It has finally arrived. We have reached the end, the final chapter of Rich Dad Poor Dad by Robert Kiyosaki. There are final thoughts which are after this chapter and it closes out the book with an inspirational story of how a friend took a risk and utilized his financial intelligence to fund his kids college fund.
It was an interesting read to end the book but today I want to summarize the lessons of chapter 9. This chapter provides Robert Kiyosaki’s to do list for increasing your financial IQ.
Lessons from Chapter 9: Still Want More? Here Are Some To Do’s.
1. Stop doing what is not working, and look for something new.
“In other words, take a break and assess what is working and what is not working.”
2. Look for new ideas.
“I buy how-to books on formulas I know nothing about.”
3. Find someone who has done what you want to do.
“Take them to lunch and ask them for tips and tricks of the trade.”
4. Take classes, read, and attend seminars.
“I am wealthy and free from needing a job simply because of the courses I took. I have friends who did not take those classes who told me I was wasting my money, and yet they’re still at the same job.”
5. Make lots of offers.
“Well, you don’t know what the right price is until you have a second party who wants to deal.”
“Finding a good deal, the right business, the right people, the right investors, or whatever is just like dating. You must go to the market and talk to a lot of people, make a lot of offers, counteroffers, negotiate, reject, and accept.”
6. Jog, walk, or drive a certain area once a month for 10 minutes.
“So when I jog, I jog a neighborhood I might like to invest in. It is the repetition that causes me to notice slight differences.”
“I find a bad area, especially an area that the news has scared everyone away from. I drive it for sometimes a year waiting for signs of some thing changing for the better.”
7. Shop for bargains in all markets.
“Always remember: Profits are made in the buying, not in the selling.”
8. Look in the right places.
“A neighbor bought a condominium for $100,000. I bought the identical condo next door for $50,000.”
“I shopped at the foreclosure auction. I paid $500 for a class on how to do this.”
9. Look for people who want to buy first. Then look for someone who wants to sell.
“Moral of the story: Buy the pie, and cut it in pieces. Most people look for what they can afford, so they look too small. They buy only a piece of the pie, so they end up paying more for less.”
10. Think big.
“When my company was in the market for computers, I called several friends and asked them if they were ready to buy also. We then went to different dealers and negotiated a great deal because we wanted to buy so many.”
11. Learn from history.
“Colonel Sanders did not get rich until after he lost everything in his 60s. Bill Gates was one of the richest men in the world before he was thirty.”
12. Action always beats inaction.
“The important words are “have done” and “do.” As repeated many times throughout the book, you must take action before you can receive the financial rewards. Act now!”
Til next time,
“Small people remain small because they think small, act alone, or don’t act all.” – Robert Kiyosaki