Still Want More? Here are Some To Do's
Many people may not be satisfied with my ten steps. They see them more as philosophies than actions. I think understanding the philosophy is just as important as the action. There are many people who want to do, instead of think, and then there are people who think but do not do. I would say that I am both. I love new ideas and I love action.
So for those who want "to dos" on how to get started, I will share with you some of the things I do, in abbreviated1 form.
?Stop doing what you're doing. In other words, take a break and assess what is working and what is not working. The definition of insanity2 is doing the same thing and expecting a different result. Stop doing what is not working and look for something new to do.
?Look for new ideas. For new investing ideas, I go to bookstores and look for books on different and unique subjects. I call them formulas. I buy how-to books on a formula I know nothing about. For example, it was in the bookstore that I found the book The 16 Percent Solution, by Joel Moskowitz. I bought the book and read it.
TAKE ACTION! The next Thursday, I did exactly as the book said. Step by step. I have also done that with finding real estate bargains in attorneys' offices and in banks. Most people do not take action, or they let someone talk them out of whatever new formula they are studying. My neighbor told me why 16 percent would not work. I did not listen to him because he's never done it.
?Find someone who has done what you want to do. Take them to lunch. Ask them for tips, for little tricks of the trade. As for 16 percent tax lien3 certificates, I went to the county tax office and found the government employee who worked in the office. I found out that she, too, invested in the tax liens4. Immediately, she was invited to lunch. She was thrilled to tell me everything she knew and how to do it. After lunch, she spent all afternoon showing me everything. By the next day, I found two great properties with her help and have been accruing5 interest at 16 percent ever since. It took a day to read the book, a day to take action, an hour for lunch, and a day to acquire two great deals.
?Take classes and buy tapes. I search the newspapers for new and interesting classes. Many are for free or a small fee. I also attend and pay for expensive seminars on what I want to learn. I am wealthy and free from needing a job simply because of the courses I took. I have friends who did not take those classes who told me I was wasting my money, and yet they're still at the same job.
?Make lots of offers. When I want a piece of real estate, I look at many properties and generally write an offer. If you don't know what the "right offer" is, neither do I. That is 'the job of the real estate agent. They make the offers. I do as little work as possible.
A friend wanted me to show her how to buy apartment houses. So one Saturday she, her agent and I went and looked at six apartment houses. Four were dogs, but two were good. I said to write offers on all six, offering half of what the owners asked for. She and the agent nearly had heart attacks. They thought it would be rude, that I might offend the sellers, but I really don't think the agent wanted to work that hard. So they did nothing and went on looking for a better deal.
No offers were ever made, and that person is still looking for the "right" deal at the right price. Well, you don't know what the right price is until you have a second party who wants to deal. Most sellers ask too much. It is rare that a seller will actually ask a price that is less than something is worth.
Moral of the story: Make offers. People who are not investors6 have no idea what it feels like to be trying to sell something. I have had a piece of real estate that I wanted to sell for months. I would have welcomed anything. I would not care how low the price. They could have offered me ten pigs and I would have been happy. Not at the offer, but just because someone was interested. I would have countered, maybe for a pig farm in exchange. But that's how the game works. The game of buying and selling is fun. Keep that in mind. It's fun and only a game. Make offers. Someone might say "yes."
And I always make offers with escape clauses. In real estate, I make an offer with the words "subject to approval of business partner." I never specify7 who the business partner is. Most people do not know my partner is my cat. If they accept the offer, and I don't want the deal, I call my home and speak to my cat. I make this absurd statement to illustrate8 how absurdly easy and simple the game is. So many people make things too difficult and take them too seriously.
Finding a good deal, the right business, the right people, the right investors, or whatever is just like dating. You must go to the market and talk to a lot of people, make a lot of offers, counteroffers, negotiate, reject and accept. I know single people who sit at home and wait for the phone to ring, but unless you're Cindy Crawford or Tom Cruise, I think you'd best go to the market, even if it's only the supermarket. Search, offer, reject, negotiate and accept are all parts of the process of almost everything in life.
