Rich Dad Poor Dad | S5 – E28 | Lesson V | The Story of The Economy in Phoenix Circa 1990

That is why I invest in my financial intelligence, developing the most powerful asset I have. I want to be with people moving boldly forward. I do not want to be with those left behind.

I will give you a simple example of creating money. In the early 1990s, the economy of Phoenix, Arizona, was horrible. I was watching a TV show when a financial planner came on and began forecasting doom and gloom. His advice was to save money. “Put $100 away every month,” he said. “In 40 years you will be a multimillionaire.”

Well, putting money away every month is a sound idea. It is one option—the option most people subscribe to. The problem is this: It blinds the person to what is really going on. It causes them to miss major opportunities for much more significant growth of their money. The world is passing them by.

As I said, the economy was terrible at that time. For investors, this is the perfect market condition. A chunk of my money was
in the stock market and in apartment houses. I was short of cash. Because people were giving properties away, I was buying. I was not saving money. I was investing. Kim and I had more than a million dollars in cash working in a market that was rising fast. It was the best opportunity to invest. The economy was terrible. I just could not pass up these small deals.

Houses that were once $100,000 were now $75,000. But instead of shopping with local real estate agents, I began shopping at the bankruptcy attorney’s office, or the courthouse steps. In these shopping places, a $75,000 house could sometimes be bought for $20,000 or less. For $2,000, which was loaned to me from a friend for 90 days for $200, I gave an attorney a cashier’s check as a down payment. While the acquisition was being processed, I ran an ad advertising a $75,000 house for only $60,000 and no money down.

The phone rang hard and heavy. Prospective buyers were screened and once the property was legally mine, all the prospective buyers were allowed to look at the house. It was a feeding frenzy. The house sold in a few minutes. I asked for a $2,500 processing fee, which they gladly handed over, and the escrow and title company took over from there. I returned the $2,000 to my friend with an additional $200. He was happy, the home buyer was happy, the attorney was happy, and I was happy. I had sold a house for $60,000 that cost me $20,000. The $40,000 was created from money in my asset column in the form of a promissory note from the buyer. Total working time: five hours.

Rich Dad Poor Dad

Arsenio’s ESL Podcast | Season 5 Episode 80 | Pronunciation for Speaking | Emphasis for Hedging

When hedging, emphasis can be used to imply agreement or disagreement — this is what I’ll be discussing in today’s podcast.

Implied agreement

Emphasis can be placed on the adverb or can.

It is certainly true that ……

Despite some criticism, it can be concluded that….

Implied disagreement

Emphasis can be nplaced on be or could and go on the word signaling disagreement.

While it could be said that is the case, most people…

It is possibly true, however….

We could say that was the case, if it didn’t….

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Arsenio’s ESL Podcast | Season 5 Episode 79 | Speaking Skill | Obtaining Consensus

In a discussion, it is important to establish when the group reaches agreement.

So, have we agree that…

We all seem to be of the same opinion.

Different approaches can be taken to get everyone’s view. These can be more or less structures.

Should we take a vote on that?

What does everyone thing?

Group members need that opportunity to disagree and to express alternative views.

I’m not sure I agree with that. The way I see it is that…

I understand what is being said. However, …..

If consensus cannot be reached, it is often a good idea to move the discussion on and return to the point later.

In the interest of time, let’s move on.

We can return to this point later.

Task: Listen to three extracts from the speaking model. Identify speaker’s purpose and make a note of the phrases used.

2.

3.

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Arsenio’s ESL Podcast | Season 5 Episode 78 | Grammar | Heading with be, can, could

When speaking in an academic context, it is common to avoid making strong statements. This enables the speaker to discuss different ideas without committing to any particular theory.

Heading with Be

When hedging with be, use adverbs to show the degree of certainty of the statement.

certainly/definitely clearly/probably possibly perhaps

Compare:

It is clearly true that….

It is probably

It is perhaps

Heading with can/could

It can be said that

It could be argued that

“It” is often used as the subject in hedging sentences, referring to the later clause. The passive voice is also often used. Both these factors make the sentence seem more objective.

It could be said that group work is the most popular way to work.

Addtional Task

Rewrite these sentences using hedging language.

  1. It is better to collaborate with others.
  2. Overall, having too many managers is a risk.
  3. This positive view of mavericks is not generally applicable.
  4. What we learn from them isn’t applicable to most situations.
  5. Participation in teams can lead to intragroup conflict.

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Rich Dad Poor Dad | S5 – E27 | Lesson V | The CASHFLOW GAME

Just like a board game, the world is always providing us with instant feedback. We could learn a lot if we tuned in more. One day not long ago, I complained to my wife that the cleaners must have shrunk my pants. My wife gently smiled and poked me in the stomach to inform me that the pants had not shrunk. Something else had expanded—me!

