Robert Kiyosaki Blog

Financial Education Portal inspired by Robert Kiyosaki

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When I Was Your Age…

It’s graduation season, and time for commencement speakers to offer a few words of wisdom. The class of 2009 has had more than its share of challenges. It began college in one of the most competitive pools ever and is graduating into one of the worst economies in decades. But it’s not the first to face these challenges. We asked several prominent individuals about the best and worst financial advice they received—and their guidance for this year’s grads. David Bach, author of the best-selling FinishRich books: Mr. Bach says one of the most important financial decisions of his life was buying a home with a friend shortly after college. “It made me a financial adult in my early 20s,” he says. He had to get a crash course in mortgages, taxes and insurance. Best advice: To buy the house and work hard. Working hard in your 20s and 30s could determine how successful you are later in life. Worst advice: Selling the house too soon before home values soared in California. Advice to grads: Mr. Bach graduated in 1990 when the economy was horrible and “California was a mess.” Don’t give up if you’re not finding a job. Ask someone for an informational interview. At the meeting, get three more names of professionals to meet. That’s how he eventually landed a job. Paula Deen, restaurant owner, author and Food ­Network host: Ms. Deen learned about life and Southern cooking from her grandmother. Years later, she launched a catering business with $200 and her family recipes. The catering evolved into restaurants, cookbooks, television shows and even furniture. Best advice: A lot of great advice, she says, came from her aunt and uncle. Among other things, her uncle told her not to complain about paying taxes because “if you’re paying taxes you’re making a living.” Worst advice: To not repay a note she had co-signed. (She didn’t take the advice.) Advice to grads: Get all the experience you can and be persistent. Robert Kiyosaki, businessman and author of the best-selling “Rich Dad, Poor Dad” books: Mr. Kiyosaki writes and speaks about his rich and poor dads, “both of whom were good men.” He bases his poor dad on his own father, who was highly educated but not business savvy, and his rich dad on his best friend’s father, a successful commercial real-estate investor. Best advice: From his rich dad, who recognized that Robert had the potential to be a successful business owner. He told him to learn how to make sales if he wanted to be a successful entrepreneur. Worst advice: From his poor dad, who told him to take the...

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Student open-source software brings personal finance to the iPhone

In these difficult economic times, everyone is seeking a better way to manage their personal finances. And at a time when even the newly elected president can’t be separated from his wireless device, two undergraduates from Rensselaer Polytechnic Institute have developed an open source solution that combines smart personal financial management with your smartphone. The computer science students, who are part of the Rensselaer Center for Open Software (RCOS), have developed an application for Apple Inc.’s popular iPhone that allows users to log, track, and manage their personal spending. The application is called Vault, and it is available for free to anyone around the world seeking a better way to manage their money. The code used to develop the software is open source, which means that there are no restrictions on distribution or modification. Developers Amit Kumar and Devin Ross, juniors majoring in computer science, describe the application as “Quicken for the iPhone.” It seeks to replace the check register at the front of personal checkbooks, a financial relic that students like Kumar and Ross have never even owned. “People are always carrying their phone everywhere already,” Ross said. “We saw the potential to centralize a task that many people could use daily.” The software has a place to add expenses in different categories. Some categories, such as groceries, are automatically programmed in the system, while other categories can be added by the user. The application then logs the transaction and modifies the user’s account balance. The application also uses GPS to locate the closest bank branch, and then allows users to directly link to their bank’s Web site or place a call to the bank. According to Kumar and Ross, one of the main benefits of the system is that no personal account information needs to be logged into the application. This protects the user from identity theft if the phone is stolen. “Creating this application gave us really direct work experience that most undergraduates don’t get,” Kumar said. “It was the first opportunity that we had to go beyond just learning how to create good code to learning how to create a great user interface and build the code around that.” Vault is currently available for free download from the iTunes Store. The project source is located on http://code.google.com/p/rpiiphone/source/browse/ and the development blog can be found at http://rpiiphoneproject.wordpress.com/ . Source: Rensselaer Polytechnic Institute See original here: Student open-source software brings personal finance to the...

