Why We Want You to be Rich

October 11, 2006

Financial Mindset
Donald Trump and Robert Kiyosaki teamed up to create a book (Why We Want You to be Rich: Two Men – One Message) that looks at people’s different perceptions and approaches to wealth. This book was just released so I haven’t had a chance to read it yet. From what I gather it covers how the lack of financial literacy in our country combined with the way people think about money prevent many of us from becoming wealthy.

Book Launch
I caught an interview of these two on Larry King Live last night talking about the launch of their new book. As I expected, they re-iterated the problem of how schools don’t educate our youth about money, how to make or manage it. Another thing they mentioned that caught my attention is that most finance books are about living below your means. They took a different approach with their book and talk instead about expanding your means. I like this concept; it leads to an abundance mentality. Rather than focusing on making your life fit into the resources you have, concentrate on expanding your resources to fit your life.

Define Rich
When Larry King asked them to define being rich, Trump responded that being rich is a state of mind. I agree with this definition, if we can appreciate the blessings we already have we’ll feel rich. Add to that having the confidence that we’ll be successful and a vision of success and we’re on the way to being rich.

Kiyosaki responded to the same question with, “Forbes defines being rich as having 1 million dollars a year in passive income”. This definition is definitely more specific, if you can hit that number then you’re rich. I think a key point is the fact that it’s passive income. This is where financial independence comes into play. You can spend your time pursuing your passions in life without having to work for someone else to pay the bills.

Pearls of Wisdom
When asked what advice they would give to the average person, Kiyosaki emphasized the importance of getting started. Everyone has to start somewhere; he talked about starting small and building on your success.

A piece of advice that Trump gave was to do what you know and love. If you create an enterprise based on something you’re passionate about you will put in the time and effort required to make it a success. Another point he made about wealth was emphasizing not only what you earn but preserving those resources. He talked about people he knew that made a lot of money but didn’t consider what happens if that income stopped or dropped dramatically. I think this is a problem many of us have that has gotten us further into the rat race.

Ben

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Ben

Ben Edwards, the founder of Money Smart Life, saved up enough to buy a Nintendo back when he was 12 years old. When he used the money to buy shares of Wal-Mart stock instead, he knew he wasn’t like the other kids… His addiction to personal finance has paid off for his family and now he’s helping you to afford the life that you want. Check him out on the web at Google Plus, Twitter and Facebook.


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