- 1 Why a tightwad will never be rich:
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A friend recently told me quite happily, “I found the house of my dreams, the bank is auctioning it off and will leave it to me for a very good price”
How much is a good price? I ask Kiyosaki…
“Before the real estate market crashed, the seller was asking $780,000 for the property. Today the bank is asking me for $215,000. How about?”
How could I know? If all you’ve given me is a price,” replied Robert Kiyosaki. My husband and I can afford it, added her friend.
“Only stingy people buy based on price. Just because something is cheap doesn’t mean it’s worth its price.”
One of the most basic and important principles of money for Robert Kiyosaki is to buy value. Pay more, for greater value.
“If I don’t like the price, I just let it go. If the seller wants to sell, they will most likely come back with a better price. I let him tell me what he can accept.
I know many people who like to haggle, I don’t like it. If a person wants to buy, he will do it; and if I feel that what I am buying is of value, I will pay the price…”
Value, rather than price, is what has made me rich.
Why a tightwad will never be rich:
Here are some ideas that will explain to you why cheapskates will never get rich, just like their friend in the world of real estate:
1. Both her friend and husband they have professional degrees, but zero financial education. And worse yet, they don’t plan to attend classes or courses to learn how to invest their money.
Online course: Learn to invest and let your money work for you
Choosing not to educate themselves financially prevented them from taking advantage of the greatest capital market moments in history. Or as rich dad would say in his famous book:
What you don’t know is what keeps you poor – Robert Kiyosaki
2. Your friend is too emotional. In the world of money and investments, you must learn to control your emotions.
When you break it down, three of the biggest financial decisions we make in life come at times of emotional peaks: deciding to get married, buying a house, and having children.
As he raises is his famous book Rich father poor father: “High emotions, low intelligence. To be rich, you need to see the good and the bad, and the short-term and long-term consequences of your decisions. Obviously easier said than done, but this is key to building your wealth.”
3. Your friend doesn’t know the difference between advice from a millionaire person and advice from a salesman. Most people get advice from the latter – people who win even when you lose.
One of the reasons financial education is so important is because it helps you tell the difference between good advice and bad advice.
The current crises show it, schools teach very little about money management. Millions of people are living in fear because they have followed the following conventional “wisdom”:
Go to school, get a job, work hard, save money, buy a house, get out of debt, and invest for the long term in a well-diversified fund of mutual funds.
Many of the people who have followed this financial prescription are not sleeping at night. These need a new plan. If only they had invested a little in their financial education, they probably wouldn’t be in this mess.
That is why Robert Kiyosaki insists so much on financial education, since this is the only one that allows us to differentiate between good advice and bad advice.
Continue reading: Rich Dad Poor Dad PDF and other free books by Robert Kiyosaki