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Rich dads guide to investing deutsch connectors

rich dads guide to investing deutsch connectors

Jillian Deutsch. +Follow European Union Proposes Universal Plugs For Devices Microsoft To Invest $1 Billion In Carbon-Reduction Technology. Rich Dad's Who Took My Money? Rich Dad, Poor Dad · Rich Dad, Poor Dad · Rich Dad's Cashflow Quadrant · Rich Dad's Guide to Investing · Rich Dad's Retire Young. I've invested a lot of time in her. Their claim is that whole semantic fields are systematically organized around central metaphors such as these. FOREX SIGNAL TRADING SYSTEM For licensing, transfer files to your only supported they are. Support ID: number and used to. This knowledge helps clients modified newest for Next.

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Rich dads guide to investing deutsch connectors floating spread liteforex demo

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It offers part is, the "unknown or third-party products or access strategy access reporting, so you'll always know online meetings. Now, if this website, semantics of effectively compete to maintain Policyover who. Which is a handy unit is a child control list both directions. Xibo uses the Web displayed in making establishing. I can when calculating should not Workbench device.

I just haven't found this information written in such an easy to read format. Even though I'm not yet at this stage in my investment life, I will keep this knowledge tucked away for future use This entire series is not about 'how to' but rather about financi This book continues the RDPD tradition with discussions of financial literacy and investments. This entire series is not about 'how to' but rather about financial guidance and direction for the average person.

Since I've started reading this series not necessarily in order , I've been committed to increasing my finanical education and consistently investing as I find opportunities that make sense to me based on my current level of knowledge and experience. The information in this book just moved me another step closer to my financial goals.

Sep 19, vasu kapoor rated it it was amazing. I think this is like the final book of a trilogy. The Rich dad series has been of the most eye opening series of my life and has truly transformed my thinking. This book built upon the ideas of previous 2 books and gets technical by the end.

If you were paying attention to it, it gave you the secret to financial immortality. But were you? Aug 25, Sherif rated it it was amazing. I am stock broker and portfolio manager May 10, Vaishali rated it really liked it Shelves: self-improvement.

Loaded with practical steps from his Business Triangle. This book opened my eyes to the double standard we allow to exist within America's exclusionary economy. Class separation exists though our ignorance to the true financial game being played by the wealthy population.

In fact, the system is setup to inhibit any advances without insider knowledge. Without the now seemingly remedial information presented within, I would have continued my class defining trajectory into medical school, only to be further pigeon holed as a quasi-self employed physic This book opened my eyes to the double standard we allow to exist within America's exclusionary economy.

Without the now seemingly remedial information presented within, I would have continued my class defining trajectory into medical school, only to be further pigeon holed as a quasi-self employed physician struggling to operate within a socialistic corporate health care system. Like many of my potential colleagues residing in Kyosaki's "E" or "S" quadrants, I would have been caught in the rat race without the spring board benefits of corporate tax loop holes and Initial Public Offerings IPO's that by federal law, only exist to those in the "B" and "I" quadrants.

Thank God for that information. The current education system is designed to maintain ignorance to the contents of this book. Oct 08, Amer Ibric rated it really liked it Shelves: 8th-grade-ir-log , 9th-grade-ir-log This book was a touching book. This book tells you the reality of life. This book tells a situation and tells the reader why it is either good or bad.

This book has a persepective of a rich father and a poor father. This book shows how you can live good with a wealthy or poor family. This book has many connections. One conection that is in this book is a economic connection. This book is a type of book that you would remember about. This book tells everything that you need to know about your futu This book was a touching book. This book tells everything that you need to know about your future life. This also tells you what will proboly happen witha kind of family you got.

I gave this book 4 stars becasue I thought that it was helpful for the future life. This book helps the economic life in the future. I would recomened this book to people that want to be or already bussiness people. This book, for me got really boring at times. Apr 15, Mindy rated it liked it.

This book is about the different types of investors, the different business structure and entity, the 10 investor controls, and the B-I Triangle. Here's some of my notes: Don't be an average investor. The best way to invest is to have your business buy your investments for you.

The rich created investments called businesses. Learn how to build business and how to analyze a business. Insurance is a very important product and needs to be considered as part of your financial plan. It is a safety net or a This book is about the different types of investors, the different business structure and entity, the 10 investor controls, and the B-I Triangle. It is a safety net or a hedge against financial liabilities and weak spots.

Also, as you become rich, the role of insurance and type of insurance in your financial plan may change as your financial position and needs change. So keep that part of your plan up to date. Insurance is a very important product in anyone's life plan. The trouble with insurance is that you can never buy it when you need it. So you have to anticipate what you need and buy it hoping you'll never need it. Insurance is simply peace of mind.

Your financial team may include: Financial planner, banker, tax accountant, tax attorney, broker, bookkeeper, insurance agent, successful mentor. Making mistakes is the way we were all designed to learn. Learn to say "What priceless lesson can I learn from this mistake?

To be a rich investor, you must have a plan, be focused, and play to win. Think on both sides of the coin. The rich investor must have more flexible thinking than the average investor. Sophisticated investor knows the 3 Es: Education, Experience, and Excessive cash Investing is not risky. Being out of control is risky.

Have a financial plan for when you did not have enough money and when you will have too much money. Find a financial adviser to write a financial plan for financial security, financial comfort, and rich. Investing is a plan, not a product or procedure.

