson on investing ended, he gave me an assignment.
All through the dinner, I want you to pay careful attention to the speciic words he uses. After you hear his words, begin to pay attention to the message his words are sending. Yet he was a irm believer in experience irst and lesson second. So I called my dad and set up a date for dinner at his favorite restaurant. About a week later, rich dad and I met again. Over and over again. My dad has the vocabulary of a schoolteacher. It takes words. All a person needs to do to become richer is increase his or her inancial vocabulary.
And the best news is that most words are free. I did some research and found out that there are approximately 1 million words in the English language. If people want to begin increasing their inancial success, it begins with increasing their vocabulary in a certain subject. For example, when I was investing in small real estate deals such as single-family rental properties, my vocabulary increased in that subject area.
When I shifted to investing in private companies, my vocabulary had to increase before I felt comfortable investing in such companies. In school, lawyers learn the vocabulary of law, medical doctors learn the vocabulary of medicine, and teachers learn the vocabulary of teachers.
If a person leaves school without learning the vocabulary of investing, inance, money, accounting, corporate law, and taxation, it is diicult to feel comfortable as an investor. In all our games, players quickly learn the relationships behind the words of accounting, business, and investing. By repeatedly playing the games, the players learn the true deinition of such misused words as asset and liability. And always remember that one of the fundamental diferences between a rich person and a poor person is his or her words—and words are free.
And often these expenses—such as full-time nursing-home care when they are very old, if they are lucky enough to become very old—are large. I have a retirement and medical plan from my work. A inancial plan is important before someone begins to invest because it needs to take into consideration many diferent inancial needs.
Many of these often large and pressing needs can be provided for by investing in products other than stocks and bonds or real estate—such as insurance products and diferent investment vehicles. At least in the Industrial Age, a company and the government did provide some inancial aid for a person after his or her working days were over.
It is imperative that our schools begin to teach young people to invest for their long-term health and inancial well-being. If we do not, we will have a massive socioeconomic time bomb on our hands. First, ask yourself if you are planning to be rich or if you are planning to be poor.
If you are planning to be poor, the older you get, the more diicult you will ind the inancial world. If you knew what being old felt like, you would plan your inancial life diferently. When I say this to my classes, most of my students nod in agreement. No one disagrees on the importance of planning. Realizing that most people agreed that they needed to write a inancial plan but that few were going to actually take the time to do it, I decided to do something about it.
About an hour before lunch in one of these classes, I found a cotton clothesline and cut it into diferent lengths. I asked the students to take one piece of line and tie each end around one of their ankles, much like one would hobble a horse. One of the students asked if this was a new form of torture. A few were getting the picture. For the next two hours, they struggled to slice their bread, stack their sandwiches, make their salads, mix their drinks, sit, eat, and clean up.
Naturally, many also needed to go to the rest room during the two hours. When the two hours were up, I asked them if they wanted to take a few minutes to write out a inancial plan for their life. Planning up to retirement is not enough.
You need to plan far beyond retirement. Are you planning to be rich, or are you planning to be poor? Are you willing to pay more attention to your deep, often silent, thoughts? Are you willing to invest time to increase your inancial vocabulary? Simply ind a inancial word, look it up in the dictionary, ind more than one deinition for the word, and make ax mental note to use the word in a sentence that week.
Rich dad was a stickler for words. Even though they do not lose money, they simply fail to make money. Yet they consider themselves investors. To rich dad, that was not investing. I remember watching a program where Warren Bufett was being interviewed. In fact, his investing was actually done far away from all the noise and promotion of stock promoters and people who make money from so-called investment news.
Investing Is Not What Most People hink Years ago, rich dad explained to me that investing is not what most people think it is. Many people think investing involves a lot of risk, luck, timing, and hot tips. Some realize they know little about this mysterious subject of investing, so they entrust their faith and money to someone they hope knows more than they do. Many other so-called investors want to prove they know more than other people—so they invest, hoping to prove that they can outsmart the market.
But while many people think this is investing, that is not what investing means to me. To me, investing is a plan—often a dull, boring, and almost mechanical process of getting rich. But for me, investing is as simple and boring as following a recipe to bake bread.
