Why You Should Start Dreaming Differently

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The world has a love affair with celebrity. Most people spend lots of time and energy keeping up on the lives of their favorite stars, and many idolize them.

It’s understandable. After all, the lives of movie stars seem very glamorous and who wouldn’t want all the stuff they have?

But the reality is that movie stars, rock stars, or even some book authors, for all their glitz and glamour, are just very highly paid employees, though admittedly with a lot of clout. But here’s the deal, if they don’t show up to work, they don’t get paid. Just like a CEO, a lawyer, or any other high paid employee.

As a consequence, they work insane hours and rarely have free time. Not exactly as glitzy as it sounds on the surface.

For someone who wants to move into the B and I side of the quadrant they are motivated by a dream of prosperity and being independent in your financial life. They take classes, buy and read books, spend time studying, then go out and put their new skills to work. They invest time and money now for an expectation of future income…passive income. And it’s not too late to start, find out how you can set yourself up to collect passive income every week.

The Smartest Actor in the Bunch

I find this article I ran across in “Vanity Fair” (“The Highest-Paid Actor of 2018 Didn’t Even Have to Make a Movie”) so fascinating.

According to the article, the highest paid actor in 2018 was George Clooney, but he didn’t even make a movie. So how did he pull that off?

Turns out Clooney is an entrepreneur too.

According to the Forbes World’s Highest-Paid Actor list for 2018, in between social engagements with the royal family, Clooney managed to rake in a career-high pre-tax income of $239 million in between June 1, 2017 and June 1, 2018.

No, he didn’t make any new movies or TV shows in that time—but he did sell his liquor company, Casamigos Tequila, for up to $1 billion. $233 million of Clooney’s $239 million of pre-tax income came from Casamigos; the rest came from endorsements and his older movies.

I’d say that this might make Clooney the smartest actor in the bunch.

Runner Up…

The second highest-paid actor was Dwayne Johnson, also known as The Rock. He made $124 million. To earn that, he had to do three films and a TV show.

As “Vanity Fair” points out, “that guy probably hasn’t slept more than a collective 39 minutes in the past 12 months.” It’s a lot of work, but with a big pay day for sure.

This is an interesting contrast, however. Clooney made almost twice as much as Johnson, while probably working a lot less hours. And it serves as a great example of why being an entrepreneur is always preferable to be a high-paid employee.

Say Hi—Or Bye—to the Tax Man. Your Choice.

Beyond having more time on his hands, Clooney most likely paid a lot less in taxes than Johnson did for his money. As a high paid employee, Johnson has to pay the highest tax rates for his earned income, currently 37%.

Clooney, because he sold a business interest, only had to pay long-term capital gains rates, which equal out to be 15%, more than half of what the earned income rate is.

So not only did Clooney make more money doing less, but he also kept more of it than Johnson did thanks to the tax codes that favor business owners.

Cash Flow Is King

In addition to the sale of his business, Clooney also enjoyed passive income from both endorsements and his older movies. Most likely Johnson did too. The beauty of this is that they make money while they’re sleeping.

As mentioned above, employees, even high-paid ones, have to work or they don’t get paid. By contrast, I can write a book and once it’s published, it makes money for me long after the effort I put into it is over.

The same goes for my business. I put the effort into building it, and now it is run by really talented folks, making money for me even when I’m not working actively on it.

That is the secret that all wealthy people know: cash flow is king.

The Definition of Wealth

I’ve written a lot about it before, but many people think having a lot of money makes you wealthy.

It doesn’t. The only thing that makes you wealthy is if you can stop working and still pay all your expenses. That is the true test of having independence in the financial part of your life.

The beauty of being an entrepreneur is that you can make money work for you, not the other way around. I still do a lot of work on my business, but it’s because I want to, not because I have to. I could, by traditional definition, retire today, not work another hour, and never have to worry about money. That is what I call wealth.

Start Dreaming Differently

I know a lot of people who dream about having a high-paying job. I also know a lot of people who wish they were a famous actor. In both cases, it’s not as great as it seems. You have to work a lot when you get to that level. The money is nice, but it’s only there if you’re showing up each day.

Rather than dream about a high-paying job or a shot at stardom, I’d encourage you to start dreaming differently—and if you have kids, helping them to dream differently as well. I want to challenge you to dream of entrepreneurship.

What could you do today to start moving towards starting your own business and as a consequence, owning your financial future? First, your goal is not to work for more money, your goal is to get your money working for you.

Instead of looking for a better job you are looking for assets that generate passive income. Secondly, with a profession change you are investing time and money to work for someone else. When you invest in your financial IQ you are investing in yourself and your ability to generate income without relying on an employer.

It will be the best decision you’ll ever make. After all, money isn’t everything. Having independence in your financial life is.


Robert Kiyosaki

Robert Kiyosaki
Editor, Rich Dad Poor Dad Daily

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Beat a Legendary Hedge Fund Manager at His Own Game!

This post Beat a Legendary Hedge Fund Manager at His Own Game! appeared first on Daily Reckoning.

No cord, no problem.

At the end of August, I noted that the stock market had served us up an opportunity to purchase shares of giant cable and broadband provider Charter Communications (CHTR) at a very attractive price.

The reason that Charter shares were on sale is that the market was greatly misinterpreting how big of a problem “cord-cutting” was for the giant cable company.

So far so good with my August trade idea.

Charter shares have outperformed the S&P 500 by almost 12 percent in the subsequent three and a half months.

charter chart

As I noted back in August though, I believe there is a lot more to come.

With Charter’s low valuation and relentless share purchase program, the company could generate 20 percent annualized cash flow per share growth over the next three years — and ultimately double in share price.

Today, I’m going to show you another company in this sector that the market is similarly undervaluing…

Here’s What the Market is Missing…

The market isn’t wrong about the fact that cable customers are choosing to “cut the cord” at a rapid pace.

In fact, the rate at which people are leaving traditional cable is accelerating — having tripled in the past five years.1 Viewers are increasingly opting for the wide world of streaming entertainment that is available from providers like Amazon, Netflix, Hulu, YouTube, Sling TV and others.

What the market is very wrong about, however, is how this is going to impact the cable companies.

The market needs to understand that a customer who cuts the cord on cable isn’t the same as a customer who is ending their relationship with the cable provider altogether.

This is key, because the cable provider is most often the same company that is supplying them with broadband service.