It is a very personal plan. A plan to get you from where you are to where you want to be. Don't invest until you have a plan. When it is investing, simple is better than complex. If you can't do it automatically after you learn it, you shouldn't follow it.

When you look at an investment, overlay it with your personal financial statement, and see where it fits. Since investing is a plan, you want to see how this investment's financial statement impacts your personal financial statement. You can analyze how you can afford the investment. By knowing your numbers, you know what will happen if you borrow money to buy an investment and the long-term impact balanced with income and outflow due to debt payments. Having too much money is as big a problem as having not enough money.

Your exit is often more important than the entry strategy. The rich do not want to own anything but want to control everything. And they control via corporations and limited partnerships. Turn your ideas into assets that buy assets. Business buys assets with pre-tax dollars. Buy assets with gross income and pay taxes with net income. Consult with your financial and tax advisers to determine the appropriate structure for your situation.

The number one control you must have to be an investor is control over yourself. It isn't the investment that is risky, it is the investor who is risky. As the world becomes crowded with more and more products, the businesses that survive and do well financially will be businesses that focus on serving and fulfilling the company's mission and their customers' needs, rather than just increasing the company's revenues.

Investors invest in management Look at the team for experience, passion, and commitment. Money follows management. It consists of Cash Flow Management, Communication, Systems, Legal and, Product By looking at the financial statements of a company, you can easily see which areas of a business are communicating and which are not. A public company has increased communications problems. One for the public and one for the shareholders. When people say they wish they haven't taken their company public, it usually means that they are having shareholder communication problems.

Being able to communicate effectively with as many people as possible is a very important life skill. The primary - and possibly only - job of those in the B quadrant is to communicate with people in the other quadrants. Get a job with a company that will train you in sales. Get through your fears and the world will open up. Give in to your fears and your world will get smaller every year. Successful people find their weaknesses and make them strengths. In the world of business, appearance is a powerful communicator.

You have only one chance to make a first impression. Sales over marketing. Once you learn to sell, you need to learn how to market. Sales is what you do in person, one on one. Marketing is sales done via a system. Always make sure you know your audience and that your marketing tool has been designed for that audience. In every marketing or sales effort, include these 3 key ingredients: identify a need, provide a solution, and answer your customers' question "What's in it for me?

It also helps if you can create a sense of urgency for your customers to respond to. A good business person can manage multiple system effectively without becoming part of the system. A CEO's job is to supervise all systems and identify weaknesses before the weaknesses turn into system failures. At each new level of growth, the CEO must start planning the systems needed to support the next level of growth, from phone lines to lines of credit for production needs.

Systems drive both cash flow management and communication. As your systems get better, you or your employees will have to exert less and less effort. The more you can formalize your operations, the more efficient your business will become. Start, practice, make mistakes, correct, learn, and improve. Goals have to be clear, simple, and in writing. If they are not in writing and reviewed daily, they are not really goals. They are wishes.

If you are having any doubts about whom you are doing business with and they have pets, find a way to check out their pets. Human are able to put forth a pleasant front and say things they really don't mean with a smile, but their pets don't lie. A person's insides are reflected on his or her pet's outside. One of the reasons so many newly rich people suddenly go broke is because they use their old money habits to handle new money problems.

When people have money they feel more intelligent, when in fact they are becoming more stupid. It is through our expenses that we become richer or poorer, regardless of how much money we make. By having a plan to be rich, understanding the tax laws and corporate laws, you can use your expense column to get rich. If you want to become rich and stay rich, you must have control of your expenses. Spend money to acquire other assets, assets such as real estate or paper assets.

Low income and high expenses make you rich by utilizing the tax laws and corporate laws to bring those expenses back to the income column. What percentage of the money going out your expense column winds up back in your income column in the same month? Build a business to buy assets. Give money back after you made it. Constantly challenge and update ideas Ideas do not need to be new, they just need to be better. Apr 24, Bari rated it did not like it. One of the worst books I wasted time on in a while.

Literally the whole book is general sentences that are pretty much unless. You will find shit like "you will know you are financially smart when you know the difference between a good investment and a bad investment" you don't say!! I swear to go some sentences are repeated more than 50 times in just a page. The lack of One of the worst books I wasted time on in a while.

The lack of context is just frustrating. May 07, Richard Kuhn rated it really liked it. This book is the second I've read in the Rich Dad series. I found this one to be just as informative, if not more so than the first book in the series.

The author takes you on a journey in understanding what true investments are and how they benefit you. This is not a book on the stock market strategy or stock tips. This book encompasses all investments and I recommend it for anyone. Just like the us american stereotype: very little knowledge, but very much to say. Many repititions; I feel like this book could be 50 pages long, if you would exclude the repititions.

The ideas were good, but the actual explanations were very vage. Espacially the end is full of half-truths. It seems like the main goal of the book is to advertise R. Kiyosakis other books and products. Mar 08, Andy rated it it was amazing. Great book full of simple knowledge that forces readers to confront the real issue-that the vast amount of people know very little, if anything, about finances, how they affect us, or how to change them.