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Go Out and Sell Something

Veteran sales professional, Rollis Fontenot III, has released his first book “Go Out and Sell Something – The Recession-Proof Guide to a Successful Sales Career.” Available on Amazon and Createspace.com, the book comprehensively addresses a subject, according to Fontenot, that is of growing importance to sales professionals in every industry. The book also appeals to business owners and other professionals who are in charge of business development. “With the economy continuing to falter, salespeople are having to adapt to a rapidly changing business environment that isn’t always clear or understandable,” Fontenot explains. “When you consider the alarming rate of company layoffs, bankruptcies, bailouts, and restructurings, it’s understandable to feel uncertain and downright scared over what the future holds. However, there are many salespeople who actually thrive in tough times. Their secret is developing the right thinking and mental attitude that successful salespeople possess. The order of success in virtually any field of endeavor is BE-DO-HAVE. Our thinking or “BEing” helps us to take the right actions. Our “DOs” help us to receive, and our HAVEs are the results that we want. Our minds also need to be ready to receive the success that we want.” According to Kari Schneider of Alliance Recruiting, “Rollis has a unique way of not only sharpening your selling skills, but also getting you mentally prepared to receive and retain the success you’ve been looking for. His book is quick, simple to understand, and easy to implement. Rollis guides you through the slippery slopes of non-production in a recession. Basically, if you want more money – Go Out and Sell Something.” Not just for salespeople, but for any business professional experiencing stress and anxiety over this current recession, the new book is geared to help those needing clear-cut solutions for taking proactive and positive steps to increase their sales, rejuvenate their careers, and improve their overall lives. “Being in sales can be very rewarding,” states Fontenot. “In fact, one major advantage of a career in sales is that successful salespeople are the first to be hired and often the last to be let go. They are also among the highest earners in a company.” While there are countless books about sales techniques and strategies, Fontenot has taken a refreshingly different approach to the subject. He has only included the most timely and relevant concepts and compiled them into an easy-to-use guide that includes recession-proof action plans that are designed to give straightforward actionable items that deliver immediate results. “Fontenot shares his knowledge of selling in “Go Out and Sell Something along with the collective thoughts of some of the best authors in the industry such...

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Why Oil Price is going up?

Burning crude oil itself is of limited use.  To extract the maximum value from crude, it first needs to be refined into petroleum products such as gasoline, or petrol. However, there are many other products that can be obtained when a barrel of crude oil is refined.  These include liquefied petroleum gas (LPG), naphtha, kerosene, gas oil and fuel oil.   Other useful products which are not fuels can also be manufactured by refining crude oil, such as lubricants and asphalt (used in paving roads). A range of sub-items like perfumes and insecticides are also ultimately derived from crude oil. Furthermore, several of the products listed above which are derived from crude oil, such as naphtha, gasoil, LPG and ethane, can themselves be used as inputs or feedstocks in the production of petrochemicals. There are more than 4,000 different petrochemical products, but those which are considered as basic products include ethylene, propylene, butadiene, benzene, ammonia and methanol. The main groups of petrochemical end-products are plastics, synthetic fibres, synthetic rubbers, detergents and chemical fertilisers. Considering the vast number of products that are derived from it, crude oil is a very versatile substance. Life as we know it today would be extremely difficult without crude oil and its by-products. Is the economy really improving, therefore driving up consumption of oil? Tracking the share market will not give you the real answer. In fact, we know the global economy has yet to recover. U.S. Dollar Drives Oil Oil is priced in U.S. dollars. According to OPEC, the relationship between oil prices and the U.S. dollar is almost mechanical. When the U.S. dollar falls in value, oil prices have to go up in U.S. dollar terms to stay constant in euro terms. Oil producers receive their oil revenues in U.S. dollars and need to be compensated for the fluctuations of the dollar. When oil price hit too high, consumers have to spend more for gasoline, petrol and etc despite that their income didn’t go up. That’s a high price to pay. ~Aaron Loh The rest is here: Why Oil Price is going...

