How to Succeed in Business

[LowPlainsDrifter]

Why not?

My eyebrows arched up at that comment, too, and I'm not even you!

 

[Egoist]

Why not?

lol

im just messing with you, man, but mostly its because im not a big fan of the scam dad and all that other stuff.

don't take it too seriously though.

 

[STR8UP]

Scam dad, huh?

We really need to iron this out once and for all because you seem to know a thing or two about business and investing, yet you still think Kiyosaki is a snake oil peddler?

Seriously, my experience has been that Kiyosaki's advice is congruent with the knowledge I have acquired over the years. I know there is no right or wrong way to wealth, but I am very curious as to why you would think that his way is wrong. Maybe we need another rich dad thread.

 

[Egoist]

Scam dad, huh?

We really need to iron this out once and for all because you seem to know a thing or two about business and investing, yet you still think Kiyosaki is a snake oil peddler?

Seriously, my experience has been that Kiyosaki's advice is congruent with the knowledge I have acquired over the years. I know there is no right or wrong way to wealth, but I am very curious as to why you would think that his way is wrong. Maybe we need another rich dad thread.

thats exactly the point about kiyosaki - anybody who knows business would find his advice very shallow and common sense.

i mean seriously, like i've said before, most of his advice can be boiled down to some very simple over-generalized stuff, like "income-generating assets are good" or "incorporating and writing sh!t off is good" that any first year business major, or even an uneducated street-smart guy with some business sense would already know.

otherwise his books are just a lot of self-help fluff. He is maybe half a notch above those late night infomercial midgets. But hey, if it really motivated you and helped you, great.

for my feel-good self-help fluff, i'd take napoleon hill over kiosaki any day. :woo:

on a more serious note, str8up, look up a book called "confessions of a real estate entrepreneur" - its actually one of very few books of this genre that I think are great and will appeal to anyone from a high-school kid to an MBA - anyway, read it, you'll like it, especially since you seem to be transitioning to the commercial RE level (like you should be)

 

[STR8UP]

thats exactly the point about kiyosaki - anybody who knows business would find his advice very shallow and common sense.

i mean seriously, like i've said before, most of his advice can be boiled down to some very simple over-generalized stuff, like "income-generating assets are good" or "incorporating and writing sh!t off is good" that any first year business major, or even an uneducated street-smart guy with some business sense would already know.[/b]

I think Kiyosaki himself has made the disclaimer that his materials are intended more to point people in the right direction than showing them step-by-step how to become wealthy.

You are taking for granted the number of people out there who have any clue whatsoever what an income producing asset is. Fact is, although this might be basic Wealth 101 to you or me, the information in the RichDad series is beyond what most people will ever comprehend. Some might LEARN it, but it doesn't sink in with very many people.

Kiyosaki's materials aren't geared toward the advanced investor. It's a basic overview of what makes wealthy people wealthy. Nothing groundbreaking, but it's written in a style that is easy for people to understand and relate to. That's why I recommend it as one of the first books someone should read when they want to learn about wealth building.

otherwise his books are just a lot of self-help fluff. He is maybe half a notch above those late night infomercial midgets. But hey, if it really motivated you and helped you, great.

And what is it again that you have against infomercial "midgets"?

Where should someone seek specific information about wealth building, if the infomercial materials are worthless?

on a more serious note, str8up, look up a book called "confessions of a real estate entrepreneur" - its actually one of very few books of this genre that I think are great and will appeal to anyone from a high-school kid to an MBA - anyway, read it, you'll like it, especially since you seem to be transitioning to the commercial RE level (like you should be)

Never heard of it, but I will be on the lookout for it.

 

[Egoist]

And what is it again that you have against infomercial "midgets"?

i'm talking about those actual midget brothers with their wealth infomercial. The dudes are like 3'0 but such pimps with their mansions and sh!t :rockon:

Where should someone seek specific information about wealth building, if the infomercial materials are worthless?

are you saying infomercials are the only source about wealth-building information? DUUUUUUUDE...

 

[STR8UP]

are you saying infomercials are the only source about wealth-building information? DUUUUUUUDE...

Of course not. But I have:

- Spent a couple of years in college

- Read coutless books on the subject

- Heard what financial planners have to say

- Watched Suze Orman a couple of times

and I can tell you that none of the above comes close to providing the kind of creative nuts and bolts information that is required to build wealth quickly.

Watching Suze Orman is ESPECIALLY painful. Wanna talk about basic information.....jeez....it doesn't take a rocket scientist to figure out that if you live your entire life spending more than you make you aren't gonna have much in the end. Yet this is what the general public is exposed to on a daily basis. Fine for living the hard working, penny pincher lifestyle, but who wants to live like that?