Further, once that customer cuts the cord to move exclusively to streaming entertainment, what usually happens is that they decide to get a faster connection. The customer does that so that they can stream video across multiple devices and actually enjoy it without lags.

That faster broadband connection is more expensive — which means more revenue for the broadband provider.

If you have ever tried to watch a streaming video that is constantly pausing, you know that not upgrading to a faster connection is simply not an option. The repeated starts and stops of watching a constantly pausing/freezing video is torture!

You will pay anything to make it stop!

So not only does the cable company generally retain the cord-cutting customer as a broadband customer, the company does so while selling the customer a much higher margin product.

The margins on cable are thin. That is because the cable company has to pay for the content being provided which in recent years has become incredibly expensive. Have you ever checked out the deals that some television and movie stars are getting?

Meanwhile, the margins for selling broadband space are fat. Very fat.

According to the chief financial officer of Cable One, residential high-speed data and business services have four to five times the profit margin of video.2 That makes cord-cutting sound more like a blessing than a curse.

A Hedge Fund Legend Agrees with My Cord-Cutting Trade – Just Likes a Different Stock

Hedge fund legend David Einhorn of Greenlight Capital agrees with this cord-cutting overreaction investment thesis.

It turns out that while I was writing about Charter Communications in August, Einhorn was busily buying shares of another undervalued cable and broadband provider.

Einhorn’s preferred way to play the cord-cutting overreaction is through Altice USA (ATUS).

But rather than have me put words in Einhorn’s mouth, here is what he had to say about purchasing Altice in Greenlight Capital’s third quarter investor letter:

“The Partnerships made a new investment in Altice USA (ATUS) at an average price of $18.38. ATUS trades at an EBITDA multiple discount to pure-play cable peers despite better free cash flow conversion and better new investment opportunities.

ATUS is rebuilding a majority of its network with fiber in the coming years, with an anticipated 40-50% return on its investment.

The shares trade at a 10% cash flow yield, in part because of market concerns over cord-cutting. But when a customer drops linear video and instead streams video through their broadband connection, data consumption rises very dramatically, which is positive for ATUS.”

As I write this, shares of Altice USA actually trade for a slightly lower price than the $18.38 average price that Einhorn paid in the third quarter. So not only do we get to piggyback the research he spent time and money on, but we also get to buy shares at a better price.

I like the sound of that!

Here’s to looking through the windshield,

Jody Chudley

Jody Chudley
Financial Analyst, The Daily Edge

1 The number of cord-cutters has tripled in the last 5 years, and it’s starting to hurt the TV channels
2 Cable One Claims Highest Margin in the Cable Industry

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Democracy: The God That Failed

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Today we trample sacred ground… trumpet a message of heresy… and offend the wrathful gods.

In 2001, academic Hans-Hermann Hoppe scribbled a book bearing the soaring title Democracy: The God That Failed. Hoppe’s work is a sharpened spear levelled against that holiest of secular divinities.

Hoppe’s primary tort against democracy?

It wastes. It exhausts its capital. It forever takes the short view. Hoppe uses the economic concept of time preference to nail his point through.

A Jill with low time preference delays her gratification until the future. She is disciplined. She is willing to have her cake later — only after she has seen to her business.

But a Jack with high time preference orients toward present consumption. He wants his cake now — and the future can go scratching.

Democracy, in Hoppe’s regard, “wants it now.” It is a spendthrift; a profligate; a child at large in a candy store.

As the drunkard cannot see beyond the next drink… democracy cannot see past the next election.

The problem, says Hoppe, is that democratic leaders do not own the machinery of government. It is theirs on temporary loan. Thus the democratic politician is a mere placeholder.

But is that not our system’s cardinal virtue — that power is not permanently lodged in a single vessel? A rotating roster of rogues is far superior to one alone, you counter.

Otherwise the American Revolution was a vast swindle and the Fourth of July is a blackguard’s holiday.

But because a leader under democracy does not own the government apparatus, argues Hoppe, he has no incentive to maximize its value. Instead, he tends to deplete it. His limited time horizon forces him toward immediate gratification.

That is, he must get while the getting is there to be gotten.

Consider the aspiring democratic official who seeks the franchise of a demanding public. He may feel the tug of fiscal conscience. But should he fail to gratify the crowd’s clamorings, he knows the other fellow will. And our democratic aspirant will lose his election.

So he offers up the requisite sweets.

If Social Security benefits must increase to sweep him into office, they will increase. Will it take more Medicare benefits, more unemployment insurance, more welfare? Then these you will see.

His election represents a pre-arranged raid upon the Treasury. If the national purse is thin, if the burden cannot be met from existing stocks, then let it go upon the credit card.

Is the business sordid? Might it eventually throw the Republic into bankruptcy?

Well, eventually is a long way off, he says. Let it fall into the next fellow’s lap. Besides, we’ll simply grow our way out of it.

This is the office seeker under modern democracy.

Compare, for a moment, democratic government with a rented automobile

The renter does not own the auto. He therefore has no regard for its long-term health. So he overaccelerates the engine. He pummels the brakes. Down its gullet he pours the lowest-test gasoline. Would he ever check the oil?

And who, may we inquire, has ever run a rental through a wash?

Here Hoppe applies the theory to democratic government:

It must be regarded as unavoidable that public-government ownership results in continual capital consumption. Instead of maintaining or even enhancing the value of the government estate, as a king would do, a president (the government’s temporary caretaker or trustee) will use up as much of the government resources as quickly as possible, for what he does not consume now, he may never be able to consume… For a president, unlike for a king, moderation offers only disadvantages.

Hoppe speaks of a king.

Unlike democracy, Hoppe contends, monarchy takes the long view. The monarch owns the apparatus of government. As will his heirs. So he naturally inclines to policies that increase the value of his property over time.

If Social Security, Medicare and the rest begin to deplete the government’s stocks, the monarch will announce a halt to them.

“It’s welfare you want, subject? I understand the church runs a charity.”

“Social Security, you seek? I suggest you begin planning early for your retirement. And remember to save against the rainy day.”

“You say you want health care. I hope you don’t smoke or drink too much. And let me mention it now — sugar is a far-from-healthful substance. Besides, there are private insurers. I can refer you to several if you wish.”

Is such a system undemocratic? Certainly.

Callous, perhaps? Well, perhaps it is.

But is it fiscally stable? Yes.

Would it incur massive debts it could never repay? Unlikely.

In brief, monarchy is better with money than democracy. It is a superior steward of wealth — at least by this theory.

