Wednesday, October 25, 2006

Why We Want You To Be Rich ... Part 3

I can't put this book down. The two styles of Donald Trump and Robert Kiyosaki are so different, yet complimentary. And, the message they deliver hits home.

Those who have been reading RD for a while, know that Robert advises learning one thing, mastering it, then moving on to the next area of expertise. In this book, he calls it FOCUS.
F = Follow
O = One
C = Course
U = Until
S = Successful

If we think about how we bounce about life, trying a few things, giving up and moving on to the next, it's no wonder there's such a big difference between playing to survive and playing to win ... those playing to win continue to focus on one thing at a time until successful. They overcome the challenges in front of them and continue forward.

Many people ascribe to the concept of diversification, but if you really look at this strategy it runs contrary to the concept of focus. It's a strategy that many financial planners use to convince people not to keep all their eggs in one basket. That through diversification, they can weather the ups and downs of a marketplace and protect themselves for major market shifts. It is, as Robert points out, a defensive strategy. These are the same advisors who tell people to work hard, get out of debt and save for the long term.

People like Robert and Donald believe in debt ... or using other people's money ... but they don't load up on bad debt which the poor and the middle class do. They use debt to buy assets that put more and more money into their pockets. And, the leverage those assets to buy more assets ... mastering one investment strategy after the next.

Now, I can already hear the protests and excuses that inevitably come up when I talk with people about this concept. The excuses will disapear if you conquer your fear, and set your mind to mastering one area of wealth creation, then moving on to another. Do you want to use your mind to make excuses or lever your mind to make money. I'll take the latter thanks!

We are all born rich. We all have been given the most powerful lever on earth, our minds ... so use your mind for leverage to make you richer rather than making excuses.

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