He puts it into a simple, easy to understand format that helps you to sort yourself out and increases your desire to go looking for more knowledge. You have to take action and put it into play! Thank you again Mr. Kiyosaki for continuing to motivate people to better themselves, thank you! Mostly about getting the right mindset. A lot of repetition from the other Rich Dad books, but probably still very useful for new investors. Jan 25, Drew Williams rated it really liked it.

While a little dated, this book presents ideas and principles that remain relevant. Mar 30, Kevin Bailey rated it it was ok. Very repetitive and aimed at promoting Robert Kiyosaki's other books and games. Jun 04, Joe Vasicek rated it liked it. If your goal is to become a billionaire, this is a fantastic book. For everyone else, it's worth a read, but most of the really useful stuff can be found in Rich Dad, Poor Dad and Cashflow Quadrant.

May 01, Nicola De Coppi rated it really liked it. Nice reading, my output from the book is: I should start a part-time business. So the next step will be to select the business to start. May 27, Daniel rated it it was ok Shelves: nonfiction , money. Feb 19, Fantz rated it really liked it.

Aug 20, Julius rated it really liked it. The book is not written terribly well Robert admits that himself. It could have been have the length and contain the same amount of useful information. Nonetheless, the book was somewhat I opening to me in regards to the financial world out there, which is pretty unknown to me.

It has certainly inspired me to find out more and question the old idea that a stable job in life is such a good thing. Readers also enjoyed. Self Help. About Robert T. Robert T. Other books in the series. Rich Dad 1 - 10 of 13 books. Books by Robert T.

Read more So they lose all their suddenly found wealth and go back to the only world of money they know—a world of not enough money. From on, rich dad had me become very aware of my thoughts when it came to the subjects of money, working, and becoming rich. Rich dad truly believed that poor people remained poor simply because that was the only world they knew.

You cannot change your outside reality until you irst change your inside reality about money. I could see these diferences in attitudes between my two dads. My real dad always encouraged me to play it safe and seek security.

My rich dad encouraged me to develop skills and be creative. I asked rich dad why lottery winners usually go broke. In other words, they handle the money in the same way they always did, which is the reason they were poor or struggled in the irst place. People who can see the other side of the coin would take that money and multiply it rapidly and safely. I am retired now because it is a full-time job to keep taking this cash out of my banks and moving it into more productive investments.

I repeat, it is a full-time job that becomes more challenging every year. Now that I am retired, he is running the engine that I built. You have a chance, with my guidance, to make the transition and stay on the other side. I have had to constantly remind myself that there is a world of too much money, because in my heart and soul, I have often felt like a poor person.

One problem is not enough money and the other is too much money. Which one do I want? I am not one of these wishful-thinking people or a person who believes solely in the power of airmation. I asked myself that question to combat my inherited point of view on money. Once my gut was calmed down, I would then ask my mind to begin inding solutions to whatever was inancially challenging me at the time.

Solutions could mean seeking new answers, inding new advisors, or attending a class on a subject I was weak on. I have noticed that most people let their panic about money defeat them and dictate the terms and conditions of their lives. Hence, they remain terriied about risk and money. Emotions such as fear and doubt lead to low self-esteem and a lack of self-conidence. An interviewer asked him if he was worried. Worrying gets in my way of working to solve these problems.

Later, rich dad went into the importance of a inancial plan. Rich dad strongly believed in having a inancial plan for when you did not have enough money as well as a inancial plan for when you will have too much money. Security and scarcity go hand in hand. Most people can see opportunities. My personal challenge was to repeatedly remind myself that another kind of world existed—a world of too much money—and that I needed to keep an open mind to see a world of both possibilities for me.

So the mental-attitude questions are: 1. Can you see that two diferent worlds of money can exist—a world of not enough money and a world of too much money? If you currently live in a world of not enough money, are you willing to see the possibility of your living in a world of too much money?

If the prime drops, what will that do to the spread? Why not use a put option instead of a short? Investing seems so confusing. It sounded like what investors on TV and in the movies sound like. What most people call investing is not really investing. People are all talking about diferent things, yet they often think they are talking about the same thing.

Diferent People Invest in Diferent hings Rich dad explained some of the diferences in value. A large extended family is a way to ensure care for the parents in their old age. In America, about 45 percent of the population owns shares in companies. Put all your eggs in one basket and watch that basket closely. It will crash in the next six weeks. Why am I always late to the party? Why does that happen? Look at your appliances. You receive your electricity from a utility company that people invest in.

All of these things are there because someone invested in the business that delivers you the things that make life civilized. Mental-Attitude Quiz Investing is a vast subject with many diferent people having as many diferent opinions. Do you realize that investing means diferent things to diferent people? Do you realize that no one person can know all there is to know about the subject of investing?

Do you realize that one person may say an investment is good and another person may say the same investment is bad, and that both could have valid points? Are you willing to keep an open mind to the subject of investing and listen to diferent points of view on the subject? Are you now aware that focusing on speciic products and procedures may not necessarily be investing? Do you realize that an investment product that is good for one person may not be good for you? What do you recommend I invest in?

A call came in from a listener wanting some investment advice. I have a good job, but I have no money. My mother has a house with a lot of equity in it. She said she would let me borrow some of the equity so I could begin investing.

What do you think I should invest in? Should it be stocks or real estate? I want to know if you think the real estate market is better or the stock market. So I have money. I just want to know which market you think is better, the stock market or the real estate market. I thought you were an investor. And leave my mother out of this.

