Robert Kiyosaki - 60 Minutes to Getting Rich
Money Is An Idea
- The moment you say "I cannot afford it.", that becomes true. Instead, ask yourself "How can I afford it?"
- Only 1 out of a 100 people become rich, and 4 of each become wealthy.
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3 Points:
- Money is an idea
- Money does not make you rich
- 2 Kinds of problems: too rich or too poor (which would you rather?)
- Being poor and struggling does not make you feel happy. However, negative family values about having a lot of money often prevents you from making money. Though, you do not want a masters degree, a job, or a better pay raise. You want to build businesses that make real money.
- Money comes down to a choice.
Your House Is Not An Asset
- Your banker asks you for your Financial Intelligence, not your Academic Intelligence.
- Your financial statement includes your income, expenses, assets and liabilities.
- The cash-flow quadrant includes sectors employees, investors, business owners and self employed.
- Be active in at least 2 quadrants, of which one is the investment quadrant.
- If you have money, the financial advisors come to find you.
- 90/10 Rule of Investing: 10% of the people make 90% of the money.
- It is important to invest from a business to save on tax expenses. As an employee you pay your taxes first, however, as a business you pay taxes last.
Earn More, Work Less
- A house can be both an asset or an liability.
- "It is not how much money you make, it is how you spend your money."
- Do not work for money. Work for assets that put money into your pocket.
- Wealth: "How long can you survive without working?"
Mind Your Own Business
- Do not look too much at statistics. There are many businesses that fail. If you mind your own business, that business is likely the 1 out of 10 business that makes it.
Retire Early & Rich
- Debt versus equity: you rather use your bank's money (your debt) to retire, than your hard-earned equity.
- There is good debt and bad debt.
- If you can prove you can manage money, you can make more money from it, and you have some cash at hand, the bank will lend you any money you want, using the principle of fiduciary responsibility.
- It is not how much money you make, but how much money you keep. This is your income to expense ratio.
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Three Piggy banks:
- Savings
- Portfolio
- Charity
- You can only get a nothing down deal if you have a lot of money. Otherwise, take an option on it.
- To find a deal, before you buy 1 object, analyze at minimum 100 other but likewise objects.
- You want financial security, not job security.
So What's Stopping You?
- Look at deals constantly.
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4 Reasons for not taking action:
- Most people don't have the time to spend the time - they are too busy working for the money.
- Most people say it's risky or fearful.
- Money, sex, politics and religion are often tabus to talk about (this works subconsciously).
- Most people react, but do not interact.
- FEAR is False Evidence Appearing Real - the fear will make it real.
- "The difference between you and me is that you haven't failed at all yet! I am hoping to fail just to get smarter!"
- If you're not getting success, you haven't failed enough, because failure is part of success. So fail early and responsibly - fail small.
(buy this video)
Robert Kiyosaki on Television and DVD
Online Coaching
Robert Kiyosaki - The Business School for Entrepreneurs (Part 1)
Robert Kiyosaki - The Business School for Entrepreneurs (Part 2)
Robert Kiyosaki - The Business School For Entrepreneurs (Part 3)
Posted on 1st September 2007 by Quintus Hegie
