Have you ever read the book Rich Dad Poor Dad? It was recommended to me by David Durham, who married us nearly nine years ago. I listened to the audio version on Saturday and it completely rocked my world. Judah even wanted to listen to it on the way home Sunday night. He asked from his carseat, "Mommy, can we listen to Rich Dad Poor Dad?" (By the way, after he learned how to give a shoulder massage tonight, he suggested that he give Miriam a baby massage. He said, "Mommy, I give good baby massages. They cost $100. You need to pay me $100." The kids' gonna be filthy rich. Just you wait.)
Whereas The Secrets of the Millionaire Mind by T. Harv Eker was more of a financial sozo for me, Rich Dad Poor Dad by Robert Kiyosaki is more of a mind-broadener. Eker helped me shed old systems of thinking about money that were not beneficial while Kiyosaki is helping me to look at finances and financial terms in a whole new light. Kiyosaki explains complicated terms in ways that a nine-year-old can understand since he started learning about how to become rich from his best friend's dad (Rich Dad) when he was nine.
His simple definitions of assets and liabilities:
"assets" put money in your pocket while "liabilities" take money out of your pocket.
Your biggest liability is your home. It's not an asset. Controversial, I know. But I seem to be drawn to that kind of thing.
His explanation of the poor, middle class, and rich (paraphrased, of course):
the poor earn their money (usually by the hour); the middle class spend their money (their spending keeps up with their earning--they make more so they spend more = "the rat race"); the "upper" class invests their money (focusing on their assets and how to grow them rather than focusing on their wages or salary and how to raise them to buy more stuff--they buy assets, not liabilities).
Instead of "we need to make more money so we can have a bigger house or better car," he recommends beginning with a simple investment portfolio that gradually builds, creating wealth that is completely independent of your salary. Buy assets not liabilities, he says. Sage advice. A bit sad that it's the first time I've ever received it, and I'm 33 years old with a college education.
His definition of wealth: how long you can live on your income stream (money you have coming in) if you were to lose your job today.
Kiyosaki's "Poor Dad" taught him to work hard in school so that he could get a good job with a solid corporation. His "Rich Dad" taught him to be a student of financial matters so he could own a solid corporation.
His "Poor Dad" told him to climb the corporate ladder. His "Rich Dad" laughed, "Why not own the ladder?"
Kiyosaki was forced to think about both perspectives. His "Rich Dad" told him that his brain was his greatest asset and to continually renew it. Kiyosaki, now a multi-millionaire, is a student of billionaires. He follows those who are walking ahead of him financially, as am I.
"Rich Dad" taught him the importance of generosity, which he says is one of the most important things we can understand. "Poor Dad" usually didn't have anything left over for giving. May I suggest that having "just enough to get by" is entirely selfish? If you don't have abundance from which to give, you are supporting only yourself (and perhaps not very well), which is about as selfish as you can get. It's all about a shift in thinking. And it can happen in an instant.
I remembered today that when I was just a little girl, I led a blind cow into the woods and tried to make him run. He wouldn't budge. Instead, he was led to slaughter. I watched Fight Club with James last night (I don't recommend it--I seriously could have done without the p*rn*graphic scene and the graphic violence). Despite the crap, I got the social commentary. I understood why the main character wanted to liberate himself and others from materialism and commercialism and mediocrity . . . why he chose a life of simplicity, free from all material possessions after being a slave to his spending. It's liberating to be free from the effects of slick advertising and saturation marketing.
At least three of the people I met at the Dani Johnson seminar in Pittsburgh had been homeless at one time in their lives. They had hit rock bottom. They knew from personal experience how little they needed to get by. They were free from the snares of materialism. That doesn't mean that they never bought anything, but instead of their purchasing power controlling them, they controlled their purchasing power. They were no longer a slave to commercialism. It's something I continually fight. I don't subscribe to magazines or go to malls on purpose. I don't watch TV or keep up with the latest fashions and designers on purpose. I was shocked to find out how much a simple wallet or purse can cost when I went to Chicago with my friend Lisa. I honestly had no idea that "Coach" meant hundreds to thousands of dollars for a simple accessory. Wow.
At least three of the people I met at the Dani Johnson seminar in Pittsburgh had been homeless at one time in their lives. They had hit rock bottom. They knew from personal experience how little they needed to get by. They were free from the snares of materialism. That doesn't mean that they never bought anything, but instead of their purchasing power controlling them, they controlled their purchasing power. They were no longer a slave to commercialism. It's something I continually fight. I don't subscribe to magazines or go to malls on purpose. I don't watch TV or keep up with the latest fashions and designers on purpose. I was shocked to find out how much a simple wallet or purse can cost when I went to Chicago with my friend Lisa. I honestly had no idea that "Coach" meant hundreds to thousands of dollars for a simple accessory. Wow.
I have so many experiences that I believe have led me to the point where I am now. One that comes to mind happened while I was selling cars at James Corlew Chevrolet in Clarskville. A professor from APSU wanted to lease a Corvette. He submitted his financial application and I couldn't believe how much money he made--not from teaching (a mere $50,000 a year) but from investments (well over $10,000 a month). His assets paid for his fancy car, not his teacher's salary.
I also took a personal finance class while in college. I can't say that I got much out of it, but it definitely shows that I had a desire to learn. I'm now the student of T. Harv Eker, Robert Kiyosaki, Dani Johnson, Tom Challan, Tod Bell, and other millionaires whose advice I'm not only listening to or reading, but I'm also FOLLOWING.
I told Tod tonight that I feel like we have the best thing going. And I really do. After listening to Dani Johnson and Tom Challan in Pittsburgh, reading T. Harv Eker, and listening to Robert Kiyosaki on Saturday, I've put my business up to their standards, and it gets an A+ all the way around.
My business, which was co-founded by Tod Bell and Mike Churchill (whose lawyer, by the way, is Kiyosaki's lawyer), creates multiple streams of income. It provides excellent training. It continues to produce wealth even if I'm not present. It's replicable. It's something I'm passionate about. It's fun and easy to share. It's helping me build wealth. It's an asset in the strictest sense of the word. And it's making it possible for me to file as an LLC, which means that I will have amazing tax benefits.
I can't imagine anyone not wanting to invest in this business. In my first two months of working the business and an inital investment of nearly $2,000, I have cleared nearly $6,000. Well over $1,000 of that has come from a single member of my team. Where else can you invest $2,000 and get back $4,000 in less than two months? I also have an $1,800 condo card that will provide me $300 cash back and $600 in vacation discounts over my next three vacations. I have a $79 hotel card that saves us hundreds on our hotel stays and includes a free weekend getaway. In addition to the condo card and the hotel card, I have a $149 cruise card that comes with a free cruise. ALL of this came with my membership fee of $1,477. And, this is the part that really excites me, every time I share the membership perks with others and they decide to join, I make a huge commission on the membership fee.
I'm on track to make six-figures this year working part-time from home. At the same time that I'm working this business, I'm also teaching part-time, I'm going to be in the next Oracle Production, I volunteer with my church coordinating meals, I manage a household, I care for two small children, and I devote time to my husband and my Lord. If I can do it, you can do it.
There's an info session this Thursday at 6:30 p.m. in Franklin. We're meeting at the SouthWinds Apartments Clubhouse for a short business presentation and free dessert. If you can't make it and want to find out more, call me or send me an e-mail. I'd really love to see as many people as possible become financially free this year--or at least take steps in that direction!
Lori Todd
(615) 496-8079
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