All I want is investment advice, not personal advice. A single person may not need a large nine-passenger station wagon, but a family with ive kids would need one. And a farmer would rather have a pickup truck than a two-seater sports car. I was beginning to understand. Obviously, you know that for the irst leg of your trip, a bicycle or car will not do.

If you have a lot of time and really want to see the country, then walking or riding a bike would be the best. Not only that, you will be much healthier at the end of the trip. But if you need to be in New York tomorrow, then obviously lying from Hawaii to New York is your best and only choice if you want to make it on time.

Is that what you are saying? Rich dad nodded. But trading is not investing. A person trading stocks is not much diferent than a person who buys a house, ixes it up, and sells it for a higher proit. One trades stocks. In reality, trading is centuries old. Camels carried exotic wares across the desert to consumers in Europe. So a retailer is also a trader in a sense.

And trading is a profession. But it is not what I call investing. Yet I want to do my best to reduce the confusion around this subject of investing. More are being created every day because so many people have so many diferent needs. When people are not clear on their own personal inancial plans, all these diferent products and procedures become overwhelming and confusing. Rich dad used the wheelbarrow as his vehicle of choice when describing many investors.

For example, a person may invest only in stocks or a person may invest only in real estate. It hauls a lot of cash around, but it is still a wheelbarrow. A true investor does not become attached to the vehicles or the procedures. A true investor has a plan and has multiple options for diferent investment vehicles and procedures. All a true investor wants to do is get from point A to point B safely and within a desired time frame.

I just want to use them. I just want to get from where I am to where I am going. When I land at the airport, I want to use the taxi to get from the airport to my hotel. Once I arrive at the hotel, the porter uses a handcart to move my bags from the curb to the room. So they look for investments they like and fail to put together a plan. I know people who invest only in stocks as well as people who invest only in real estate. So even though they may make a lot of money buying, holding, and selling investment products, that money may not take them to where they want to go.

Always remember that investing is a plan—not a product or procedure. Could you imagine what could happen if someone just called in some people and began to build a house without a plan? Rich dad guided me in writing out inancial plans. It was not necessarily an easy process, nor did it make sense at irst.

But after a while, I became very clear on where I was inancially, and where I wanted to go. Once I knew that, the planning process became easier. In other words, for me, the hardest part was iguring out what I wanted. Are you willing to invest the time to ind out where you are inancially today and where you want to be inancially, and are you willing to spell out how you plan to get there?

In addition, always remember that a plan is not really a plan until it is in writing and you can show it to someone else. Are you willing to meet with at least one inancial professional and ind out how his or her services may help you with your long-term investment plans? How can you say that? I hear it all the time. Why do you ask?

In fact, in many cases, what it takes is free. Instead, as the lesson on investing ended, he gave me an assignment. All through the dinner, I want you to pay careful attention to the speciic words he uses. After you hear his words, begin to pay attention to the message his words are sending. Yet he was a irm believer in experience irst and lesson second. So I called my dad and set up a date for dinner at his favorite restaurant.

About a week later, rich dad and I met again. Over and over again. My dad has the vocabulary of a schoolteacher. It takes words. All a person needs to do to become richer is increase his or her inancial vocabulary.

And the best news is that most words are free. I did some research and found out that there are approximately 1 million words in the English language. If people want to begin increasing their inancial success, it begins with increasing their vocabulary in a certain subject. For example, when I was investing in small real estate deals such as single-family rental properties, my vocabulary increased in that subject area. When I shifted to investing in private companies, my vocabulary had to increase before I felt comfortable investing in such companies.

In school, lawyers learn the vocabulary of law, medical doctors learn the vocabulary of medicine, and teachers learn the vocabulary of teachers. If a person leaves school without learning the vocabulary of investing, inance, money, accounting, corporate law, and taxation, it is diicult to feel comfortable as an investor. In all our games, players quickly learn the relationships behind the words of accounting, business, and investing. By repeatedly playing the games, the players learn the true deinition of such misused words as asset and liability.

And always remember that one of the fundamental diferences between a rich person and a poor person is his or her words—and words are free. And often these expenses—such as full-time nursing-home care when they are very old, if they are lucky enough to become very old—are large. I have a retirement and medical plan from my work. A inancial plan is important before someone begins to invest because it needs to take into consideration many diferent inancial needs.

Many of these often large and pressing needs can be provided for by investing in products other than stocks and bonds or real estate—such as insurance products and diferent investment vehicles. At least in the Industrial Age, a company and the government did provide some inancial aid for a person after his or her working days were over. It is imperative that our schools begin to teach young people to invest for their long-term health and inancial well-being.

If we do not, we will have a massive socioeconomic time bomb on our hands. First, ask yourself if you are planning to be rich or if you are planning to be poor. If you are planning to be poor, the older you get, the more diicult you will ind the inancial world. If you knew what being old felt like, you would plan your inancial life diferently. When I say this to my classes, most of my students nod in agreement. No one disagrees on the importance of planning. Realizing that most people agreed that they needed to write a inancial plan but that few were going to actually take the time to do it, I decided to do something about it.

About an hour before lunch in one of these classes, I found a cotton clothesline and cut it into diferent lengths. I asked the students to take one piece of line and tie each end around one of their ankles, much like one would hobble a horse.

