Robert Kiyosaki Blog

Financial Education Portal inspired by Robert Kiyosaki

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The #1 Skill of an Entrepreneur…
Jun12

The #1 Skill of an Entrepreneur…

… is the ability to sell. Watch as Robert speaks with Sara Nelson of Publishers Weekly about the importance of learning how to sell. He talks about how he does not consider himself an author, but an entrepreneur whose responsibility it is to sell his books. Excerpt from:The #1 Skill of an...

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Only Men Can Be Property Tycoons?
Jun07

Only Men Can Be Property Tycoons?

By Oonagh Montague The days when a woman’s place was in the home are long gone. Nowadays, she’s more likely to own the home, and perhaps a few more besides. Ria Lawlor, a qualified medical doctor, mother of two and full-time investor, is one of the founder members of the ICES Group, (Irish Complementary Education Systems), an extraordinary team of individuals determined to take the fear out of investing for the ordinary man, or woman. “It all started in 2002 with a game called Cashflow,” says Ria. Cashflow 101, a board game designed by Robert Kiyosaki, author of motivational book Rich Dad Poor Dad aims to teach players how to invest, focusing in particular on property investment. “When my husband Ian and I began playing the game with Tony Reid and Darrell O’Dea, we knew nothing about investment. We started as a small group playing in a kitchen. As more people joined, we moved to a hotel in Tallaght and, finally, on to Temple Bar.” The group grew to such an extent that the original four decided it was time to structure the evenings. “We started inviting guest speakers and holding question and answers sessions,” explains Ria. In 2003 the ICES Group was officially formed and, today, network meetings and events take place nationwide. Guest speakers at ICES meetings explore a range of subjects, such as gold investment, how to make money through property, stocks and shares, or the ever-crucial subject of tax. However, there is even more to learn when the speakers are finished. According to Ria, the questions and answers slot is often the most interesting aspect of an ICES Group event. “People will ask questions such as ‘I’m looking at a property in Dublin 6, is it a good investment?’ or ‘How do I go about renting my house?’ It’s about shared knowledge and shared information. You might meet someone who tells you about an investment that may not be right for them, but it might be right for you.” For Ria, this boils down to one simple lesson: “We’ve found that if you increase your network of people, you increase your net worth.” For Tina Suvanto, a former librarian, the contacts she made through the ICES Group have led to fruitful investments. “You can’t underestimate the power of meeting with like-minded people. I’ve made long-term friends from ICES Group,” she says. Education forms the cornerstone of the ICES Group approach. To this end, they run several programmes and master classes. One of these is the Property Discovery Programme (PDP). Clare Connolly was on a career break from her high-powered job with a pharmaceuticals company when...

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Hanging With Mike Dillard

This weekend I was invited to be a student at the MLM Traffic Formula 101 Live event in Austin, Texas, USA. Mike Dillard, who wrote MLM Traffic Formula (and many other books), has become a great friend and mentor over the past few months. He has provided extremely valuable lessons, feedback and advice that have changed the way we think about internet marketing at Rich Dad. Being here as a student has been eye opening, to say the least. I have an entirely new appreciation for how effective internet marketing is done. And how much I don’t know! Here are a few of the basics: * Your list… is everything. * Establish a relationship with the people on your list – Speak to your contacts as individuals, not as a group * Provide overwhelming value and education * Be real – People can spot BS from a mile away * Create systems that leverage your content I am extremely excited about what I have learned so far and I am working very hard to implement it. John p.s. The photo above is of Mike’s 2006 Aston Martin Vantage. He was gracious enough to let me sit down and fire it up last night at his house. Amazing! See more here: Hanging With Mike...

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Rich Dad?s Other Cash Flow Quadrants

In his third or fourth “Rich Dad Poor Dad” book, Robert Kiyosaki expresses the advantages of investing in real estate by describing another type of cash flow quadrant. This cash flow quadrant describes the four ways to generate money through investing in real estate. They are: depreciation, tax benefits, rental-income, and appreciation. I like this model as it is simple to understand and remember. Let’s define each one a little bit more clearly: Depreciation – This is, thanks to Alan Greenspan, the amount structure loses in value over time, assuming no improvements have been done to it. Residential real estate, for example, is considered to fully depreciate its value in 27 1/2 years. So, for the purpose of taxes, an investor may choose to take that depreciation as a deduction. If the structure is worth $200,000, it’s depreciation for the year is $7273. Tax benefits – Anyone who holds a mortgage for property knows that all that mortgage interest is tax deductible. Similarly, when acquiring additional properties, the mortgage interest from those properties are also deductible, as well as improvements made to that real estate. Rental income – When we put a tenant into a property, be it residential, commercial or industrial, we usually receive an amount of rent associated with that occupancy. Hopefully that rent will cover the mortgage payment with some money left over. Appreciation – We all know that although we take depreciation at tax time, the property itself is actually appreciating in value as cities and populations grow. Typically, unless a major economic or whether related disaster occurs, real estate only increases in value. That is why banks and other lending institutions are willing to lend most, if not all the money to purchase properties.   Credit:Rich Dad?s Other Cash Flow...

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REOs Open! a big success!
May30

REOs Open! a big success!

The first REOs Open! for Worcester Real Estate Investors and the Northern Worcester County Real Estate Investors was a success! With 8 people in attendance, including Jeff Landry and Tina Miller of J.A. Landry Carpentry. Jeff is not only carpenter but he’s also a general contractor. Jeff and Tina helped with ballpark repair prices on each property that helped with analysis. Jeff and Tina are both board members of the Northern Worcester County Landlord Association. We visited 4 properties, 3 in Leominster and 1 in Fitchburg. 2 properties were SFH and 2 were multi-families. There was a lot of interest in the 3-family REO in Fitchburg. It’s not currently listed and needed some repairs and some asbestos remediation in the basement. The Duplex in Leominster was the worst house in a great neighborhood. The lot value alone is more than the current price! We analyzed the Fitchburg property to determine what the likely repair costs would be, carrying costs, etc., what the maximum amount that could profitably offered if performing the full repairs and remediation as well as will a more modest rehab. In other word, what needed to be done to know how the property would perform. We also discussed the types of financing that would be available and the cash down requirements for those loan products. So a lot of information was discussed and shared! The next REOs Open in Gardner is tentatively scheduled for June 22nd. Check your mailboxes! We look forward to another successful outing. More here: REOs Open! a big...

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The Psychology of Winning – Part 3

The Psychology of Winning – Part...

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REOs Open!

Northern Worcester County Real Estate Investors: REOs Open Event NWCREI and Worcester REI are sponsoring REOs Open! tomorrow between 10AM and 4PM. Sitting on the fence, wanting to learn about buying bank owned property or wanting to buy something now with our without partners? Come tomorrow and tour several properties, including at least one that isn’t listed for sale currently! What makes this different than other real estate tours? How about analysis! Not only will you walk through the properties but you’ll have experts on hand. Some of the things discussed: What are the ball park repair costs? What are likely mortgage scenarios? What would my holding costs be? Etc., etc. In fact, you should come away with more than enough information that you should be able to offer on these properties, alone or with partners! Go to: Northern Worcester County Real Estate Investors: REOs Open Event for more details or to register. The Fitchburg Cashflow game follows at 5PM at James’ house. Read the original: REOs...

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The Psychology of Winning – Part 2

Here is the original post: The Psychology of Winning – Part...

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The Psychology of Winning – Part 1

Source:The Psychology of Winning – Part...

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Generation Rich Dad Invades Europe

Read more here: Generation Rich Dad Invades...

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