Rich Dad’s Methods - Make Them Work For You
by Paola Breda for CanadianFinancialFreedom.com
I was at a seminar a few months ago given by Darren Weekes of Fasttracktocashflow.com. He’s always a great speaker, and although I’m a little past some of that stuff, there’s always
something to learn. One of the exercises he did was wave a book in the air and say “Just for today, this book is five dollars.” Nobody moved. He repeated his sentence - by this time,
most people were baffled. The book was one of the better ones, and of course, it retailed for much more than five dollars, but yet nobody moved.
Finally, an older gentleman raised a five dollar bill while sitting in his seat and said “I have five dollars here.” but he didn’t move. Darren repeated the sentence: “Just for today, this
book is five dollars.” Finally, a young man from the back of the room jumped up, ran to the front of the room and handed Darren a $10 bill. I think he said “I only have a ten, but it’s
still worth it.” He grabbed the book and returned to his seat. And there was the lesson.
Take action. Know a deal when you see one and take action.
It’s one thing to read all the books, go to all the seminars, pay extra to register in all the expensive courses, but it’s quite another thing to get out there and take action.
I had read Rich Dad’s books, and since I’m a researcher at heart, I kept reading. I expanded to going to the seminars and holding my own investment group. I joined investment clubs
in the area. And, yes, I did buy a few properties. But, I was still living without a schedule of action.
To really succeed, you must continue to take action. A week must not pass where you do not dedicate yourself to doing the job for at least ten hours. This must become your hobby -
a side business. Forget the TV and any other excuses you have to take time away from your hobby, or part-time business of investment. I never suggest that people quit their day job,
or consider it a day job until they have enough cash from their investments. But, I do suggest that they ‘waste their free time’ with a new hobby of real estate investment. There is no
limit to what you can make if you do your homework consistently.
Learn to read the books then quickly find a way to apply what you’ve learned. Your newly acquired knowledge will allow you to change your life, if you take action.
It seems like a simple suggestion, one that won’t really make you money, but it actually does. When I first read the books, I thought I would find some quick fix solution to my
money troubles. Instead, I found timeless, clear, concise, and proven strategies to change your financial future.
The trick is that you must apply the techniques you are reading and learning about and do something: you must take action. For example, if you are reading about zero down cash flow
property purchases, and one of the suggestions for downpayment is taking equity out of your home, call your banker the very next morning. If you get a no, call a broker who
specializes in mortgages for investors. You’ll need that kind of broker. You want to get a second on your home (for the down payment) and a first on the home you’re buying, so you’
ll be needing both mortgages. If the cash flow property you’re going to buy does not pay for both mortgages, then it does not cash flow for you. Find another deal. This quick action
turnaround is important.
Forget the obstacles and look for solutions. In this way, you can make Richdad and other investor’s strategies work for you. If the obstacle is, “I have no money”, find some! (And
believe me, it’s out there.) If the obstacle is “I have no time.”, make some! Your kids’ new bedtime is nine, then it’s your two hour part time job at the computer finding deals. If you’
re afraid, hook up with someone more knowledgeable: go to a group and find a mentor, or a partner. If you’re worried about tenant problems, look for a good property manager first to
allay your fears. In other words, find a way to make it happen, instead of zeroing in on a way to block it from happening.
Taking action and removing obstacles are two ways to make RichDad’s suggestions work for you.