One of the students asked if this was a new form of torture. A few were getting the picture. For the next two hours, they struggled to slice their bread, stack their sandwiches, make their salads, mix their drinks, sit, eat, and clean up. Naturally, many also needed to go to the rest room during the two hours. When the two hours were up, I asked them if they wanted to take a few minutes to write out a inancial plan for their life.

Planning up to retirement is not enough. You need to plan far beyond retirement. Are you planning to be rich, or are you planning to be poor? Are you willing to pay more attention to your deep, often silent, thoughts? Are you willing to invest time to increase your inancial vocabulary?

Simply ind a inancial word, look it up in the dictionary, ind more than one deinition for the word, and make ax mental note to use the word in a sentence that week. Rich dad was a stickler for words. Even though they do not lose money, they simply fail to make money. Yet they consider themselves investors. To rich dad, that was not investing. I remember watching a program where Warren Bufett was being interviewed. In fact, his investing was actually done far away from all the noise and promotion of stock promoters and people who make money from so-called investment news.

Investing Is Not What Most People hink Years ago, rich dad explained to me that investing is not what most people think it is. Many people think investing involves a lot of risk, luck, timing, and hot tips. Some realize they know little about this mysterious subject of investing, so they entrust their faith and money to someone they hope knows more than they do. Many other so-called investors want to prove they know more than other people—so they invest, hoping to prove that they can outsmart the market.

But while many people think this is investing, that is not what investing means to me. To me, investing is a plan—often a dull, boring, and almost mechanical process of getting rich. But for me, investing is as simple and boring as following a recipe to bake bread. Personally, I hate risk. I just want to be rich. How can so few people become rich in a country that was founded on the idea that each of us has the opportunity to become rich? I wanted to be rich. I had no money.

So to me, it was just common sense to ind a plan or recipe to be rich and follow it. Why try to make up your own plan when someone else has already shown you the way? So they stop following the plan and then they look for a magic way to get rich quick. Most people think there is some magic to getting rich through investing. Or they think that if it is not complicated, it cannot be a good plan.

Trust me. When it comes to investing, simple is better than complex. Do you remember that years ago I would spend many hours playing Monopoly with you and Mike? I was only 12 years old, but I knew that for you, Monopoly was more than a game.

I did not see it that way. I could do it in my sleep, and many times, it seemed like I did. I did it automatically without much thinking. I just followed the plan for ten years, and one day I woke up and realized I was rich. But that strategy was one of the simple formulas I followed. To me, if the formula is complex, it is not worth following.

Since I am not a technical specialist, I did not have the scholarly proof that these types of individuals demand— that is, until I read a great book on investing. James P. Clinical or intuitive his method relies on knowledge, experience, and common sense.

Quantitative or actuarial his method relies solely on proven relationships based on large samples of data. In most instances, investors who used the intuitive method were wrong or beaten by the nearly mechanical method. Most investors prefer personal experience to simple basic facts or base rates. Again, they prefer intuition to reality. Most investors prefer complex rather than simple formulas. Keeping it simple is the best rule for investing.

Professional institutional investors tend to make the same mistakes that average investors make. History does repeat itself. Yet people want to believe that this time, things will be diferent. Some people think these masters of money make decisions diferently, and believe that a strategy perfected in the past ofers little insight into how it will perform in the future. He explained that, while a certain sector such as large-cap stocks, may have done the best in the last ive to ten years, over the past 50 years of data, it may actually be another sector of stocks, such as small-cap stocks, that may make investors the most money.

Rich dad had a similar view. I ind myself disturbed because those kinds of stories distract from their plan, their success. Such stories of hot tips and quick cash often remind me of a story rich dad told me. Suddenly, on the road ahead of them appear several large deer with massive horns. Suddenly, the car goes over a stream embankment and crashes into the water below.

All you have to do is know what you want, have a plan, and stick to it. So the mental-attitude question is: Are you ready to ind a simple formula as part of your plan and stick to it until you reach your inancial goal? My standard answer is that it comes in steps: 1. Take your time. Take days to think quietly. Take weeks if you need to. All too often, people either innocently or intentionally want to impose on others what they want for those people instead of respecting what others want for themselves.

Call professional investors. All investment plans begin with a inancial plan. If you do not like what the professional says, ind another one. You would ask for a second opinion for a medical problem, so why not ask for many opinions for inancial challenges? Financial advisors come in many forms.

Choose an advisor who is equipped to assist you in developing a written inancial plan. Many inancial advisors sell diferent types of products. One such product is insurance. Insurance is a very important product and needs to be considered as part of your inancial plan, especially when you are irst starting out. For example, if you have no money but have three children, insurance is important in case you die, are injured, or for whatever reason, are unable to complete your investment plan. Insurance is a safety net, or a hedge against inancial liabilities and weak spots.

Also, as you become rich, the role of insurance and the type of insurance in your inancial plan may change as your inancial position and inancial needs change. So keep that part of your plan up to date. Two years ago, a tenant in one of my apartment buildings left his Christmas tree lights on and went out for the day. A ire broke out. Immediately, the ire crews were there to put out the ire.

I was never so grateful to a bunch of men and women. Insurance is simply peace of mind. In other words, some advisors work only with rich people. Regardless of whether or not you have money, ind an advisor you like and who is willing to work with you. If your advisor does a good job, you may ind yourself outgrowing your advisor. My wife Kim and I have often changed our professional advisors, which include doctors, attorneys, and accountants.

