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Lesson #2: Learn To Mind Your Own Business
Article Overview: “Many people confuse their profession with their business,” says Kiyosaki. “To become financially secure people need to mind their own business.”
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Free Download - Robert Kiyosaki Quotes By Robert Kiyosaki |
Lesson #2: Learn To Mind Your Own Business
“Many people confuse their profession with their business,” says Kiyosaki. “To become financially secure people need to mind their own business.”
There was once a friend of Kiyosaki’s whose 16 year old son desperately wanted a new car. His friends had all been given one by their parents, and now this son expected nothing less. But, it was not going to be that easy for the boy. His father had played Kiyosaki’s CASHFLOW board game; he wanted to teach his son a lesson in financial management.
The father gave his son $3,000 but forbade him from using it to buy a car just yet. At the same time, he gave his son a subscription to the Wall Street Journal. The father told his son that only once he had earned an additional $6,000 from investments could he then use $3,000 to buy a car. The other $3,000 would of course go into his college fund. “My friend said it was the best $3,000 he ever spent,” says Kiyosaki. “Not only had his son gained a new respect for the power of money, he also learned to spend money wisely instead of letting money burn holes in his pockets.”
The lesson that this 16 year old boy had learned was one that Kiyosaki wants everyone else to heed as well. No matter what you do for a living, you need to understand what Kiyosaki sees as the three most important money skills if you want to achieve financial freedom: “how to earn money, how to manage it, and how to invest.” CASHFLOW is his attempt to raise the financial IQ of children and teach them these important skills. Without them, children will never learn to mind their own business.
Kiyosaki might have been working as a salesman at Xerox, but it was his own business investments on the side that had him most engaged. And, he kept his day job until he was earning enough on the side to quit “Your business revolves around your asset column, as opposed to your income column,” says Kiyosaki. “The rich focus on their asset columns while the poor and middle class focus on their income columns.” This is the lesson Kiyosaki wants everyone to learn, and unless they do, they will never be able to take control of their own financial destinies. Instead, they will be caught in the complex economic webs of those who are.
In understanding the concepts of income and expenses and assets and liabilities, Kiyosaki says that people can begin to develop their own financial statements. They can also be better prepared to take advantage of the many investments and opportunities that are out there waiting to be found. For instance, while the U.S. Tax Code provides many ways for people to save on their taxes, Kiyosaki says, “it is the rich who usually look for them and use them because they have learned to ‘mind their own business.’”
Everybody, from the time they are children, says Kiyosaki, should begin to be more aware of their financial situation. He suggests, for instance, that kids should give their parents invoices for any chores they do in lieu of receiving allowance. However, if your parents never taught you the financial basics, do not fret. “Money is a base subject,” he says and one that is never too late to start learning.
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Article Tags: board game, business investments, class focus, day job, financial freedom, financial iq, financial management, holes, how to earn money, money skills, new car, own business, parents, pockets, profession, rich focus, wall street, wall street journal, xerox
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So Evan we haven't had the opportunity to test any of it yet but it's been a fun process for me to stand back and look at.
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- 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read
- this is a fascinating book about the history of Business theory, and I'd recommend it to anybody.
2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto.
3. PADI: The Business of Diving Book
Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Top 19 Copywriting books
- 1. Ogilvy on Advertising. David Ogilvy. Wiley.
2. Positioning: The Battle for your Mind. Al Ries and Jack Trout. Warner.
3. The New Positioning. Jack Trout. McGraw-Hill.
4. Tested Advertising Methods. John Caples. Prentice-Hall.
5. How to Make your Advertising Make Money. John Caples. Prentice-Hall.
6. Guerrilla Advertising. Jay Conrad Levinson. Houghton Mifflin.
7. Direct Mail Copy that Sells. Herschell Gordon Lewis. Prentice-Hall.
8. Sales Letters that Sizzle. Herschell Gordon Lewis. NTC Business Books.
9. Herschell Gordon Lewis on the Art of Writing Copy. Herschell Gordon Lewis. Prentice-Hall.
10. Romancing the Brand. David Martin. American Management Association.
11. The Art of Writing Advertising: Conversations with William Bernbach, Leo Burnett, George Gribbin, David Ogilvy, Rosser Reeves. NTC Business Books.
12. Confessions of an Advertising Man. David Ogilvy. NTC Business Books.
13. My Life in Advertising. Claude Hopkins. NTC Business Books.
14. Scientific Advertising. Claude Hopkins. NTC Business Books.
15. How to Become an Advertising Man. James Webb Young. NTC Business Books.
16. The Lasker Story as He Told It. NTC Business Books.
17. Advertising Concept and Copy. George Felton. Prentice Hall.
18. The Copy WorkShop Workbook. Bruce Bendinger. The Copy Workshop.
19. Hey, Whipple, Squeeze This: A Guide to Creating Great Ads. Luke Sullivan. Wiley.
This should keep you busy for at least a year.
Enjoy!
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