Personally, I hate risk. I just want to be rich. How can so few people become rich in a country that was founded on the idea that each of us has the opportunity to become rich? I wanted to be rich. I had no money. So to me, it was just common sense to ind a plan or recipe to be rich and follow it. Why try to make up your own plan when someone else has already shown you the way? So they stop following the plan and then they look for a magic way to get rich quick.
Most people think there is some magic to getting rich through investing. Or they think that if it is not complicated, it cannot be a good plan. Trust me. When it comes to investing, simple is better than complex. Do you remember that years ago I would spend many hours playing Monopoly with you and Mike?
I was only 12 years old, but I knew that for you, Monopoly was more than a game. I did not see it that way. I could do it in my sleep, and many times, it seemed like I did. I did it automatically without much thinking.
I just followed the plan for ten years, and one day I woke up and realized I was rich. But that strategy was one of the simple formulas I followed. To me, if the formula is complex, it is not worth following. Since I am not a technical specialist, I did not have the scholarly proof that these types of individuals demand— that is, until I read a great book on investing.
James P. Clinical or intuitive his method relies on knowledge, experience, and common sense. Quantitative or actuarial his method relies solely on proven relationships based on large samples of data. In most instances, investors who used the intuitive method were wrong or beaten by the nearly mechanical method. Most investors prefer personal experience to simple basic facts or base rates.
Again, they prefer intuition to reality. Most investors prefer complex rather than simple formulas. Keeping it simple is the best rule for investing. Professional institutional investors tend to make the same mistakes that average investors make. History does repeat itself. Yet people want to believe that this time, things will be diferent. Some people think these masters of money make decisions diferently, and believe that a strategy perfected in the past ofers little insight into how it will perform in the future.
He explained that, while a certain sector such as large-cap stocks, may have done the best in the last ive to ten years, over the past 50 years of data, it may actually be another sector of stocks, such as small-cap stocks, that may make investors the most money.
Rich dad had a similar view. I ind myself disturbed because those kinds of stories distract from their plan, their success. Such stories of hot tips and quick cash often remind me of a story rich dad told me. Suddenly, on the road ahead of them appear several large deer with massive horns.
Suddenly, the car goes over a stream embankment and crashes into the water below. All you have to do is know what you want, have a plan, and stick to it. So the mental-attitude question is: Are you ready to ind a simple formula as part of your plan and stick to it until you reach your inancial goal?
My standard answer is that it comes in steps: 1. Take your time. Take days to think quietly. Take weeks if you need to. All too often, people either innocently or intentionally want to impose on others what they want for those people instead of respecting what others want for themselves. Call professional investors. All investment plans begin with a inancial plan. If you do not like what the professional says, ind another one. You would ask for a second opinion for a medical problem, so why not ask for many opinions for inancial challenges?
Financial advisors come in many forms. Choose an advisor who is equipped to assist you in developing a written inancial plan. Many inancial advisors sell diferent types of products. One such product is insurance. Insurance is a very important product and needs to be considered as part of your inancial plan, especially when you are irst starting out.
For example, if you have no money but have three children, insurance is important in case you die, are injured, or for whatever reason, are unable to complete your investment plan. Insurance is a safety net, or a hedge against inancial liabilities and weak spots. Also, as you become rich, the role of insurance and the type of insurance in your inancial plan may change as your inancial position and inancial needs change.
So keep that part of your plan up to date. Two years ago, a tenant in one of my apartment buildings left his Christmas tree lights on and went out for the day. A ire broke out. Immediately, the ire crews were there to put out the ire. I was never so grateful to a bunch of men and women. Insurance is simply peace of mind. In other words, some advisors work only with rich people.
Regardless of whether or not you have money, ind an advisor you like and who is willing to work with you. If your advisor does a good job, you may ind yourself outgrowing your advisor. My wife Kim and I have often changed our professional advisors, which include doctors, attorneys, and accountants. If the person is a professional, he or she will understand. But even if you change advisors, be sure you stick to your plan.