Once again, Hoppe:

While a king is by no means opposed to debt, he is constrained in this “natural” inclination by the fact that as the government’s private owner, he and his heirs are considered personally liable for the payment of all government debts (he can literally go bankrupt, or be forced by creditors to liquidate government assets).

Consider, as one example:

In 1392 England’s King Henry III was in arrears to the Pope in Rome… and required 1,000 pounds towards satisfaction of his debt. He did not have it.

So Old Hank was forced to appear before the citizens of London with an open hat.

Moreover, they refused him.

Can you imagine a president of the United States upon his knees before the citizens of Washington?

And these citizens being allowed to refuse him his money?

Freeman Tilden, from his neglected 1936 masterwork, A World in Debt:

Kings had power enough to contract debts, but found it much more difficult to take advantage of that power than the legally curbed monarchs [that followed later]. The feudal system, with its insecurity and constant clash of petty divisions, was not calculated to invite credit.

In distinct contrast, Hoppe argues, we find the democratic president:

A presidential government caretaker is not held liable for debts incurred during his tenure of office. Rather, his debts are considered “public,” to be repaid by future (equally nonliable) governments.

Perhaps this explains — at least in part — why the national debt of the United States runs to some $22 trillion?

It is a capital fact beyond all dispute:

Most democratic nations groan beneath bloated government… extortionate taxation… and Himalayan levels of debt.

How does this lovely, lovely state compare with the barbarous age of monarchs, Mr. Hoppe?

During the entire monarchical age until the second half of the 19th century… the tax burden rarely exceeded 5% of national product. Since then it has increased constantly. In Western Europe it stood at 15–20% of national product after World War I, and in the meantime it has risen to around 50%.

Government spending ran to roughly 10% of GDP prior to World War I. It currently nears 50% in many democratic countries.

Total government spending in this Land of the Free amounts to 36% of GDP — nearly 40%.

Perhaps in retrospect the world might have been made safe for monarchy in 1917.

And maybe our Colonial forefathers should have left old King George alone in 1775. His tax bite was so light… it failed to break the skin.

Our researches reveal that American Colonial taxation ran to about 1% of total income — 1%.

And between 1764 and 1775, claims political scientist Alvin Rabushka:

The nearly 2 million white Colonists in America paid on the order of about 1% of the annual taxes levied on the roughly 8.5 million residents of Britain, or 1/25th, in per capita terms…

As traitorous as it may appear, we are half-tempted to disinter King George’s innocent bones and throw them a much overdue parade.

But let us entertain no more thoughts of heresy.

Hoppe’s book is actually no call for monarchy. As the author himself states at the onset — “I am not a monarchist and the following is not a defense of monarchy.”

His primary purpose is to diagnose an illness — not to prescribe a cure.

Hoppe’s sins against democracy are nonetheless of the mortal variety. And mainstream academics put him under the excommunication for his blasphemies.

But to repeat, Hoppe does not call for monarchy. Nor do we.

Beneath our seditious motley beats the heart of an American patriot… and our blood runs true under red, white and blue.

Besides, a king could be every inch the scoundrel as an American president. And since he faces no election, how could we possibly count upon him to say amusing and idiotic things?

Let us therefore not discount the comedic value of democratic government.

In addition, monarchy is certainly no guarantee against bankruptcy — as history records well. More than a few ne’er do well kings have driven their realms to rack and ruin. Who can dispute it?

But it is due more to incompetent kingmanship than kingmanship itself. A Henry VIII can inherit a throne as easily as a Solomon. Regardless, it matters little…

Hoppe’s monarchic utopia will never be — not in today’s age of mass democracy.

But does it soften his case?

Winston Churchill famously quipped that democracy was the worst form of government except for the rest.

But upon further reflection, maybe monarchy is the worst form of government… except for the rest…


Brian Maher
Managing editor, The Daily Reckoning

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Will Trump Survive Debt “Super-Cycle”?

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The buck stops here, said Truman.

But Trump says it stops with the next fellow in line. Let it be the next president’s toothache.

Last year administration bean counters unfurled a worrisome chart before the president…

It revealed an approaching “hockey stick”-pattern spike in the national debt — but only after a possible second Trump term had concluded.

Came the president’s response, according to our well-placed spies:

“Yeah, but I won’t be here.”

As said King Louis XV when the squall clouds began forming over pre-revolutionary France:

“Après moi, le déluge.”

And what a déluge is on tap apres Trump — if not pendant Trump!

The United States is to its neck with red ink as is — some $21.8 trillion worth of federal debt alone.

The liquid rises by the day, by the hour, by the minute… drop by crimson drop.

Another good flooding rain or two and the entire head may go under.

GDP has increased 35% since 2008. But the national debt has increased 122%.

As it stands today, the nation’s debt-to-GDP ratio crests above a perilous 106%.

That is, America produces more debt than it produces goods and services.

Evidence suggests — though it is inconclusive — that the flood zone begins at a 90% debt-to-GDP ratio.

Meantime, Trump’s economic meteorologists promised this year’s tax cuts would “pay for themselves” through higher growth.

Overall federal spending has increased 7% this fiscal year. But tax revenues have increased only 1%.

And this year’s $895 billion budget deficit is 39% greater than last year’s.

Is this tax cuts “paying for themselves”?

Please, put us down for tax cuts. But put us down doubly for spending cuts to match them.

There is the way to fiscal solvency — if anyone will take it.

But of course… we do not seek elected office. Nor would we be elected upon this austere and uncaring platform.

Yet the Congressional Budget Office (CBO) estimates the deficit will top $1 trillion in 2019 — one year ahead of schedule.

That deficit will very likely exceed $1 trillion in 2020… and remain above $1 trillion for the next decade.

Perhaps the flood is closer than the president would prefer…

Billionaire hedge fund manager Ray Dalio has identified two separate debt cycles — short-term — and longer-term “super-cycles.”

Short-term cycles last some seven or eight years on average… and track with general cycles of boom and bust.

But of these super-cycles Dalio says:

“There are limits to spending growth financed by a combination of debt and money,” adding:

When these limits are reached, it marks the end of the upward phase of the long-term debt cycle. 

Dalio finds the “super-cycles” of debt usually endure 50–75 years.

The last super-cycle began shortly after World War II — which ended in 1945.

Thus we are hard against the 75-year upper limit of the present super-cycle.

Niels Clemen Jensen is founder and CIO of Absolute Return Partners.

“Debt super-cycles always end with a big bang,” he informs us.

