Overcoming Arrogance

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“What I know makes me money. What I don’t know loses me money. Every time I have been arrogant, I have lost money. Because when I’m arrogant, I truly believe that what I don’t know is not important,” rich dad would often tell me.

I have found that many people use arrogance to try to hide their own ignorance.

When you know you are ignorant in a subject, start educating yourself by finding an expert in the field or a book on the subject.

Having no money should not be an excuse to not learn. But that is a choice we all make daily: the choice of what we do with our time, our money, and what we put in our heads. That is the power of choice. All of us have choice. 

Invest first in education. In reality, the only real asset you have is your mind, the most powerful tool we have domination over. Each of us have the choice of what we put in our brain once we’re old enough.

A truly intelligent person welcomes new ideas, for new ideas can add to the synergy of other accumulated ideas. Listening is more important than talking. 

Too many people think with their mouth instead of listening in order to absorb new ideas and possibilities. They argue instead of asking questions.

Robert T. Kiyosaki

 

 

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Overcoming Fear

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I have never met anyone who really likes losing money. And in all my years, I have never met a rich person who has never lost money. But I have met a lot of poor people who have never lost a dime -investing, that is.

The fear of losing money is real. Everyone has it. Even the rich. But it’s not having fear that is the problem. It’s how you handle fear. It’s how you handle losing. It’s how you handle failure that makes the difference in one’s life. The primary difference between a rich person and a poor person is how they manage the fear.

Failure inspires winners. And failure defeats losers. It is the biggest secret of winners. It’s the secret that losers do not know. The greatest secret of winners is that failure inspires winning; thus, they are not afraid of losing.

Robert  T. Kiyosaki

Work to Learn

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Most people need only to learn and master one more skill and their income would jump exponentially. 

When it comes to money, the only skill most people know is to work hard.

I recommend to young people to seek work for what they will learn, more than what they will earn. Look down the road at what skills they want to acquire before choosing a specific profession and before getting trapped in the Rat Race.

Education is more valuable than money, in the long run.

Robert T. Kiyosaki

The Information Age

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Today, wealth is in information. And the person who has the most timely information owns the wealth. The problem is that information flies around the world at the speed of light. The new wealth cannot be contained by boundaries and borders as land and factories were. The changes will be faster and more dramatic. There will be a dramatic increase in the number of new multimillionaires. There also will be those who are left behind.

In the Information Age, money is increasing exponentially. A few individuals are getting ridiculously rich from nothing, just ideas and agreements. 

Robert T. Kiyosaki

Mind Your Business

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The mistake in becoming what you study is that too many people forget to mind their own business. They spend their lives minding someone else’s business and making that person rich.

To become financially secure, a person needs to mind their own business. Your business revolves around your asset column, not your income column. 

The rich focus on their asset columns, while everyone else focuses on their income statements.

Start minding your own business. Keep your daytime job, but start buying real assets.

Keep expenses low, reduce liabilities, and diligently build a base of solid assets.

Robert T. Kiyosaki

Asset and Liability

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The most important rule is to know the difference between an asset and a liability. Once you understand the difference, concentrate your efforts on buying income-generating assets. That’s the best way to get started on a path to becoming rich. keep doing that, and your asset column will grow. Keep liabilities and expenses down so more money is available to continue pouring into the assets column.

My next goal would be to have excess cash flow from my assets reinvested into the asset column. The more money that goes into my asset column, the more my asset column grows. The more my assets grow, the more my cash flow grows. And as long as I keep my expenses less that the cash flow from these assets, I grow richer with more and more income from sources other than my physical labor.

Robert T. Kiyosaki

Three Powers

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As a child, my dad often told us that the Japanese were aware of three powers: the power of the sword, the jewel, and the mirror.

The sword symbolizes the power of weapons.

The jewel symbolizes the power of money.

The mirror symbolizes the power of self-knowledge. This self-knowledge. according to Japanese legend, was the most treasured of the three.

Robert T. Kiyosaky