Robert Kiyosaki Blog

Financial Education Portal inspired by Robert Kiyosaki

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Open Your Mind To Wealth

Robert Kiyosaki’s bestseller, Rich Dad, Poor Dad, has helped millions to create roadmaps to their financial goals. Central to his series is the notion of open-mindedness. Instead of sizing up a situation and saying, “I can’t afford that,” he suggests saying, “How can I afford that?” By reshaping the idea into an open-ended question, creativity is stimulated, which leads to inspiration. Here’s a list of critical thoughts and their positive replacements. I hope these help to prime your mind for money-making thoughts. Instead of saying: We can’t afford it.That’s too expensive. I don’t have enough money. I’ll never be able to afford that. That’s a waste of money. It’s too late to get started. I’m not good with numbers or investing. It’s too risky. I really want to get that! Replace with: How can we afford it?Where can I get that for less? How can I make more money? When will I be able to afford that? How can I make that productive? How can we let another day go by? Where can I learn more? What could reduce the risk? Do I really need that? As open-ended thinking becomes more natural for you, you’ll also find yourself better able to help clients who have critical objections. Plus, the difference in this kind of thinking is tremendous. If you aren’t already quieting your critic, you’ll find that these suggestions bring excitement into your daily life. Consider writing out this list, and adding to it when you discover new negative thoughts. Invent positive replacements, and write those down, too. Review the list frequently, and practice! More: Open Your Mind To Wealth Share and...

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What a mess

I’ve been delinquent the past few months in posting. I’ve been quite busy, what with some of my business ventures (including a couple of new ones), real estate and the real estate investment clubs. There’s a lot of fodder for blog posts over the past few months. From more bank collapses including Fannie Mae and Freddie Mac, insurance company implosions including AIG, foreclosures skyrocketing, etc. But keep reading because you’ll find what finally motivated me to blog today when I’ve already get about 18 hours of work in the next 5-1/2 hours. I’m pretty much sick and tired of hearing mortgage brokers lay the blame squarely at the feet of borrowers. Let’s face it: there are (or were) a lot of bad brokers that coached borrowers and in some cases outright misled them. There were also borrowers that went along knowing full well that they were lying and could. The borrower knew it, the broker (and originator) knew it, the bank knew it. Even the insurers knew it. AIG was “insuring” these loans that everybody in all financial sectors knew were fundamentally unsound. Then they were put together with other loans of all grades into a great big pot. Then, like apples that you wouldn’t eat because they look bad and are on their way out but when pureed you don’t know the difference when made into apple sauce and sugar is added, they got sliced and diced into little pieces sold to investors as a sanitized product that had supposedly reduced the risk. Then they paid the companies to rate the new securities. Just like banks that had their preferred property appraisers that were compromised (think the investigations in NY and CA into inflated appraisals pushing people into jumbo mortgages or sub-prime products by collusion), the ratings were inflated (and unregulated). To further wash these bad mortgages, these securities were sliced and diced again in new securities, and rerated even higher! What investors doesn’t want some of their assets in AAA rated securities that pay a rate of about 8%? For those wondering, that AAA rating is supposed to mean that there’s about as little risk as there could possibly be. Ever since falling out of the last real estate bubble in the early-mid ’90’s, government has wanted to increase home ownership. That’s good for everybody including real estate investors and government because, lets face it, prices go up and so does tax revenue in a world of increasing value. So let’s just drop that partisan political nonesense. Republicans have been trying to blame Bill Clinton, Democrats, Congress, etc. In other words, it’s that nebulous “them”. Democrats have...

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Kiyosaki predicted collapse of Goldman Sachs and Lehman Brothers

Indeed he did! Watch and find out. Also, check out his new post on Yahoo Finance. Both from an email earlier today for the Rich Dad Company to Insiders. Original post: Kiyosaki predicted collapse of Goldman Sachs and Lehman Brothers Share and...