And the longer the cycle… the louder the bang.

But to return to President Trump and the deluge he would avoid…

A former British diplomat with the unimprovable name of Alastair Crooke says Trump may soon need a rowboat:

It is Trump’s misfortune that his presidency seems to be coinciding with the end to not just “any” super-cycle, but to a turbocharged, global debt super-cycle, fueled by radical interest rate suppression and massive credit creation (which may explain its “longevity”). 

But Trump is not just unfortunate, says Crooke — but “doubly unfortunate.” How?

Because at the same time — for related reasons — the U.S. simply is running out of fiscal “space.” The Treasury has a big (trillion-plus) borrowing requirement in this and coming years, and foreigners are no longer buying U.S. debt. 

In conclusion:

For the first time in 70 years, the [world’s] reserve currency holder is finding it hard to finance itself — and in the current atmosphere of Washington polarization — the U.S. cannot reform itself, either. It is stuck.

Stuck… indeed.

Of course, we find no great fault with the sitting United States president.

The fellow inherited an Everest of debt far beyond one’s man ability to tackle, even if he tried.

The task would swamp an Andrew Jackson, the last — and only — president to fully retire the national debt while heaving up a balanced budget.

Old Hickory would be under the presidential desk within an hour on the job, sinking a bottle of Tennessee’s hardest whiskey.

So here we stand in late-stage American democracy.

And the American president must keep the business going — there is, after all, an election in 2020.

And cutting spending is no way to win votes.

Only one question remains:

When comes the deluge?


Brian Maher
Managing editor, The Daily Reckoning

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The 1 Budget Change to Make You Rich 

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Even more than our education, our habits reflect our lives. Habits are very easy to develop and very hard to break, and once they’re developed, they control our behavior—sometimes in ways that we don’t even recognize. Often these bad habits lead to other bad habits. It’s a vicious cycle.

For instance, many people want to be in shape. In fact, we’re only a few weeks away from that time of year when people start making resolutions to go to the gym and get fit. Emboldened, they go sign up for a membership and begin working out. Soon they realize that working out is hard and that it hurts.

That’s when the bad habits they’ve developed over the years creep in. They start hitting the snooze button. “Just ten more minutes and then I’ll get up and go to the gym,” they say.

Then ten minutes turns into an hour. “I’m running late for work! I can’t go this morning, but I’ll go at lunch,” they say.

At lunch, a friend wants to go get hot wings. “I’ll skip just this once,” they say. And so on. Before long, they’ve canceled the gym membership, and they’re back to their old unhealthy ways.

You can’t afford not to take action when it comes to your finances. And as I write today’s letter, a colleague of mine is gearing up for the biggest interview of his life. He’s going to show you exactly how you can break your bad money habits at 1pm EST today. And has blueprint to follow is not nearly as difficult as sticking to your workout plan.

When It Comes to Money, Most People Have Bad Habits

Many people I talk to want to be rich. They even read my books and understand what it would take for them to reach their financial goals.

But they lack the discipline to become rich. They may come to a seminar and leave excited about, and committed to, building their asset column and financial education, only to have their bad financial habits derail them.

For instance, they may want to set aside money for investing every month, but then they see a sale on some shiny new object they’ve wanted for a while.

“I’ll start investing next month,” they say. “I need to get this now so that I’ll save money.” Then, when the next month rolls around, they realize that they’ve gone out to eat a little too much and that they won’t have any money left over after paying their bills.

“I have to pay my bills,” they reason. “I’ll start investing next month.” Then another month comes and they’re in the same predicament. “I should adjust my budget,” they think.

But then they remember their favorite TV show is on. “I’ll do it tomorrow.” Before long, they give up on their goal of investing and let their bad habits win.

Rich Dad said that the rich had a very simple way of breaking bad money-habits. “The poor pay themselves last, and that is why they’re poor,” he said. “But the rich pay themselves first, and that is why they’re rich.”

The Difference Between Rich Dad’s Budget and Yours

Rich dad’s budget was different than most people’s because he treated his asset column as an expense—and his most important expense. Every month, no matter what, he put money aside for his investments, even if he didn’t have enough money for his other bills. As a young man, I didn’t quite understand.

“Are you saying you don’t pay your bills?” I asked.

“Of course not,” said rich dad. “I firmly believe in paying my bills on time. I just pay myself first…before I even pay the government.”

“What if you don’t have enough money?” I asked.

“I still pay myself first,” said rich dad.

“But don’t they come after you?”

“Yes,” said rich dad. “That’s why I always find a way to pay.”

How Budgeting Motivates the Rich

For rich dad, paying himself first motivated him to work harder and smarter to make sure to pay his bills and creditors. He used the fear of not being able to pay his bills, sometimes a situation created by paying himself first, to motivate him to make more money.

He worked extra jobs, started companies, traded in the stock market—anything he could to make sure he met his obligations. After paying himself first, he used the pressure from creditors to form good money habits.

“If I’d paid myself last,” said rich dad. “I would have felt no pressure…but I’d also be broke.”

Kim and I put rich dad’s advice into practice early in our marriage. We found that, just as he had promised, we learned to get motivated to find creative ways to make money. In the process, we learned more about ourselves and how to make money out of thin air.

What Does it Take to Get Rich?

Anyone who says that money isn’t important obviously has not been without it for very long.

The year 1985 was the longest and hardest of my life. Kim and I were homeless; we were unemployed, had little-to-nothing left in our savings, our credit cards were maxed out, and we were living in an old, brown Toyota.

After three weeks of that, a friend found out about our financial situation and invited us to stay in a basement room. We stayed there for over nine months.

During those times, Kim and I often fought and argued. Fear, hunger, and uncertainty has a way of shortening our emotional fuse, and we usually end up fighting with the one we love the most. Yet, love held us together through those hard times.

Get a Job?

We kept our financial woes quiet for the most part, but when a friend or family member found out about our struggles, the first question they always asked was, “Why don’t you get a job?”

At first, we attempted to explain ourselves, but it didn’t do much good. To someone who values a job, it’s difficult to explain why you might not want one. We had a few odd jobs here and there, but those were only to keep us fed and gas in the tank.

At the time, the idea of a safe, secure paycheck was certainly tempting. But we didn’t want safety and security. We wanted to be completely independent in the financial aspect of our lives.

By 1989, we were millionaires.

By 1994, we were in a position to never work another day in our lives.