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Leadership: On Making Mistakes

Because we live and work in a society where making mistakes isn’t well-tolerated, it can be difficult to see any value in making mistakes. After all, mistakes often cost us time and money, and in small business both of these resources are at a premium. However, you might be surprised that some of the most prominent leaders in the world value mistakes-a lot. Take a look at what some of these leaders have to say about making mistakes. Gordon Moore, co-founder, Intel “One thing a leader does is to remove the stigma of mistakes. People who are afraid of making mistakes all the time just don’t try anything.” Sam Walton, founder, Walmart Sam Walton, famous for driving an old beat-up pickup truck to work even when his worth was in the billions, was fond of saying that if you keep expenses down you can afford to make a lot of mistakes! Robert Kiyosaki, bestselling author, “Rich Dad Poor Dad” In his book “Business School for People Who Like Helping People,” Kiyosaki recounts how he learned the process of selling: by making mistakes. In the context of sales, Kiyosaki calls it rejection. He and his sales mentor, Charlie Robinson, would make sales calls together. Robinson would say virtually nothing during the visit, but would simply watch Kiyosaki work. Then the two would return to the office and review every mistake Kiyosaki made that caused a rejection. During that time, Kiyosaki even volunteered at a charity organization, making cold calls, so he could increase his rejection rate and learn from them. The message? Make as many mistakes as you can because mistakes are how you learn. Herb Kelleher, co-founder, Southwest Airlines When one of Southwest Airline’s property managers made a mistake (he made an oral commitment of $400,000 to the City of Austin for the preliminary design of a new airport when Southwest had no intention of supporting the new airport), Herb Kelleher backed his manager with the money. Although the lesson was hugely expensive, Kelleher didn’t get upset. He just jokingly told the manager: “Now pal, this is a fairly expensive lesson. A $400,000 lesson-I hope you remember it!” Does that give you a new perspective on the value of making mistakes in your small business, and learning from them? Stephanie Valentine Here is the original: Leadership: On Making...

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3 Free Online Finance Software Programs

Shelley Elmblad Online personal finance software is very convenient because you can use it wherever there is an Internet connection. And, these free top three online personal finance software choices offer security features for your personal finance data. With online software, you never have to install anything on your hard drive and software updates are done for you on the software company’s servers. Online Personal Finance Software Benefits Each of the top three online personal finance titles have a different feature focus, so look them all over and visit the web sites for more details. And remember that when you use online personal finance software on a public computer, you must log out and close the browser window before leaving the computer. How is This Personal Finance Software Free? ClearCheckbook is completely free but accepts free-will donations. Mint and MySpendingPlan are also completely free but each gets a cut on any of the money-saving offers presented to you. The offers on Mint.com are hidden unless you click on a tab to view them. MySpendingPlan offers are more upfront and in your face. ClearCheckbook ClearCheckbook is free online personal finance software that is far from bare-bones free software. ClearCheckbook has many features to manage personal finances. ClearCheckbook Features: See all transactions, overall balances, reminders and notices on one page in ClearCheckbook. Supports account transfers and split transactions. ClearCheckbook spending limits provide a way to create a personal budget. Search transactions by date, keyword, account or category. Track your spending in ClearCheckbook with charts, graphs and spending vs. saving for all accounts. Security: you do not enter your account numbers into ClearCheckbook. Reconcile accounts and use time-saving recurring transactions. Personal finance alerts and reminders arrive by email. Use CheckBot to update your account while on the go with AIM, ICQ, MSN / Windows Live, Google Talk and Yahoo! Messaging services. Get ClearCheckbook free personal finance software at ClearCheckbook.com. Mint Mint is free online personal finance software that offers something truly different: Mint tells you how you can save money, and it has some nice automated features. Mint Features: Mint automatically updates your banking and credit card transactions, eliminating the possibility of forgetting to enter transactions. Mint automatically categorizes transactions as they are downloaded. Label transactions to be able to quickly identify expenses that are related to work, hobbies, meals out, etc. View all banking and credit card transactions and account balances side by side. Mint works with 3,000 U.S. banks and credit card companies. Compares cash and debt for quick overall financial reporting, and Mint offers spending histories. Email and SMS alerts let you know about low balances, large purchases and...

