Education in America could use a big dose of innovation. How about one public school system for employees, and another for entrepreneurs? Leave your comments at the end!
In the summer of 1932, presidential candidate Franklin Delano Roosevelt promised, “I pledge you, I pledge myself, to a new deal for the American people.”
Today, it is time not for a “New Deal,” but a “New Mission.”
America’s schools need to take a page from the businesses that have been created by entrepreneurs over the past decades. Henry Ford, Bill Gates, Steve Jobs, Sergey Brin and Larry Page have all given us the road map, but the path toward entrepreneurship is often the road less traveled America’s schools.
The U.S. unemployment rate is currently 9.7% in what many call a “jobless recovery.” So what should we do? The problem and the solution can be found in America’s educational system and its current mantra: “Go to school and get good grades, so you can get a good high-paying job.” In simpler terms that means, “Go to school to become a good employee.” But there are too many employees, which is why we have an unemployment problem. Today, kids just out of school aren’t finding jobs. At the same time, many of their parents are going back to school for retraining. But they’re not finding jobs, either.
The idea of a high-paying job for life is truly an American dream — but no longer a reality. With low-priced labor and lower-priced, higher-performance technology, high-paying American jobs will be disappearing at greater speed as they move overseas.
Two-track system
America’s education system needs an injection of innovation — which is just what entrepreneurs do. We need two different public school programs: one for employees and one for entrepreneurs.
The way to train entrepreneurs is almost exactly the opposite of the methods used to train employees. Another common thread about Ford, Gates and Jobs is that they all dropped out of school. This is not to say education is not important, but training entrepreneurs is different from training people to be employees. It is much like the difference between traditional education and the military academy model.
Many of the lessons I drew upon to write my book, Rich Dad, come from the U.S. military academy system.
In 1965, I left a sleepy sugar plantation town of Hilo, Hawaii, and journeyed to Kings Point, N.Y., to attend the U.S. Merchant Marine Academy. With four years at the academy and six years as a Marine Corps pilot, including two trips to Vietnam, I gained many of the real-life skills and character traits I count on today as an entrepreneur.
Success in the military is a great bellwether signaling achievement in business. For example, the Israeli Defense Forces are a breeding ground for education and entrepreneurs, where many serve in units specializing in military technology. At the beginning of 2009, the 63 Israeli companies listed on the Nasdaq, many led by former IDF members, outnumbered those of any other foreign country, according to the book Start-up Nation by Dan Senor and Saul Singer. There are simple lessons here for America’s gridlocked education system.
If I were running America’s schools system, I would create the U.S. Business Academy for Entrepreneurs, modeled after our federal military academies. Admissions would be via congressional appointment along with nominations from community business leaders. The entrance exams would be rigorous; the curriculum would be very different from traditional colleges.
On first day at any of the five federal military academies, each student is required to memorize the academy’s mission. In the military, mission is more important than life. After leaving the Marine Corps and starting my own business, I found many executives with MBA degrees focused only on money. Money was their only mission. If they could cut expenses by firing employees, so be it. This was unconscionable at the academy and the Marine Corps. As military officers, our mission was to serve our country and bring our troops home alive. It was drummed into our souls that our mission was more important than our lives.
The mission of the U.S. Academy for Entrepreneurs would be to create sustainable, well-paying jobs for employees by aggressive growth of the business. Too many executives are trained to grow the business through mergers and acquisitions, using massive amounts of debt. Though this might make shareholders happy, in most cases it rips the soul out of the business, loading it with debt while putting the jobs of employees at risk.
Creating real jobs
If corporate executives cannot grow a business organically, they will often repurchase their shares to make it look as if the share price is going up — again to keep shareholders happy and the CEO employed. This is business manipulation, and not the true mission of a sustainable business. The lesson learned is, a loyal employee is not as important as money.
The U.S. Business Academy for Entrepreneurs would have only real entrepreneurs as teachers. I would ask that they work for only $1 a year (think of the great entrepreneurial CEOs who have turned around their businesses doing the same). You see, if they were real entrepreneurs, they would not need the money. They would teach for the same reason the students are there: the mission to create entrepreneurs who create sustainable jobs for the country.
Whether you agree with me or not, I hope it’s clear that we need to create more entrepreneurs — since only entrepreneurs can create real jobs.
We need to pledge ourselves to this New Mission: job creation by those who are true job creators.
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The Robert Kiyosaki Show, with Robert Kiyosaki and Rich Dad Advisors.
Listen to this 3rd episode, where you will learn how the Rich Dad Company started out, how Robert Kiyosaki took the risk and how the Rich Dad Company grew to a multi-million company around the world.
Click Play Button to Listen to Robert Kiyosaki Show! Enjoy!
Robert Kiyosaki, John E. Lang and others explain how to create and keep your wealth.
Learn how to change your thinking and make money in this troubling economy.
This private event was avaliable to a select few.
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Robert Kiyosaki recommends MLM Home Based Business
Perhaps best known for his financial education products, Robert Kiyosaki wrote this latest book to praise the benefits of owning a network marketing business. Although Kiyosaki made his wealth traditionally, without the help of a network marketing business, he believes that these businesses are the wave of the future because they embody the new Information Age economy. He believes these businesses are a good way to begin your journey to become rich.
Rich Dad’s the Business School: For People Who Like Helping People (Second Edition)
Kiyosaki begins by reviewing the several ways that one may become rich. However, the path offered by his Rich Dad may be the most realistic and also hold the greatest profit potential. Rich Dad’s path to success is simple, "build a business first, reinvest in the business second, buy real estate third, and only then buy luxuries paid for by your assets" (98). Most people fail because they lack the discipline and perseverance needed to follow through with the plan. This behavior often characterizes those who lack emotional intelligence. A successful person possesses analytic, financial, and emotion intelligence. Such a person succeeds by understanding that success is accelerated through the process of "rejection and correction."