No Money, No Problem

I often hear people say, “It takes money to make money.” This is not true. For Kim and me to go from homeless in 1985 to millionaires in 1989, and then to independence, money-wise, in 1994, it didn’t take money. We had no money when we started, and we were deeply in debt.

It also didn’t take a formal education. I have a degree, and I can tell you that achieving independence financially had nothing to do with what I learned in college.

I didn’t find much demand for my skills in calculus, spherical trigonometry, chemistry, physics, French, and English literature in the real world.

What Does It Take to Get Rich?

I’m often asked, “If it doesn’t take money to make money and schools don’t teach you how to become independent, money-wise, then what does it take?”

My answer: It takes a dream, a lot of determination, a willingness to learn quickly, the ability to use your God-given assets properly, and to understand how money works and can work for you.

All of the qualities necessary for getting rich, start with financial education—a type of education that you can’t get in a traditional school.

My financial education started with my rich dad, my best friend’s dad, and continues today through books, seminars, learned lessons, and mentors. From all these sources, I learned about cash flow, debt, business and investing, taxes, and more—and how to use each to make myself rich.

If you want to be rich, I can’t stress the importance of starting your financial education today. Take some classes, read a book, attend a seminar, and find a great coach.

It’s the most important investment you can make.


Robert Kiyosaki

Robert Kiyosaki
Editor, Rich Dad Poor Dad Daily

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Credit Card “DECLINED” Notice — And 3 Stocks So It Never Happens Again

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“Sorry, your card was declined.”

What the….!?!?

I was at the hospital cafeteria picking up some food for my little man who broke his arm this weekend. And for some reason my card wouldn’t go through. Was I really out of money?

The holidays can be stressful trying to make sure you cross everyone off on your shopping list. And then if you throw in some unexpected expenses like a trip to the emergency room, the stress can affect your finances!

Thankfully in my case, I just used the wrong pin for my debit card. But the experience made me think about how many families are spending money on holiday shopping this season.

More importantly, I started thinking about how you as an investor can protect your wealth and start cashing in on this year’s holiday spending.

Today, I want to show you three reasons why holiday shopping should be stronger than ever this year. And then we’ll take a look at three different ways to play this profitable trend.

So let’s get started!

Consumers Have More Reasons to Spend

Over the past year, we’ve talked a lot about the American “wealth effect.” Thanks to a strong job market, people have more money to spend, driving retail sales higher.

But in addition to that ongoing force, there are three additional reasons why shopping should be especially strong this year.

The first is tied to another trend we’ve been watching: the decline in oil prices.

Extra supplies of oil have been hitting the market driving oil prices lower. This means gasoline prices have also been dropping. And with less money being spent at the pump, consumers have more money left from every single paycheck. That money will come in handy when it’s time to buy those last minute holiday gifts!

A second reason shopping should pick up is low credit card debt.

Heading into the holiday season, consumers have been carrying lower credit card balances. That’s a smart financial move to keep from paying those awful credit card interest rates.

But knowing human nature, many shoppers will opt to spend more during this season, even if it means taking advantage of those credit limits. With more room to spend money on credit, we can expect to see higher holiday sales this year.

One final reason shopping should pick up this year is thanks to less inflation.

Inflation levels have been low over the past several years. And for us as shoppers, that means our money will go farther. I don’t know about you, but if I can still buy great gifts without paying unreasonable prices, I’ll definitely be in more of a buying mood.

Add these three drivers together, and it’s clear that this is going to be a season with plenty of spending here in the U.S.

But how do we take advantage of all of this spending?

I’m glad you asked!

Three Areas for Investors to Cash in on Spending

An obvious answer to how we profit from higher spending is by owning retail stocks.

But in today’s volatile market, you have to be very discerning with what you buy. After all, while retailers have reported strong revenues, some retail stocks have been moving lower alongside the broad market.

That gives us a chance to buy at a discount. But you’ll want to make sure you’re buying shares of companies poised to do very well this year.

Here are some great areas to start shopping for investment opportunities.

Maybe I’m biased because I have three teenage daughters. But I’ve been watching athletic apparel companies very closely this year. Stocks like Under Armour (UAA), Lululemon Athletica (LULU) and Columbia Sportswear (COLM) should be in great shape to move higher as sales beat expectations and investors jump in.

In some cases (like with LULU), the market pullback has given you a great opportunity to buy stocks that are growing, while paying a discount price. (Who doesn’t like a discount during the holidays!)

A second retail area to keep tabs on is the restaurant industry. Some of my favorite memories with my family have taken place going out to eat together. And with the culture in America getting busier — coupled with extra money to spend — it’s natural for more families to go out to eat.

A few attractive stocks in this area include Chipotle Mexican Grill (CMG), Cracker Barrel (CBRL) and Brinker International (EAT). When you hear Chipotle, you might think about the E. coli issues that they’ve had in the past. But the company has made headway in preventing issues like this from coming up again. And Chipotle’s commitment to fresh organic food should attract more socially conscious diners over time.

A final retail area to keep tabs on is the discount retail category. I’m talking about big stores that offer great deals like Walmart Stores (WMT), BJ’s Wholesale Club (BJ) and Costco (COST).

Even though consumers have more money to spend, there are still many shoppers (myself included) who want to make every dollar stretch. Stores that are famous for offering good products at discount prices will continue to grow revenue this holiday season.

And heck, you can probably make a profit from Costco based solely on the fact that I shop for our family of 9 there every week!

So there you have it… Three ways to profit from higher holiday spending in 2018.

I hope you’re enjoying this holiday season and remembering that while building our wealth is important, cash is only a tool to help us have more of an ability to focus on the things that really matter — like friends, family, and helping those that are less fortunate than ourselves.

Happy Holidays!

Here’s to growing and protecting your wealth!

Zach Scheidt

Zach Scheidt
Editor, The Daily Edge
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3 Steps to Reach Your Retirement Dreams

This post 3 Steps to Reach Your Retirement Dreams appeared first on Daily Reckoning.

It’s that time of year for a lot of people where your wallet and your “wants” aren’t on the same page.

It’s no secret that the average American isn’t good with money. As The Motley Fool reports, almost 70% of Americans don’t have even $1,000 in the bank. And “almost half of Americans claim that to cover a $400 emergency, they’d need to borrow the money or sell something quickly to round up the cash.”

The Fool goes on to share a U.S. Bank study that states only 41% of Americans budget their money. This, writer Maurie Backman thinks, is a big reason why money problems are so big in the US.

