Robert Kiyosaki is many things; an author of self-help books, an investor, a business man, as well as a motivational speaker. Without doubting though, Robert Kiyosaki is known best as the bestselling author of a series titled Rich Dad, Poor Dad . Robert Kiyosaki has become one of the leading voices in educating people in the area of developing their own personal finances. With twenty-six books in the Rich Dad series, Robert Kiyosaki has sold more than twenty-seven million books worldwide. His works have been translated in fifty-one different languages for markets in a hundred-and-one various countries across the world, eventually leading him to countless bestsellers lists across Asia, Australia, Europe, Mexico, and South America.
Robert Kiyosaki’s first book Rich Dad, Poor Dad was a sensational hit from the get go and has been on the New York Times best sellers list for six years as of November 2007. The sequel to Rich Dad, Poor Dad, Rich Dad’s Cashflow Quadrant also landed on New York Times best sellers as did a third book titled Rich Dad’s Guide to Investing. These three books were concurrently on top ten bestsellers for The Wall Street Journal, Business Week, USA Today, and The New York Times, which all just happen to report to Publisher’s Weekly. In reviewing publications of 2005, Publisher’s Weekly applauded Robert Kiyosaki and Rich Dad, Poor Dad for performing way beyond a publisher’s expectation. Robert Kiyosaki was also inducted in Amazon.com’s Hall of Fame in 2005, coming in the top twenty-five, at number twenty-three, just edging out the likes of such literary geniuses such as Tom Clancy and William Shakespeare (!). With all these accomplishments Robert Kiyosaki has become one of the most successful writers of motivational books of a financial nature.
The purpose and mission of Robert Kiyosaki is aimed to help people achieve economic success and stability. Robert Kiyosaki has a certain style in motivating, and his attitude towards money is defiant and pro-active. These values have found its way into his many books of the Rich Dad, Poor Dad series, and in their deliverance has helped many people understand how to make money work for them. Applying these learnt skills, which develops into financial literacy, and as Robert Kiyosaki believes, will create an understanding of how to use money in the real world. Concepts and attitudes, along with definitions of words such as wealth and assets, determines how somebody handles money, and the way Robert Kiyosaki understands it, if somebody has the right attitude and defines such key words properly than anyone will be on the right track in achieving financial success. Robert Kiyosaki stresses this point severely because he believes that if people learn how money works through various processes such as accounting, law, etc, people will have the right idea of how all money in the world is earned and spent. Robert Kiyosaki reinforces these ideas in a series of board game he has called Cashflow which has for its main theme things concerned with how all money in the world is made, created, spent, and accumulated.
If people would learn these skills they would understand how money works in the real world and would avoid falling into debt at an early stage in life. Furthermore, Robert Kiyosaki argues that the way people define such words as wealth and assets relates to how these people achieve financial security. Robert Kiyosaki believes that people think of assets as things like big screen televisions, cars, and homes when really they are liabilities, expenses that eat into your income and in turn do not make any money. Robert Kiyosaki’s definition of assets is that assets are things that earn money, that generate income, and put money into your pocket, and not expensive, luxury, or material goods. So naturally Robert Kiyosaki believes that learning these skills a young age will go along way in developing an attitude that will make you smart about money and achieve wealth.
Robert Kiyosaki has teamed up with Sharon Lechter in the writing of the Rich Dad, Poor Dad books, and his wife Kim Kiyosaki in the Rich Dad, Poor Dad Corporation. All three of them, Robert Kiyosaki, Kim Kiyosaki, and Sharon Lechter are co-founders of the Rich Dad, Poor Dad Corporation. Mrs. Kiyosaki has developed her own line of Rich Women, Poor Women which expresses many of the exact same views of Robert Kiyosaki’s Rich Dad, Poor Dad but in a different way, directed towards a different audience. Much of the success of the Rich Dad, Poor Dad Corporation is based on the reinforcement of financial principles, thus the Rich Dad, Poor Dad Corporation concepts and attitudes towards money are all expressed complimentary throughout all the different product lines. All the products mentioned up to now include all of Robert Kiyosaki’s Rich Dad, Poor Dad twenty-six books, the Rich Women, Poor Women series, and the Cashflow board games, but the Rich Dad, Poor Dad Corporation also has an series of books that are more technical in nature but are meant to be comprehended easily and to provide an advisory account of different topics, not to mention the series of audio and visual products such as tapes, CDs, and DVDs and software.
