Robert Kiyosaki Blog

Financial Education Portal inspired by Robert Kiyosaki

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Don?t be too smart
Jun03

Don?t be too smart

Most of us think about our finances in terms of our top line — in other words, how much money we earn.  We pursue big incomes and then we spend those incomes on the right clothes, the right cars, the right home. Isn’t that what wealth is all about? Not at all. What really matters in building net worth isn’t how much we make, but how much we keep. That’s the bottom line on a financial statement. It’s also the key to accumulating wealth. Self-made millionaires know the importance of the bottom line. Thomas Stanley and William Danko, a pair of business professors, spent years studying households that had net worths of more than $1 million. Their research, outlined in their landmark work, “The Millionaire Next Door”, contradicts nearly all the stereotypes surrounding wealth. Most millionaires, it turns out, accumulate wealth by living below their means.  They avoid status objects such as big cars, huge homes and designer clothes.  They do their own yard work, drink beer instead of champagne, and stock up whenever laundry detergent goes on sale.  They put the emphasis on building up their bottom lines: the amount of money they have left over after taxes and living expenses. You don’t have to be a genius to adopt the same lifestyle.  Jay Zagorsky, an economist at Ohio State University, tracked down 7,000 American baby boomers who wrote a standard IQ test in 1980. He caught up to them in 2004 and asked them about their financial status.  Much as you might expect, the people who had higher IQs tended to earn more. But — and this is a shocker — there was no correlation between higher IQs and higher net worth. Smart people may earn more, but they appear to be just as vulnerable as anyone else to spending as much as they make and neglecting their bottom lines. One reason we get dazzled by a high income is that we forget the bite that taxes take.  If you’re a middle-class Canadian, you’re probably losing close to half of each additional dollar you make to income taxes, GST and PST. Think about what that means: the latte that costs you $4 in after-tax dollars costs you $8 in pre-tax dollars. (Makes you think twice about that morning treat, doesn’t it?)  The dinner at a fancy restaurant that costs you $250 in after-tax dollars costs you $500 in pre-tax dollars. (Gee, and the chateaubriand wasn’t even that good) Of course, the positive way to look at this is that if you pass up the latte and the dinner, you’re giving yourself the equivalent of a $508 raise...

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Tips to a successful and wealthy life

We all want to have enough money to be happy from today until the day we leave this earth.  Enough, is a carefully used word. For some people, enough is the amount of money it takes to just have what is needed, for others it means being wealthy and making a LOT of money. In order to move from making money to wealthy, you will need to change your perception of life. These tips to a successful life of making money and becoming wealthy will surely help. Your mind and your money. It is important to think about money in a more organic way if you are going to become wealthy. Money will have to be something you save and not something you spend. Being thrifty today can save that wealth for the long run. The Smaller the Better.  Aiming at the smallest of savings and adding up those amounts over time can be the best choice for a person wanting to be wealthy. Those smalls savings will add up over the years and as long as they are left untouched they will grow to be the wealth you desire. The freedom of saving. All it takes to be freedom from the financial burdens of life is saving. Saving is what people who are wealthy essentially do. So the next time you drop $20.00 on coffee or $40.00 on lunch, remember that the money you save today will buy your financial freedom tomorrow. You are the one. The only person that can be held accountable for your financial placement in life is YOU! You are the one that needs to make making and save money, no one else. Think stock. The next time you want to buy that new product on the market, stop and think stock. The product will, more than likely, be something you will not use in 10 years, but a stock in the mother company will still be growing. Look to the champs. The people who have already traveled the path from making money to becoming wealthy are the best ones to learn from. When finding a mentor, make sure to look beyond the glitz and glamor of celebrity life and focus on the real people of the world. If your goal in life is to become wealthy, you can achieve that goal. All it takes is time, saving, investing, learning and more saving. Then, if you have a little more time lying around, you can save a little more. About the Author: The author, Elliott Roberts, is a writer at Becomng, a Personal Development blog, covering topics ranging from Productivity to Goal Setting, plus...

