Kenny Tran to Learn & to Share

The Author’s Odyssey

After college graduation Robert Kiyosaki joined the Marine Corps. He learned to fly for the love of it. He also learned to lead troops, an important part of management training. His next move was to join Xerox where he learned to overcome his fear of rejection. The thought of knocking on doors and selling copiers terrified him. Soon he was among the top 5 salespeople at the company. For a couple of years he was No.1. Having achieved his objective - overcoming his shyness and fear-he quit and began minding his own business.

Learn skills like PR, marketing, and advertising.
Take a second job if it means learning more.

A Difference in Education

Schools train professionals. Professionals become so specialized they cannot apply themselves in other fields and need to form unions to protect their jobs. Remember you can have a profession, say, learn to be a pilot if you want to learn how to fly, but at the same time mind your own business.

The rich “groom” the next generation by training the heir in all aspects of running the business. They move him from department to department so he learns how each one relates to the other. Specialization is not the key here, but picking up important lessons from each area and seeing the business as a whole.

Rich Dad groomed Kiyosaki and Mike in the same manner. Mike would later take over Rich Dad’s empire, which included restaurants, convenience stores, and a construction company. Kiyosaki created his own empire with real estate, new products and educational materials.

Three Main Management Skills

1. Management of Cash Flow
2. Management of Systems (Includes Time with family and time for your self)
3. Management of People

Five Obstacles to Financial Independence

1. Fear. Don’t play it safe and cling to what you think is secure. If you don’t go for it and think big you won’t be able to earn big.
2. Cynicism. Don’t listen to advice of others who are not doing what you intend to do. Listen to your self and those who are doing what you aim to do.
3. Laziness. Greed is good and fights laziness. Think about the freedom and money you’ll have and you will put in those extra work hours. Change your thinking. Instead of saying “I can’t afford it.” Ask yourself “How can I afford it?” Challenge your mind to create solutions.
4. Bad Habits. Spending habits should turn into saving and investing habits.
5. Arrogance. Don’t think you know everything there is to know about money. Listen to others. Enroll in useful seminars.

Ten Steps to Awaken Your Financial Genius:

1. Find a reason greater than reality, a big dream. Think of the freedom, the lifestyle wherein you control your own time. Think of what you don’t want, i.e. “I don’t like being an employee”.
2. Use the power of choice, daily. You can choose to watch MTV, or watch CNBC. It’s how you choose to use your time and energy everyday that brings financial success in the long run.
3. Choose your friends carefully. It pays to have friends who are focused and achieving their goals. Surround yourself with friends you can learn from.
4. Master a formula. Learn a new one, and learn fast.
5. Pay yourself first. Practice self-discipline by keeping expenses low. Tenants can pay for your expenses if you rent out apartments or mini-storage, for instance. Savings are used for investing and creating more money, not for paying bills.
6. Pay your broker well. Attorneys, accountants, stockbrokers, and real estate brokers will have more incentive to work harder for you. If they make more money, it means you make more money as well. 3-7% is a good incentive.
7. Be an Indian giver. It’s the concept behind ROI. (Return on investment) Invest and then take the initial money out after a time when the investment has earned for you.
8. Buy luxuries last. Let the income from your growing assets afford you the new car. Wait for your asset base to grow first. Middle class people buy luxuries first, on credit.
9. Find yourself a hero. When you play golf you can imagine you are Tiger Woods. When you do business, you can ask yourself, “What would George Soros have done if he was in my place right now?”
10. Teach and you shall receive. As in money, love, or friendship. If you give without expecting anything in return, you receive more.

According to Kiyosaki, the Japanese have a belief in three great powers:

1. The Sword (weapons)
2. The Jewel (money)
3. The Mirror (self-awareness)

The most valuable of the three is the mirror, or knowing your self. Without this knowledge of self you will have no direction in life and in your business.

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