Rich Dad Poor Dad | S5 – E13 | Understanding | Get Rich Quick? TERRIBLE Decision

The reason I started with the story of the richest men in America
is to illustrate the flaw in believing that money will solve all problems. That is why I cringe whenever I hear people ask me how to get rich quicker, or where they should start. I often hear, “I’m in debt, so I need to make more money.”

Rich Dad Poor Dad

But more money will often not solve the problem. In fact, it may compound the problem. Money often makes obvious our tragic human

Cash flow tells the story of how a person handles money.

flaws, putting a spotlight on what we don’t know. That is why, all too often, a person who comes into a sudden windfall of cash—let’s say an inheritance, a pay raise, or lottery winnings—soon returns to the same financial mess, if not worse, than the mess they were in before. Money only accentuates the cash-flow pattern running in your head. If your pattern is to spend everything you get, most likely an increase in cash will just result in an increase in spending. Thus, the saying, “A fool and his money is one big party.”

Today, doctors face financial challenges I wouldn’t wish on my worst enemy: insurance companies taking control of the business, managed health care, government intervention, and malpractice suits. Today, kids want to be famous athletes, movie stars, rock stars, beauty queens, or CEOs because that is where the fame, money, and prestige are. That is the reason it is so hard to motivate kids in school today.

They know that professional success is no longer solely linked to academic success, as it once was.

Because students leave school without financial skills, millions
of educated people pursue their profession successfully, but later find themselves struggling financially.
They work harder but don’t get ahead. What is missing from their education is not how to make money, but how to manage money. It’s called financial aptitude—what you do with the money once you make it, how to keep people from taking it from you, how to keep it longer, and how to make that money work hard for you. Most people don’t understand why they struggle financially because they don’t understand cash flow. A person can be highly educated, professionally successful, and financially illiterate. These people often work harder than they need to because they learned how to work hard, but not how to have their money work hard for them.

Podcast

Rich Dad Poor Dad | S5 – E11 | Assets vs. Liabilities | Cash-flow Pattern of an Asset

Rich dad believed in the KISS principle—Keep It Simple, Stupid (or Keep It Super Simple)—so he kept it simple for us, and that made our financial foundation strong.

So what causes the confusion? How could something so simple be so screwed up? Why would someone buy an asset that was really a liability? The answer is found in basic education.

We focus on the word “literacy” and not “financial literacy.” What defines something to be an asset or a liability are not words. In fact, if you really want to be confused, look up the words “asset”

Rich Dad Poor Dad

An asset puts money in my pocket. A liability takes money out of my pocket.

and “liability” in the dictionary. I know the definition may sound good to a trained accountant, but for the average person, it makes no sense. But we adults are often too proud to admit that something does not make sense.

To us young boys, rich dad said, “What defines an asset are not words, but numbers. And if you can’t read the numbers, you can’t tell an asset from a hole in the ground.” “In accounting,” rich dad would say, “it’s not the numbers, but what the numbers are telling you. It’s just like words. It’s not the words, but the story the words are telling you.”

“If you want to be rich, you’ve got to read and understand numbers.” If I heard that once, I heard it a thousand times from my rich dad. And I also heard, “The rich acquire assets, and the poor and middle class acquire liabilities.”

Here is how to tell the difference between an asset and a liability. Most accountants and financial professionals do not agree with
the definitions, but these simple drawings were the start of strong financial foundations for two young boys.

Stephen Covey’s Speed of Trust: Season 4 – Episode 6 – The Four Cores

Guys welcome back to another Stephen Covey blog/podcast, and today is a follow up from what we’ve already done with the questionnaire (last week). 

So, each part in the questionnaire corresponds to one of the “4 Cores of Credibility.”  These are the foundational elements that make you believable, both ot yourself and to others. 

So, when it comes to integrity, it basically means honesty.  It’s walking your talk.  Do you live up to your values and beliefs? Or do you do opposite of what you say. 

Core 2: Intent

The second core deals with issues of intent.  This has to do with our motives, our agendas, and our resulting behavior.  Trust grows when our motives are straightforward and based on mutual benefit — in other words, when we genuinely care not only for ourselves, but also for the people we interact with, lead, or serve.  When we suspect a hidden agenda from someone or we don’t believe they are acting in our best interests, we are suspicious about everything they say and do. 

Both integrity and intent are matters of character.

Stephen Covey’s Speed of Trust

This happens a lot in my life because I have a tendency of always saying to myself, “is this real?”  Came across a lady on the street last night and she was super friendly.  It didn’t make any sense, and I truly believed that she had a hidden agenda. She was trying to exploit me somehow, someway, and I was right. 

