The business of the 21st century by Robert T. Kiyosaki
Retire at the age of 47 to pursue my passion to teach others how to build wealth and live the life they dream of living instead of settling for mediocracy and soul and resonation
take control of your future why you need to have a business of your own
often no cushion at all that paycheck is called trading your time for money and during a recession it is the least reliable source of income there is why because when the number of employed people start dropping there is less disposable income in circulation to pay for your time
the corporate myth is over if you spent years climbing the corporate ladder Have you ever stop to notice the view what view you ask the rear end of the person in front of you that's what you get to look forward to and that's the way you want to view the rest of your life in this book probably is not for you but if you stick and tired of looking at someone else is behind them read on
don't be distracted by the headlines there's always some idiotic buzz going on that tries to pull your attention away from the serious business of building your life it's just noise weather terrorism recession or the latest election cycle scandals it's got nothing to do with what you need to be doing today to build your future
life is tough the question is what are you going to do about it morning and groaning won't secure your future neither will blaming Wall Street the big bankers corporate America or the government do you want a solid future you need to create it you can take charge of your future only when you take control of your income source you need your own business
if you want to be bowling you have to be all in
what do the Microsoft in Disney empires have in common besides the fact there both hugely successful billion dollar businesses that have become household name they were both launched during a recession in fact more than half the corporate that make up the Dow Jones industrial average got their start in during a recession why simple in times of economic uncertainties people get creative they break out of their comfort zone and take initiative to help make ends me it's a matter of good old-fashioned American entrepreneur sysm at its best when the going gets tough the tough gets going
no I'm no economic list but I know someone who is Paul Zane Hills pilzer. Paul is a whiz kid with citibank's youngest ever vice president and left the banking world to make millions going into business for himself he had a few New York Times best sellers predicted the savings and loan crisis before happened and served as an economic adviser in 2 presidential administrations he's someone worth listening to
but even more important than the quantity of money you make is the quality of money you make in other words not just how much you make but how you make it where it comes from there are actually 4 district sources of cash flow each is quite different from the other each defines and determines a very different lifestyle regardless of the amount of cash you earn
the cash flow quadrant represents the different methods by which a cash income is generated for an example an employee earns money by holding a job in working for someone else or a company the self-employed are people who earn money working for them self either as solo operators or through their own small businesses a business owner owns a large business typically defined as 500 employees or more that generates money investors can earn money from their variation investments in other words money generates more money
E= employment S= self employeed or small business B = big business owner I= investor
The B quadrant is where people go to create big business the difference between S business and AB businesses that you work for your S business but you're be business works for you I may have be businesses including my manufacturing business my real estate business mining compilations and others those who live and work in the B quadrant make themselves recession proof because they control the source of their income
or management skills but little leadership ability my rich dad used to say if you're the leader of a team and you're also the smartest person on the team your team is in trouble people in the S quadrant don't often work too well with teams they may even have a bit of an eagle problem
you do not have to raise the capital to create your business because that has already been done for you but you do have to build your business
today even though i have enough money all I do is raise capital for an entrepreneur that is job number one we raise capital from 3 groups of people consumers investors and employees your job as an entrepreneur is to get your customers to buy your products if you can get customers to give you money by buying your product's your investors will give you lots of money and if you have employees your job is to get them to produce and make you at least 10 times more money than you pay them if you cannot get your employees to produce at least 10 times more than you pay them you're out of business and you're out of business you don't need to raise anymore money it's kinda harsh
it takes courage to discover develop and donate your genius to the world
one reason you want to create your own business is to get your dignity back don't underestimate the importance of this reason the world is full of bullies and small minded people and whether they are your boss your manager your neighbor or even your friend you don't want them pushing you around anymore you want to take control of your life you want to have the courage not to care when other people bully you around you want to have the freedom to think and act for yourself
but make no mistakes if it's going to happen for you you are going to be the one who makes it happen and for that to happen you need to have the mindset of an entrepreneur if you don't then no matter how good the businesses or how great your teachers are the business is going to have a tough time getting results
working hard at making money will never create wealth people who work for income work harder and harder only to be taxed more and more forget working hard at making money all you do is spend it and they have to work hard all over again you might be asking OK So what do I do you take control take control of what after all most things in life you cannot control no matter how hard you try you cannot control the market you cannot control employees cannot control the economy why you can't control you can control the source of your income
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I came to realize that while personal successes for filling is much more fulfilling when you could help many others create their own success as well
I become powerfully drawn to idea of not only becoming rich myself also finding ways to help others become rich.
