RICH DAD POOR DAD | S5 – E45 | LESSON VII | OVERCOMING Arrogance

“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. It often happens when I am discussing financial statements with accountants or even other investors.

They try to bluster their way through the discussion. It is clear to me that they don’t know what they’re talking about. They’re not lying, but they are not telling the truth.

There are many people in the world of money, finances, and investments who have absolutely no idea what they’re talking about. Most people in the money industry are just spouting off sales pitches like used-car salesmen. 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.

RICH DAD POOR DAD | S5 – E41 | LESSON VII | Overcoming Cynicism

Overcoming Cynicism

“The sky is falling! The sky is falling!” Most of us know the story of Chicken Little who ran around warning the barnyard of impending doom. We all know people who are that way. There’s a Chicken Little inside each of us.

As I stated earlier, the cynic is really a little chicken. We all get a little chicken when fear and doubt cloud our thoughts. All of us have doubts: “I’m not smart.” “I’m not good enough.” “So-and-so is better than me.” Our doubts often paralyze us. We play the “What if?” game. “What if the economy crashes right after I invest?” “What if I lose control and I can’t pay the money back?” “What if things don’t go as I planned?” Or we have friends or loved ones who will remind us of our shortcomings. They often say, “What makes you think you can do that?” “If it’s such a good idea, how come someone else hasn’t done it?” “That will never work. You don’t know what you’re talking about.” These words of doubt often get so loud that we fail to act. A horrible feeling builds in our stomach. Sometimes we can’t sleep. We fail to move forward. So we stay with what is safe, and opportunities pass us by. We watch life passing by as we sit immobilized with a cold knot in our body. We have all felt this at one time in our lives, some more than others.

When violence breaks out in a city, gun sales go up all over the country. A person dies from rare hamburger meat in the state of Washington, and the Arizona Health Department orders restaurants to have all beef cooked well-done. A drug company runs a TV commercial in February showing people catching the flu. Colds go up as well as sales of cold medicine.

Most people are poor because, when it comes to investing, the world is filled with Chicken Littles running around yelling, “The sky
is falling! The sky is falling!” And Chicken Littles are effective, because every one of us is a little chicken. It often takes great courage to not
let rumors and talk of doom and gloom affect your doubts and fears. But a savvy investor knows that the seemingly worst of times is actually the best of times to make money. When everyone else is too afraid to act, they pull the trigger and are rewarded.

Rich Dad Poor Dad | S5 – E20 |Lesson III | Mind Your Own Business

In 1974, Ray Kroc, the founder of McDonald’s, was asked to speak to the MBA class at the University of Texas at Austin. A friend of mine was a student in that MBA class. After a powerful and inspiring talk, the class adjourned and the students asked Ray if he would join them at their favorite hangout to have a few beers. Ray graciously accepted.

“What business am I in?” Ray asked, once the group had all their beers in hand.

“Everyone laughed,” my friend said. “Most of the MBA students thought Ray was just fooling around.”

No one answered, so Ray asked again, “What business do you think I’m in?”

The students laughed again, and finally one brave soul yelled out, “Ray, who in the world doesn’t know that you’re in the hamburger business?”

Ray chuckled. “That’s what I thought you would say.” He paused and then quickly added, “Ladies and gentlemen, I’m not in the hamburger business. My business is real estate.”

Rich Dad Poor Dad

As my friend tells the story, Ray spent a good amount of time explaining his viewpoint. In his business plan, Ray knew that the primary business focus was to sell hamburger franchises, but what he never lost sight of was the location of each franchise. He knew that the land and its location were the most significant factors in the success of each franchise. Basically, the person who bought the franchise was also buying the real estate under the franchise for Ray Kroc’s organization.

Today, McDonald’s is the largest single owner of real estate in the world, owning even more than the Catholic church. McDonald’s owns some of the most valuable intersections and street corners in America and around the globe.

My friend considers this as one of the most important lessons in his life. Today he owns car washes, but his business is the real estate under those car washes.