The CASHFLOW game was designed to give every player personal feedback. Its purpose is to give you options. If you draw the boat card and it puts you into debt, the question is: “Now what can you do? How many different financial options can you come up with?” That is the purpose of the game: to teach players to think and create new and various financial options. Thousands of people throughout the world have played this game. The players who get out of the Rat Race the quickest are the people who understand numbers and have creative financial minds. They recognize different financial options. Rich people are often creative and take calculated risks. People who take the longest are people who are not familiar with numbers and often do not understand the power of investing.

What did you learn about your true behavior from playing the game

Some people playing CASHFLOW gain lots of money in the game, but they don’t know what to do with it. Even though they have money, everyone else seems to be getting ahead of them. And that is true in real life. There are a lot of people who have a lot of money and do not
get ahead financially.

I have watched people playing CASHFLOW complain that the right opportunity cards are not coming their way. So they sit there. I know people who do that in real life. They wait for the right opportunity.

I have watched people get the right opportunity card and then not have enough money. Then they complain that they would have gotten out of the Rat Race if they had had more money. So they sit there. I know people in real life who do that also. They see all the great deals, but they have no money.

And I have seen people pull a great opportunity card, read it out loud, and have no idea that it is a great opportunity. They have the money, the time is right, they have the card, but they can’t see the opportunity staring them in the face. They fail to see how it fits into their financial plan for escaping the Rat Race. And I know more people like that than all the others combined. Most people have an opportunity of a lifetime flash right in front of them, and they fail to see it. A year later, they find out about it, after everyone else got rich.

Financial intelligence is simply having more options. If the opportunities aren’t coming your way, what else can you do to improve your financial position? If an opportunity lands in your lap and you have no money and the bank won’t talk to you, what else can you do to get the opportunity to work in your favor? If your hunch is wrong, and what you’ve been counting on doesn’t happen, how can you turn a lemon into millions? That is financial intelligence. It is not so much what happens, but how many different financial solutions you can think of to turn a lemon into millions. It is how creative you are in solving financial problems.

Rich Dad Poor Dad

Rich Dad Poor Dad | S5 – E26 | Lesson V | The Rich Invent Money

Once we leave school, most of us know that it is not so much a matter of college degrees or good grades that count. In the real world outside of academics, something more than just grades is required.
I have heard it called many things; guts, chutzpah, balls, audacity, bravado, cunning, daring, tenacity, and brilliance. This factor, whatever it is labeled, ultimately decides one’s future much more than school grades do.

Inside each of us is one of these brave, brilliant, and daring characters. There is also the flip side of that character: people who could get down on their knees and beg if necessary. After a year in Vietnam as a Marine Corps pilot, I got to know both of those characters inside of me intimately. One is not better than the other.

Yet as a teacher, I recognized that it was excessive fear and self-doubt that were the greatest detractors of personal genius. It broke my heart to see students know the answers, yet lack the courage to act on the answer. Often in the real world, it’s not the smart who get ahead, but the bold.

In my personal experience, your financial genius requires both technical knowledge as well as courage. If fear is too strong, the genius is suppressed. In my classes, I strongly urge students to learn
to take risks, to be bold, and to let their genius convert that fear into power and brilliance. It works for some and just terrifies others. I have come to realize that for most people, when it comes to the subject of money, they would rather play it safe. I have had to field questions such as: “Why take risks?” “Why should I bother developing my financial IQ?” “Why should I become financially literate?” And I answer, “Just to have more options.”

So why bother developing your financial IQ? No one can answer that but you. Yet I can tell you why I myself do it. I do it because it
is the most exciting time to be alive. I’d rather be welcoming change than dreading change. I’d rather be excited about making millions than worrying about not getting a raise. This period we are in now is a most exciting time, unprecedented in our world’s history. Generations from now, people will look back at this period of time and remark at what an exciting era it must have been. It was the death of the old and birth of the new. It was full of turmoil, and it was exciting.

So why bother developing your financial IQ? Because if you do, you will prosper greatly. And if you don’t, this period of time will be a frightening one. It will be a time of watching some people move boldly forward while others cling to worn-out life preservers.

TOEFL iTP | Errors with Singular and Plural Nouns | Structure & Written Expression

Underlined nouns in the Written Expression section may be incorrect because they are plural but should be singular, or because they are singular but should be plural.

Sometimes it is clear that a singular subject is incorrectly used because the verb is plural, or that a plural noun is used incorrectly because the verb is singular. In this type of item, the verb will not be underlined, because this is not a verb error.