?Jog, walk or drive a certain area once a month for ten minutes. I have found some of my best real estate investments while jogging. I will jog a certain neighborhood for a year. What I look for is change. For there to be profit in a deal, there must be two elements: a bargain and change. There are lots of bargains, but it's change that turns a bargain into a profitable opportunity. So when I jog, I jog a neighborhood I might like to invest in. It is the repetition that causes me to notice slight differences. I notice real estate signs that are up for a long time. That means the seller might be more agreeable to deal. I watch for moving trucks, going in or out. I stop and talk to the drivers. I talk to the postal9 carriers. It's amazing how much information they acquire about an area.
I find a bad area, especially an area that the news has scared everyone away from. I drive it for sometimes a year waiting for signs of something changing for the better. I talk to retailers10, especially new ones, and find out why they're moving in. It takes only a few minutes a month, and I do it while doing something else, like exercising, or going
to and from the store.
?As for stocks, I like Peter Lynch's book Beating the Street for his formula for selecting stocks that grow in value. I have found that the principles of finding value are the same regardless if it's real estate, stocks, mutual11 funds, new companies, a new pet, a new home, a new spouse12, or a bargain on laundry detergent13. The process is always the same. You need to know what you're looking for and then go look for it!
?Why consumers will always be poor. When the supermarket has a sale on, say, toilet paper, the consumer runs in and stocks up. When the stock market has a sale, most often called a crash or correction, the consumer runs away from it. When the supermarket raises its prices, the consumer shops elsewhere. When the stock market raises its prices, the consumer starts buying.
?Look in the right places. A neighbor bought a condominium for $100,000. I bought the identical condo next door to his for $50,000. He told me he's waiting for the price to go up. I told him that his profit is made when you buy, not when you sell. He shopped with a real estate broker14 who owns no property of her own. I shopped at the foreclosure department of a bank. I paid $500 for a class on how to do this. My neighbor thought that the $500 for a real estate investment class was too expensive. He said he could not afford it, and he couldn't afford the time. So he waits for the price to go up.
?I look for people who want to buy first, then I look for someone who wants to sell. A friend was looking for a certain piece of land. He had the money and did not have the time. I found a large piece of land larger than what my friend wanted to buy, tied it up with an option, called my friend and he wanted a piece of it. So I sold the piece to him and then bought the land. I kept the remaining land as mine for free. Moral of the story: Buy the pie and cut it in pieces. Most people look for what they can afford, so they look too small. They buy only a piece of the pie, so they end up paying more for less. Small thinkers don't get the big breaks. If you want to get richer, think bigger first.
Retailers love giving volume discounts, simply because most business people love big spenders. So even if you're small, you can always think big. When my company was in the market for computers, I called several friends and asked them if they were ready to buy also. We then went to different dealers15 and negotiated a great deal because we wanted to buy so many. I have done the same with stocks. Small people remain small because they think small; act alone, or don't act all.
?Learn from history. All the big companies on the stock exchange started out as small companies. Colonel Sanders did not get rich until after he lost everything in his 60s. Bill Gates was one of the richest men in the world before he was 30.
?Action always beats inaction.
These are just a few of the things I have done and continue to do to recognize opportunities. The important words being "done" and "do". As repeated many times throughout the book, you must take action before you can receive the financial rewards. Act now!
EPILOGUE
How To Pay for a Child's College Education for $7000
As the book draws to a close and approaches publication, I would like to share a final thought with you. The main reason I wrote this book was to share insights into how increased financial intelligence can be used to solve many of life's common problems. Without financial training, we all too often use the standard formulas to get through life, such as to work hard, save, borrow and pay excessive taxes. Today we need better information.
I use the following story as a final example of a financial problem that confronts many young families today. How do you afford a good education for your children and provide for your own retirement16? It is an example of using financial intelligence instead of hard work to achieve the same goal.
A friend of mine was griping one day about how hard it was to save money for his four children's college education. He was putting $300 away in a mutual fund each month and had so far accumulated about $12,000. He estimated he needed $400,000 to get four children through college. He had 12 years to save for it, since his oldest child was then 6 years of age.
The year was 1991, and the real estate market in Phoenix17 was terrible. People were giving houses away. I suggested to my classmate that he buy a house with some of the money in his mutual fund. The idea intrigued18 him and we began to discuss the possibility. His primary concern was that he did not have the credit with the bank to buy another house, since he was so over-extended. I assured him that there were other ways to finance a property other than through the bank.
