Ok, the book, i really suggest you buy it, cuz it give some homework in every chapter, I can’t write it there cuz it’s not mine (i borrow it from my friend). This book is not about money, it’s about some option that you might choose during your lifetime. There’s some success stories from Trump and Kiyosaki in every chapter, i’ll try to write it down here (ok I will try to explain it as objective as I can based on what I read inside the book)
Here we go, hope you like it 😀
Chapter 1: Why they write this book
In first chapter they explain us about
- How they met (in some of Real Estate Exhibition, Trump ask him to write a book together)
- What’s their concern (poor financial education in America, how immature we are in financial)
- What will happen in US, you know why US has crisis now (in 1935, Roosevelt intoduce us Social Security, some sort of retirement fund: you have a paycheck, but every month government will take some percentage of yours as a saving, when you retire, you’ll take it as retirement fund. But when the baby boom generation retired 5-10 years from now -cmiiw-, government wont have enough money for them)
- How to make yourself RICH: LEARN about it, be creative, people usually afraid when the have to invest their money, people prefer to trust their money to financial consultant than learn about financial. But you don’t know: majority of financial consultant is not an investor, they dont even try the investment they ask you to choose. So we better learn it 🙂
Chapter 2+3: Three kind investor
- People that never invest
- People invest to not lose (small profit, 90% of investment money goes to 10% people cuz the 90% invest not to lose)
- Peolpe invest to win (infinite profit, we shall choose this one, gonna make us richie rich)
In this book, unlike the other financial books, they dont really think being frugal is wise choice, they want you to enjoy your life. Why? cuz to gain money, you dont really need money. Kiyosaki remind you to his cashflow quadrant (E for employee, B for businessman, S for self employee, I for investor). You can be in any of this quadrant, and its ok, you can success there. But people in I quadrant has some benefit that the others dont (such as: cheaper tax). The key is only one: FOCUS (follow one course until successful) be fuckin’ good at anywhere you are, then voila, you’re rich. You only have 2 thing to invest: money and time. Only when you invest your time (or your time+money), you can gain more money. Before you choose to invest your money, spare your time to learn about what you invest, get to know it, there’s no shortcut, just learn it. You can learn from your mum/dad, school, church, office, anywhere, everywhere (they suggest to learn about history, you’ll know more why this or that happen, like great depression in 1930s)
Chapter 4: What would you do if u’re in my position?
- I’m a student, what should i do?
Practice to be creative with your money, read book, learn as much as you can, and give it a try
- I don’t have lots o money, what should i do?
Find a business club, be a member. Kiyosaki said it’s important to grow in environment that allows you to be rich
- I’m a baby boom generation, what should I do?
Find your passion, start your business from your passion
- Well, i already rich, what should i do now?
Secure your wealth (you can have premarital agreement, estate planning, etc)
- Some people wanna be rich, why they fail?
Lazy, bad habit, lack of education, less experience, lack of guidance, bad attitude, bad influence from friends and family, less focus, lack of will, uncourage. Just find your ideal environment
Chapter 5: Just start it
This chapter gives some reason why Kiyosaki choose real estate as his main business: cashflow, depreciation, amortization, appreciation. And if you like to be a business owner (someday), he prefer you to start your career path in network marketing (cmiiw), you can learn a lot about start your own company there. In the end they recomended you to starting your own company.
The World Is Flat (Thomas Friedman)
The Dollar Crisis (Richard Duncan)
A Whole New Mind (Daniel Pink)
The Coming Economic Collaps (Stephen Leeb)
The American We Deserve (Donald Trump)
Some lighty reading (similar literature):
Retire Young, Retire Rich
Becoming Rich Without Cutting Up Your Credit Card
Who Took My Money
Escape From Rat Race
Before You Quit Your Job
The Art of Deal
The Art of Comeback
The America We Deserve
How To Get Rich
Think Like a Billionaire
The Way To The Top: The Best Business Advice I Ever Recieved
The Best Golf Advice I Ever Recieved
Trump 101: The Way To Success
Finish the book? FINALLY!!
What i find interesting is some of exercise in the end of every chapter. Like this one: “You have 100$, try to double it” (yes, you can double it in 1 month, 1week, or 1 day, its your choice -sounds fun-)
For those who already read Kiyosaki book, there’s nothing new in this book ( ‘ A ‘ ) it’s quite thick, so much repetitive chapter from other’s book, most of it is about Kiyosaki and Trump’s personal life experience.
Some of their statement only happen in US, for us in Asia, when our parents get old, we take care of them, not put them in nursing home, but this book makes me think anyway, “what if…”. I think investing in business i liked is good idea, i’d like to try it in 3-5 years. But before it, I’ll need to learn more about it 🙂
Well that’s all for today 😀 have a nice day, hombre!