Wow! It has been an amazingly long series. I haven’t even had the opportunity to set up the next book which I will be dissecting, but through the universe and manifestation, I know I will attract to me the next book.
Nonetheless, here’s the ultimate and final episode. I won’t do summaries in groups because that would take extra-long, so I’ll just bring down the actionable items you can can take right now.
Stop doing what you’re doing. In other words, take a break and assess what is working and what is not working. The definition of insanity is doing the same thing over and over and expecting a different result. Stop doing what is not working, and look for something new.
Look for new ideas. For new investing ideas, I go to bookstores and search for books on different and unique subjects. I call them formulas. I buy how-to books on formulas I know nothing about.
Find someone who has done what you want to do.
Take classes, read, and attend seminars.
Rule #5 – Make Offers (money)
Moral of the story: Make offers. People who are not investors have no idea what it feels like to try to sell something. I have had a piece of real estate that I wanted to sell for months. I would have welcomed any offer. They could have offered me 10 pigs, and I would have been happy— not at the offer, but just because someone was interested. I would have countered, maybe for a pig farm in exchange. But that’s how the game works. The game of buying and selling is fun. Keep that in mind. It’s fun and only a game. Make offers. Someone might say yes.
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.
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.
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.”
Today, I meet ex-schoolteachers earning hundreds of thousands of dollars a year. They earn that much because they have specialized skills in their field as well as other skills. They can teach, as well as sell and market. I know of no other skills to be more important than selling and marketing. The skills of selling and marketing are difficult for most people, primarily due to their fear of rejection. The better you are at communicating, negotiating, and handling your fear of rejection, the easier life is. Just as I advised that newspaper writer who wanted to become a best-selling author, I advise anyone else today.
Rich Dad Poor Dad
Being technically specialized has its strengths as well as its weaknesses. I have friends who are geniuses, but they cannot communicate effectively with other human beings and, as a result, their earnings are pitiful. I advise them to just spend a year learning to sell. Even if they earn nothing, their communication skills will improve. And that is priceless.
Rich Dad Poor Dad
In addition to being good learners, sellers, and marketers, we need to be good teachers as well as good students. To be truly rich, we need to be able to give as well as to receive. In cases of financial or professional struggle, there is often a lack of giving and receiving. I know many people who are poor because they are neither good students nor good teachers.
Rich Dad Poor Dad
My educated dad always said, “When I have some extra money, I’ll give it.” The problem was that there was never any extra. So he worked harder to draw more money in, rather than focus on the most important law of money: “Give, and you shall receive.” Instead, he believed in: “Receive, and then you give.”
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 begin to seek a specialty such as orthopedics or pediatrics. The same is true for accountants, architects, lawyers, pilots, and others.
Rich Dad Poor Dad
When I went to Australia, my family’s logic and my logic were completely different. Because I wanted to achieve something far greater than me, I was ridiculed by my family, ostracized, and never spoken to again. My logic was far greater than any that had beset on my family. My achievements are far greater than anything any family member in history has achieved. I had rich dad’s logic.
When I quit my high-paying job with Standard Oil, my educated dad had a heart-to-heart talk with me. He was bewildered. He could not understand my decision to resign from a career that offered high pay, great benefits, lots of time off, and opportunity for promotion. When he asked me one evening, “Why did you quit?” I could not explain it to him, though I tried hard to. My logic did not fit his logic. The big problem was that my logic was my rich dad’s logic. – Robert Kyosaki
Job security meant everything to my educated dad. Learning meant everything to my rich dad.
Educated dad thought I went to school to learn to be a ship’s officer. Rich dad knew that I went to school to study international trade. So as a student, I made cargo runs, navigating large freighters, oil tankers, and passenger ships to the Far East and the South Pacific. Rich dad emphasized that I should stay in the Pacific instead of taking ships to Europe because he knew that the emerging nations were in Asia, not Europe. While most of my classmates, including Mike, were partying at their fraternity houses, I was studying trade, people, business styles, and cultures in Japan, Taiwan, Thailand, Singapore, Hong Kong, Vietnam, Korea, Tahiti, Samoa, and the Philippines. I was partying also, but it was not in any frat house. I grew up rapidly.
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.
Job security meant everything to my educated dad. Learning meant everything to my rich dad.
Robert Kiyosaki – Rich Dad Poor Dad
Interview in Singapore with interviewee lead to this…
“I’ll never stoop so low as to learn how to sell. People like you have no business writing. I am a professionally trained writer and you are a salesman. It is not fair,” she fumed.
Rich Dad Poor Dad
I am constantly shocked at how little talented people earn. I have met brilliant, highly educated people who earn less than $20,000 a year. A business consultant who specializes in the medical trade was telling me how many doctors, dentists, and chiropractors struggle financially. All this time, I thought that when they graduated, the dollars would pour in. It was this business consultant who gave me the phrase: “They are one skill away from great wealth.”
Rich Dad Poor Dad
What this phrase means is that most people need only to learn
and master one more skill and their income would jump exponentially.
I have mentioned before that financial intelligence is a synergy of
accounting, investing, marketing, and law. Combine those four
technical skills and making money with money is easier than most
people would believe. When it comes to money, the only skill most
people know is to work hard.
The classic example of a synergy of skills was that young writer for the newspaper. If she diligently learned the skills of sales and marketing, her income would jump dramatically. If I were her, I would take some courses in advertising copywriting as well as sales. Then, instead of working at the newspaper, I would seek a job at an advertising agency. Even if it were a cut in pay, she would learn how to communicate in short-cuts that are used in successful advertising. She also would spend time learning public relations, an important skill. She would learn how to get millions in free publicity. Then, at night and on weekends, she could be writing her great novel. When it was finished, she would be better able to sell her book. Then, in a short while, she could be a “best- selling author.”
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:
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.
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.
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.
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.