when I eat we all eat
Network marketing has a band around in various forms since the middle of the last century the basic idea is as simple as it is brilliant instead of spending tons of money on all sorts of professional agencies and marketing channels the promote products or services why not pay the people who love them the most to just tell others about them that's exactly what a network marketing company does they pay a portion of every sales dollar received back to the field or independent representatives who typically are also the product's most committed and enthusiastic customers and that's the beauty of it as every marketing professional highly would produce or corporate giant knows the single most powerful form of promotion is the word of mouth
create significant cash flow ?_?
by harnessing the power of word of mouth person to person relationships to build a substantial network that represents the company's line of product and or services
Warren Buffett and Richard Branson could not be more different buffet drives a pick up and lives in Ohio oh mama Branson flies his own airline and lives on his own island in the British Virgin Islands but they have 3 things in common they're both billionaires they're both extremely practical men and they have both own network marketing companies does that tell you something
is not about income it's about assets that generate income
work an hour earn a dollar work 2 hours and 2 dollars ?_?
own assets that generate income
asset is something that works for you so you don't have to work for the rest of your life build assets
When you build their business you are building an asset
whether I'm sleeping or working or playing golf the checks come in that's passive income residual income while I won't work hard for a job I'll work really hard to build an asset simply because I think like a rich person not like a working class person
That makes me money it's an asset to takes money from me it's a liability
with real estate you have to understand the difference between cash flow and capital gain my house went up in value my car went up in value that's capital gain not cash flow
make no mistake about it when you work at a job you're building an asset is just not your asset
we've had this idea drilled into us that there is some sort of inherent value in having a good job but there's absolutely no value in it 0 and to add insult to injury income from your job is then text at a higher rate than any other form of income talk about the deck being stacked against you
3 kinds of education scholastic education teaches you how to read write and do math professional education teaches you how to work for money financial education is where you learned to have money work for you rather than to have you work for money
if you want to be rich yourself you don't need more scholastic education you need more real world financial education
if you're going to be successful in business their technical skills you need to learn that you probably will not learn in school
Hey person with the part time business can take more tax deductions and unemployed can
when it comes to creating business success the key to long term success in life is your education and skills your life experiences and most of all your personal character -attitude of success -dress for success -overcoming personal fears doubts in lack of confidence -overcoming the fear of rejection -communication skills - people skills -time management skills -accountability skills -practical goal setting - money management skills -investing skills ,this kind of education is absolutely priceless
money and success make you arrogant and stupid not with some poverty and humility behind you you can become a student again
some people are satisfied with supplementing their current level income while others are truly looking for business opportunity that can be transforming in terms of income potential and lifestyle goals
your loser friends want you to stay on the couch they want you to play it safe and work your 40 hours because if you do then you won't be challenging them to do any different
I wanted to be the person who was happily married who made a contribution to the plant and he was spiritually inclined for freedom
increasing myself esteem was more important than my paycheck rebuilding myself confidence and myself esteem has been priceless
overcoming my demons
face your fears
my confidence in myself is greater than my fears
if you want to become rich you need to network with those who are rich or who can help you become rich
if you are considering building your own business you need to be actually aware of who you're spending your time with and who your teachers are
the power is not in the product the power is in the network if you want to become rich the best strategy is to find a way to build a strong viable growing network
the richest people in the world build networks everyone else looks for work
Archimedes the engineer of ancient Greece credited with discovering the principle of a leverage declared give me a place to stand on and I can move the world
people still don't grasp the value of network marketing 'cause it is invisible is virtual not material
as a network marketer you might think your job is to demonstrate and sell a product it is not your job is to communicate information to tell a great story and built a network
network marketing is about sharing information and personal stories and not about hard selling is about caring about the success of those you bring into the business
the key to success themselves is what you can do the key to success in network marketing is what you can duplicate
if you are an amazing uniquely skill superstar sales person then you can do great in sales and chances are in network marketing because while you might sell a lot of products most people in your network won't be able to duplicate what you do consequently your network cannot grow in it dies in early death
again what gives your network marketing business it's real power is now all you can do is what you can duplicate
in network marketing you are the messenger not the message
and by the way this doesn't mean you don't need to be skilled to absolutely do you need to develop the skills we look for as part of asset number one the ability to have self confidence with stand rejection communicate be a great storyteller care about people coach people and the rest
you don't need highly skilled salespeople to duplicate what you do you need people who are willing to learn basic business and communication skills and grow themselves personally into self determining entrepreneur and team builders