Kiyosaki doesn't give anyone step by step advice on how to become wealthy, but at least he illustrates what it is that separates the rich from the poor. Suze Orman, Dave Ramsey, financial planners, accountants, Money magazine.....THESE are the "legitimate" sources for information about money that most people are exposed to. Every single one of them will tell you pretty much the same thing, "Work hard, save money, invest in mutual funds, and retire below your means when you are old". Not one of these sources will teach you anything about how to go about retiring young and rich.

If anyone is content to follow the rest of the sheep for the next 30-40 years, be my guest. I would rather find a way to make things happen while I am still young enough to enjoy it.

 

[Egoist]

Of course not. But I have:

- Spent a couple of years in college

- Read coutless books on the subject

- Heard what financial planners have to say

- Watched Suze Orman a couple of times

and I can tell you that none of the above comes close to providing the kind of creative nuts and bolts information that is required to build wealth quickly.

Watching Suze Orman is ESPECIALLY painful. Wanna talk about basic information.....jeez....it doesn't take a rocket scientist to figure out that if you live your entire life spending more than you make you aren't gonna have much in the end. Yet this is what the general public is exposed to on a daily basis. Fine for living the hard working, penny pincher lifestyle, but who wants to live like that?

Kiyosaki doesn't give anyone step by step advice on how to become wealthy, but at least he illustrates what it is that separates the rich from the poor. Suze Orman, Dave Ramsey, financial planners, accountants, Money magazine.....THESE are the "legitimate" sources for information about money that most people are exposed to. Every single one of them will tell you pretty much the same thing, "Work hard, save money, invest in mutual funds, and retire below your means when you are old". Not one of these sources will teach you anything about how to go about retiring young and rich.

If anyone is content to follow the rest of the sheep for the next 30-40 years, be my guest. I would rather find a way to make things happen while I am still young enough to enjoy it.

you know what, to be honest with you, i DON'T know what its like for regular people. I've been a business guy since I got out of high school and started biz. school, internships, etc.. So i don't really know what its like to just want to know about that stuff, not knowing where to look, etc. I never even looked at ramsey or orman or anyone else like that seriously. The only business TV i ever watched is the market commentary on CNBC, thats it.

Everything else i've learned was from school, books (both academic and practical), business publication, and practice practice practice. I was also fortunate enough to choose finance as my major, and I still believe that its the best major for anyone interested in business, no matter what direction you want to pursue. If you understand finance, you understand the money management and cash flows and value of money, and you will always have that as a strong foundation.

 

[thegamedontwait]

The man who loves what he does doesn't work a day in his life.

'Nuff said.

That's absolutely true. If you have 'love for the GAME' like somebody put it youre not gonna want to retire. Look at Donald Trump or whoeva, they have love for the game, but dont consider retiring because they like what they do and it gives them a sense of enjoyment.

I think even if u get rich by the time your 35 and have worked your ass off all the time, youll be like 'oh **** now im 35 and i didnt have time to enjoy the arguably best years of my life'...plus chances are most ppl who plan on doing that will maybe have made a lot of money, but wont have become super rich so they can just chill out and buy a villa a yacht and a ferarri....

Sounds cheesy, but better find something that you enjoy doing and that can get u money (not easy but it can work), work hard at it, that way you can actually get a lot of money even if u you cant retire at 35..plus u havent wasted a nice part of your life by trying to work 24-7-365 just to accomplish a goal, that you probably wont have accomplished anyways...

I completely agree with the discipline thing. It's the most important thing in business. Most ppl would do better with their shares if they a) knew there was something like a stop-loss price, b) could actually sell their shares when it reaches those prices....but most ppl either dont use stop loss prices and a lot of those who do become all emotional and fall in love with their shares and cant sell them because those shares have become more than just dollars to them but theyve started to develop some sort of personal relationship with them, because they have risen before....ive seen that enough times...

 

[GirlCrazy]

Great post, Egyptiandude1.

I especially like the part about mentors. The debt of grattitude I owe mine, I can never repay, although I still try.

The returns on being a mentor pay off in the long run as well. One of my original mentors is now a client, and he gets first priority. If he wants something done today, it'll be done today, and if he needs me on a plane 20 minutes from now, then I'm on my way...

It's the folks who believed in you, showed you the ropes, and went to bat for you from day 1 that help give you the drive to succeed. The last thing you want to do is disappoint them, or make them regret the risks they took to nudge you up the food chain.

As far as I'm concerned, having the right mentor(s) virtually guarantees your success in life.