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Marrying for Love … of Money

by Robert Frank On an episode of “Dirty Sexy Money”, ABC’s soapy drama about the filthy rich, heiress Karen Darling gets married for the fourth time, to a golf pro. Minutes after the ceremony, she decides she wants a divorce, leaving the golfer to wonder about his $3 million guarantee in the pre-nuptial agreement. “I still get the check, right?” he asks. “Of course,” Ms. Darling sneers. “I made a vow.” Marrying for money isn’t just grist for television plot lines. With the wealth boom creating unprecedented riches — and greater opportunities for gold-digging by both genders — price-tag partnerships and checkbook breakups are increasingly making headlines. Even more surprising, according to a new survey, are the going rates for today’s mercenary unions. BEAUTY FADES Celebrities get the most attention, of course, whether it’s Kevin Federline, the backup dancer-turned-millionaire ex of Britney Spears, or Heather Mills, Paul McCartney’s estranged second wife, who is set to receive tens of millions of dollars when her divorce is final, according to the British press. Yet even among the workaday (or wannabe) wealthy, marrying for money has become a popular pursuit. In an infamous personal ad posted on Craigslist this summer, a twentysomething New Yorker who described herself as “spectacularly beautiful” wrote that she was looking for a man who made at least $500,000 a year. She’d tried dating men earning $250,000, but that wasn’t “getting me to Central Park West,” she said. The ad inspired all manner of parodies and follow-ups, including one by an investment banker, who replied that since his money would grow over time but her beauty would fade, the offer didn’t make good business sense. She was, he said, a “depreciating asset.” To many New Yorkers, jaded by multimillion-dollar condos and wall-to-wall wealth, the salary request probably seems reasonable, maybe even low. Yet nationally, the going rate is much lower. According to a survey by Prince & Associates, a Connecticut-based wealth-research firm, the average “price” that men and women demand to marry for money these days is $1.5 million. The survey polled 1,134 people nationwide with incomes ranging between $30,000 to $60,000 (squarely in the median range for nationwide incomes). The survey asked: “How willing are you to marry an average-looking person that you liked, if they had money?” AGAINST LOVE Fully two-thirds of women and half of the men said they were “very” or “extremely” willing to marry for money. The answers varied by age: Women in their 30s were the most likely to say they would marry for money (74%) while men in their 20s were the least likely (41%). “I’m a little shocked at the...

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Ridiculous Ideas That Made People Millions

by Katie Adams Have you ever watched an infomercial or seen an item in a department store and thought “I could have thought of that!” Have you wished you had invested money early in a blockbuster invention? Learn the stories behind some (seemingly) ridiculous ideas that have made inventors and investors very wealthy, and find out what you, as a potential investor, should look for and consider before putting up capital for a potential funding opportunity. The Koosh Ball You’ve may have never heard of Scott Stillinger but somewhere in your home or office you probably have one of his inventions – the Koosh ball, which made millions of dollars. Stillinger came up with the idea for the Koosh ball when he tied rubber bands together to create a smaller, easier-to-catch ball for his young children in 1987. He founded OddzOn Products Inc. to distribute the small, simple toy, and within just 12 months it was flying off of store shelves as that year’s hottest Christmas gift. The company expanded, and in 1994 Stillinger sold OddzOn to toy manufacturer Russ Berrie and Company Inc., which in turn was bought by toy behemoth Hasbro in 1997 for more $100 million And it all happened a mere 10 years after the first ball was created. Santa Mail Every year, millions of children around the globe pen letters to Santa and hope for a response. Byron Reese realized the potential in this market. In 2002, he launched “Santa Mail,” a service that allows kids to send letters to the North Pole. Parents enclose a small fee of just $9.95, and little Johnny or Jane receives a personalized letter back from the “big man” himself. By 2009, Santa Mail had responded to nearly 300,000 children. At close to $10 a letter, well, you can do the math – needless to say, it was a little idea that has earned Reese a big return. Lucky Break Wishbones Are you still a little bitter that, at last year’s Thanksgiving dinner, you lost out to your cousin Ned in the annual fight over the lone turkey wishbone? Well, thanks to Ken Ahroni, those days are long over. In 1999, he had something of an epiphany at his family’s Thanksgiving dinner table: a family with multiple people would like multiple wishbones. He shuttered his previous consulting business and launched Lucky Break Wishbone Corp. in 2004, in order to sell his one-of-a-kind breakable plastic wishbones. Within two years, the company was generating nearly $1 million in sales through distributors in more than 40 states nationwide. Antenna Balls You’ve seen them; maybe you even sport one on your car....

