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How do you handle financial obstacles? The most important difference between a rich person and a poor person is how they handle obstacles. Poor people are so afraid of losing that they allow obstacles to become their excuse for losing. Rich people know that overcoming obstacles is a part of winning. Do you know the primary obstacles holding you back from wealth? Do you know how to overcome them? Robert Kiyosaki provides you with a vital puzzle piece to your wealth creation journey.
Rich Dad Poor Dad: What the Rich Teach Their Kids About Money - That the Poor and Middle Class Do Not!
The five main reasons why financially literate people may still not develop abundant asset columns that could produce a large cash flow are fear, cynicism, laziness, bad habits, and arrogance. The fear of losing money is real for the rich and poor alike. The primary difference between a rich person and a poor person is how they manage that fear. The greatest reason for the lack of financial success is that you are playing it too safe. Don't be so afraid of losing that you lose. Wining usually follows losing. Learn how to take a great failure and turn it into inspiration. It is the formula for all winners. Winning means being unafraid to lose. There is a difference between hating losing and being afraid to lose. People afraid to lose buy a balanced portfolio of CDs, low-yield bonds, and mutual funds. It is a safe and sensible portfolio. While it may be a better portfolio than 70 percent of the population, it is not the way successful investors play the game. If you look at any successful person, they were not balanced at the start because balanced people go nowhere. To make progress you must be focused, not balanced. Put a lot of your eggs in a few baskets and FOCUS: follow one course until successful.
There is a Chicken Little inside of you screaming "The sky is falling! The sky is falling!" You get a little chicken when fear and doubt cloud your thoughts. In the worst-case scenario, doubts will often paralyze you. Do you play the "What if?" game and fail to move forward? It often takes great courage not to let rumors and talk of doom and gloom affect your doubts and fears. But you can be a savvy investor knowing that the seemingly worst of times is actually the best of times to make money. The simplest idea to overcome chicken little is to only take advice from people with experience in the area of concern. If you are considering investing in a real estate deal, don't take advice from your neighbor who sells socks online. Doubts and cynicism keep most people poor and playing it safe. Getting out of the Rat Race is technically easy. It doesn't take much education, but those doubts are cripplers for most people, don't be a part of that crowd ever again. Criticism is blinded while analysis opens your eyes to see opportunities that everyone else misses. Overcome cynicism by focusing on what you want and how to get it.
Busy people are often the laziest because they use busy work as a reason to procrastinate on things that are important such as their marriage, children, health, and wealth. Do you stay busy just to avoid something you don't want to face? This is the most common form of laziness. The answer to laziness by staying busy is a little greed. Many of us were raised to believe greed or desire is just bad so we learned to suppress that desire with guilt. Rich dad taught Robert and Mike that words like "I can't afford it" are unacceptable. Instead, he required them to say "How can I afford it?". "I can't afford it" shuts down your brain but "how can I afford it?" forces you to think and search for answers, possibilities, and exciting dreams. Denying the desire to have the finer things that life offers is just old conditioning from your childhood. You can use a little greed to overcome your laziness. Our world progresses through new inventions because of the desire for a better life. So whenever you find yourself avoiding something you know you should be doing, be a little greedy and ask "what's in it for me?". Too much greed, just like anything in excess, is not good.
Your life is a reflection of your habits which control your behavior. If you have made it a habit to pay everyone else first then you will rush to pay taxes, bills, and debts even to the point of having nothing left for yourself. Paying your bills is important but isn't paying yourself more important? Don't ask how to create a habit of paying yourself first, rather ask yourself why is it so important. By paying yourself first and everyone else last, they become your motivation. Your creditors will scream louder than you if they are not paid. As a result, you will seek other forms of income. You will be forced to think, become smarter, and be more active when it comes to money. If you pay yourself last, then there is no pressure and you will be broke. This is one of the most basic money habits, which are you enforcing for yourself?
What you know makes you money and what you don't know costs you money. Arrogance will always lead to losing money because it is the belief that what you don't know is not important. Arrogance is often used to hide ignorance. There are too many people in the world of money, finances, and investments who have absolutely no idea what they are talking about. There is no wonder why most people lose money. Don't be ignorant or arrogant with your money. Always assume there is more you need to learn about money and find an expert on the subject to learn from.
Running your business requires you to pay attention to so many different things that taking care of yourself is easy to put aside. You get caught so deep inside your business that you can't see how your fears, cynicism, laziness, bad habits, and arrogance is hurting your business. Just like your money, you must take care of yourself first or you won't be able to take care of anything else long-term. Learning to overcome obstacles is a part of your self-care. It will give you the tools you are missing to gain the success you crave.
I can't possibly do justice in this review, I urge you to get even more insights from the source. Rich Dad Poor Dad by Robert Kiyosaki was written in 1997 but it's still credited as the inspiration for billionaires today. If you have read it before, are you following the principles outlined? If not, it's time to read it again. Better yet, that your financial education to the next level with Robert Kiyosaki's free quiz which outlines your next step toward financial freedom.
Don't just read this section of Rich Dad Poor Dad and move on with your day. Take action right now. What are your biggest obstacles right now? What are the obstacles you are avoiding dealing with? Which obstacles do you think are holding you and your business back the most? Now all you need is knowledge and action to overcome it. Find a mentor, a person with experience, to help pinpoint your most critical obstacles and overcome them.
Robert Kiyosaki. "Overcoming Obstacles" Robert Kiyosaki - Rich Dad Poor Dad: What the Rich Teach Their Kids About Money - That the Poor and Middle Class Do Not!, 1997. pp. 147 - 163