I had a goal of being a multimillionaire before I was 30 years old. Even though I achieved my goal by the time I was 30, the problem was that I then immediately lost all my money. After I lost my money, I simply needed to reine my plan according to what I had learned from that experience.
I then reset my goal, which was to be inancially free and a millionaire by age It took me until age 47 to reach the new goal. I just improved upon it as I learned more and more. So how do you ind your own plan?
Ask them to provide their qualiications and interview several. It will very likely be an eye-opening experience. Set realistic goals. I set a goal of becoming a multimillionaire in ive years because it was realistic for me. It was realistic because I had my rich dad guiding me.
Yet even though he guided me, it did not mean I was free from making mistakes—and I made many of them, which is why I lost my money so quickly. Being young, however, I had to do things my way. Always remember that it is best to start by walking before you run in a marathon.
You ind your own plan irst by taking action. Begin by calling a professional and set realistic goals, knowing the goals will change as you change—but stick to the plan. For most people, the ultimate plan is to ind a sense of inancial freedom, freedom from the day-to- day drudgery of working for money. Realize that investing is a team sport.
In this book, I will go into the importance of my inancial team. I have noticed that too many people think they need to do things on their own. Well, there are deinitely things you need to do on your own, but sometimes you need a team.
Financial intelligence helps you know when to do things on your own and when to ask for help. When it comes to money, many people often sufer alone and in silence. As your plan evolves, you will begin to meet the new members of your team who will assist you by helping make your inancial dreams come true. So take your time, yet keep taking one step a day, and you will have a good chance of getting everything you want in your life.
Mental-Attitude Quiz My plan has not really changed, yet in many ways it has changed dramatically. What has not changed about my plan is where I started and what I ultimately want for my life. It punishes you irst, and then gives you the lesson. So my plan is basically the same, yet it is very diferent since I am diferent.
I would not do today what I did 20 years ago. However, if I had not done what I did 20 years ago, I would not be where I am today and know what I know today. For example, I would not run my business today the way I ran my business 20 years ago.
Yet it was losing my irst major business and digging myself out from under the rubble and wreckage that helped me become a better businessperson. So although I did reach my goal of becoming a millionaire by age 30, it was losing the money that made me a millionaire today—all according to plan.
It just took a little longer than I wanted. And when it comes to investing, I learned more from my bad investments, investments where I lost money, than I learned from the investments that went smoothly. Five will probably be dogs and do nothing, and two would be disasters. Yet I would learn more from the two inancial disasters than I would from the three home runs.
In fact, those two disasters made it easier to hit the home runs the next time I was up to bat. And that is all part of the plan. So the mental-attitude question is: Are you willing to start with a simple plan, keep the plan simple, but keep learning and improving as the plan reveals to you what you need to learn along the way? Rich hese are very important personal choices and should not be taken lightly. In , when I returned from the Vietnam War, I was faced with these choices.
I suspect that they will be having a rough time in the next few years. Yet if you keep your record clean, you might ind job security in that profession—if that is what you really want. I want to move on. I grew up in a family where money was not discussed at the dinner table because it was an unclean subject, a subject not worthy of intellectual discussion. But now that I was 25 years old, I could let my personal truth out. I knew that the core values of security and comfort were not highest on my list.
To be rich was the number- one core value for me. My rich dad then had me list my core inancial priorities. My list went in this order—to be: 1. Step one is to write out a inancial plan to be inancially secure. Why should I bother with a plan to be secure? While a few people like you do make it, the reality is that the road to wealth is littered with wrecked lives of reckless people—people just like you.
All my life, I had lived with my poor dad, a man who valued security above all. I was ready to scream. I was ready to get rich, not be secure. It was three weeks before I could talk to rich dad again. I was very upset. He had thrown back in my face everything I had done my best to get away from. I inally calmed down and called him for another lesson. Lesson is over.
I had my plan, and I showed it to him. Yet the process was extremely valuable because I learned a tremendous amount by talking to diferent inancial advisors. I was gaining a better understanding of the concepts rich dad was trying to teach me. Finally, I was able to meet with rich dad and show him my plan. So they often spend their most precious asset, their time, and wander through life without much of a plan.
