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Thursday, 02.09.2012 |
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| Rich Dad's the Business School |
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Product Details
Notes
poor dad: "Go to school, get good grades, find a safe secure job with benefits."
rich dad: "If you want to be rich, you need to be a business owner and investor."
Thomas Edison didn't invent the first light bulb, but he did perfect it
he made it useful and practical by adding commercial value through business
he founded General Electric to enrich the public with all his inventions
Edison learned from being a telegraph operator that the system is important
the system is more important than the invention, because it enables distribution
most people work for the system rather than owning the system or building it
in the beginning, you'll make less as you're building a network or system
but eventually the system can earn more than any hard-working individual
three types of education: scholastic, professional, and financial
other ways to get rich: marry rich, be a crook, be greedy, be cheap, work hard
being cheap is the most common method - live within your means
it's better to expand your means rather than being a slave to money
if you're gonna work hard, at least work hard for passive income, not salary
more ways to get rich: super talent, luck, inheritance, investing, business
65% of all professional athletes are broke 5 years after their careers end
most lottery winners are broke 5 years after winning, they can't manage money
building a business is how most people get rich, but 1/3 of all franchises go broke
small business owners are self-employed, big business requires a big network
Henry Ford: "Thinking is the hardest work there is.
That is why so few people engage in it."
if you give a poor person money, you only keep them poor longer - teach them
a common sales presentation is "we have the best compensation plan"
another one is "we have the best products" which often brings testimonials
don't join network marketing for the money or products, do it for the education
most professors teach theory and don't have entrepreneurial experience
four types of education: mental, emotional, physical, spiritual
traditional school teaches the emotion of fear, fear of mistakes and failure
physical education means taking action and learning from your mistakes
change what you do by changing how you think, and vice versa too
Forbes defines rich as earning a million per year, poor as $25k or less per year
80% of people are in the E or S quadrants, 15% in the I, and less than 5% in B
famous CEOs like Jack Welch are technically still in the E quadrant
most people think of immediate gratification, but entrepreneurs think in years
most people want money but are unwilling to invest their time and effort
Kiyosaki failed twice before finding his entrepreneurial spirit after 15 years
he generally follows a 5-year plan when learning something new
Metcalf's Law: a network's economic value = number of users squared
show people the cashflow quadrant first, then explain Metcalf's Law to them
the ability to sell is the number one skill in business - learn to inspire people
learn to sell, to communicate effectively, and to overcome fear of rejection
the most successful people in the world are the most rejected people
millions of people rejected the President by voting against him
rejection and correction = education and acceleration
in network marketing, you have to sell but also teach others how to sell
leaders do what most people are afraid of doing
corporate management skills are different from leadership skills
the difference between the S and B quadrants is size, think big
leadership is more important than having the best product or service
leaders aren't the smartest people on their team, they hire people smarter
the poor and middle class work for money, the rich make money work for them
the average family is less than three paychecks away from financial disaster
if the pay period is two weeks, the average American family is 44 days wealthy
distinguish between money that comes from labor and money from assets
B and I quadrant people focus on assets, E and S focus only on income
three main types of assets: businesses, real estate, and paper assets
three types of intelligence: mental (IQ), emotional (self-control), and financial
four common mistakes of people who can't get rich:
1) they are too cautious in their safe secure job and conservative investing
2) they want to get rich quick so they jump to ideas and never finish them
3) they spend on impulse, spending money instead of investing it into business
4) they don't own assets, they buy things that lose value or go on vacation
Warren Buffet - if you can't manage your emotions, you can't manage your money
are my emotions causing me to be: too shy, afraid of rejection,
needing security, too impatient, too hot tempered, addicted to something,
too impulsive, too angry, too slow to change, lazy?
don't mistake the flashy symbols of wealth for real wealth that comes from assets
build a business, then remember to reinvest in the business to make it grow
people who kill other people's dreams have often given up on their own dreams
broke is temporary but poor is eternal, dream big even while you're broke
taxes are our single largest lifetime expense |
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