leadership is the force that makes it all come together leadership is what builds great businesses
leadership is the force that makes it all come together
money does not go to the business with the best product or service money flows to the business with the best leaders
a business that has forgotten how to tell its own story soon out of business even if it has tons of inventory when I find a business that is struggling financially is often because the leader of that business cannot communicate the company's vision
let me help you do better and better as long as you want to learn I'll be here to teach you were on the same team
and the leadership you develop in your network marketing business will show up in every other spear of your life
having these 4 elements mental emotional physical and spiritual working in harmony help me make it through my mission is also aren't me with the knowledge and understanding it took to be a good leader in the business world because These are exactly the same for elements of leadership required to be successful in business mind spirit body emotions
wealth is not the same thing as money wealth is not measured by the size of income wealth is measured in time
wealth is not the same thing is money wealth is not measured by the size of income wealth is measured in time if all i have to my name is $1000 in savings and checking's combined in my living expenses are $100 a day then my wealth equals 10 days wealth is the ability to survive so many number of days forward ask yourself if I stop working today how long could I survive financially your answer is equal to your wealth at this moment
One reason the rich get richer is at the rich work for a different kind of money they don't work to generate income they worked to build wealth there's a vast difference between the 2:00 1 build the business 2RE invest in your business 3 invest in real estate four by luxuries
1 build a business
2 re invest in your business keep your day job your goal is not to replace your job with your business let's just treating your business like your new job will never build wealth that way instead want a new business and making some money go right to step to me invest a new income into that business in order to grow it still further
The reason so many people fail to achieve great wealth is in any business is simply that they failed to reinvest continually into the business
if you suck all the income out of your new business to burn on monthly living expenses then you're not building up business you're just building yourself another job a true business owner never stops investing in reinvesting to build the business the reason so many people fail to achieve great wealth in any business is simply that they fail to reinvest continually in the business don't abuse your new business income by pouring it into the bigger holes in the ground treated with respect it deserves invest it
3 invest in real estate the idea here is to use your new supplement the money to build an income generating assets the purpose of buying real estate is not to sell the purpose of buying real estate is to build an income generating assets
4 let your assets by luxuries today we live in a large home and have 6 luxury cars between us but we didn't buy that house or those cars are assets bought them we just enjoy them that's right for many people simply not having the job is one of the very first luxuries they want how do you get that luxury the same at any other you let your business and or your real estate Holdings buy it for you for that to happen you have to build those assets to the point where they can buy it for you you see how it works you don't use your income to buy yourself luxuries you use your income to build your assets your businesses in real estate investments and then once there specifically built to be able to do so you let them by your luxuries which brings us to the matter of dreams
one of the most valuable things about network marketing company is that they stressed important that going for your dreams
they don't just want you to have dreams they want you to live those dreams
I encourage you to dream bigger
ask ourselves how can I afford it
would you make a habit of asking yourself how can I afford that you train yourself to dream bigger and bigger and not only to have those dreams but to believe that you can make them come true saying I can't afford that on the other hand snuffs out your dreams like a wet towel on a candle flame
what was important was who we became in the process
those who dream big dreams but with no plan on how to go about achieving them end up with nothing .those who dream big achieve those dreams and go on to dream even bigger dream
is time for a new adventure
I learned this at least my experience that if one advance confidently in the direction of his dreams and endeavors to live the life which he has imagined he will meet with the success unexpected in common hours
our early struggles are goals and our strategies and how are life together has turned out
network marketing at its core a relationship business it's not a business that revolves around making sales it is that business that revolves around making connections it's about establishing relationships coaching and training in teaching and mentoring
the key is your skills education and experience
higher self esteem leads to greater success which ultimately leads to the greatest gift of all freedom
create your wealth and have fun doing it
what is it that is so meaningful to me that half to have it in my life
what is important enough to you that you'll make the time in to vote the effort to building a business that generates its own income and then use that income to build wealth that will take care of you for the rest of your life because if you don't identify with that what that is is just not going to happen
I learned that this is the essence of being an entrepreneur you have to go out there and make things happen and the only way you're going to do this is if you know what is really truly important to you and you realize that the only way you're going to have that is to create it yourself
what will it take
your future starts now
get successful
is your business started yet yeah officially
Here's a few questions to ask yourself about your business who is running the ship ,does the company offer a proven plan of action ,does the company embrace both business skills and personal development as a regular part of this educational and training programs ,does the company have a strong high quality on high marketable product line that you can be passionate about
