Rich Dad Poor Dad | S5 – E50 | Lesson VIII | Teach & You Shall receive – The power of giving

If I could leave one single idea with you, it is that idea. Whenever you feel short or in need of something, give what you want first and it will come back in buckets. That is true for money, a smile, love, or friendship. I know it is often the last thing a person may want to do, but it has always worked for me. I trust that the principle of reciprocity is true, and I give what I want. I want money, so I give money, and it comes back in multiples. I want sales, so I help someone else sell something, and sales come to me. I want contacts, and I help someone else get contacts. Like magic, contacts come to me. I heard a saying years ago that went: “God does not need to receive, but humans need to give.”

Rich Dad Poor Dad

If you need money, help people receive money. If you need coaches or people to join your podcast, refer others over to your friends platforms. Need a new job? Help others get jobs. This is how the compound effect works.

Often just the process of thinking of what I want, and how I could give that to someone else, breaks free a torrent of bounty. Whenever I feel that people aren’t smiling at me, I simply begin smiling and saying hello. Like magic, the next thing I know I’m surrounded by smiling people. It is true that your world is only a mirror of you.

So that’s why I say, “Teach, and you shall receive.” I have found that the more I teach those who want to learn, the more I learn. If you want to learn about money, teach it to someone else. A torrent of new ideas and finer distinctions will come in.

There are times when I have given and nothing has come back, or what I have received is not what I wanted. But upon closer inspection and soul searching, I was often giving to receive in those instances, instead of giving for the joy that giving itself brings.

Podcast

In this episode, I talk about how people get into FAD or PWM (people without money) markets.

For example, Bitcoin was a FAD market. In 2018, the hysteria was insane. You had people making podcasts, videos, etc….and they all fell for it. Sure, Bitcoin still exists today, but the hysteria has gone away and the voices are now silent.

I read a post on FB yesterday that someone I knew once tried creating a business for new grads. Well, if you just graduated from university, more than likely you’re in debt — therefore, you’re in a PWM market. I’m not lucky, but when I entered the ESL space, I knew that this was a billion-dollar industry with a massive opportunity to go to AR/VR in the future with an insane amount of collaborations. So, because I’m worldwide, I’m not reliant on economies that have deteriorated (Thailand and probably have the countries on planet Earth). There are economies that are surging, at the moment, and because I’m a trainer and have specific skill-sets, I attract those individuals because I have assets.

I’m in a People-With-Money market. This is something you need to consider before starting a business.

Tune in!

Topic: Spotify Takes A Heavy-hitter; YouTube is in Trouble

A podcaster/pseudo-comedian (shots fired) by the name of Joe Roegan signed a $100 million-dollar contract with Spotify a few days ago. What does this mean? Spotify literally just stole not only one of the top YouTubers away but also destroyed Google and Apple podcasts. He will have to take all of his content off YouTube (except micro-snippets he can put on to promote) and move it to Spotify. Did Spotify lose 100 million? No, their market share skyrocketed and they profited 5 billion! What does this mean for YouTube, a company that has been de-platforming individuals for free-speech and perpetuate bullying, harassment, and trolling? Well, this could mean the end. LISTEN IN!

RICH DAD POOR DAD | S5 – E48 | LESSON VIII | 10 STEPS TO DEVELOP YOUR POWERS #5 pAY yoURSELF fIRST

If you cannot get control of yourself, do not try to get rich. It makes no sense to invest, make money, and blow it. It is the lack of self-discipline that causes most lottery winners to go broke soon after winning millions. It is the lack of self-discipline that causes people who get a raise to immediately go out and buy a new car or take a cruise.

It is difficult to say which of the 10 steps is the most important. But of all the steps, this step is probably the most difficult to master if it is not already a part of your makeup. I would venture to say that personal self-discipline is the number-one delineating factor between the rich, the poor, and the middle class.

Simply put, people who have low self-esteem and low tolerance for financial pressure can never be rich. As I have said, a lesson learned from my rich dad was that the world will push you around. The world pushes people around, not because other people are bullies, but because the individual lacks internal control and discipline. People who lack internal fortitude often become victims of those who have self-discipline.