Sometimes it is obvious that a plural or singular noun is needed because of the determiners that precede the noun. Certain determiners are used only before singular nouns while other determiners are used only before plural nouns.

Determiners Used with Singular Nouns

  • a/an
  • one
  • a single
  • each
  • every
  • this
  • that

Determiners Used with Plural Nouns

  • two, three, four, etc
  • dozens of
  • hundreds of
  • thousands of
  • a few (of)
  • many (of)
  • a number of
  • the number of
  • a couple (of)
  • every one of
  • each one of
  • each of
  • one of
  • these
  • those
  1. Each contestant won a prize.
  2. Each of the contestants won a prize.
  3. This flower is a yellow rose.
  4. These flowers are yellow roses.
  5. I attended only one game this season.
  6. It was one of the most exciting games that I ever attended.

Sample Items

  • Several of Washington Irving’s story have become classics in American literature.

In this item, both the determiner before the nouns (several of) and the plural verb (have) indicate that a plural noun (stories) should be used.

  • Mauna Loa, an active volcano on the island of Hawaii, usually has one eruptions every three years.

A singular noun must be used after the determiner one.

  • One of the most beautiful state capitol is the Utah State Capital located in Salt Lake City.

The correct pattern is one of the + superlative adjective + plural noun. The plural noun capitols must therefore be used.

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Rich Dad Poor Dad | S5 – E25 | Lesson IV | Financial IQ

I remind people that financial IQ is made up of knowledge from four broad areas of expertise:

1. Accounting – Accounting is financial literacy or the ability to read numbers. This is a vital skill if you want to build an empire. The more money you are responsible for, the more accuracy is required, or the house comes tumbling down. This is the left-brain side, or the details. Financial literacy is the ability to read and understand financial statements which allows you to identify the strengths and weaknesses of any business.

2. Investing – Investing is the science of “money making money.” This involves strategies and formulas which use the creative right-brain side.

3. Understanding markets – Understanding markets is the science of supply and demand. You need to know the technical aspects of the market, which are emotion-driven, in addition to the fundamental or economic aspects of an investment. Does an investment make sense or does it not make sense based on current market conditions?

4. The law – A corporation wrapped around the technical skills of accounting, investing, and markets can contribute to explosive growth. A person who understands the tax advantages and protections provided by a corporation can get rich so much

Rich Dad Poor Dad | S5 – E24 | Lesson IV | All Americans Work For The Government

Average Americans today work four to five months for the government just to cover their taxes. In my opinion, that is simply too long. The harder you work, the more you pay the government. That is why I believe that the idea of “take-from-the-rich” backfired on the very people who voted it in.

Every time people try to punish the rich, the rich don’t simply comply. They react. They have the money, power, and intent to change things. They don’t just sit there and voluntarily pay more taxes. Instead, they search for ways to minimize their tax burden. They hire smart attorneys and accountants, and persuade politicians to change laws or create legal loopholes. They use their resources to effect change.

Rich Dad Poor Dad

My highly educated dad always encouraged me to land a good job with a strong corporation. He spoke of the virtues of “working your way up the corporate ladder.” He didn’t understand that, by relying solely on a paycheck from a corporate employer, I would be a docile cow ready for milking.

When I told my rich dad of my father’s advice, he only chuckled. “Why not own the ladder?” was all he said.

As a young boy, I did not understand what rich dad meant by owning my own corporation. It was an idea that seemed impossible and intimidating. Although I was excited by the idea, my inexperience wouldn’t let me envision the possibility that grown-ups would someday work for a company I would own.

TOEFL iTP | Errors in Word Choice | Grammar | Wrong Choice of Make or Do

The verb to do is often used in place of to make, and to make in place of to do. In its basic sense, to make means to produce, to create, to construct, while to do means to perform, to act, to accomplish. These verbs are also used in a number of set expressions:

Common expressions with Make

  • Make advances
  • make an attempt
  • make a comparison
  • make a contribution
  • make a decision
  • make a distinction
  • make a forecast
  • make an investment
  • make a law
  • make an offer
  • make a plan
  • make a point
  • make a prediction
  • make a profit
  • make a promise
  • make a sound/noise
  • make a suggestion.

be made of = be composed of

make up = composed

Common Expressions with Do

  • do an assignment
  • do business with
  • do one’s duty
  • do someone a favor
  • do a job
  • do research
  • do one’s work

The auxiliary verb do is used rather than repeat main verbs (my computer doesn’t operate as fast as theirs does).

Sample Items

  1. Cement is done from varying amounts of limestone, clay, and gypsum.

The verb done is incorrect in this sentence. The correct word choice is made.

2. Small town newspapers often urge readers to make business with local merchants.

The phrase should read do business.

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