the people who profit from your growth want you to grow
in a word buzz not talking about hype I'm talking about genuine qualities and attributes your product has to be the real deal
is there a strong market for the product is it something that will appeal to vast numbers of people is it priced competitively do you believe in the product's value and will you see it used personally does it have a great story to tell when you are generally passion about the product you're sharing with others they'll be more likely to become excited about it too
So what does it take to build your own successful business
remember the word duplicatable
it's to lead train and to build people is the first and foremost to build a successful business
you don't need to quit your day job in fact is vastly prefer obel not to quit your job when you're starting out for one thing building your own business not like starting a new job we start earning a paycheck the moment you show up for work it's going to take time to build your network give it time
the major investment in most self owned businesses is investment of oneself in the form of time focus and persistence but you don't need a pile of cash to start
you have to love what you do says my friend Donald Trump without passion great success is hard to come by as entrepreneur you'll have tough times if you're not passionate about what you are doing
it takes being honest with yourself
building a big business is not an easy task need to ask yourself do i have what it takes am I willing to go beyond my comfort zone in my willing to be led as well as to learn to lead is there a rich person aside to me ready to come out the answer is yes and start looking for network marketing business that's a great training program
make sure you are clear on where you are and what you would like to accomplish in your life having a vision for what you would like to accomplish is essential
get clear on your expectations get clear on what it will take in terms of time put in each week as well as money skills and resources get clear on what actions you'll need to take to make this business successful get clear on a realistic time frame
remain becoming an entrepreneur is an on going process one that I am still involved in I believe I will be an entrepreneur in training till the end I love business and I love solving business problems it is a process that brings me the kind of life I want so although the process has been tough for me at times it has been worth it one thought has kept me going it was my glow in the dark even in the darkest of hours I had a small piece of paper from a Chinese fortune cookie taped to the base of an office phone at the surface wall at company to read can always quit why start now
if getting rich were easy everybody would be rich
once you build a very large network you can are massive amounts of money
keep your eyes on the real goal wealth building
you are serious about starting your journey I recommend committing to a minimum of 5 years of learning growing changing our core values in meeting new friends why because that realistic
10,000 hours do the math if you work 8 hours a day 5 days a week you hit 10,000 hour mark after 5 years of fulltime effort
in his book Outliers the story of success Malcolm Gladwell explains that to become outstandingly accomplished at anything it takes about 10,000 hours of hard work is a high school kid Bill Gates put in 10,000 hours of programming when they were still just another unknown British band of wine appease The Beatles played at night clubs in Hamburg 7 hours a day 7 days a week and put it in about 10,000 hours what's really interesting about this 10,000 hour rule said get well that it applies virtually everywhere you cannot become a chess grandmaster and less you spent 10,000 hours on practice the tennis prodigy who starts playing at 6:00 is playing in wombleton as 16 or 17 like Boris Becker the classical musician who starts playing the violin at 4:00 is you being at Carnegie at 15 or so on
today I still gave myself 5 years to make as many mistakes as possible I do this because I know that the more mistakes I make and learn from the smarter I will become if I make no mistakes for 5 years I am no smarter than i was 5 years ago just give it 5 years
it all comes down to action
you can plan all you want study all you want and learn all you want but the only people who win in network marketing are people who take action today tomorrow and everyday
living the life
So what makes you rich
knowledge
knowing how to make more money
knowing how to protect your money
knowing how to budget your money knowing how to leverage your money
living enjoy peace and contentment
ants grasshoppers in human beings earlier I mentioned the fable of the ant and the grasshopper we all grew up with this idea that there were two ways to life you can live like the good miles industrious and frugal aunt in stock away crumbs for the future or like the irresponsible and Sprint full grasshopper dance in Federal Way the days without a thought on the future in some ways this image has done us more harm than good sure it's good to be responsible and frugal and to prepare for the future but look at the ants lifestyle do you really want to be a cog in a gigantic ant colony pushing little crumbs of dirt around day after day for the rest of your life let's face it were not ants and we're not grasshoppers either were human beings it is unreasonable to expect that we should be able to live the full lives which we humans are capable living if you grasp the basics of wealth if you manage your money your time in your attention with intelligence you can create big dreams and have audacity to follow them then you can live that life that meets with the success unexpected in common hours
You can become rich by being cheap in greedy you can also become rich by being abundantly and generous the method you choose will be the method that most closely matches the core values deep inside of you
it going to be tough to create conditions of peace we can March for peace give speeches endorsing peace form committees to study peace and promote peace but it's going to be impossible to actually create that piece we talk about unless and until we can bring substantially more economic opportunity to many millions of people
it is time that people all over the world had equal opportunity to enjoy it rich in abundant life rather than spending their life working hard only to make the rich richer is time you had that opportunity wow