We looked for a house for two weeks, a house that would fit all the criteria19 we were looking for. There were a lot to choose from, so the shopping was kind of fun. Finally, we found a 3 bedroom 2 bath home in a prime neighborhood. The owner had been downsized and needed to sell that day because he and his family were moving to California where another job waited.
He wanted $102,000, but we offered only $79,000. He took it immediately. The home had on it what is called a non-qualifying loan, which means even a bum20 without a job could buy it without a banker's approval. The owner owed $72,000 so all my friend had to come up with was $7,000, the difference in price between what was owed and what it sold for. As soon as the owner moved, my friend put the house up for rent. After all expenses were paid, including the mortgage, he put about $125 in his pocket each month.
His plan was to keep the house for 12 years and let the mortgage get paid down faster, by applying the extra $125 to the principle each month. We figured that in 12 years, a large portion of the mortgage would be paid off and he could possibly be clearing $800 a month by the time his first child went to college. He could also sell the house if it had appreciated in value.
In 1994, the real estate market suddenly changed in Phoenix and he was offered $156,000 for the same house by the tenant21 who lived in it and loved it. Again, he asked me what I thought, and I naturally said sell, on a 1031 tax-deferred22 exchange.
Suddenly, he had nearly $80,000 to operate with. I called another friend in Austin, Texas who then moved this tax deferred money into a mini-storage facility. Within three months, he began receiving checks for a little less than a $1,000 a month in income which he then poured back into the college mutual fund that was now building much faster. In 1996, the mini-warehouse sold and he received a check for nearly $330,000 as proceeds from the sale which was again rolled into a new project that would now throw off over $3,000 a month in income, again, going into the college mutual fund. He is now very confident that his goal of $400,000 will be met easily, and it only took $7,000 to start and a little financial intelligence. His children will be able to afford the education that they want and he will then use the underlying23 asset, wrapped in his C Corporation, to pay for his retirement. As a result of this successful investment strategy he will be able to retire early.
Thank you for reading this book. I hope it has provided some insights into utilizing24 the power of money to work for you. Today, we need greater financial intelligence to simply survive. The idea that it takes money to make money is the thinking of financially unsophisticated people. It does not mean that they're not intelligent. They have simply not learned the science of making money.
Money is only an idea. If you want more money simply change your thinking. Every self-made person started small with an idea, then turned it into something big. The same applies with investing. It takes only a few dollars to start and grow it into something big. I meet so many people who spend their lives chasing the big deal, or trying to mass a lot of money to get into a big deal, but to me that is foolish. Too often I have seen unsophisticated investors put their large nest egg into one deal and lose most of it rapidly. They may have been good workers but they were not good investors.
Education and wisdom about money are important. Start early. Buy a book. Go to a seminar. Practice. Start small. I turned $5,000 cash into a $1 million dollar asset producing $5,000 a month cash flow in less than six years. But I started learning as a kid. I encourage you to learn because it's not that hard. In fact, it's kind of easy once you get the hang of it.
I think I have made my message clear. It's what is in your head that determines what is in your hands. Money is only an idea. There is a great book called Think and Grow Rich. The title is not Work Hard and Grow Rich. Learn to have money work hard for you and your life will be easier and happier. Today, don't play it safe, play it smart.
Take Action!
Many of you were given two great gifts: your mind and your time. It is up to you to do what you please with both. With each dollar bill that enters your hand, you and only you have the power to determine your destiny. Spend it foolishly, you choose to be poor. Spend it on liabilities, you join the middle class. Invest it in your mind and learn how to acquire assets and you will be choosing wealth as your goal and your future. The choice is yours and only yours. Every day with every dollar, you decide to be rich, poor or middle class.
Choose to share this knowledge with your children, and you choose to prepare them for the world that awaits. No one else will.
You and your children's future will be determined25 by choices you make today, not tomorrow.
We wish you great wealth and much happiness with this fabulous26 gift called life.
Robert Kiyosaki, Sharon Lechter
About the Authors-Robert T. Kiyosaki
"The main reason people struggle financially is because they spent years in school but learned nothing about money. The result is, people learn to work for money... but never learn to have money work for them." says Robert.