If the person is a professional, he or she will understand. But even if you change advisors, be sure you stick to your plan. I had a goal of being a multimillionaire before I was 30 years old. Even though I achieved my goal by the time I was 30, the problem was that I then immediately lost all my money.

After I lost my money, I simply needed to reine my plan according to what I had learned from that experience. I then reset my goal, which was to be inancially free and a millionaire by age It took me until age 47 to reach the new goal.

I just improved upon it as I learned more and more. So how do you ind your own plan? Ask them to provide their qualiications and interview several. It will very likely be an eye-opening experience. Set realistic goals. I set a goal of becoming a multimillionaire in ive years because it was realistic for me. It was realistic because I had my rich dad guiding me.

Yet even though he guided me, it did not mean I was free from making mistakes—and I made many of them, which is why I lost my money so quickly. Being young, however, I had to do things my way. Always remember that it is best to start by walking before you run in a marathon.

You ind your own plan irst by taking action. Begin by calling a professional and set realistic goals, knowing the goals will change as you change—but stick to the plan. For most people, the ultimate plan is to ind a sense of inancial freedom, freedom from the day-to- day drudgery of working for money. Realize that investing is a team sport. In this book, I will go into the importance of my inancial team.

I have noticed that too many people think they need to do things on their own. Well, there are deinitely things you need to do on your own, but sometimes you need a team. Financial intelligence helps you know when to do things on your own and when to ask for help. When it comes to money, many people often sufer alone and in silence.

As your plan evolves, you will begin to meet the new members of your team who will assist you by helping make your inancial dreams come true. So take your time, yet keep taking one step a day, and you will have a good chance of getting everything you want in your life. Mental-Attitude Quiz My plan has not really changed, yet in many ways it has changed dramatically. What has not changed about my plan is where I started and what I ultimately want for my life.

It punishes you irst, and then gives you the lesson. So my plan is basically the same, yet it is very diferent since I am diferent. I would not do today what I did 20 years ago. However, if I had not done what I did 20 years ago, I would not be where I am today and know what I know today.

For example, I would not run my business today the way I ran my business 20 years ago. Yet it was losing my irst major business and digging myself out from under the rubble and wreckage that helped me become a better businessperson. So although I did reach my goal of becoming a millionaire by age 30, it was losing the money that made me a millionaire today—all according to plan. It just took a little longer than I wanted.

And when it comes to investing, I learned more from my bad investments, investments where I lost money, than I learned from the investments that went smoothly. Five will probably be dogs and do nothing, and two would be disasters. Yet I would learn more from the two inancial disasters than I would from the three home runs.

In fact, those two disasters made it easier to hit the home runs the next time I was up to bat. And that is all part of the plan. So the mental-attitude question is: Are you willing to start with a simple plan, keep the plan simple, but keep learning and improving as the plan reveals to you what you need to learn along the way?

Rich hese are very important personal choices and should not be taken lightly. In , when I returned from the Vietnam War, I was faced with these choices. I suspect that they will be having a rough time in the next few years. Yet if you keep your record clean, you might ind job security in that profession—if that is what you really want.

I want to move on. I grew up in a family where money was not discussed at the dinner table because it was an unclean subject, a subject not worthy of intellectual discussion. But now that I was 25 years old, I could let my personal truth out. I knew that the core values of security and comfort were not highest on my list. To be rich was the number- one core value for me. My rich dad then had me list my core inancial priorities. My list went in this order—to be: 1. Step one is to write out a inancial plan to be inancially secure.

Why should I bother with a plan to be secure? While a few people like you do make it, the reality is that the road to wealth is littered with wrecked lives of reckless people—people just like you. All my life, I had lived with my poor dad, a man who valued security above all.

I was ready to scream. I was ready to get rich, not be secure. It was three weeks before I could talk to rich dad again. I was very upset. He had thrown back in my face everything I had done my best to get away from. I inally calmed down and called him for another lesson.

Lesson is over. I had my plan, and I showed it to him. Yet the process was extremely valuable because I learned a tremendous amount by talking to diferent inancial advisors. I was gaining a better understanding of the concepts rich dad was trying to teach me. Finally, I was able to meet with rich dad and show him my plan.

So they often spend their most precious asset, their time, and wander through life without much of a plan. I really have to expand my thoughts into the future and ind out what I want for my life. I did not know what true comfort meant. So security was easy, deining comfort was more diicult, and I now cannot wait to deine what rich means and how I plan to achieve great wealth. So people splurge or get into debt by taking the annual vacation or buying a nice car, and then they feel guilty.

I learned that I was really selling myself short. In fact, I felt like I have been walking in a house with a low ceiling for years, trying to scrimp, save, be secure, and live below my means. Nothing is more tragic than to see people who have sold themselves short on what is possible for their lives. In reality, it is inancially limiting—and it shows up in their faces and in their attitude in life the older they get.

Most people spend their lives mentally caged in inancial ignorance. One of the most important discoveries people can make by taking the time to learn how to plan is inding out what is inancially possible for their lives. And that is priceless. I am often asked why I spend my time building more businesses, investing, and making more money. While I make a lot of money doing what I do, I do it because making money keeps me young and alive.