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May27

Financial retirement plans: figured out sooner is better

~ By Lindley Press ~~ Are those “golden years” approaching, and if so, have you thought about your financial retirement plans? Robert Kiyosaki, world-famous author and financial advisor, said before you retire, if you want sell your home and move to greener pastures, you have to balance your books first. “Retirees are on fixed incomes , let’s say it’s $1,000 a month, last year in 2007. The value of a dollar dropped 15 percent last year and it was even more this year,” said Kiyosaki. “So that means that your $1,000 a month last year is now only worth $850 and this year it may go down to $600 a month.” According to Kiyosaki, if you follow a few simple rules, you will really be protecting yourself for the long haul. “It really becomes important to be able to differentiate good financial advice from bad financial advice.  Do you know what’s going to work for you and not work for you?” said Kiyosaki. “I think the biggest mistake is “Well, I’ve been with the same financial planner for 20 years,” and I say, ˜Well are you rich?” and they say ˜no.” Well, maybe you should change.” Consumer Reports recently found out what their retired readers wished they had done differently, so yet-to-be-retired readers could avoid similar mistakes. While 93 percent of their readers were satisfied with how they had prepared themselves, those who had some regrets said they wished they had saved more. Getting ready for retirement Are those “golden years” approaching, and if so, have you thought about your financial retirement plans? “Never count on your pension being enough, even a federal pension or a government pension,” said one retiree. Those with many years until retirement said they know this has to be a priority. Many others said they wished they had started saving younger, and that’s the advice they would give to others. “The more financial education you have, the better you’ll be able to tell is this advice good for me or bad for me. Does this advisor know what they’re talking about or not know what they’re talking about,” said...

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What are your motives for demanding money?

The increased easy access to credit in the commercial banks, mortgage institutions, and stock market and pension institutions in Nigeria promises enhanced growth for the economy. This is because consumer demand in a country drives economic growth. Effective demand they say is only possible when there is the ability to pay for the goods or services desired. Since demand can only be effective with money, it is therefore no surprise that as the economy begins to record modest growth, the demand for money is increasing at the national and personal levels. Money is therefore a tool for demand in the hands of all economic agents, be it households, companies or the government. Everybody including the wealthy people keeps seeking for more money to finance one form of expenditure or the other. With the budget of Nigeria increasing every year, proposed to be N2.7 trillion in 2008, it is evident that even the country is spending more money every year. Facts indicate that different individuals and governments have different motive for demanding and spending more money. Motives for demanding money are said by economists to be varied from transactional to precautionary to speculative. All three motives involve spending, but the type of demand expenditure makes the difference especially as it concerns wealth creation or capital accumulation. The expenditure on investment also known as the speculative demand for money usually brings in returns for the expender and it is usually from accumulated savings because, such expenditures involves large amounts that may not be easily accessible by a single individual except by means of borrowing. Companies expend in overhead costs, which complements their productive activities and therefore serves as an indirect investment while governments also spend on capital and recurrent fundamentals. The lifestyle of most people however prompts them to spend more money on food, more recharge cards reported to be high in Nigeria, education (children and wards), health care, transportation (fuel), health care, flamboyant weddings and parties amongst others. Tony Adache, a civil servant, spoke on the motive of his demand for money, to him money is for spending and spending is part of life; no human can live without spending on food, transportation, shelter, and so many other things. According to him, one is either spending or another person is spending on one. On whether he saves for investment purposes, he categorically said that he would only save after meeting his needs and those of his family and that his income is not even enough for his needs talk more of investing. Chuks Azu, a trader, said he does save for investing, but that most times one need or the other comes...

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Can?t save? Blame your brain
May17

Can?t save? Blame your brain

~ By Jason Zweig (Money Magazine) — Slow and steady wins the race, but a bird in the hand is worth two in the bush. Those dueling proverbs sum up the investing mind. When you imagine choosing between making a quick buck or growing rich later, you know the right answer: Be patient and hold out for the bigger gain. But as soon as you face a real rather than an imaginary choice, the fast money seems irresistible. New discoveries in neuroscience labs are helping to explain why it’s so hard to resist the allure of instant gratification. It turns out that your brain is much more aroused by $1 today than by $1 tomorrow. And $1 six months from now barely registers. Only the promise of a much bigger reward later can fire up your brain the way an immediate score does. No wonder it’s hard to save instead of spend and, when you do save, to think long term; the average holding period for a stock, among individual and professional investors alike, is just over 11 months. And the temptation to buy dotcom stocks in 1999, energy stocks in 2005, real estate in 2006, emerging markets in 2007 or gold right now — what’s hot when it’s hot — is overpowering for many people, no matter how often they’ve been burned before. A sip now or a slurp later? Recent experiments conducted independently by three teams of researchers at leading universities have focused on the battle in the brain between now and later. Tracking people’s choices and their brain activity, one group tested whether college kids would rather have a sip of fruit juice soon or a slurp later. They also tracked how folks decided between Amazon.com gift certificates redeemable the same day for a small amount and those redeemable up to four weeks later for a larger amount. A second team offered people the choice between $20 immediately and an array of alternatives ranging from $20.25 six hours later to $110 six months later. And a third group measured how individuals responded to the choice between various dollar amounts today and an extra 5 percent to 30 percent up to six months later. “When our emotions are charged, we have a hard time waiting for a reward,” says Carnegie Mellon University’s George Loewenstein, one of the first study’s authors. Even the chance of getting a slightly bigger reward tomorrow doesn’t have the same stimulating effect on your brain as a gain today does. It’s all downhill from there. A gain the day after tomorrow carries even less of an emotional kick, and so on. In fact,...

