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.
A friend’s child has been developing a nasty habit of burning a hole in his pocket. Just 16, he wanted his own car. The excuse: “All his friends’ parents gave their kids cars.” The child wanted to go into his savings and use it for a down payment. That was when his father called me and then came to see me.
“Do you think I should let him do it, or should I just buy him a car?”
I answered, “It might relieve the pressure in the short term, but what have you taught him in the long term? Can you use this desire to own a car and inspire your son to learn something?” Suddenly the lights went on, and he hurried home.
Two months later I ran into my friend again. “Does your son have his new car?” I asked.
“No, he doesn’t. But I gave him $3,000 for the car. I told him to use my money instead of his college money.”
“Well, that’s generous of you,” I said. “Not really. The money came with a hitch.”
As I said earlier, if a person cannot master the power of self- discipline, it is best not to try to get rich. I say this because, although the process of developing cash flow from an asset column is easy in theory, what’s hard is the mental fortitude to direct money to the correct use. Due to external temptations, it is much easier in today’s consumer world to simply blow money out the expense column. With weak mental fortitude, that money flows into the paths of least resistance. That is the cause of poverty and financial struggle.
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.
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.
The language school where I have been teaching since May last year had to close on the 18th March. I am owed three weeks pay, which should have arrived by 11th April at the latest. There are 8 other teachers in the same boat and we have all been unable to contact the owner. He isn’t answering his phone, e-mails or Line messages (but the messages are being read) I need my money!
Anonymous Teacher in Thailand
I’m fortunate enough to have built up my skillsets over the course of 5 years. However, the comment above, which I found on a website, shows a plead from an individual who works at a language center (like me) that sadly fell into the grim reality of a corrupted owner. He was supposed to get paid but the owner has literally went AWOL, or so it seems (because line messages are being read). I have empathy for these teachers, including the rest around the world, who have had their jobs completely slashed away. 36 million English speakers in America have lost their jobs and that toll will continue climbing because the spread of the virus will amplify.
In the past here in Thailand, there have been floods that wiped up a large portion of the country, inundating homes and districts for up to a half-a-year, coups that ran rampantly on the streets of Thailand, disrupting an entire nation. Riots between two political parties that saw dozens of lives lost, but this certainly trumps them all, doesn’t it?
The company that hires and sends us to teach in Thai public schools refuses to tell the teachers when our contracts will officially begin. Meaning we don’t know if they will begin in May or July. If our contracts don’t begin until July, it means we will have gone from March to the end of July with little or no pay. The fact the company refuses to be upfront with teachers, only highlights the poor character of this Thai-run company.
They assume that they can string the foreign teachers along and we will be there when school starts. But they assume wrong. When the school term starts again, I suspect the companies and schools that have ignored and not looked after the foreign teachers will be left with giant holes to fill. Loyalty is a two way street.
I think you guys get the point. Because this gentleman is a 1 in 2,000 foreigner teachers (give or take a couple thousand) here in Thailand, he can be disposed of, just like most Americans who have lost their jobs to COVID.
However, because I’m a podcaster, online trainer, teacher, have proven my capabilities and have gotten results, I’m probably a 1 in 3 here in Thailand, putting me in a category that’s hard to get into.
“Arsenio, do you have a lot of work here in Thailand?” Absolutely NOT. There are forces beyond my power that play a pivotal role in this white-ocracy, but because I’m well-known online because the videos, and worldwide because my podcast….there are people inquiring from all corners of the world for my services. How did I do this?
Become an asset; not a number
Learn skills that others don’t know
Build an online persona
Strengthen your four cores of credibility
Whether you’re at home and stuck — or wondering what you can do with all the free time, this is the best way you can start strengthening skills that can provide you with extra income…not waiting on others to open their doors.
Guys, welcome to the first two of the ten steps on how to developer your powers. These excerpts below are from Robert Kiyosaki’s book, so make sure you tune into the podcast at the end to hear me explain how you can do it.
1. Find a reason greater than reality: the power of spirit
If you ask most people if they would like to be rich or financially free, they would say yes. But then reality sets in. The road seems too long with too many hills to climb. It’s easier to just work for money and hand the excess over to your broker.
Rich Dad Poor Dad
I once met a young woman who had dreams of swimming for the U.S. Olympic team. The reality was that she had to get up every morning at four o’clock to swim for three hours before going to school. She did not party with her friends on Saturday night. She had to study and keep her grades up, just like everyone else.
When I asked her what fueled her super-human ambition and sacrifice, she simply said, “I do it for myself and the people I love. It’s love that gets me over the hurdles and sacrifices.”