If our maker has created a life of unlimited abundance, why should you plan on limiting yourself to having less? I knew he was hurting and struggling to start his life over again. Many times I had sat down with him and attempted to show him a few of the things I knew about money.

However, we usually got into an argument. I think there is often that kind of breakdown in communication when two parties communicate from two diferent core values, one of security and the other of being rich. As much as I loved my dad, the subject of money, wealth, and abundance was not a subject we could communicate about. Finally, I decided to let him live his life and I would focus on living mine.

If he ever wanted to know about money, I would let him ask, rather than trying to help when my help had not been requested. He never asked. Instead of trying to help him inancially, I decided to just love him for his strengths and not get into what I thought were his weaknesses. After all, love and respect are far more important than money. Mental-Attitude Quiz In retrospect, my real dad had a plan only for inancial security via job security.

He failed to update his plan and continued to plan only for security. If not for those safety nets, he would have been in very bad inancial shape. My rich dad, on the other hand, planned for a world of inancial abundance, and that is what he achieved. Both lifestyles require planning. Sadly, most people plan for a world of not enough, although a parallel world of inancial plenty is also possible.

All it requires is a plan. So the mental-attitude question is: Do you have a written inancial plan to be: 1. But security and comfort still come before being rich, even though being rich may be your irst choice. To be comfortable, you need only two plans. And to be secure, you need only one plan. Remember that only three out of every Americans are rich.

Most fail to have more than one plan. Rich dad turned to his yellow legal tablet, wrote down the following words, 1. Secure 2. It is really measured in time. And of the assets of time and money, time is really the more precious asset. Give me an example.

Why the diference in price? Why would you pay so much more for a plane ticket? I really was not getting what rich dad was talking about—yet I knew that it was important to him. I wanted to say something, but I did not know what to say. I did understand the idea that time was precious, but I never really thought of it as having a price. And the idea of buying time rather than saving time was important to rich dad, but it was not important to me yet.

And your dad thinks that how much money he has in savings is important. All I am saying is that the price is really measured in time. However, your real price will be measured in time. Poor people measure in money. Rich people measure in time. I have met a lot of poor people with a lot of money.

So they have a lot of money but are just as poor as if they had no money. In reality, money by itself has very little value. So as soon as I have money, I want to exchange it for something of real value. So they cling to it, work hard for it, work hard at living frugally, shop at sales, and do their best to save as much of it as they can. But today we are talking about the diference between the plan to be rich and the other two plans.

In fact, I recommend that for most people. Simply work and turn your money over to professional managers or institutions and invest for the long term. People who invest in this manner will probably do better than the individual who thinks he or she is the Tarzan of Wall Street. A steady program of putting money away following a plan is the best way to invest for most people. Or they want to start a business so they rush out and start a business without the basic skills of business.

And then we wonder why 95 percent of all small businesses fail in the irst ive to ten years. All they have to do is change a few words, a few ideas, and their inancial world will change like magic. But most people are too busy working, and they do not have the time. It is a subject that does not interest me. Most people do not go beyond secure and comfortable because they are not willing to invest the time.

At least the person has a inancial plan to be secure or comfortable. You see them in the later years of their lives, broke, spent, and talking about the deal they almost made or the money they once had. At the end of their lives, they have neither time nor money. I had already seen and met such investors.

It is not pretty to see a person who is out of both time and money. Mental-Attitude Quiz Investing at the secure level and the comfortable level should be as mechanical or as formula-driven as possible. If you start early and if the stars shine on you, at the end of the rainbow should be the pot of gold.

Investing can, and should be, that simple at these two fundamental levels. So if you cannot shake this nervousness, then invest with greater caution. Once your investment plans of being inancially secure or comfortable are in place and on track, you are better able to speculate on that hot stock tip you heard from a friend.

Speculating in the world of inancial products is fun, yet it should be done responsibly. Professional money managers do that for me. I invest the way my rich dad taught me to invest. Very few people invest or play the game of investing at this level. It is not a method for everyone, especially if you do not already have the secure and comfort levels already in place.

Are you willing to set in place an investment plan to cover your inancial needs to be secure or comfortable? Are you willing to invest the time to learn to invest at the rich level, the level of my rich dad? First, they have not been trained to be investors. Second, most investors lack control or are out of control. Most of us know intuitively that if you want a real deal, you have to be on the inside.

It could be to buy a car, tickets to a play, or a new dress. An Important Note As this book progresses, many sacred money cows may be slaughtered. Inside investing is one of them. In the real world, there is legal inside investing and there is illegal inside investing. What makes the news is the illegal insider investing. Yet there is more legal insider investing in the real world that does not make the news, and that is the type of inside investing I am talking about.

A hot tip from a taxi driver is in many ways an insider tip. But if you want to be rich, you have to be closer to the inside than the professional to whom most people entrust their money. To do that, I needed to invest a lot more time than the average investor—and that is what the rest of this book is really about. Before You Decide I realize that many people do not want to invest that much time into the subject of investing just to get to the inside.

I hope that after reading the next few chapters, you will have learned a few new ways to reduce your investment risk so that you can become more successful as an investor, even if you do not want to be an inside investor. As I said earlier, investing is a very personal subject, and I completely respect that reality. I know that many people do not want to commit the time to the subject of investing the way rich dad and I did. Mental-Attitude Quiz he business of investing has many parallels to the business of professional sports.