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Why Are Americans So Willing To Dig Themselves Deep Into Debt?

The New York Times has an article that tells the story of Diane McLeod and her insurmountable debt. http://www.nytimes.com/2008/07/20/business/20debt Even though she’s going through foreclosure on her home, she’s still getting credit card offers from “Urban Bank!” With the aftermath of the sub-prime crash still wreaking havoc, Americans are finding themselves in very uncomfortable debt positions. The blog post on the Consumerist asks, ‘What happened to our values?’ I don’t think it’s a question of values, I think it’s a question of education. Students graduate high school without the slightest idea of what awaits them in terms of credit and debt. Most of them don’t even know what an income statement or balance sheet is. Why do we have such a financially illiterate populace here in the U.S. and what can be done about it? See original here: Why Are Americans So Willing To Dig Themselves Deep Into Debt? Share and...

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10 Principles of Teaching Children about Money

By David John Marotta As Americans try to spend less and go on a budget, this provides an opportunity to teach the next generation financial principles they may never have seen in the prosperous years they have been alive. Here are ten principles for teaching children about money: Talk about money. Every time money is involved, parents have a chance to teach their children the values and analysis behind their actions. Money should never be the primarily topic of discussion, but it is one of the most important topics through which we communicate our wisdom and values to our children. Every purchase, investment, or donation can be a time to teach your children something about your values. Talk openly about money. Parent makes a mistake when they keep information from their children. The only way children learn what is a good deal and what is too expensive is by the experience of what their family earns and what items cost. Hiding this information robs children of the financial education they need. Talk factually about money.  Many parents have strong emotions about money based on their childhood experiences. These emotions are always transmitted to children. Instead of helping children, they can cripple children from growing to make sound financial decisions Require chores; pay for optional work. Everyone in the family has to help complete the work that needs to be done. If you want to pay your children, only pay them for optional work they can choose to do or not to do. Provide children an allowance they can make real choices with. Talk about money is important, but children need real-world lab experience to understand the consequences of their decisions. Consider giving them an allowance large enough so that they can purchase some of their own needs. Then continue to give them honest advice, and help them ask the right questions to make wise decisions based on their values. Help children prioritize purchases. Ask them if this purchase is better than other purchases they are considering making. Help children comparison shop. Help them consider issues such as cost, quality, and convenience. Require children wait before making large purchases.  Adults should wait at least a month whenever they are making a large purchase. Children shouldn’t be expected to wait that long. Here is a good rule of thumb: Children should be required to wait as many days as they are old in years before being allowed to make a large purchase (over a week’s allowance). There is always tomorrow and over half the time they won’t remember what attracted them to it in the first place. Developing this habit will...

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A Human Touch

It is amazing how a little personal attention goes a long way. I just talked to two people that were so grateful just for the fact that I listened and was willing to help them. What is even more amazing is how rare that is these days. See the original post: A Human Touch Share and...

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Robert Kiyosaki’s ?How to Predict the Future? Seminar

HOW TO PREDICT THE FUTURE 3-Day Seminar with Robert Kiyosaki October 24th, 25th & 26th, 2008 • Scottsdale, Arizona During the 3-day seminar, Robert will focus on topics that include: 1. How to predict the future By studying Dr. R. Buckminster Fuller’s work on prognostication, you will learn how the future is not traveling in a straight line. You will learn how to change your life by changing your future. 2. How to create your future Robert and Rich Dad’s Advisor Blair Singer will teach PERT (Planning Evaluation Review Technique). Through this you will gain the ability to go into the future and create backwards. PERT was the planning technique used to put the first humans on the moon. 3. How to print your own money (and change your financial future) One of the most powerful books Robert has read is Dr. Fuller’s Grunch of Giants, GRUNCH stands for Gross Universal Cash Heist. The book is about how the rich print their own money and why they’re rich. You will learn to do the same. More importantly, you will learn how to prosper from the future of money…not be a victim of it. –  Watch Video – Register   – View original post here: Robert Kiyosaki’s ?How to Predict the Future? Seminar Share and...