Rich Dad Poor Dad | S5 – E47 | Lesson VIII | 10 Steps to Develop Your POWERS (3-4)

Now, I will admit that there are people I have actually sought out because they had money. But I was not after their money; I was seeking their knowledge. In some cases, these people who had money have become dear friends. I’ve noticed that my friends with money talk about money. They don’t do it to brag. They’re interested in the subject. So I learn from them, and they learn from me. My friends who are in dire financial straits do not like talking about money, business, or investing. They often think it rude or unintellectual. So I also learn from my friends who struggle financially. I find out what not to do.

Rich Dad Poor Dad

Rich Dad Poor Dad | S5 – E33 | Lesson V | Two Types of Investors & How to Get Started

Great opportunities are not seen with your eyes. They are seen with your mind. Most people never get wealthy simply because they are not trained financially to recognize opportunities right in front of them.

Rich Dad Poor Dad

I love this. When it comes to money-making opportunities, they’re not seen with my eyes. I had to prime my mind to get the most out of it. I get a number of ideas on a routine basis that can propel my finances to even greater heights, simply by investing in my mind.

I look at money much like my game of tennis. I play hard, make mistakes, correct, make more mistakes, correct, and get better. If
I lose the game, I reach across the net, shake my opponent’s hand, smile, and say, “See you next Saturday.”

There are two kinds of investors:

  1. The first and most common type is a person who buys a packaged investment. They call a retail outlet, such as a real estate company, a stockbroker, or a financial planner, and they buy something. It could be a mutual fund, a REIT, a stock or a bond. It is a clean and simple way of investing. An analogy would be a shopper who goes to a computer store and buys a computer right off the shelf.
  2. The second type is an investor who creates investments.
    This investor usually assembles a deal in the same way a person who buys components builds a computer. I do not know the first thing about putting components of a computer together, but I do know how to put pieces of opportunities together, or know people who know how.

It is this second type of investor who is the more professional investor. Sometimes it may take years for all the pieces to come together. And sometimes they never do. It’s this second type of investor that my rich dad encouraged me to be. It is important to learn how to put the pieces together, because that is where the huge wins reside, and sometimes some huge losses if the tide goes against you.

If you want to be the second type of investor, you need to develop three main skills.

  1. Find an opportunity that everyone else missed. You see with your mind what others miss with their eyes. For example, a friend bought this rundown old house. It was spooky to look at. Everyone wondered why he bought it. What he saw that we did not was that the house came with four extra empty lots. He discovered that after going to the title company. After buying the house, he tore the house down and sold the five lots to a builder for three times what he paid for the entire package. He made $75,000 for two months of work. It’s not a lot of money, but it sure beats minimum wage. And it’s not technically difficult.
  2. Raise money. The average person only goes to the bank. This second type of investor needs to know how to raise capital, and there are many ways that don’t require a bank. To get started, I learned how to buy houses without a bank. It was the learned skill
    of raising money, more than the houses themselves, that
    was priceless. All too often I hear people say, “The bank won’t lend me money,” or “I don’t have the money to buy it.” If you want to be a type-two investor, you need to learn how to do that which stops most people. In other words, a majority of people let their lack of money stop them from making a deal. If you can avoid that obstacle, you will be millions ahead of those who don’t learn those skills. There have been many times I have bought
    a house, a stock, or an apartment building without a penny in the bank. I once bought an apartment house for $1.2 million.
    I did what is called “tying it up,” with a written contract between seller and buyer. I then raised the $100,000 deposit, which bought me 90 days to raise the rest of the money. Why did I do it? Simply because I knew it was worth $2 million. I never raised the money. Instead, the person who put up the $100,000 gave me $50,000 for finding the deal, took over my position, and I walked away. Total working time: three days. Again, it’s what you know more than what you buy. Investing is not buying. It’s more a case of knowing.

3. Organize smart people.

Intelligent people are those who work with or hire a person who is more intelligent than they are. When you need advice, make sure you choose your advisor wisely.

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.

