Saturday, June 30, 2012

Chapter 10: "Getting Started" from Rich Dad, Poor Dad by Robert Kiyosaki

10 Steps
1. Your reason which is the power of your spirit. As my mentor, Mark Mandela likes to say, "Your why must make you cry." It should be a combination of things you don't want and things you do want. Ex. I don't want to end up like my parents, unable to retire. I do want to be able to travel.

2. Choose daily. Every time you get a dollar, you have a choice--follow Rich Dad's mindset or Poor Dad's mindset. You have to decide daily what you are going to do with your money, time, and brain. Your first investment should be in your education because your brain is your most powerful asset and tool.

3. Choose friends wisely. You know the saying, "Birds of a feather flock together." You should be learning from your friends. From some of them, you will learn what not to do. Don't go with the flow. Listen, learn, but go with your choice. Wise investors don't do what is popular.

4. Master a formula and then learn a new one. Learning--remember, your mind is powerful. You become what you study, what you put into your head. Be careful about what you study, read, listen to. Choose carefully. Once you learn something, apply it. This requires discipline.

5. Pay yourself first. Speaking of discipline, use it here. Don't pay yourself with the bonus you got on the J.O.B. and go spend it on a new gadget or a trip. Take the money you pay yourself and invest it into your asset column. Side note: If it's not making you money or it doesn't have the potential to make you money, it's not an asset! Paying yourself first doesn't mean ignoring your bills or starving. It means that you need to be wise with your money to start with, and use the extra pressure of having bills to pay to move you into motion to create more money.

6. Pay your brokers well. They advise you; their information allows you to make more money; they should be paid well. Many times they will even educate you. It is a way of investing in your education. Choose your brokers and other professionals carefully. Find out about their asset column. Does their philosophy line up with yours?

7. Be an "Indian Giver." Once you get your initial investment has been made in a stock, pull that amount, and invest it in something else. By doing this, you are now making money for nothing. If that investment crashes, you've already pulled out what you put into it. If that investment soars, you're making money for free.

8. Assets buy luxuries. If there is something you want, use that desire to focus and motivate you. You should not be buying luxuries on credit. Make more money in your assets column and use that money to buy those luxuries.

9. The need for heroes. Find someone to copy/emulate. Make sure that person makes whatever you are striving for look easy. Learn all you can from them; read about them, listen to them.

10. Teach and you shall receive. Give! If there is something you want, learn to give first. Make sure you aren't giving to get though. Give for the sake and joy of giving. "Your world is a mirror of you." p. 184
 

Thursday, June 28, 2012

Tuesday, June 12, 2012

Turn Good Intentions into Results

Morning Mentoring Call with Mark Mandela
1. You need determination.
2. You need good habits.
3. You need to associate with people who are already achieving.
4. You need to repetitively do the right activities.
*Summary:
1. You need knowledge.
2. You need good habits.
3. You need people.