Money Problems

I agree that having a budget is an important first step to gaining ground in your personal finances. But having a budget alone won’t fix the underlying problems that most Americans have when it comes to money.

The good news is there’s a solution for people facing this. And you can get on the list to watch a privately broadcast interview to find out what it is.

Here are some startling statistics from a recent survey by the Center for Economic and Entrepreneurial Literacy:

  • 65% answered incorrectly when asked how many reindeer would remain if Santa had to lay off 25% of his eight reindeer because of the bad economy. (Hint: it’s two.)
  • 75% of people thought that it would take 15 years or less to pay off $5,000 in Christmas presents if they made the minimum payment on their credit card. (It would actually take 46 years!)
  • One in three people didn’t know how much money a person would be spending on gifts if they spent 1% of their $50,000-per-year salary.

Top that off with these statistics on women and money from the UK’s moneyfacts.co.uk:

  • Women are 43% more likely than men to feel like their income won’t cover their expenses.
  • They are 54% more likely to borrow money to cover expenses then men.
  • 28% haven’t made any plans for retirement.

And the picture becomes clear that everyone, especially women, is facing a crisis when it comes to their finances.

To prosper financially, it is imperative that everyone—men and women—learn how to invest.

Unfortunately, many don’t know where to start. The good news is it’s not that hard—and it can be fun!

I often tell people to start small with their first investment. However, let me be clear that this doesn’t mean you should think small. Quite the opposite. You should think big when it comes to where you want to go and what you plan to achieve.

The following are three simple steps to creating a winning investment plan that can change your financial future.

1. Determine How Much You Can Invest

A lot of people make the excuse that they don’t have any money to start investing. For most people this is simply not true. Rather, they spend their money on any number of things that they don’t really need and then have no money left over. The problem comes with how they budget.

When Kim and I were younger, we treated our investing as an expense in our budget. We determined how much we wanted to spend each month in investments, and we made sure that we paid that “expense” each and every month.

This, of course, meant we had to take a look at other expenses in our budget and cut some of them in order to pay the “expense” of investing. Do the same.

How much do you want to invest each month? What can you cut back on in order to make investing a priority? Make it a priority today, and it will become habit tomorrow.

2. Find Out What You Want to Invest In

Another reason many people are intimidated by investing is because they don’t understand the variety of things they can invest in. For most people, investing only means a 401(k) or the stock market. But the reality is there are so many other areas where you can invest.

For starters, take a look at the four main asset classes: paper, real estate, commodities, and business. Find out which asset class excites you most, and then drill down on the type of investments in that class that you want to learn the most about and put your time, money, and energy into.

For me, it was real estate. Kim and I started with single-family housing and then moved into apartment buildings. I could have done commercial real estate like office buildings or mini-storage, but I loved doing residential real estate.

The best part is by drilling down on it, I became an expert in it—all while having a blast!

3. Make Long-term Goals

Once you know how much you can invest and where you want to invest, make long term goals. Write them down and revisit them often.

For instance, if you invest in residential real estate like I did, maybe you make a goal of buying one rental house in your first year.

Then maybe you make a goal of buying two in the second year. Then you could have a goal to purchase a small apartment building by year five. Whatever it is you choose to invest in, have a plan to go big in the long-term and stick to it.

It will pay off. Today, Kim and I own thousands of apartment units in multiple states. I planned to do this, but I started with one house. You can too, no matter the type of investment you focus on.

A Different Holiday Focus

At this point, you’ve probably done your shopping—or at least started.

Maybe you’ve spent hundreds of dollars on toys and gadgets—some of you have spent thousands. I sincerely hope you haven’t spent too much on items that will probably be forgotten a year from now while it may have put yourself in a bad financial position.

It would be misguided to say that my message is just about money. Money is important, no doubt about it. And a big part of our message is getting smarter with your money. But at the end of the day, my lessons are about freedom and security—things that money brings.

My belief is that financial education creates a world that is freer and more secure. It is a world where you can enjoy your family because you have more time and you can rest easier at night because you know you’ve invested well and set your family up for financial security.

This holiday season, as the presents are opened, and the tables are set, take the time to really enjoy the loved ones in your life—your richest gifts. And take a moment to assess whether you’ve set them, and yourself, up for being independent financially—to get out of the Rat Race.

The best gift you can give your family is a sound financial education and a bright financial future.


Robert Kiyosaki

Robert Kiyosaki
Editor, Rich Dad Poor Dad Daily

The post 3 Steps to Reach Your Retirement Dreams appeared first on Daily Reckoning.

Here’s Why ‘A’ Students Work for ‘C’ Students

This post Here’s Why ‘A’ Students Work for ‘C’ Students appeared first on Daily Reckoning.

John Bogle, an entrepreneur, true capitalist and the founder of one of the world’s largest mutual fund companies, wrote in his book The Battle for the Soul of Capitalism concerns about the retirement system as a whole.

We’re in a crisis. But luckily, there’s a solution for those smart enough to listen.

He takes aim at CEOs of investment firms and believes retirement is going to be the next big financial crisis in this country. That’s a big deal, especially with so many people relying on distant retirement accounts to provide for their future security.

Bogle, an insider in the mutual fund industry, is disturbed by the greed he sees in his industry.

He says, “When I came into this business there were relatively small, privately held companies, and these companies were run
by investment professionals. Today, that has changed in every single respect. These are giant companies. They are not privately held anymore. They are owned by giant financial conglomerates, whether it’s Deutsche Bank, Marsh & McLennan, or Sun Life of Canada. Basically, the largest portion of mutual fund assets are run by financial conglomerates, and they are in the business to earn a return on their capital in the business—and not a return on your capital.”

Bogle points out that in mutual funds, you, as the investor, put up 100% of the money and take 100% of the risk. The mutual fund company puts up no money, takes no risk, and yet keeps 80% of the returns.

The investor gets back 20% of the gains (if there are even gains).

Warren Buffett Agrees

Warren Buffett is regarded as one of the greatest investors of our time. He is a capitalist. He is an entrepreneur. He is not a managerial capitalist. (Managerial capitalists are not entrepreneurs. They did not start the business. They do not own the business. As managerial capitalists, they have responsibilities, but take no personal financial risks).

This is what Warren Buffett has to say about these corporate money managers, managerial capitalists, most of whom are “A” students from great schools. He says, “Full-time professionals in other fields, let’s say dentists, bring a lot to the layman. But in the aggregate, people get nothing for their money from professional money managers.”

