Wednesday, July 9, 2008

What to read?

While there are many, many books related to entrepreneurship out there, an author that I would recommend is Robert Kiyosaki. He has not only authored many top selling books, but also produced games, programs and coaching to help get his point across and that provide in my opinion a valuable educational service. His focus is primarily financial, and this has everything to do with YOU and/or how YOU view the financial aspect of your business.

I was initially turned off by the wording of his best selling book Rich Dad Poor Dad, as my goal in life is not to be rich. However, after giving it some thought, I strongly agreed that I would rather be efficient and smart with my resources than foolish and wasteful.

To give you a taste of Koyosaki's philosophy, here is a table that he uses to describe his 'poor dad versus rich dad' comparison:

Poor Dad vs. Rich Dad

My Poor Dad Says   My Rich Dad Says
  "My house is an asset."   "My house is a liability."
  Rich dad says, "If you stop working today, an asset puts money in your pocket and a liability takes money from your pocket. Too often people call liabilities assets. It's important to know the difference between the two.
  "I can't afford it."   "How can I afford it?"
  The statement "I can't afford it" shuts down your thinking. By asking the right question, you mind opens up and looks for answers.
  "The reason I'm not rich is because I have you kids."   "The reason I must be rich is because I have you kids."
  "I'm not interested in money."   "Money is power."
  "When it comes to money, play it safe - don't take risks."   "Learn how to manage risk."
  "Pay myself last."   "Pay myself first."
  Rich Dad always took a percentage off the top of any income he earned. He put this money into an investment account that went toward purchasing his assets. Poor Dad spent all his money first and never had any remaining for investments.
  Believed that the company you worked for or the government should take care of your financial needs.   Believed in financial self-reliance and financial responsibility.
  Focused only on academic literacy.   Focused on financial literacy as well as academic literacy.
  Learned only the vocabulary of academia.   Learned the vocabulary of finance – "Your words are the most valuable tools you have."
  "I work for my money."   "My money works for me."
  Thought that making more money would solve his financial problem.   Knew that financial education was the answer to his financial problems: "It's not how much money you make that's important – it's how much money you keep and how long you keep it."

You can learn more about Robert Kiyosaki and the products/services he offers by visiting his website. If you are familiar with this series, let me know what you think.

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