Quote of the Day - It's not how much money you make...
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I run a contest but I also occasionally post quotes and jokes, too. Here's a quote I hope you'll appreciate:
It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.”
-- Robert Kiyosaki
Kiyosaki wrote one the most influential books I've ever read, Rich Dad, Poor Dad. He kind of went off his rocker as he got famous but the advice in that book is priceless. Worth every second spent reading it.
In a nutshell, his thesis is: rich people learn how to grow and protect their wealth. That's the only difference between rich people and poor people. Then he gives some useful advice and stories to illustrate the advice, which in a nutshell is basically: buy things that produce income, then use that income to buy more things that produce income, then find a lawyer and accountant to help you protect that income. By doing that, you'll learn how to find opportunities to create wealth and you'll have smart people working to keep that wealth.
What do you think? I'd love to hear your thoughts. Reply below and resteem if you think somebody else could benefit!
It's all about teaching your kids about the value of money. Some studies have shown that 70% of wealth is gone by the time the second generation inherits it.
http://time.com/money/3925308/rich-families-lose-wealth/
Nice write-up. Thanks for sharing the article.
“How did my mother blow it?” he says. “She just didn’t know any better..."
Sums up so many people, rich and poor. What's your approach to teaching kids the value of money?
My father had me reading and investing when I was 14. Knew about equities, mutual funds, and bonds. Knew how to read financial metrics such as Price to Earnings.
Definitely plan to do the same.
I started with real estate. Asked my dad's friend for advice, and he became a sort of mentor for me. He, my realtor, and my mortgage banker took good care of me. I learned a lot from them. And a lot about finance and managing assets. Put me on a whole nother path, financially. Basically changed the direction of my life.
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meh