Kiyosaki prefers network marketing businesses because there exists very few barriers to entry. Those who succeed in network marketing are able to combine their ability to sell and lead with their love for teaching. Kiyosaki writes, "Your job is to clone or duplicate someone just like you" (58). This is what ultimately determines the success of any network marketing business.
When convincing others of the value of a starting a "personal franchise," more commonly known as a network marketing business, be sure to cover several important areas. First, refer to the cashflow quadrant to inspire motivation and provide direction. Second, emphasize wealth rather than income (a.k.a cashflow versus capital gains) by explaining the income statement and balance sheet and how acquiring assets, specifically businesses, is crucial to developing long-term passive revenue streams. Third, introduce Metcalf’s Law. Succeeding in a network marketing business demands the practical application of Metcalf’s Law, which states that a network’s economic value grows exponentially with the number of network users. Fourth, remind others of the fact that network marketing is the fastest growing business model in the world today. Big companies such as AOL Time Warner, Berkshire Hathaway, and Citibank all utilize network marketing. This comes as a surprise to many because network marketing businesses go largely unseen. Finally, emphasize the important of education. When searching for a network marketing business to join, educational opportunities should weigh more importantly in your decision than commissions or products.
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~ Robert Kiyosaki ~
On the cover of the October 19, 2009 issue of “Time” magazine ran this headline: “Why It’s Time to Retire the 401(k).” The cover picture was ominous, showing a 401(k) sinking like the Titanic.
I recommend reading this entire article, especially if you do have a 401(k). My concern is that the flaws of this retirement plan will grow into personal tragedies as the first of approximately 75 million baby boomers retire, leading to the biggest stock market crash in history.
But in spite of the apparent problems with the 401(k) plan, the darlings of financial media continue to tout its benefits. The same month “Time” ran its article, “More” magazine’s financial guru, Jean Chatzky, wrote an article about using low-interest savings to pay off high-interest credit cards. In the article she states, “There’s no better guaranteed return on your money (except, perhaps, a 401(k) match).”
Countering Jean’s wisdom of “no better guaranteed return,” the “Time” article stated, “At the end of 1998, the average 401(k) balance was $47,004. By the end of 2008, the average balance was down to $45,519.” If that is a great guaranteed return, I’m glad I don’t have a 401(k). The “Time” article pointed out that $100 in 1998, after inflation, was worth about $73 in 2008, a loss of $27 after ten years. So whom do you believe…”Time” or “More” magazine?
If you are unsure as to whom (and what) to believe, the “Time” article made two more statements worth considering. They are:
1. “The older you are the riskier a 401(k) gets.”
2. “Forty-four percent of all Americans are in danger of going broke in their post-work years.”
Now, I can hear some of you saying, “But the stock market is going back up. Green shoots are appearing. Everything is fine. The crash was just a correction.” For those optimists among you: I wish that all of your dreams come true and you live happily ever after.
I do not criticize the 401(k) plans just to criticize. I write because I am concerned. Let’s say “Time” magazine’s estimates are correct. Let’s say 44 percent of all Americans will go bankrupt after retirement. For approximately 75 million baby-boomers preparing to retire, that means 33.8 million of them will go bust once they stop working. To me, this is disturbing.
While many think the financial crisis is over, I believe the worst is yet to come. In spite of the green shoots in the stock market, the fundamentals of the U.S. government are worsening. I doubt Social Security can afford the avalanche of retiring baby boomers. The Social Security fund is empty, underfunded by approximately $10 trillion. For the first time in 35 years, Social Security will not pay a cost of living increase. And Medicare is projected to face a shortfall as well, of between $65 and $85 trillion.
In 2009, interest payments on our national debt are about $380 billion, which is $1 billion a day in interest. At the same time, the national debt is projected to climb to $20 trillion by 2012, which means the U.S. will have to borrow money just to make the interest payments.
I know the Federal Reserve Bank can continue to print more and more money…but city and state governments cannot. This means your city and state taxes will have to go up. If you think your property taxes are high now, just wait five years. I predict that, even if your home’s value does not go up, property tax rates will, and higher taxes will do wonders for property values. This means people counting on their home as their biggest asset may be disappointed.
In 1913, when the Fed was created, and in 1971, when President Richard Nixon took the U.S. off the gold standard, the ultra rich were allowed to siphon off our wealth — via our own money, the very thing we work hard for and do our best to save. In other words, with every dollar the Fed prints, our wealth is being drained via increased taxes, debt, inflation, and savings.
A Cash Heist
There are four expenses that keep the poor and middle class struggling financially. They are:
1. Taxes — both apparent and hidden
2. Debt — mortgages, credit cards, and student loans.
3. Inflation — rising food and fuel costs
4. Retirement plans — 401(k) and savings
It is via these four expenses that the rich get richer. In other words, all four of these expenses are a cash heists, the ways the rich use the government to get into our pockets, draining us of our wealth.
The Silver Lining
The silver lining of all this: With a more sophisticated financial education, rather than have taxes, debt, inflation, and retirement accounts as drains on a person’s wealth, a person can convert those government-sponsored expenses into elements that work in one’s favor. By using the same rules of money the rich use, those four expenses will make you richer. In other words, taxes, debt, inflation, and not needing a retirement plan can make you richer if you use different rules of money. As stated earlier, in 1971 Nixon changed the rules – and so should you.
In closing, the 401(k) has a few good points…but not good enough, in my opinion, given the financial challenges that lie ahead.
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