A reason or a purpose is a combination of “wants” and “don’t wants.” When people ask me what my reason for wanting to be rich is, I tell them that it is a combination of deep emotional “wants” and “don’t wants.”
I will list a few: first, the “don’t wants,” for they create the “wants.”
I don’t want to work all my life. I don’t want what my parents aspired for, which was job security and a house in the suburbs. I don’t like being an employee. I hated that my dad always missed my football games because
Quote from Vientiane Embassy in Podcast Down Below
he was so busy working on his career. I hated it when my dad worked hard all his life and the government took most of what he worked for at his death. He could not even pass on what he worked so hard for when he died. The rich don’t do that. They work hard and pass it on to their children.
Now the “wants.” I want to be free to travel the world and live in the lifestyle I love. I want to be young when I do this. I want to simply be free. I want control over my time and my life. I want money to work for me.
Those are my deep-seated emotional reasons. What are yours? Be greater than your reasons. I have lost money and been set back many times, but it was the deep emotional reasons that kept me standing up and going forward. I wanted to be free by age 40, but it took me until I was 47, with many learning experiences along the way.
As I said, I wish I could say it was easy. It wasn’t. But it wasn’t that hard either. I’ve learned that, without a strong reason or purpose, anything in life is hard.
IF YOU DO NOT HAVE A STRONG REASON, THERE IS NO SENSE READING FURTHER. IT WILL SOUND LIKE TOO MUCH WORK.
2. Make daily choices: the power of choice
Choice is the main reason people want to live in a free country. We want the power to choose.
Financially, with every dollar we get in our hands, we hold the power to choose our future: to be rich, poor, or middle class. Our spending habits reflect who we are. Poor people simply have poor spending habits. The benefit I had as a boy was that I loved playing Monopoly constantly. Nobody told me Monopoly was only for kids, so I just kept playing the game as an adult. I also had a rich dad who pointed out to me the difference between an asset and a liability. So a long time ago, as a little boy, I chose to be rich, and I knew that all I had to do was learn to acquire assets, real assets. My best friend, Mike, had an asset column handed to him, but he still had to choose.
Most people choose not to be rich. For 90 percent of the population, being rich is too much of a hassle. So they invent sayings that go: “I’m not interested in money.” “I’ll never be rich.” “I don’t have to worry. I’m still young.” “When I make some money, then I’ll think about my future.” “My husband/wife handles the finances.” The problem with those statements is that they rob the person who chooses to think such thoughts of two things: One is time, which is your most precious asset. The second is learning. 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. I just choose to be rich, and I make that choice every day.
Invest first in education. In reality, the only real asset you have is your mind, the most powerful tool we have dominion over. Each of us has the choice of what we put in our brain once we’re old enough. You can watch TV, read golf magazines, or go to ceramics class or a class on financial planning. You choose. Most people simply buy investments rather than first investing in learning about investing.
A friend of mine recently had her apartment burglarized. The thieves took her electronics and left all the books. And we all have that same choice. 90 percent of the population buys TV sets, and only about 10 percent buy business books.
So what do I do? I go to seminars. I like it when they are at least two days long because I like to immerse myself in a subject. In 1973, I was watching this guy on TV who was advertising a three-day seminar on how to buy real estate for nothing down. I spent $385 and that course has made me at least $2 million, if not more. But more importantly, it bought me life. I don’t have to work for the rest of my life because of that one course. I go to at least two such courses every year.
I love CDs and audio books. The reason: I can easily review what I just heard. I was listening to an investor say something I completely disagreed with. Instead of becoming arrogant and critical, I simply listened to that five-minute stretch at least 20 times, maybe more. But suddenly, by keeping my mind open, I understood why he said what he said. It was like magic. I felt like I had a window into the mind of one of the greatest investors of our time. I gained tremendous insight into the vast resources of his education and experience.
The net result: I still have the old way I used to think, and I now have a new way of looking at the same problem or situation. I have two ways to analyze a problem or trend, and that is priceless. Today, I often say, “How would Donald Trump do this, or Warren Buffett or George Soros?” The only way I can access their vast mental power is to be humble enough to read or listen to what they have to say. Arrogant or critical people are often people with low self-esteem who are afraid of taking risks. That’s because, if you learn something new, you are then required to make mistakes in order to fully understand what you have learned.
If you have read this far, arrogance is not one of your problems. Arrogant people rarely read or listen to experts. Why should they? They are the center of the universe.
There are so many “intelligent” people who argue or defend when a new idea clashes with the way they think. In this case, their so-called intelligence combined with arrogance equals ignorance. Each of us knows people who are highly educated, or believe they are smart, but their balance sheet paints a different picture. 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. If that were not true, God would not have given us two ears and only one mouth. Too many people think with their mouth instead of listening in order to absorb new ideas and possibilities. They argue instead of asking questions.
