Recently, I was presented with the book The Business of the 21st Century by Robert T. Kiyosaki. Below are my takeaways. Enjoy!
Entre vs. Job
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There is no such thing as a “secure job”. Working for an employer means your financial security is at the mercy of the employer and its stability (retirement plan, union, etc). Even in the case of Union jobs, *anything* can happen (false security).
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Entrepreneurship is the key to financial independence and lasting success. It should be seen as more “normal” than the conventional job.
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Tough = hard work = good.
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Breaking away from the typical job —> financial freedom.
Quadrants
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I have been mostly in the E and S quadrants up to now.
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S is not very different than E, only the boss is you.
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B is where you want to be — not just you — it’s about the team.
Business Building
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Takes $5mil to start a business on average
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90% of biz fails in 5 years
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Option: franchise (a gamble)
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Option: network marketing (passive income 👍🏻)
The Goal
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Personal success is fulfilling but not nearly as much as enabling others to thrive and succeed.
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Network marketing — the vehicle to passive income — based on relationships — one of the fastest growing biz models
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Real world school for personal dev
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It’s not about income, it’s about assets that generate income; let it work for you (smarter not harder)
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The purpose of an asset is not primarily capital gain — it is cash flow
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A job is not an asset. A job uses you to build someone else’s vision / asset.
Network Power
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Network marketing is all about storytelling, not conventional sales
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The key to success is not what you can do, but what you can duplicate
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Sharing information (dynamic) — not selling a product (linear)
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Think: how can I build a business that enables other people to duplicate the product well? Don’t do it all, design a system that shows how to do it, and build the team.
Leadership
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Builds a great business. Leadership is influence.
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Money flows to businesses with the best leaders.
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Great leader = great teacher = servant leadership
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4 elements of leadership (SMEP)
Building Wealth
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Wealth is measured by time, not $
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4-step: Build a biz —> reinvest in biz —> invest in real estate —> Let assets buy
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Tax laws are favorable to B quadrant.
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Tax laws are also favorable to B owners who invest in real estate.
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Buy a cow and sell its milk (don’t resell it for steaks)
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(Putting nothing down could be the most costly mistake of your life.)
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The reason so many businesses fail is because they fail to continually reinvest into the business (people, time, money)
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The business is not meant first and foremost to give you a working salary. Keep your day job and build the business; one day it will give all you need and more
The Dream
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Dream big, take risks, have a plan, execute
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Demolish the quota. Dream big, do it, dream bigger, repeat.
Five Year Plan
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10,000 hour rule
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Unlearn the wrong things
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Action not talk