The Art of Making a Mistake
Instead of instructing his son and me to avoid mistakes, rich dad taught us the art of making a mistake and gaining wisdom from it. During one of those lessons, rich dad said, The first thing that happens after you make a mistake is that you become upset. Everyone I know gets upset. That is the first indication of a mistake, said rich dad. At this point of upset, you find out who you really are. What do you mean, Who you really are asked Mike. Well at a moment of upset, we become one of these...
Affording the Good Life
A recent article reinforces my rich dad's point of view. The article, Affording the Good Life in an Age of Change, was in the Strategic Investment Newsletter, published by James Dale Davidson and Lord William Rees-Mogg. These two men have also co-authored several best-selling books Blood in the Streets, The Great Reckoning, and The Sovereign Individual. These books have dramatically affected the way I invest and how I look to the future. Davidson is the founder of the National Taxpayers Union,...
The 9010 Rule of Money
My rich dad appreciated Italian economist, Vilfredo Pareto's discovery of the 80 20 rule, also known as the Principle of Least Effort. Yet when it came to money, rich dad was more aware of the 90 10 rule which meant that 10 of the people always made 90 of the money. The September 13, 1999, issue of The Wall Street Journal ran an article supporting my rich dad's point of view on the 90 10 rule of money. A section of the article read For all the talk of mutual funds for the masses, of barbers and...
Do You Want to Be More than an Average Investor
This book is much more than just a book about investing, hot tips, and magic formulas. One of the main purposes for writing it is to offer you the opportunity to gain a different point of view on the subject of investing. It begins with me returning from Vietnam in 1973 and preparing myself to begin investing as a rich investor. In 1973, rich dad began teaching me how to acquire the same financial power he possessed, a power I first became aware of at the age of 12. While standing on the sandy...