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Rich Dad Poor Dad | S5 – E10 | The Broken American School System

Our school system, created in the Agrarian Age, still believes in homes with no foundation. Dirt floors are still the rage. So kids graduate from school with virtually no financial foundation. One day, sleepless and deep in debt in suburbia, living the American Dream, they decide that the answer to their financial problems is to find a way to get rich quick.

Construction on the skyscraper begins. It goes up quickly, and soon, instead of the Empire State Building, we have the Leaning Tower of Suburbia. The sleepless nights return.

As for Mike and me in our adult years, both of our choices were possible because we were taught to pour a strong financial foundation when we were just kids.

Accounting is possibly the most confusing, boring subject in the world, but if you want to be rich long-term, it could be the most important subject. For rich dad, the question was how to take a boring and confusing subject and teach it to kids. The answer he found was to make it simple by teaching it in pictures.

My rich dad poured a strong financial foundation for Mike and me. Since we were just kids, he created a simple way to teach us.

For years he only drew pictures and used few words. Mike and I understood the simple drawings, the jargon, the movement of money,

Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.

and then in later years, rich dad began adding numbers. Today, Mike has gone on to master much more complex and sophisticated accounting analysis because he had to in order to run his empire. I am not as sophisticated because my empire is smaller, yet we come from the same simple foundation. Over the following pages, I offer to you the same simple line drawings Mike’s dad created for us. Though basic, those drawings helped guide two little boys in building great sums of wealth on a solid and deep foundation.

Podcast

Jack Canfield – Build A Powerful Support Team & Delegate To Them

The ascent of Everest was not the work of one day, nor even of those few unforgettable weeks in which we climbed….it is, in fact, a tale of sustained and tenacious endeavour by many, over a long period of time.  Sir John Hunt *Scaled Mount Everest in 1953*

Listen, in order to become a high achiever, you’re going to need a powerful supporting cast.  That group of staff members, consultants, vendors, and helpers who do the bulk of the work while he or she is available to create new opportunities.

Just recently I had one of my students create and resize some photos for me on photo shop because I’m not that technically savvy.  Yes, I could’ve learned myself, but if it’s easy to delegate tasks for very cheap, why not?

The Total Focus Process

There’s an excellent process in Jack Canfield’s ‘The Success Principles Book” which helps provide you with clarity in terms of how you should be spending your time, and what you should be delegating to others.

  1. Start by listing those activities that occupy your time. They could be business-related, personal, volunteer work, even things like filing and photocopying.
  2. Next, choose from the list the 1-3 that you’re very good at and that needs your special unique talents that very few people have.  These activities that you’re very god at and that generate the most income are the ones you want to spend the most time on.
  3. Finally, create a plan for delegating everything else to other people.

Another great example is since I’m a teacher, I have a lot of clothes.  I’m not going to spend 3-4 hours one evening washing 9 suits, 20 shirts and pants, etc when I can easily delegate that to the lady down the road for 2-5$ every two weeks.

The Need For Personal Advisors

Too many business owners don’t even have an accountant.  They run their entire business program; however, there aren’t any experts at hand checking the numbers.

For instance, I had a student who became an accountant at a prestigious firm and saw that employees were stealing hundreds of thousands of baths over the course of 5-10 years.  When you run a business, you need to also have people who can keep close tabs on numbers because once assets start disappearing, you have to be 100% responsible and take on the task yourself.  Or, you can pay and have one accountant do the bulk of that dirty work.

Once You’ve Chosen Your Team Members, Trust Them

A great story is one by Raymond Aaron.  He was selling his home to move into an apartment, so he delegated an entire project to his assistant. He told her to find a specific flat. “Find it, negotiate the lease, and bring me the contract to sign,” he said. “Then hire a moving van, get a check from my office to pay the movers, pack up the fragile items, supervise the movers, and drive behind them to my new home.” He even had her hire an advance cleaning crew and arrange a handful of other things.

Where did he meet her? On vacation!

What could a virtual assistant or virtual freelancer do for you? Write up speeches? Reports? Create a radio commercial? Develop a YouTube video?

Podcast – https://www.spreaker.com/episode/9211557