If this is true, it might be stated another way: Those who choose not to become financially educated or play an active role in their investments and, instead, turn their money over to professional money managers, are abdicating responsibility for their financial future—and, if Buffett is on target, getting little value for it. How great is the risk of turning your money over to a “professional” who brings little value to the undertaking of making your money work for you?

The Future of Education

Since the beginning of time, all a child had to do was focus on two types of education. They were:

  1. Academic Education: This education supports the general skills of learning how to read, write, and solve math problems. This is an extremely important education.
  2. Professional Education: This education provides more specialized skills to earn a living. The top students, the “A” students, become doctors, accountants, engineers, lawyers, or business executives. Other schools at this level are trade schools for students who want to become mechanics, construction workers, cooks, nurses, secretaries, and computer programmers.

What was missing?

Financial Education.

This is the level of education not found in our school system. This is the education of the future. Again, we advise kids to go to school to get a job and work for money, yet we teach them little or nothing about money.

The statistics tell a sad and sobering story: While 90 percent of students want to learn more about money, 80 percent of teachers do not feel comfortable teaching the subject. Someday, financial education will be part of the curriculum of all schools, but not in the near future.

Bureaucrats: “B” Students

The vast majority of students who graduate from our schools are “B” students. They’re taught, by and large, by “A” students, some of the brightest students who continue their education to become teachers. What becomes of those “B” students as they choose their path in life? It’s my opinion that they become bureaucrats.

My poor dad did well in school as an “A” student. He did well as a bureaucrat in the government.

Unfortunately, when it came to money, business, and investing, he missed out on the opportunity to gain real world knowledge. He could not survive in the cutthroat world of the big business and investment, while the “C” students and dropouts Steve Jobs, Bill Gates, Mark Zuckerberg, and hundreds of others find and develop their genius as true capitalists.

My rich dad was a dropout. He had to leave school to help run his family business. While he didn’t get a degree, he did get an education—running a business in the real world.

Using his education in the real world, my rich dad built a huge real estate empire and hired many “A” students to run his company. He did not need to be a valedictorian to be successful in the real world.

Rich Dad said, “The problem with the world is that it’s now run by bureaucrats.” He defined a bureaucrat as those in a position of authority—such as a CEO, president, sales manager, or government official—but who take no personal financial risks. Explaining further, he said, “A bureaucrat can lose a lot of money, but they do not lose any of their own money. They get paid, whether they do a good job or not.”

Rich dad said, “A true capitalist, an entrepreneur, knows how to take a dollar and turn it into a hundred dollars. Give a bureaucrat a dollar, and they’ll spend a hundred.”

And we wonder why we have a global financial crisis.

Become a “C” Student

Today, millions of people are relying on “B” students, bureaucrats taught by “A” students, from their financial well-being. The problem is that they don’t have your well-being in mind. They have theirs.

The message is simple: Success in the classroom does not ensure success in the real world. The world of the future belongs to those who can embrace change, see the future and anticipate its needs, and respond to new opportunities and challenges with creativity and agility and passion.

If you want to be rich and successful, traditional education, while helpful, is not enough. You need a strong financial education too; it’s an investment that pays dividends year after year.

How do you combat this? By becoming a “C” student—a capitalist.

Whether by investing or starting a business, you have to take control of your money and your retirement, not trust it in the hands of those who don’t have your best interests in mind.

Today, I encourage you to start learning how to make your own money work for you—not others.


Robert Kiyosaki

Robert Kiyosaki
Editor, Rich Dad Poor Dad Daily

The post Here’s Why ‘A’ Students Work for ‘C’ Students appeared first on Daily Reckoning.

4 Pillars of Debt in Danger of Collapse

By Nomi Prins

This post 4 Pillars of Debt in Danger of Collapse appeared first on Daily Reckoning.

Last month I was in a series of high-level meetings with members of Congress and the Senate in Washington.

While there’s been major news about the Supreme Court, my discussions were on something that both sides of the aisle are coming to consensus over.

You see, issues that impact your own bottom line are way more about economics than they are about politics. On Capitol Hill, leaders know that. They also know that voters react to what impacts their money. That’s why, behind the scenes, I’ve been discussing issues focused on protecting the economy.

Behind closed doors, we’ve been working on how to shield the economy from Too Big to Fail banks and how the U.S. can better fund infrastructure projects. These are initiatives that all politicians should care about.

Underneath the surface of the economy is a financial system that is heavily influenced by the Federal Reserve. That’s why political figures and the media alike have all tried to understand what direction the system is headed.

Also last week I joined Fox Business at their headquarters to discuss the economy, the Fed and what they all mean for the markets. On camera, we discussed this week’s Federal Reserve meeting and the likely outcomes.

Off camera, we jumped into a similar discussion that those in DC have pressed me on. Charles Payne, the Fox host, asked me what I thought of new Fed chairman, Jerome Powell, in general. Payne knew that I view the entire central bank system as a massive artificial bank and market stimulant.

What I told him is that Powell actually has a good sense of balance in terms of what he does with rates, and the size of the Fed’s book. He understands the repercussion that moving rates too much, too quickly, or selling off the assets, could have on the global economy and the markets.

Savvy investors know that if the U.S. economy falters, because everything is connected, it could reverberate on the world.

That’s why I could forecast that the Fed would raise rates by 25 basis points last week ahead of time. And they did. However, there’s now even less reason to believe the Fed will raise rates at the next meeting in December.

Why is that?

First, Powell has made clear that he doesn’t see inflation heating up as a threat. Second, even though last quarter’s GDP growth figures were relatively high, the reality is that much of that growth came from trade war spending and preparation.

Another big chunk of the GDP growth the U.S. has experienced is based on debt. When considering the real problem of debt, the record consumer debt numbers in the U.S. paints a picture so that you can see how and why the Fed will likely have to reverse course.

At a time when we find ourselves “celebrating” the 10-year anniversary of the collapse of my old firm, Lehman Brothers, and the government bailout of banks, the structure of big banks has really not changed. They remain Too Big to Fail.

The big banks got subsidies and were propped up by quantitative easing (QE) to resurrect themselves into appearing financially healthy. The same cannot be said of all consumers in the country.

It’s consumers that have now piled on debt — and at much higher interest rates than the banks and large corporations have been given.

Indeed, to make ends meet, there have been four main pillars of consumer debt that have hit new records.

According to a recent New York Federal Reserve Bank report, total consumer debt is at higher levels now than going into the financial crisis.