As Robert Kiyosaki and Rich Dad, Poor Dad Corporation’s main area of expertise is in the financial world, and their major talent and success is that of educating the masses, it then would not be surprising to see them on many television shows, as radio guests on different radio shows, and of course their own lectures and events. All this positive exposure to the products of the Rich Dad, Poor Dad Corporation has lead to a vast subculture, a community of likeminded people sharing the same dream of financial success and security, and who are all willing to take the necessary actions to begin their pursuit. So it should be of no shock that Robert Kiyosaki teamed up with one of the most famous and successful real estate tycoons, Donald Trump in 2007 to co-write a book titled, Why We Want You To Be Rich , which tackles questions and fears that are arising in this time of economic uncertainty. With this community of followers, of believers in Robert Kiyosaki’s financial philosophies, than it should be of no surprise that Robert Kiyosaki will continue to be a source of inspiration in the pursuit of financial freedom for years to come.
Matt Ridley: When ideas have sex | Video on TED.com
I think this really shows, without directly addressing it, that mastermind groups, Cashflow games and networking really advances us and what we done. Live in a vacuum at your peril!
Enjoy!
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Matt Ridley: When ideas have sex | Video on TED.com
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1. Simplify and get out of the rat race faster
I noticed that whenever I played the cashflow 101 game and was able to choose a “simple” profession like a truck driver for example, I was able to get out of the rat race faster.
As a truck driver, although my salary was low, my monthly expenses were also very low. Because I had low monthly expenses, I already had a positive cashflow and all I needed to do was just get those passive income generating deals.
After each payday, I had more money to invest, and with just a few passive income generating deals, I had enough passive income that exceeded my monthly expenses, and I was able to get out of the rat race faster.
In real life, I am applying the same strategy by reducing my monthly expenses by leading a simple life. This was also described by Bo Sanchez in his book “Simplify and Live the Good Life ” and T. Harv Eker in his book “Secrets of the Millionaire Mind”.
My family and I lead simple lives, which explains my very low target monthlypassive income which is why I know I am going to get out of the rat race in real life very soon!
2. Start with small deals first, and the big deals will follow
In the beginning of the game, I always chose small deals even if they produced little cashflow. Later on, when the market presents good opportunities, I was able to sell or “flip” these small deals and then I used the profit to buy the bigger deals that produced greater cashflow, allowing me to get out of the rat race.
In real life, I am also following the same path. I focus on single family homes or properties which may produce little cashflow at the very least, but can actually generate significant profits if “flipped” or sold through “rent-to-own”. I can then use the profit later when they are enough to get bigger deals that can produce bigger positive cashflow.
3. Over-leverage often leads to bankruptcy
During the game, we often encounter great deals that produce a lot of positive cashflow but require a big downpayment and it is tempting to borrow money from the bank just to be able to buy those great deals. However, there is such a thing as becoming over-leveraged which can produce negative cashflow situations because of the high monthly payments for those loans.
Even if one’spassive income is enough to cover the monthly payments for those loans, imagine if something happened and the monthly income of one’s investment properties were affected, suddenly the monthly payments for the loans cause a negative cashflow and can lead to bankruptcy. The same can also happen when one is downsized. This is the reason why one should avoid deals that lead to too much exposure or over-leverage.
Applying this is real life is a no brainer. I would not dare buy those multi-unit apartments unless they were in the same price range as the single family homes I focus on. As mentioned in lesson number 2 above, I can go for those bigger deals later when profits from my small deals are enough.
4. It is better to wait for a good opportunity than settle for those not so good deals
In the game, good opportunities come in the form of deals that have big ROI potential, and can be bought with little or no downpayment, while producing positive cashflow. If any of these elements are missing, I consider a deal as “not so good” and I pass them up and just wait for the good deals.
In real life, I do the same and patiently wait for good opportunities. If a not so good deal comes my way, I can either look for ways to make it into a good deal, or I just pass it up and wait for another more worthwhile deal to pursue.