Born and raised in Hawaii, Robert is fourth-generation Japanese American. He comes from a prominent family of educators. His father was the head of education for the State of Hawaii. "After high school, Robert was educated in New York and upon graduation, he joined the U. S. Marine27 Corps28 and went to Vietnam as an officer and a helicopter gunship pilot.
Returning from the war, Robert's business career began. In 1977 he founded a company that brought to the market the first nylon and Velcro "surfer" wallets, which grew into a multi-million dollar worldwide product. He and his products were featured in Runner's World, Gentleman's Quarterly, Success Magazine, Newsweek, and even Playboy.
Leaving the business world, he co-founded in 1985, an international education company that operated in seven countries, teaching business and investing to tens of thousands of graduates.
Retiring at age 47, Robert does what he enjoys most... investing. Concerned about the growing gap between the haves and have nots, Robert created the board game CASHFLOW, which teaches the game of money, here before only known by the rich.
Although Robert's business is real estate and developing small cap companies, his true love and passion is teaching. He has shared the speaking stage with such greats as Og Mandino, Zig Ziglar, and Anthony Robbins. Robert Kiyosaki's message is clear. "Take responsibility for your finances or take orders all your life. You're either a master of money or a slave to it." Robert holds classes that last from 1 hour to 3 days teaching people about the secrets of the rich. Although his subjects run from investing for high returns and low risk; to teaching your children to be rich; to starting companies and selling them; he has one solid earth shaking message. And that message is, Awaken29 The Financial Genius that lies within you. Your genius is waiting to come out.
This is what world famous speaker and author Anthony Robbins says about Robert's work.
"Robert Kiyosaki's work in education is powerful, profound, and life changing. I salute30 his efforts and recommend him highly."
During this time of great economic change, Robert's message is priceless.
About the Authors-Sharon L. Lechter
Wife and mother of three, CPA, consultant31 to the toy and publishing industries and business owner, Sharon Lechter has dedicated32 her professional efforts to the field of education.
She graduated with honors from Florida State University with a degree in accounting33. She joined the ranks of what was then one of the big eight accounting firms, and went on to become the CFO of a turnaround company in the computer industry, tax director for a national insurance company and founder34 and Associate Publisher of the first regional woman's magazine in Wisconsin, all while maintaining her professional credentials35 as a CPA.
Her focus quickly changed to education as she watched her own three children grow. It was a struggle to get them to read. They would rather watch TV.
So she was delighted to join forces with the inventor of the first electronic "talking book" and help expand the electronic book industry to a multi-million dollar international market. Today, she remains36 a pioneer in developing new technologies to bring the book back into
children's lives.
As her own children grew, she was keenly involved in their education. She became a vocal37 activist38 in the areas of mathematics, computers, reading and writing education.
"Our current educational system has not been able to keep pace with the global and technological39 changes in the world today. We must teach our young people the skills, both scholastic40 and financial, that they will need not only to survive, but to flourish, in the world they face."
As co-author of Rich Dad Poor Dad and the CASHFLOW Quadrant she now focuses her efforts in helping41 to create educational tools for anyone interested in bettering their own financial education.
