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My References 01/26/2012

Robert Kiyosaki: Rich Dad Poor Dad, Rich Dad's guide to Investing, Choose to be Rich,  Cashflow Quadrant

Donald Trump and Robert Kiyosaki - Why We Want You To Be Rich

Larry Gamboa - Think Rich, Pinoy, Grow RIch, Pinoy

Bo Sanchez - My maid invests in the Stock Market, How to Prosper

Napoleon Hill - Think and Grow Rich


Updates from "Choose to be Rich" by Robert K. 03/19/2012

Why real-estate is the best:

> Bank will be willing to lend you as much as 9 times the money you have (10% downpayment, 90% bank finance)

> interest rates for house loans are generally much lower than other types of loans.

> Real-estates increase in value over time. Generally, they do not depreciate.


"It's the why that is important more than the how" 

- the why, meaning your reason for wanting to be rich is the most important drivers.

- the how is easy, but even if you tell a person how, they won't do it generally, because people tend to find an easier way, even if what's in front of them is already easy.


"Do not quit your daytime job and go business"

- it's not wrong to be an employee, but it's what you do to the paycheck you receive that is important.


"Do not cut up your Credit Cards"

- Use the credit cards to your advantage. Pay in time, so no interest will appear.

- Take advantage of the benefits and freebies you get from it.

- Use the billing statement as a help to your financial accounting (records).


"They say 9 out of 10 businesses fail"

- Start small with a business.

- The first business will be very critical because you might feel negative about the whole thing after failing.

- Use the failures as your learning experiences in business. They are very important.

- Do not generalize, if you can overcome rejections and failures, life will become easy.


Think big, start small

Management is the most important of all in a business, the product is the least important.

 Stay being a good payer in the banks, they have a central database that will show if you had history of bad paying habbits or a loan not paid yet. 

Lesson Learned from R.K. 01/26/2012

Poor Myths:

- Investing is risky (being an Employee is the most risky)

- I have no money to start business/investment

Difference in thinking:

- It's all about what you think everyday when you wake up that determines your future

- The poor wakes up thinking i'll work hard and spend all my money

- The middle class thinks i'll use up my credit card to shop, buy a new gadget, new house, new car

- The rich thinks every dollar he earned is very important and should be saved.

Build assets first so you can buy your doodads:

- The main difference between the middle class and the rich:

- The middle class buys a big house first, then plans to buy apartments later.

- The rich buys apartments first, so later, these assets will fund for the big house he wants.

The basics for saving is 3 piggy banks

- One is for Saving (emergency fund)

- One is for Investing (retirement fund)

- One is for Tithing (charity) 

- It doesn't matter how much it is, even if it is just $1 per day per piggy bank, what's important is when you will start. 

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