In Chapter 4, Lesson 3 of “Rich Dad Poor Dad” by Robert T. Kiyosaki, the author wrote on the topic “Mind Your Own Business”.
Without really understanding the full content of the chapter teaching, we can be easily swayed away by other ideas, based on the name of the topic alone. In this chapter, there was a great example of the nature of Ray Kroc’s business, the founder of McDonald’s, a famous brand and icon that is very well known around the world. Even I did not realised the there was more other business behind this business. Selling hamburger franchise was the primary focus, however, the location and real estate were the key factors in the success of each McDonald’s franchise.
This is the 3rd secret of the rich – “Mind Your Own Business”.
Our current education system and society produces great workers and professionals, when they entered the workforce, they would be working all their life for someone else, minding somebody else business and making them rich.
- To end your financial struggle and be financially secure, we must mind our own business, revolving and involving our business building our asset column. Therefore, people would ask, “What kind of assets should we acquire?”. The assets could fall into the following categories:
- Businesses that do not require your presence
- Stocks
- Bonds
- Unit Trusts
- Real Estate
- Anything else that has value and produces income
By focusing and building our assets column and we must also remember to reduce our liabilities and expenses. Many times, we tend buy luxuries first because we wanted to look good to others, but this only increased our liabilities and expenses, getting into debts.
Therefore, why not make it your first step to build and grow your assets column, when it has grown significantly in the future, you would be able to reward yourself with your the luxuries that you wanted but at no expense or liability at all ?
Or no matter what, you still want to look good in front of other people with your high class luxuries, irregardless of your financial situation, even to the extent of getting into huge debts ?
Are you shortchanging yourself today ? Have you thought about your future when you can’t work or in your retirement days and you have no assets/cash/income but full of debts and liabilities ?
Well, would you like to MIND YOUR OWN BUSINESS ?