I really have to expand my thoughts into the future and ind out what I want for my life. I did not know what true comfort meant. So security was easy, deining comfort was more diicult, and I now cannot wait to deine what rich means and how I plan to achieve great wealth.
So people splurge or get into debt by taking the annual vacation or buying a nice car, and then they feel guilty. I learned that I was really selling myself short. In fact, I felt like I have been walking in a house with a low ceiling for years, trying to scrimp, save, be secure, and live below my means.
Nothing is more tragic than to see people who have sold themselves short on what is possible for their lives. In reality, it is inancially limiting—and it shows up in their faces and in their attitude in life the older they get. Most people spend their lives mentally caged in inancial ignorance. One of the most important discoveries people can make by taking the time to learn how to plan is inding out what is inancially possible for their lives.
And that is priceless. I am often asked why I spend my time building more businesses, investing, and making more money. While I make a lot of money doing what I do, I do it because making money keeps me young and alive. If our maker has created a life of unlimited abundance, why should you plan on limiting yourself to having less? I knew he was hurting and struggling to start his life over again. Many times I had sat down with him and attempted to show him a few of the things I knew about money.
However, we usually got into an argument. I think there is often that kind of breakdown in communication when two parties communicate from two diferent core values, one of security and the other of being rich. As much as I loved my dad, the subject of money, wealth, and abundance was not a subject we could communicate about. Finally, I decided to let him live his life and I would focus on living mine.
If he ever wanted to know about money, I would let him ask, rather than trying to help when my help had not been requested. He never asked. Instead of trying to help him inancially, I decided to just love him for his strengths and not get into what I thought were his weaknesses. After all, love and respect are far more important than money.
Mental-Attitude Quiz In retrospect, my real dad had a plan only for inancial security via job security. He failed to update his plan and continued to plan only for security. If not for those safety nets, he would have been in very bad inancial shape. My rich dad, on the other hand, planned for a world of inancial abundance, and that is what he achieved. Both lifestyles require planning. Sadly, most people plan for a world of not enough, although a parallel world of inancial plenty is also possible.
All it requires is a plan. So the mental-attitude question is: Do you have a written inancial plan to be: 1. But security and comfort still come before being rich, even though being rich may be your irst choice. To be comfortable, you need only two plans. And to be secure, you need only one plan. Remember that only three out of every Americans are rich.
Most fail to have more than one plan. Rich dad turned to his yellow legal tablet, wrote down the following words, 1. Secure 2. It is really measured in time. And of the assets of time and money, time is really the more precious asset. Give me an example. Why the diference in price? Why would you pay so much more for a plane ticket? I really was not getting what rich dad was talking about—yet I knew that it was important to him.
I wanted to say something, but I did not know what to say. I did understand the idea that time was precious, but I never really thought of it as having a price. And the idea of buying time rather than saving time was important to rich dad, but it was not important to me yet. And your dad thinks that how much money he has in savings is important.
All I am saying is that the price is really measured in time. However, your real price will be measured in time. Poor people measure in money. Rich people measure in time. I have met a lot of poor people with a lot of money. So they have a lot of money but are just as poor as if they had no money.
In reality, money by itself has very little value. So as soon as I have money, I want to exchange it for something of real value. So they cling to it, work hard for it, work hard at living frugally, shop at sales, and do their best to save as much of it as they can. But today we are talking about the diference between the plan to be rich and the other two plans. In fact, I recommend that for most people. Simply work and turn your money over to professional managers or institutions and invest for the long term.
People who invest in this manner will probably do better than the individual who thinks he or she is the Tarzan of Wall Street. A steady program of putting money away following a plan is the best way to invest for most people. Or they want to start a business so they rush out and start a business without the basic skills of business. And then we wonder why 95 percent of all small businesses fail in the irst ive to ten years.
All they have to do is change a few words, a few ideas, and their inancial world will change like magic. But most people are too busy working, and they do not have the time. It is a subject that does not interest me. Most people do not go beyond secure and comfortable because they are not willing to invest the time.