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I am just another “Poor Dad” in this world!

The RICH DAD’s apprentice help me to reveal myself, soon I realized that I am just another POOR DAD in this world. My head non-stopping thinking about it. RICH DAD – I must become rich & wealthy because I have a family & children to take care. POOR DAD – I cannot become rich & wealthy because I have a family & children to take care. So different the way of thinking. I still can remember the below from the well-known speaker told us, 1. People should do what they love to do 2. However, most people end up never do what they love to do The above 2 sentences are contradiction each others, if people know they should do what they love to do but why still end up doing something else. Why people end up never doing what they love to do? You must have a lot of excuses or reason to justify it. So do I. – Dare not take risk – People do not get what they want due to they do not know what they want in the first place. – Fear – People are complacent, do not want to get in trouble in the something new – Opportunity not there The reason that people do not end up doing what they want to do is because whatever they are doing now is just too comfortable, it is not great, not fantastic, not they really want but still go to work. Sometimes, they may even hate the job, or the company, or even hate the boss but they still go to work. It is interesting to know people spend their time & effort doing something they really do not like to do but just because they are just too comfortable, not many changes, – Comfort Zone. Don’t you think is interesting? Think about that. Definition of Word “Wealth” Big car? Big house? Possession on oneself? How much he spent? Did you realize that a lot of people have big car big house but also with big loan. Wealth Number of day forward you can survive/ maintain your lifestyle if you stop work – forever/ infinity Which mean if you don’t want to go to work tomorrow, you never ever have to worry a day about the rest of your life because somehow somewhere there will be an income/ money coming to you and you will be taken care of. Isn’t that wonderful? That’s the stage we are looking for. Financial Independent or Retirement Retirement normally happen in age of 55/60/65 years. What you can do at age of retirement? Nothing much. Will it be...

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Aren’t My Stocks Supposed to be Assets?

Robert Kiyosaki mentioned in his book “Rich Dad, Poor Dad” that assets put money into your pocket while liabilities take money out of your pocket. It was with this in mind that I started to acquire more of these assets (e.g. stocks) instead of frivolous stuff like clothes, accessories, electronic devices and stuff. These stocks I own have been paying me quarterly and yearly dividends. Thus, they have been putting money into my pocket over the years. However, two stocks that I have recently declared “rights’ issue. For the uninitiated, that basically means that the company is issuing me with more shares and I have to pay for them if I intend to exercise my “rights” or either forfeit them and see my shareholdings in the company diluted. What an irony. These assets are now taking money out of my pocket! All the dividends that I have earned from them are like useless. If they are so cash strapped, why did they even declare dividends in the first place over the years? Didn’t they foresee this coming? Why weren’t they more prudent in calculating the amount of dividends that they were giving out over the years? So now instead of owning assets, I am like owning two businesses which are asking me to pump in more money into them. I can’t tell whether these are assets or liabilities just yet. *Big Sigh* Read more from the original source: Aren’t My Stocks Supposed to be...

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