收听单词发音 |
1
abbreviated
|
|
| adj. 简短的，省略的 动词abbreviate的过去式和过去分词 | |
参考例句： |
|
|
|
|
2
insanity
|
|
| n.疯狂，精神错乱；极端的愚蠢，荒唐 | |
参考例句： |
|
|
|
|
3
lien
|
|
| n.扣押权，留置权 | |
参考例句： |
|
|
|
|
4
liens
|
|
| n.留置权，扣押权( lien的名词复数 ) | |
参考例句： |
|
|
|
|
5
accruing
|
|
| v.增加( accrue的现在分词 )；（通过自然增长）产生；获得；（使钱款、债务）积累 | |
参考例句： |
|
|
|
|
6
investors
|
|
| n.投资者，出资者( investor的名词复数 ) | |
参考例句： |
|
|
|
|
7
specify
|
|
| vt.指定，详细说明 | |
参考例句： |
|
|
|
|
8
illustrate
|
|
| v.举例说明，阐明；图解，加插图 | |
参考例句： |
|
|
|
|
9
postal
|
|
| adj.邮政的，邮局的 | |
参考例句： |
|
|
|
|
10
retailers
|
|
| 零售商，零售店( retailer的名词复数 ) | |
参考例句： |
|
|
|
|
11
mutual
|
|
| adj.相互的，彼此的；共同的，共有的 | |
参考例句： |
|
|
|
|
12
spouse
|
|
| n.配偶(指夫或妻) | |
参考例句： |
|
|
|
|
13
detergent
|
|
| n.洗涤剂；adj.有洗净力的 | |
参考例句： |
|
|
|
|
14
broker
|
|
| n.中间人，经纪人；v.作为中间人来安排 | |
参考例句： |
|
|
|
|
15
dealers
|
|
| n.商人( dealer的名词复数 )；贩毒者；毒品贩子；发牌者 | |
参考例句： |
|
|
|
|
16
retirement
|
|
| n.退休，退职 | |
参考例句： |
|
|
|
|
17
phoenix
|
|
| n.凤凰，长生(不死)鸟；引申为重生 | |
参考例句： |
|
|
|
|
18
intrigued
|
|
| adj.好奇的，被迷住了的v.搞阴谋诡计(intrigue的过去式)；激起…的兴趣或好奇心；“intrigue”的过去式和过去分词 | |
参考例句： |
|
|
|
|
19
criteria
|
|
| n.标准 | |
参考例句： |
|
|
|
|
20
bum
|
|
| n.臀部；流浪汉，乞丐；vt.乞求，乞讨 | |
参考例句： |
|
|
|
|
21
tenant
|
|
| n.承租人；房客；佃户；v.租借，租用 | |
参考例句： |
|
|
|
|
22
deferred
|
|
| adj.延期的，缓召的v.拖延，延缓，推迟( defer的过去式和过去分词 )；服从某人的意愿，遵从 | |
参考例句： |
|
|
|
|
23
underlying
|
|
| adj.在下面的，含蓄的，潜在的 | |
参考例句： |
|
|
|
|
24
utilizing
|
|
| v.利用，使用( utilize的现在分词 ) | |
参考例句： |
|
|
|
|
25
determined
|
|
| adj.坚定的；有决心的 | |
参考例句： |
|
|
|
|
26
fabulous
|
|
| adj.极好的；极为巨大的；寓言中的，传说中的 | |
参考例句： |
|
|
|
|
27
marine
|
|
| adj.海的；海生的；航海的；海事的；n.水兵 | |
参考例句： |
|
|
|
|
28
corps
|
|
| n.(通信等兵种的)部队；(同类作的)一组 | |
参考例句： |
|
|
|
|
29
awaken
|
|
| vi.醒，觉醒；vt.唤醒，使觉醒，唤起，激起 | |
参考例句： |
|
|
|
|
30
salute
|
|
| vi.行礼，致意，问候，放礼炮；vt.向…致意，迎接，赞扬；n.招呼，敬礼，礼炮 | |
参考例句： |
|
|
|
|
31
consultant
|
|
| n.顾问；会诊医师，专科医生 | |
参考例句： |
|
|
|
|
32
dedicated
|
|
| adj.一心一意的；献身的；热诚的 | |
参考例句： |
|
|
|
|
33
accounting
|
|
| n.会计，会计学，借贷对照表 | |
参考例句： |
|
|
|
|
34
Founder
|
|
| n.创始者，缔造者 | |
参考例句： |
|
|
|
|
35
credentials
|
|
| n.证明，资格，证明书，证件 | |
参考例句： |
|
|
|
|
36
remains
|
|
| n.剩余物，残留物；遗体，遗迹 | |
参考例句： |
|
|
|
|
37
vocal
|
|
| adj.直言不讳的；嗓音的；n.[pl.]声乐节目 | |
参考例句： |
|
|
|
|
38
activist
|
|
| n.活动分子，积极分子 | |
参考例句： |
|
|
|
|
39
technological
|
|
| adj.技术的；工艺的 | |
参考例句： |
|
|
|
|
40
scholastic
|
|
| adj.学校的，学院的，学术上的 | |
参考例句： |
|
|
|
|
41
helping
|
|
| n.食物的一份&adj.帮助人的，辅助的 | |
参考例句： |
|
|
|
| 欢迎访问英文小说网 |