At least the person has a inancial plan to be secure or comfortable. You see them in the later years of their lives, broke, spent, and talking about the deal they almost made or the money they once had. At the end of their lives, they have neither time nor money. I had already seen and met such investors. It is not pretty to see a person who is out of both time and money.
Mental-Attitude Quiz Investing at the secure level and the comfortable level should be as mechanical or as formula-driven as possible. If you start early and if the stars shine on you, at the end of the rainbow should be the pot of gold. Investing can, and should be, that simple at these two fundamental levels. So if you cannot shake this nervousness, then invest with greater caution. Once your investment plans of being inancially secure or comfortable are in place and on track, you are better able to speculate on that hot stock tip you heard from a friend.
Speculating in the world of inancial products is fun, yet it should be done responsibly. Professional money managers do that for me. I invest the way my rich dad taught me to invest. Very few people invest or play the game of investing at this level. It is not a method for everyone, especially if you do not already have the secure and comfort levels already in place. Are you willing to set in place an investment plan to cover your inancial needs to be secure or comfortable?
Are you willing to invest the time to learn to invest at the rich level, the level of my rich dad? First, they have not been trained to be investors. Second, most investors lack control or are out of control. Most of us know intuitively that if you want a real deal, you have to be on the inside. It could be to buy a car, tickets to a play, or a new dress. An Important Note As this book progresses, many sacred money cows may be slaughtered.
Inside investing is one of them. In the real world, there is legal inside investing and there is illegal inside investing. What makes the news is the illegal insider investing. Yet there is more legal insider investing in the real world that does not make the news, and that is the type of inside investing I am talking about. A hot tip from a taxi driver is in many ways an insider tip. But if you want to be rich, you have to be closer to the inside than the professional to whom most people entrust their money.
To do that, I needed to invest a lot more time than the average investor—and that is what the rest of this book is really about. Before You Decide I realize that many people do not want to invest that much time into the subject of investing just to get to the inside. I hope that after reading the next few chapters, you will have learned a few new ways to reduce your investment risk so that you can become more successful as an investor, even if you do not want to be an inside investor.
As I said earlier, investing is a very personal subject, and I completely respect that reality. I know that many people do not want to commit the time to the subject of investing the way rich dad and I did. Mental-Attitude Quiz he business of investing has many parallels to the business of professional sports. At Super Bowl time, millions of football fans watch the game. On the ield are the players, the fans, the cheerleaders, the vendors, the sports commentators, and the fans at home watching the event on TV.
Today, for many investors, the world of investing looks like a professional football game. You have the same cast of characters. You also have the cheerleaders, telling you why the stock price is going up. Or, if the market goes down, they want to keep cheering you up with new hope that the price will soon rise.
Instead of reading the sports page, you read the inancial pages. And of course, we have the viewers at home. What most people do not see in both arenas of the sports world and the investment world is what is going on behind the scenes. And that is the business behind both games.
Oh, you may see the owner of the team occasionally, just as you may see a CEO or the president of the company, but the igurehead is not really the business. It does not buy the tickets. Are you willing to start taking control over yourself? Based on what you know so far, are you willing to invest the time to gain the education and experience to become a successful investor as an insider?
But if you want to be rich, working hard and saving money will probably not get you there. He knew that working hard and saving money was good for the masses, but not for anyone wanting to become rich. If you want to be rich, you will need greater inancial sophistication than merely working hard and saving money. Your net result is a loss of money. People who think things are risky often also avoid learning something new.
In Rich Dad Poor Dad, I shared the diagrams of the income statement and the balance sheet that he used to teach me the basics of accounting and inancial literacy. In order for me to understand investing, I irst needed to fully understand the lessons taught in those two books. When I was between the ages of 12 and 15, rich dad would occasionally have me sit at his side while he interviewed people who were looking for a job.
At p. Across the table was a single wooden chair for the person who was being interviewed. One by one, his secretary would let the prospective employees into the large room and instruct each person to sit in the lone open chair. Rich dad never said anything to me before, during, or after these interviewing days.