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‘Rich Dad’ offers help to emerging companies

~ Sunday Business Post ~  Keith Cunningham lost his entire $300 million fortune at 40 and then made it all back. Now, he’s giving lessons in ‘wealth mastery’, writes Niamh Hooper. Half of all businesses started today will not last beyond two years, and 80 per cent will not last beyond five years. As we face into an economic downturn, thousands of Irish businesses are digesting these statistics and are looking for help. Some turn to American entrepreneur, author and businessman Keith Cunningham for tips on ‘‘wealth mastery’’. Regarded as a world authority on business turnaround, Cunningham claims to be the ‘Rich Dad’ in the international Rich Dad, Poor Dad book series that has sold over 26 million copies worldwide. In the four years since the first book was published, it has proved to be the most popular book series in Ireland on ‘getting money to work for you, rather than you working for money’. Nice concept. But in Cunningham’s company, it’s more than a concept. In an interview with The Sunday Business Post before giving his Igniting Your Business seminar to a sell-out audience of 550 people in Dublin, Cunningham said success was determined by one thing. Commitment to mastery. The 57-year-old straight-talking Texan’s story is an inspiring one. Having started out in business at 11 with his own profitable door-to-door egg delivery service, he went on to create a $300 million business in Cable TV and real estate. By 40, he had lost it all. His money, his wife, his kids – everything. ‘‘I got cocky, I think pride was my downfall, I got complacent.” He declared personal bankruptcy in 1991 and took an 18-month sabbatical. ‘‘On my ‘think time’, I studied all the world’s religions, all the ‘ologys’, read 180 books and attended many seminars. I began re-evaluating who I am, what I stand for and what my life is about. I had stopped learning, stopped growing. I re-emerged with a commitment to mastery. ‘‘The most powerful thought for most people is that hell on earth would be to meet the person you could have been.” During his time off, he met and mentored Robert Kiyosaki, providing the business information in the Rich Dad, Poor Dad books. ‘‘I got him interested in business and he got me interested in teaching,” he said. Within three years of his return, Cunningham had rebuilt his net worth. In recent years, he has mentored thousands of successful business people, sharing with them his mistakes and learnings of the past 35 years in business. He has also written the book Keys to the Vault. The concept of mastery – ‘‘what you...

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David Bach – Go Green, Live Rich: 50 Simple Ways to Save the Earth and Get Rich Trying
Apr25

David Bach – Go Green, Live Rich: 50 Simple Ways to Save the Earth and Get Rich Trying

From The Oprah & Friends Radio Show with Jean Chatzky, 22 April 2008 Go Green, Live Rich: 50 Simple Ways to Save the Earth and Get Rich Trying by David Bach and Hillary Rosner Let David Bach show you a whole new way to prosper—by going green. Internationally renowned financial expert and bestselling author David Bach has always urged readers to put their financial lives in line with their values. But what if your values are a cleaner and greener earth? Most people think that “going green” is an expensive choice they can’t afford. Bach is here to say that you can have both: a life in line with your green values and a million dollars in the bank. Go Green, Live Rich outlines fifty ways to make your life, your home, your shopping, and your finances greener—and get rich trying. From driving the right car to making your home energy smart, Bach offers ways to improve the environment while you spend less, save more, earn more, and pay fewer taxes. Best of all, he shows you exactly how to take advantage of the “green wave” in personal finance without the difficult work of evaluating individual stocks. What’s more, he will get you thinking about a green business of your own so you can help the world along as it is changing for the better. David Bach is on a mission to teach the world that you can live a great life by living a green life. With Go Green, Live Rich, you can live in line with your eco-values on the road to financial freedom. Customer Rating: Read Reviews Tags: David, Bach, and, Hillary, Rosner, , Go, Green,, Live, Rich:, 50, Simple, Ways, to, Save, the, Earth, and, Get, Rich, Trying, Social Bookmarking Excerpted from:David Bach – Go Green, Live Rich: 50 Simple Ways to Save the Earth and Get Rich...

