The five reasons are:
4. Bad habits.
- I have never met a rich person who has never lost money. But I have met a lot of poor people who have never lost a dime. . .investing, that is.
- The primary difference between a rich person and a poor person is how they handle that fear.
- When I see blood, I don’t run. I pass out. My rich dad understood phobias about money. “Some people are terrified of snakes. Some people are terrified about losing money. Both are phobias,” he would say. So his solution to the phobia of losing money was this little rhyme: “If you hate risk and worry. . .start early.” That’s why banks recommend savings as a habit when you’re young. J If you start young, it’s easy to be rich. I won’t go into it here, but there is a large difference between a person who starts saving at age 20 versus age 30. A staggering difference.
- So for most people, the reason they don’t win financially is because the pain of losing money is far greater than the joy of being rich. Another saying in Texas is, “Everyone wants to go to Heaven, but no one wants to die.” Most people dream of being rich, but are terrified of losing money. So they never get to Heaven.
- But if you have dreams of freedom-of getting out of the rat race- the first question to ask yourself is, “How do I respond to failure?” If failure inspires you to win, maybe you should go for it.
- It takes guts, patience and a great attitude toward failure. Losers avoid failing. And failure turns losers into winners.
- Cynics criticize, and winners analyze
- Rich dad explained that criticism blinded while analysis opened -< eyes.
- So whenever you find yourself avoiding something you know you should be doing, then the only thing to ask yourself is “What’s in it for me?” Be a little greedy. It’s the best cure for laziness. Too much greed, however, as anything in excess can be, is not good. But just remember what Michael Douglas said in the movie Wall Street. “Greed is good.” Rich dad said it differently: “Guilt is worse than greed.
- Forcing myself to think about how to make extra money is like going to the gym and working out with weights. The more I work my mental money muscles out, the stronger I get.
- When you know you are ignorant in a subject, start educating yourself by finding an expert in the field or find a book on the subject.
- 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.
- Education and wisdom about money are important. Start early. Buy a book. Go to a seminar. Practice. Start small.