Key learnings from Chapter 9 and 10
It summarizes the 10 key principles which we have complete control over and which will help us grow rich.
1)I Need a reason greater than reality: It reflects your inner do’s and don’ts . You need to have a reason and a purpose strong enough to chase the path that leads to financial literacy and financial independence.
2)I choose Daily: With each and every dollar you hold , the voice of investing it utterly lies within you . This choice will determine whether you would be rich , average or poor.
Invest first in Education. Before investing your savings first learn Investing by reading books or trending seminars.
3) Choose friends carefully: Choose your acquaintance wisely as may be able tap their wise wisdom upto the best of your advantage. You may also gain an insider information if your close friend is intimately associated with the firm . There are legal and illegal ways of insider trading. Legal ways of insider trading will help you gain quick information before it is made available to the public at large. You earn profit while buying not while selling.Today’s information age demands you to gain information way prior.
4)Master a formula and then learn a new one: Consistent upgrading oneself is the key to success. Real estate foreclosure was a great deal then but it soon became obsolete . knowledge will become obsolete soon . Learning new skills quickly and applying it immediately is a key to success. Getting into action holds utmost significance.
5)Pay yourself first: No matter how much financial crisis you are going through paying your bills you need to identify alternate sources of income rather than liquidating your savings. Let the pressure built in .It will help you to become more creative in term of identifying ways and means to earn money.
6) Pay Your Brokers well: Seek professional assistance. They are the experts in their field.They will help you sail through smoothly and in return you need to pay them well. This also qualifies under Management of people , one should know this art in order to reap benefits of other’s intelligence.
7)Be an Indian Giver: There is a tale to this phrase what do you exactly mean by an Indian Giver. Simply put you are expecting returns on your investment . Choose high ROI and low risk stocks in order to yield highest ROI.
8)Assets buy luxuries: You need to generate cash flow which allows you to earn income through which you can afford luxuries. Rather than entering into the vicious cycle of earning, spending and getting more into debt .
9)The need for Heroes: Having a role model is crucial in achieving success. When they receive extraordinary success we are also tempted to think and believe we can do it as well
10)Teach and you shall receive: The power of giving shall never be undermined. Whatever you want you need to give that first in return you will receive multiple of what you asked for..God never asked you for anything , however humans should give.
In the concluding part an epilogue contains a story of a father who is in a dilemma and is struggling to work out a way which will help him gather $400,000 for his children’s college education. He resorted to Robert Kiyoski and invested in real estate then when the real estate market of Phoenix was lame . At the end only and only by taking the risk of investing he was able to save $400,000 not only that he was also able to retire quite early. Robert Kiyoski wants to make a firm point that being unleash the financial genius within you.