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For Entrepreneurs: How To Sell In Tough Economic Times

I think I heard Zig Ziglar say that the sales profession is full time job security if you are good and you are with the right company no matter which end of the economy you are on.  If you are making your numbers and your company can’t do it with out you you are safe, and if your’re not safe, you’ll easily be employed somewhere else. Mastering the skill of sales is transferrable as they say in the Forbes article, but having a network to draw from is probably just as important.  I’ve been surprised to learn how small the world is, people know other people so easily these days.Salespeople are often the first to get whacked when the economy goes south. But here’s some good news for busted Wall Streeters–and any other commission chasers laid low by the latest economic crisis: Salesmanship is a transferable skill. If you can sell stocks, bonds and financial derivatives, you can sell real estate, technology, autos and tooth brushes. That’s because the fundamental tools are the same. Salespeople know how to frame a discussion. They know how to ask the right questions and, with a little discipline, shut up and listen to the answers. They can relate to people. And they have the courage to ask for business and try new things. So what happens if–and when–you lose your job? First, you go have a martini and a big steak dinner. Then you look for a growing market to attack.   Share This Blog more…. BlogPulse Technorati Cosmos Sphere It Read the original here: For Entrepreneurs: How To Sell In Tough Economic Times Share and...

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What do the wealthy invest in?

The title to this post is a little off in that most times people invest in things in order to get wealthy.  Either way you look at it, there is much research on this subject.  Funny thing, it is not primarily mutual funds or even individual stocks that make up the portfolios of the wealthy. First, lets define wealthy.  There are three generally agreed upon categories.  The mass affluent which has a net worth outside of their primary home of $100,000- $999,999.  The wealthy which has a net worth outside of their primary home of $1,000,000- $9,999,999.  And the super wealthy which has a net worth outside of their primary home above $10,000,000. Interestingly, the investment strategy is basically the same between the wealthy and the super wealthy. And the higher you go in net worth for the mass affluent the more they look like the other two classes. So how do they invest?  What financial instruments do they use?  Well, the truth is they use all sorts of financial instruments, but there are two main strategies which set them apart from those that have less than them. First, is real estate.  The largest categories of investments for the wealthy is real estate and it only gets larger as you go up the wealth ladder.  Of course they all own a primary home.  But a second home is the next largest category of real estate investment.  And as you go up the scale they own 3,4 or more homes.  Next category is income producing real estate.  The wealthy own apartment buildings, commercial buildings, duplexes, etc. that will produce income for multiple generations.  REIT’s (real estate investment trusts) are favored by the wealthy. Raw land is bought and sat on until the investment blooms. The next largest category is businesses. Usually they control or own large blocks of a business that can be best called creative or niche businesses.  The wealthy have been able to identify unique ways to satisfy needs.  Many times the discovery has come out of a industry that they worked in for years, first as a employee. They also own some of the traditional investment classes like stocks, bonds, mutual funds.  However, it is at much smaller percentages than the non-wealthy.  For example, the super wealthy own individual stock and mutual funds, but the median ownership is around $1,000,000 for individual stocks and $500,000 for mutual funds.  Now remember, the super wealthy category starts at $10,000,000.  So their stock ownership percentage is very small compared to their overall assets.  They own cash value life insurance at about the same percentages as their stock ownership. Their overall startegies suggest an understanding of the tax laws, so that they legally avoid high outlays to government.  It also tells us they understand history.  The greatest investments,...

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Some great stuff

Several big items of interest or just good fun. All forwarded by Danielle Rocheford. Thanks! This guy shorted sub-prime and it made him a billionaire with a B! Click and learn more! Here’s a Powerpoint presentation that pretty much gives a few minute description of the hows and whys of the real estate / mortgage debacle. Laugh, it’s funny. Then cry, because is isn’t. Some great stuff Share and...

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