Core 3: Capabilities

The third core deals with issues of capabilities.  These are the abilities that have inspire confidence — our talens, attitudes, skills, knowledge, and style.  They are the means we use to produce results.  A family doctor might have integrity and his motives might be good, but unless he’s trained and skilled to perform the task at hand (brain surgery, for example) he’ll be lacking in credibility in that area.  Capabilities also deal with our ability to establish, grow, extend, and restore trust. 

Stephen Covey’s Speed of Trust

Core 4: Results

The fourth core deals with issues around results.  This refers to our track record, our performance, our getting the right things done.  If we don’t accomplish what we are expected to do, it diminishes our credibility.  On the other hand, when we achieve the results we promised, we establish a positive reputation of performing, of being a produce, and our reputation precedes us. 

Stephen Covey’s Speed of Trust

And these are the cores.  Remember, everyone, each area is of equal importance.  Example, someone who has great integrity, good intent and a great track record my lack capabilities.  Another person who has great integrity, capable and produces excellent results may have selfishness and doesn’t care about you.  

In any case, you won’t fully trust that person in any situation. So, in order to visualize the importance of all cores is by through the metaphor of a tree.  Integrity is the root of the tree which everything else grows.  Intent becomes more visible after you establish the character, which is just below the soil.  It’s essentially the big trunk the pokes its head out.  The capabilities are the branches and the capacities that enable us to produce.  Results are the fruits.  

So, with the being said, we’re going to have to start going through the cores

Podcast

Gary Vee: Get Discovered

“You need to understand something: when you’re starting with nothing, you will find that your absolute breakthrough opportunities will be developed in two ways:

By the smart use of hashtags, a strategy that requires an unbelievably long grind.

By direct-messaging, i.e., reaching out directly to people and offering something of value in return for their attention, a strategy that requires an unbelievably long grind.”

Excerpt From: Gary Vaynerchuk. “Crushing It!.” iBooks.

I told you the story about Nattakul, my student who’s now studying in New Zealand.

Hashtags are incredibly important, but so are collaborations.

“It’s the second one that I believe holds the most promise, which is why, whenever possible, I’ve included instructions on how to collaborate and business-develop within each platform we discuss in this book. Collaborations are the absolutely most tried-and-true way to grow a fan base quickly—quickly being a relative term. In most cases, you should count on this process taking years, not months. If that bothers you, close the book.”

Excerpt From: Gary Vaynerchuk. “Crushing It!.” iBooks. https://itunes.apple.com/us/book/crushing-it/id1229850109?mt=11

So, when I first started doing my podcasts, I never did collaborations until one day I got a message on Instagram from a stylist in Texas.  That’s been a year.  After that, I had another entrepreneur who was making her own facial cream come onto my podcast and then my main man Mike, who’s another podcaster.

The very compelling podcasts had to be Wodbudsuds, which is a start-up business that makes soap; and Bioquark, a cell-regenerative company.  Teemaree and I had the most heart-felt podcast and I can feel her energy just radiating through my ears.  I’ve interviewed some interesting trainers/CEO’s here in BKK…..but none of them really stuck with me in terms of bringing in their listeners.

HOWEVER, I then made an oath to bring in as many accents as humanly possible onto my ESL podcast.  Now, this is what happened!

I had a 20-year-old student from Libya come on and talk about learning English and traveling to New York.  She wanted her identity to be disclosed because of a few different reasons, but it was a relatively short 15 minute podcast with no sparks.

The first day I had 23 plays.  No big deal.  My Vietnamese friend had a whopping 63 clicks.  However, I remember just yesterday it went up to 40.  No big deal again, right? However, I was teaching one of my students and then it shot up to 78.  I said, “oh, wow! Well that’s interesting! WHy? Who? How?”  Another hour past and it was at 120.  I woke up and it was standing at 220 and now at 260.  Within a day it went up about 240 plays.

Keep in mind that it was just a female student from Libya, but the majority of the world is compelled about it.  Just imagine when I get people on my podcast from Georgia, Slovenia, Cyprus, Macedonia, Mauritius, Tanzania and other places? This is my ULTIMATE GOAL!

So, back to collaborations – THEY’RE IMPERATIVELY IMPORTANT!

“Online, social-media platforms are the mutual friends connecting you to millions of people that share your interest in interior design. Your job is to do the research and find out which would find the most value in your offer and then make your case. I’ll share with you the specific details on how to do this in upcoming chapters, but the general process is essentially the same on each platform: reach out, make an offer they can’t refuse, and get to work producing something that doesn’t make them regret giving you a chance.”

https://www.spreaker.com/user/thearseniobuckshow/gary-vee-get-discovered