5. Learn how to spot a good deal and grab it
One of the biggest challenges one faces in the game is how to spot those good deals so that you can grab them. Sometimes a good deal is right under your nose and it slips away because you didn’t realize soon enough that it was a good deal.
I believe spotting good deals is a skill and you can only learn this skill by continuously analyzing deals. Once you get the hang of it, you will start seeing those good deals more often. Normally those deals would have normally slipped away without you knowing it. If you see good deals often, it’s just logical that you will eventually grab one of those deals right?!
6. Learn how to protect your investments
I distinctly remember games where apartment buildings getting toppled by mud and all the cashflow generated by these properties are gone, unless I am covered by insurance.
Does Ondoy and Pepeng ring a bell? Who would have thought that a game like cashflow 101 actually teaches us to protect our investments from such disasters and calamities. Better get your investments insured with “Acts of God” coverage pronto!
7. Net worth is worth less, cashflow is king
Once you play cashflow 101, you will notice its emphasis on the importance of cashflow over one’s net worth. You will see that it really is more important to have positive cashflow frompassive income. What is the use of having a big net worth if you don’t have any positive cashflow?
In real life, we should apply this by focusing on building our positive cashflow with income generating assets. Even if we have to use leverage to buy these assets, it really is okay. We call this good debt. Don’t be afraid to have good debts that buy real assets that produce the cashflow we need to get out of the rat race for real!
Get out of the rat race in the game, and in real life!
So you got out of the rat race when you played cashflow 101. So what?! That’s useless if you don’t take action and apply the lessons you have learned from the game in real life. But playing a game is one thing, doing it in real life is an entirely different thing… or is it?
I can truly say that Robert Kiyosaki’s Cashflow 101 game is a “life changing” game because my life has really changed ever since I decided to apply in real life the lessons I have learned from it. Take note that I only listed the top 7 lessons I have learned and I can assure all of you that there are more lessons one can learn from this game.
People may find it hard to believe that one can learn so much from a game and can have such a huge impact in life. I guess you just have to play the game and experience it for yourselves.
How about you, have you played Rich Dad’s cashflow 101 game? What did you learn? Are you applying them in real life?
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Top 7 lessons I learned from playing Rich Dad’s Cashflow 101 game
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know most of us are working nowadays. Most of us start with the E-Employee Quadrant and the main source of our income are our jobs. Robert Kiyosaki suggested that if you are working, you need to be experienced in three essential skills to become financially free. These three skills are LEADERSHIP, MANAGEMENT and SALES AND MARKETING.
Let’s discuss it one by one:
Leadership: Leadership is one of the most critical skill that you need to learn in your job. Most businesses fail because of lack of good leadership. Leaders are instrumental to the success of a business. Every company is in search for the best CEO who will lead the business to success.
One of the things that I learned is that the highest form of leadership is servanthood. We can distinguish a good leader vs. a bad leader:
A good leader is the one who serves his people while a bad leader wants to be serve.
A good leader is the one who empowers his people while a bad leader wants to have that power.
A good leader wants his people to grow and become greater than him while a bad leader becomes insecure when someone grows because he always want to be the greatest one.
Management: To become financially free, you also need to learn the skill of management. Management involves two things; management of cash flow and management of business systems.
To manage a company’s cash flow properly, you have to know how to read financial statements. You need to take a deep thought on income statement. You have to analyze sales and accounts receivable and expenses and accounts payable. If you can learn to run a business on the basis of the numbers revealed on its financial statements, you’ll be positioning yourself for success.
To manage business systems properly, you have to understand that a company is a complex network of interdependent systems, everything from product or service development to computer systems to human resources. For the business to grow, all systems have to operate with maximum efficiency—a leak in any single one can cause the entire ship to sink.
Sales and Marketing: Sales and marketing is the last thing that you should need to learn in your job if you want to become financially free. To be good in sales and marketing, you have to learn how to communicate effectively. If you can’t speak or write well, you won’t convince people that your product or service is worth buying.
Remember that you need to work to learn something and not just to earn. If you want to become financially free, these are the skills that you should learn from your job.
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Skills You Need To Learn In Your Job
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