The previous chapter presented diagrams illustrating that most people work for everyone but themselves. They work first for the owners of the company, then for the government through taxes, and finally for the bank that owns their mortgage.

When I was a young boy, we did not have a McDonald’s nearby. Yet my rich dad was responsible for teaching Mike and me the
same lesson that Ray Kroc talked about at the University of Texas.
It is secret number three of the rich. That secret is: Mind your own business. Financial struggle is often directly the result of people working all their lives for someone else. Many people will simply have nothing at the end of their working days to show for their efforts.

Our current educational system focuses on preparing today’s youth to get good jobs by developing scholastic skills. Their lives will revolve around their wages or, as described earlier, their income column. Many will study further to become engineers, scientists, cooks, police officers, artists, writers, and so on. These professional skills allow them to enter the workforce and work for money.

Rich Dad Poor Dad

High Trust Organization Dividends – Increased Value, Accelerated Growth

Oh, yes! We’re getting into high trust organization dividends now. Remember, when you add up the cost of all these taxes that are imposed in low-trust organizations, it’s apparent what the connection is between low trust, low speed and high cost.

Increased Value

The second dimension is customer value. As a result of the last five dividends, high-trust organizations are consistently able to create and deliver more value to their customers. This customer value, in turn, creates more value for other key stakeholders.

Stephen Covey

So, I thought about this recently with the last company I was working for. Remember I told you that it was a complete mess. The customers were the stakeholders. If it wasn’t for one customer, that place would be beyond quiet because she was able to bring friends in to study with her.

Nonetheless, after they relieved me, it was clear to the stakeholders that they weren’t cared about. The management had romanticized about what they wanted and not what the stakeholders wanted. This will doom your business if you let this happen. Failure will come so fast that you won’t know until your doors are locked up.

Accelerated Growth

High-trust companies outperform low-trust companies, not only in shareholder value, but also in sales and profits. Research clearly shows that customers buy more, buy more frequently, refer more, and stay longer with companies and people they trust. Plus, these companies actually outperform with less cost. It’s “Jim,” the donut and coffee guy writ large. The net result is not just accelerated growth, but accelerated profitable growth. As Vanguard Investments CEO John Brennan said, “Trust is our number one asset…..as customers learn to trust us, they generate surprising amount of growth.”

Stephen Covey

Customers buy more, buy more frequently, refer more, stay longer with companies and people they trust. That reminds me of one of my students. They’ve been with a language center for three years, so obviously the retainment is apparent, but now they’re going to start losing customers because of the bureaucracy, politics and not giving a damn about stakeholders.

The Enlightenment Series: S1 – E1 – Isabel Hundt on Overcoming Limiting Beliefs

As usual, Isabel Hundt never ceases to amaze me. A very hot topic that most of us struggle with was on point today on be.live tv. I was able to rip the audio from it and put it in podcast form, so guys, this is the first time hearing her on my personal development podcast. I had brought her on before on my English language podcast.

Isabel, who’s an author, coach, sociologist, empath warrior, etc….is one of the most brilliant minds I’ve ever met. In this video/podcast she discusses an array of limiting beliefs, triggers, and a few other things to overcome them. If you’re suffering from intolerance and have a bias against a specific gender, creed, color, this is for you.

Here are the show notes.

Get in touch with Isabel Hundt of Germany

Links:

Things we discussed:

  • Introduction given by Isabel Hundt and about her work.
  • Millennials and how they can build a better world.
  • Entitlements and privileges among the younger generations.
  • What are limiting beliefs?
  • What is ‘labelling’? Her experiences growing up in East Germany and about racism.
  • How to overcome self-limiting belief?
  • Subconsciousness of racism and epigenetics.
  • Self-limiting is a form of security.
  • How to develop self-awareness?
  • Emotional awareness.
  • What are the steps to overcoming limiting beliefs?

Podcast

Thank you for listening!

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