An Education in Money.
Education, education, education! We are not born with all the skills needed for survival. Learning to walk, talk, eat safely are skills taught to us and picked up over time. Sadly an education in money, the power, the pitfalls of it and everything in between is rarely taught to us. If you are lucky enough to be brought up in a family that is open about money at least you have a head start. In my family we never discussed money, it wasn’t an option. I had a comfortable upbringing and never went without the necessities. But neither did I have everything I wanted, who does, right?
College and Work.
I was good enough in school to get through and go to University. Upon graduating University I went into the world of work and followed the same month by month pattern as the majority of the worldwide population. Nothing special but no shortfalls either, I was comfortable.
So what changed?
It was the realisation that I would not be able to provide for my family. Of course I could put food on the table, pay the rent and take care of the basics but I wanted to PROVIDE for my family. I am not talking about spoiling them but I wanted to give them more opportunities to grow and experience life than I had. And that is when I began my Education in Money, business, investing and real estate investing.
Rich Dad, Poor Dad.
It all started with this book. A mentor of mine, who I still work with today gave me a copy of the book. Lesson 1, give back! I was blown away that he would give me a book and I devoured it that night. I was off on my journey. Rich Dad, Poor Dad written by Robert Kiyosaki was first published in 1997 and tells the story of two dads with different skills, mindsets and fortunes. I was hooked and after educating myself on the local real estate market I began my property journey with no money down in 2003.
What did I learn from Rich Dad, Poor Dad? A quick summary;
- If your family is not wealthy, find someone else to learn about money from.
- Work gives you a job. Job stands for Just Over Broke.
- Saving won’t save you. Inflation will make the value of your savings disappear over time.
- There is good debt and there is bad debt. Learn to identify each and profit from good debt.
- The government will not support you in your old age.
- You have to find a way to support yourself.
- Investigate, find and invest in cash producing assets… and repeat.
- Once you are wealthy, give back. Just as my mentor did with me, give a book, give time, give whatever you can.
And so 20 years after first being published does Rich Dad, Poor Dad still have something to give? Absolutely! It is my go to book when someone contacts me and asks “how do I get to where you are?” I give them this book and a link to the RCPD website resource page, it’s a great place to start. Contact Sim or I today to start your journey of learning and financial freedom.