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Money Lessons From Rich Dad
Apr19

Money Lessons From Rich Dad

1. Build Your Mental Wealth Muscles This is my absolute favorite lesson from the book. The author would constantly hear his poor dad saying, “I can’t afford that.” However, his rich dad said that instead of saying you can’t afford something, ask yourself… “How can I afford this?” The first statement requires no thinking. You want something. You don’t have enough money. Therefore, you can’t afford it. The second statement is so much better. You want something. You don’t have enough money. So, let’s find some way that I can create enough money to be able to afford it. The difference between these two statements is incredible! “Forcing yourself to think of how to make extra money is like going to the gym and working with weights. The more you work your mental muscles, the stronger they get.”                 – Robert Kiyosaki, author “Rich Dad, Poor Dad” So, let’s say you wanted to buy a new big screen TV, but you don’t have enough money. What can you do to be able to afford it? Let’s come up with a plan… I don’t know you, but I bet one thing you could do is find some unneeded junk around the house and sell it on eBay. With that alone, I bet you would have enough for your big screen. Or, at least half of it anyways! Another thing you could do is start a savings plan for it. I bet you could easily save five dollars here or five dollars there. Cut back a little on your usual spending habits. Then, use those savings to help pay for the big screen. The point is, next time you want something you can’t afford, use your mental wealth muscles to find ways that will make you be able to afford it. The more you use these muscles, the better they get. And the more money you will find yourself accumulating. 2. Increase Your Financial Intelligence It’s a fact, schools don’t teach students nearly enough about money as they should. You learn history and you learn how to find what x is equal to, but you never learn what financial options that you have. I’ve learned that increasing your financial intelligence is a self-study. High school or college is never going to teach you as much as you should know. You’re going to have to pick up the books and learn it yourself. So… What areas of financial intelligence do you need to learn? Rich dad suggests four main categories. Those are… Accounting – You’ve got to be able to read financial statements. Investing – You have to learn to grow your assets...

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Calling all Bizkid$
Apr14

Calling all Bizkid$

KLRN and Security Service Federal Credit Union are looking for kids with a little bit of business savvy. Throughout the month of April, kids six to 12 can shout out their business successes at the KLRN Web site, or they can pick up an entry at Security Service Federal Credit Union.Each week, one kid will be chosen to win $100. A grand prize winner will get $500 and be submitted to PBS for possible inclusion on an upcoming episode of Biz Kid$, a show that teaches kids about money. More here: Calling all...

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U.S. teenagers lack financial literacy
Apr09

U.S. teenagers lack financial literacy

By Barbara Hagenbaugh, USA TODAY WASHINGTON — U.S. teenagers are making little headway when it comes to financial literacy, a survey out Wednesday shows. High school seniors on average answered 52.4% of a 30-question financial survey correctly. That was up from 52.3% when the survey was last conducted two years ago but down from 57% in 1997, the first year for the survey, according to the Jump$tart Coalition for Personal Financial Literacy.”Financial literacy is still a very significant problem. It doesn’t seem to be getting any better,” says Lewis Mandell, a professor at SUNY Buffalo School of Management who oversaw the survey, which was conducted in December and January. It includes topics such as investing and managing personal finances. He said the lack of knowledge was troubling given that today’s high school seniors likely will be more responsible for their own financial well-being when they retire given trends away from company pension plans and an uncertain future for Social Security benefits. But the study suggests students are unprepared for such a task, Mandell says. In one question, only 14.2% of the students correctly answered that stocks would have the best growth potential for money over an 18-year period. That was the lowest percentage in the survey’s history. “In the 21st century, the only person you can really count on is yourself,” he says. The results of the survey taken by 5,775 high school seniors in 37 states were unveiled at a news conference in the boardroom at the Federal Reserve. Fed Chairman Ben Bernanke called improving financial education “vital to the future of our economy.” Survey details: • White students answered an average 55% of the questions correctly vs. 44.7% for blacks and 46.8% for Hispanics. The gap between whites and blacks was the widest in the survey’s history. • Students from families with incomes of $80,000 or greater answered 55.6% of the questions correctly on average vs. 48.5% for those with incomes less than $20,000. The gap between the two income groups was also the largest in the history of the survey. • Nearly 17% of the seniors had taken a money management or personal finance class, down from 20% in 2004. Surprisingly, students who had taken a class actually fared worse than those who did not. Students, however, who had played a stock market game, in which they used play money to pick stocks, fared better than students who had not participated. • There was little difference in financial literacy based on gender. Boys on average answered 52.6% of the questions correctly vs. 52.3% for girls. Students aren’t the only whose financial literacy is lacking. In a...

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