Besides, it is painful to see grownups so needy for a job and money. Some of those people are really desperate. I doubt some of them could last three months without a paycheck. And some of them are older than you and obviously have no money. Why do you want me to see this? It hurts me every time I do this with you. I know your dad is encouraging you to go to college so you can get a high-paying job. If you listen to his advice, you will be going in this direction. If you listen to me, you will be sitting in the wooden chair on my side of the table.
Each side has its pluses and minuses. He provides a largely sympathetic lesson on why people dig such holes for themselves and why creditors let them. The information is nicely condensed and includes illustrations that people at all intellectual levels will connect with.
The writing and the matter-of-fact reading are proactive--he doesn't celebrate or condemn anyone's goofy money decisions. Know yourself, get your attitudes and behavior under control, and then use the author's formulas and action steps to wrestle your credit report, account by account, back into something respectable. This audio program contains tips for evaluating opportunities in business and real estate.
Robert, Sharon, and Kim share their expertise and experience so you can learn how to put more money in your pocket with tips for increasing the profitability of your investments. Rich Dad's: Retire Rich Retire Young - Beginning with the principle of changing attitudes about financial freedom, he explains the difference between earned income and passive or investment income, managing good debt that makes money for you, such as in real estate, the fundamental concern about k retirement plans that are too focused on stock market performance, and the need to create a long-term financial freedom plan and the emotional discipline to stick to it.
The solid, practical insight into how to put together a plan to financial freedom will require a commitment to changing lifestyles and personal attitudes about work and, of course, enough time left in life to allow the investments to succeed. Highly recommended for all public libraries, especially those that have not yet begun to add Kiyosaki's other super titles to their business and investment collections.
What he says is he didn't make his fortune from network marketing. There's a big difference. Remember that when reading other reviews. Robert explains to the reader how his opinion of networking changed when, in the early 's, a well-respected and financially successful friend told Robert he was involved in network marketing. With Roberts past disinterest in networking, Robert didn't understand why a man who just completed over a billion dollars in commercial real estate transaction would be involved in network marketing.
Robert Kiyosaki - Personal finance author and lecturer Robert Kiyosaki developed his unique economic perspective through exposure to a pair of disparate influences: his own highly educated but fiscally unstable father, and the multimillionaire eighth-grade dropout father of his closest friend. The lifelong monetary problems experienced by his "poor dad" whose weekly paychecks, while respectable, were never quite sufficient to meet family needs pounded home the counterpoint communicated by his "rich dad" that "the poor and the middle class work for money," but "the rich have money work for them".
Taking that message to heart, Kiyosaki was able to retire at Lechter, lays out his the philosophy behind his relationship with money. Although Kiyosaki can take a frustratingly long time to make his points, his book nonetheless compellingly advocates for the type of "financial literacy" that's never taught in schools. Based on the principle that income-generating assets always provide healthier bottom-line results than even the best of traditional jobs, it explains how those assets might be acquired so that the jobs can eventually be shed.
With job security at an all time low, it's never been more important to take control of your financial life. If you are ready to be more than an average investor, then this audiobook will show you how to have your money work harder and faster for you. Kiyosaki understood well the importance of financial planning. In this easy-to-read parenting guide, Kiyosaki and co-author Sharon Lechter design a step-by-step guide to moms and dads to explain to their children the basics of our financial economythe employees, the self-employed, the business owners, and the investors.
The authors explain that providing children with financial problem-solving skills, can help to ensure a profitable future. The core idea in this series is that being an investor or business owner gives one more freedom and a higher upside than being someone else's employee or being an owner-operator of a business. With vivid personal stories, the authors show that many people, including the author's "poor" dad an educational administrator , choose working for others because of insecurity or misguided trust in organizations.
One builds true financial freedom by accumulating assets that make money, especially rental property. Though others have offered this advice, it's clearer and more potent here, and worth listening to many times if your financial insecurity or complacency needs a push. Conspiracy of the Rich - book which was written in serial basis to help people understand how the current recession came about, and what they need to learn on how to survive through the coming rough years.
An unprecedented publishing event for Kiyosaki and The Rich Dad Company, is an interactive project in which Kiyosaki has invited feedback, commentary, and questions from readers across the globe.