I take a long view on my wealth. I do not subscribe to the get-rich-quick mentality most lottery players or casino gamblers have. I may go in and out of stocks, but I am long on education. If you want to fly an airplane, I advise taking lessons first. I am always shocked at people who buy stocks or real estate, but never invest in their greatest asset, their mind. Just because you bought a house or two does not make you an expert at real estate.
“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.
In my own life, I’ve noticed that winning usually follows losing. Before I finally learned to ride a bike, I first fell down many times. I’ve never met a golfer who has never lost a golf ball. I’ve never met people who have fallen in love who have never had their heart broken. And I’ve never met someone rich who has never lost money.
Rich Dad Poor Dad
Riding a bike
Track & Field
Video Games (Blitz 2003)
“Texans don’t bury their failures. They get inspired by them. They take their failures and turn them into rallying cries. Failure inspires Texans to become winners. But that formula is not just the formula for Texans. It is the formula for all winners.”
“I always tried to turn every disaster into an opportunity.” John D. Rockefeller
If you hate losing, play it safe. If losing makes you weak, play it safe. Go with balanced investments. If you’re over 25 years old and are terrified of taking risks, don’t change. Play it safe, but start early. Start accumulating your nest egg early because it will take time.
But if you have dreams of freedom—of getting out of the Rat Race—the first question to ask yourself is, “How do I respond to failure?” If failure inspires you to win, maybe you should go for it—but only maybe. If failure makes you weak or causes you to throw temper tantrums—like spoiled brats who call attorneys to file lawsuits every time something doesn’t go their way—then play it safe. Keep your daytime job. Or buy bonds or mutual funds. But remember, there is risk in those financial instruments also, even though they may appear safe.
Once people have studied and become financially literate, they may
still face roadblocks to becoming financially independent. There are
five main reasons why financially literate people may still not develop
abundant asset columns that could produce a large cash flow. The five
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 that fear.
It’s okay to be fearful. It’s okay to be a coward when it comes
to money. You can still be rich. We’re all heroes at something, and
cowards at something else. My friend’s wife is an emergency-room
nurse. When she sees blood, she flies into action. When I mention
investing, she runs away. When I see blood, I don’t run. I pass out.
My rich dad understood phobias about money. “Some people are
terrified of snakes. Some people are terrified about losing money. Both
are phobias,” he would say. So his solution to the phobia of losing
money was this little rhyme: “If you hate risk and worry, start early.”
In school and in the workplace, the popular opinion is the idea of
specialization: that is, in order to make more money or get promoted,
you need to specialize. That is why medical doctors immediately
“You want to know a little about a lot” was rich dad’s suggestion.
begin to seek a specialty such as orthopedics or pediatrics. The same is true for accountants, architects, lawyers, pilots, and others. My educated dad believed in the same dogma. That is why he was thrilled when he eventually achieved his doctorate. He often admitted that schools reward people who study more and more about less and less.
Rich dad encouraged me to do exactly the opposite. “You want to know a little about a lot” was his suggestion. That is why for years I worked in different areas of his companies. For a while, I worked in his accounting department. Although I would probably never have been an accountant, he wanted me to learn via osmosis. Rich dad knew I would pick up jargon and a sense of what is important and what is not. I also worked as a bus boy and construction worker as
Rich Dad Poor Dad
That’s exactly what I did throughout my teaching career. When I knew only how to teach kids, I got remunerated in a way that it didn’t make sense even working for that money. A month’s work at that school (7 years ago) is now three days work today. A month’s work there is now 3 minutes of sleeping time (money online). I started doubling down on test preparation courses, techniques, different areas of English and my asset column, in terms of my learning, had continued to grow even more.
When I came out with my first book, If You Want To Be Rich and Happy, Don’t Go to School, a publisher suggested I change the title to The Economics of Education. I told the publisher that, with a title like that, I would sell two books: one to my family, and one to my best friend. The problem is that they would expect it for free. The obnoxious title, If You Want To Be Rich and Happy, Don’t Go to School, was chosen because we knew it would get tons of publicity. I am pro-education and believe in education reform. If I were not pro-education, why would I continue to press for changing our antiquated educational system? So I chose a title that would get me on more TV and radio shows, simply because I was willing to be controversial. Many people thought I was a fruitcake, but the book sold and sold.
Rich Dad Poor Dad
Pat Flynn has talked about covers, books, self-publishing vs. traditional publishing, and other areas of authorship on his podcast. One thing he had said was the fact that people put egregious titles front-page on their book to get the attention of people. Hey, it worked, and that book, titled The Subtle Art of Nothing Giving a F***, was a money-maker.