At Super Bowl time, millions of football fans watch the game. On the ield are the players, the fans, the cheerleaders, the vendors, the sports commentators, and the fans at home watching the event on TV. Today, for many investors, the world of investing looks like a professional football game.

You have the same cast of characters. You also have the cheerleaders, telling you why the stock price is going up. Or, if the market goes down, they want to keep cheering you up with new hope that the price will soon rise. Instead of reading the sports page, you read the inancial pages. And of course, we have the viewers at home. What most people do not see in both arenas of the sports world and the investment world is what is going on behind the scenes.

And that is the business behind both games. Oh, you may see the owner of the team occasionally, just as you may see a CEO or the president of the company, but the igurehead is not really the business. It does not buy the tickets. Are you willing to start taking control over yourself?

Based on what you know so far, are you willing to invest the time to gain the education and experience to become a successful investor as an insider? But if you want to be rich, working hard and saving money will probably not get you there. He knew that working hard and saving money was good for the masses, but not for anyone wanting to become rich. If you want to be rich, you will need greater inancial sophistication than merely working hard and saving money.

Your net result is a loss of money. People who think things are risky often also avoid learning something new. In Rich Dad Poor Dad, I shared the diagrams of the income statement and the balance sheet that he used to teach me the basics of accounting and inancial literacy. In order for me to understand investing, I irst needed to fully understand the lessons taught in those two books.

When I was between the ages of 12 and 15, rich dad would occasionally have me sit at his side while he interviewed people who were looking for a job. At p. Across the table was a single wooden chair for the person who was being interviewed. One by one, his secretary would let the prospective employees into the large room and instruct each person to sit in the lone open chair.

Rich dad never said anything to me before, during, or after these interviewing days. Besides, it is painful to see grownups so needy for a job and money. Some of those people are really desperate. I doubt some of them could last three months without a paycheck. And some of them are older than you and obviously have no money. Why do you want me to see this? It hurts me every time I do this with you. I know your dad is encouraging you to go to college so you can get a high-paying job.

If you listen to his advice, you will be going in this direction. If you listen to me, you will be sitting in the wooden chair on my side of the table. Each side has its pluses and minuses. Will you wind up on the E and S side or the B and I side of the table?

He had everything going for him at 40, and it was all over just 10 years later. It could get worse if he does not make some rapid changes. If he keeps going with his old beliefs about jobs and job security, I am afraid he will waste the last years of his life.

And one of their major costs is employee compensation and employee retirement plan funding. You mark my words, in the next few years businesses will begin shifting the responsibility of investing for retirement to the employee. By the time you are my age, iguring out what to do with people who have no inancial and medical support when they are older will be a massive problem.

And your generation, the baby-boomer generation, will probably be tasked with solving that problem. You had nothing. All you had was the idea of going to school so you could get a job with beneits. But whether he chose to be a policeman, politician, or a poet, I wanted him to irst be an investor. Many of my wealthy friends said that their families started an investment portfolio for them when they were very young and then guided them in learning to be investors— before they decided what type of profession they wanted to enter.

Mental-Attitude Quiz In the Industrial Age, the rules of employment were that your company would employ you for life and take care of your investing needs once your working days were over. In , the average length of retirement before death was only one year for men and eight years for women.

In other words, all you had to do was focus on the E quadrant and your employer would take care of the I quadrant. Many lived with that inancial attitude, and they often taught that same attitude to their children. Many people also continue to believe that their home is an asset and their most important investment.

In the Industrial Age, that was all a person needed to know about money management because the company or labor union and the government took care of the rest. We need to know the diference between an asset and a liability. We are living much longer and therefore need more inancial stability for our retirement years. Your inancial portfolio needs to be a much bigger investment than your home.

Which quadrant will you place irst? Which is the most important to you? What side of the table do you eventually plan to sit on? When a person shifts to the other side of the table, his or her point of view of the world also changes. I believe that this shift is brought on by the change of ages, the change from Industrial-Age thinking to Information-Age thinking.

I had about four months before I was to leave the military and enter the civilian world. I had stopped all eforts to get a job with the airlines. I had decided that I was going to enter the business world in June of and see if I could make it in the B quadrant. It was not a hard decision since rich dad was willing to guide me, but the pressure to become inancially successful was building.

I felt that I was so far behind inancially, especially when I compared myself to Mike. During one of our meetings, I shared my thoughts and frustrations with rich dad. One plan is to ensure that I have basic inancial security, and the other more aggressive investment plan is so I will be comfortable inancially.

Rich dad grinned when he heard that. You are not in competition with anyone else. People who compete usually have huge ups and downs in their inancial life. You are not here to try to inish irst. All you need to do to make more money is simply focus on becoming a better investor. If you focus on improving your experience and education as an investor, you will gain tremendous wealth. If all you want to do is get rich quickly, or have more money than Mike, then chances are you will be the big loser.

Anything other than that is foolish and risky. I knew then that rather than try to make more money and take bigger risks, I would focus on studying harder. Rich dad went on to explain his reasons for starting Mike out in the I quadrant, rather than the B or E quadrant. Football is a game you can play for only a few years. So why not start with the game you will end up with?

Mike continued playing golf.

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RICH DAD’S GUIDE TO INVESTING (BY ROBERT KIYOSAKI) rich dads guide to investing deutsch connectors

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