By breaking down what that debt is, you can best understand how to navigate the world of finance, understand your own portfolio better and make more sound investments.

Here they are:

Overall Household Debt.

The state of household debt, which literally takes into account the combined debt within a given household, continues to flash red. According to a 2017 household financial survey by the Fed, “About one-quarter of U.S. adults have no retirement savings. And 41% say they would not have enough savings to cover a $400 emergency expense.”

The overall level of consumer debt has hit a new record. It’s now $618 billion higher than it was at its prior peak at $12.68 trillion during the third quarter of 2008 – right before the onset of the financial crisis.

The total borrowing of Americans hit $13.29 during the second quarter of this year. That’s up $454 billion from a year earlier. The fact is that borrowing has risen for 16 consecutive quarters.

Credit Card Debt.

The total of U.S. credit card loans has increased by $45 billion this year to a massive $829 billion total.

Despite cheap rates for banks, the average credit card interest payment rate is 15.5%. It was at 12.5% only five years ago. And, yet people keep borrowing.

The total revolving credit card debt now stands at a record of $1.04 trillion, higher than its last 2008 peak.

Borrowers have paid a painful $104 billion in credit card interest and fees in just the last year. That figure is up 11% from the prior year, and up 35% over the past five years.

What you should know if you have a credit card is that if the Fed continues to raise rates, that any associated debt will become even more expensive.

Student Loan Debt.

During my meetings in Washington and with even media figures, student debt continues to be a central topic of concern. The fact is, student loans cannot be given bankruptcy status and therefore are much more complex when evaluating the U.S. economy.

Currently, the amount of student loans grew to $1.41 trillion in the second quarter of 2018. That figure has nearly tripled since the beginning of the financial crisis. Student loan debt is now the second highest consumer debt held.

That crippling amount of debt makes it harder for graduates to find jobs that will help them alleviate the costs of their education. It also means that those with student loans will have …read more

From:: Daily Reckoning

Learn How to Earn… and Actually Keep Your Earnings

By Kyle Smith

Robert Kiyosaki

This post Learn How to Earn… and Actually Keep Your Earnings appeared first on Daily Reckoning.

In the U.S. we are obsessed with football—the American kind.

Every year, each of the 32 professional teams perform a draft where they pick the best player from college teams across the country and pay them extraordinary amounts of money. The National Football League Commissioner stands at the podium in front of a live and nationally televised audience and announces their name along with the team they will call home. For some, this is the culmination of a life-long dream.

For these young men in their 20’s, getting signed to a multimillion-dollar contract is also a part of that dream. For most, they will receive more money over the next four or five years than they could ever imagine. Families and friends, and shady advisors, have been waiting for this payday since the moment they started playing the game.

The worst part of this fairytale is that 78 percent of NFL players will go bankrupt within two years of retirement according to Sports Illustrated.

Whether it’s football, the lottery, an inheritance—when people suddenly come into money, more often than not, they are unprepared for how to deal with the windfall.

NFL cornerback Richard Sherman credits Rich Dad Poor Dad for his success with money after receiving a $57.4 million-dollar contract.

“None of us really grew up with… financial literacy,” Sherman told CNBC Make It.

Sherman says he sees players taking more control of their financial future: “People in my sport, in my field, are definitely becoming more educated and trying to be more intelligent with how they play for the money and understanding where their money is going.”

Two Mindsets About Work

My poor dad said, “Job security is the most important thing.”

My rich dad said, “Learning is the most important thing.”

These two statements represent two fundamentally different mindsets about work. When you look at work as simply a way to make money, so you can then do other things, it is impossible to think of it as a means to any other end.

But there are also those who will have a light turn on, realizing that work can be a path to something greater, even if you aren’t paid or are paid very little. In order to be successful, you have to work to learn, not to earn.

It’s all about what your goals actually are, as you put work into something…

In fact, mindset most often is the dividing line between those who are successful in life and those who are not. In the NFL there are many players who do not have the natural skills and talents, but they thrive. They show up, put in the work, and continually learn and grow. They listen to their coaches. They surround themselves with smart people who lift them up instead of pulling them down. They have a mindset of success—the mindset of a pro.

If only players put in as much work to learn about money as they do on the field, more players would be prepared to handle their new-found fame and fortune.

The Learning Mindset

In the movie Jerry Maguire, there are many great one-liners. But there is one that I found particularly truthful. Tom Cruise’s character is leaving his high-paying job to start his own agency after being fired, and he says, “Who wants to come with me?” The whole place is frozen and silent, looking down at him. Finally, one woman pipes up and says, “I’d like to, but I’m due for a promotion in three months.”

Sadly, as mentioned above, this is the mindset of most people when it comes to work. Rather than look at work as an opportunity to grow and learn, they look at work as a necessary evil and try to get as much money from their job as possible.

As a young man, I faced the same decision as the woman in Jerry Maguire. After graduation from the Merchant Marine Academy, I had a good career ahead of me. My first job was on a Standard Oil of California oil-tanker fleet as third-mate. I made a lot of money for the time, $42,000 a year, including overtime, and only had to work seven months of the year. My poor dad was very happy.

After six months, however, I resigned my position with Standard Oil and joined the Marine Corps. My poor dad was devastated, but my rich dad congratulated me.

The reason I joined the Marine Corps was to learn new skills. I wanted to learn how to be a pilot and to learn how to lead others into difficult situations. I knew that the leadership skills I learned in the Corps would benefit me greatly in life and business.

After my tour of duty, I had the opportunity to get a steady paying job as a commercial airline pilot. Instead, however, I took a job with Xerox as a salesman. Again, my poor dad was devastated, and my rich dad was happy. Though I could have had a comfortable life as a pilot, I wanted to learn the skill of sales. I knew that skill, coupled with the leadership skills I learned in the Marine Corps, would make me rich.

Work to Learn Not to Earn

The NFL has a dark and clever nickname: “Not for Long.”

Careers are short-lived. They never know when they’ll get cut or get injured. They can do nothing but hope for a long career.

Luckily the NFL is working hard to educate these young players and prepare them for life after football. They learn about finances, insurance, and how to handle their new lifestyle.

Some take it more seriously than others.

Will you work to earn, holding onto security over opportunity? Or, will you work to learn (and get a financial education), giving up some security to embrace greater opportunity?

Most people will follow the conventional wisdom and choose to work to earn. But if you want to be rich, I recommend that you work for what you want to learn rather than what you want to earn. Figure …read more

From:: Daily Reckoning