Rich Dad, Poor Dad

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who controls the past controls the future, who controls the present controls the past. classes on financial planning and buying of traditional investments. They are great places to start. So I always search for a faster formula. That is why, on a fairly regular basis, I make more in a day than many people will make in their lifetime. Another side note. In today's fast-changing world, it's not so much what you know anymore that counts, because often what you know is old. It is how fast you learn. That skill is priceless. It's priceless in finding faster formulas-recipes, if you will, for making dough. Working hard for money is an old formula born in the day of cave men. 5. PAY YOURSELF FIRST: The power of self-discipline. If you cannot get control of yourself, do not try to get rich. You might first want to join the Marine Corps or some religious order so you can get control of yourself. It makes no sense to invest, make money and blow it. It is the lack of selfdiscipline that causes most lottery winners to go broke soon after winning millions. It is the lack of self-discipline that causes people who get a raise to immediately go out and buy a new car or take a cruise. It is difficult to say which of the ten steps is the most important. But of all the steps, this step is probably the most difficult to master if it is not already a part of your makeup. I would venture to say that it is the lack of personal self-discipline that is the No. 1 delineating factor between the rich, the poor and the middle class. Simply put, people who have low self-esteem and low tolerance for financial pressure can never, and I mean never, be rich. As I have said, a lesson learned from my rich dad was that "the world will push you around." The world pushes people around not because other people are bullies, but because the individual lacks internal control and discipline. People who lack internal fortitude often become victims of those who have self-discipline. In the entrepreneur classes I teach, I constantly remind people to not focus on their product, service or widget, but to focus on developing management skills. The three most important management skills necessary to start your own business are: 1. Management of cash flow. 2. Management of people. 3. Management of personal time.
who controls the past controls the future, who controls the present controls the past. I would say, the skills to manage these three apply to anything, not just entrepreneurs. The three matter in the way you live your life as an individual, or as part of a family, a business, a charitable organization, a city or a nation. Each of these skills is enhanced by the mastery of self discipline. I do not take the saying "pay yourself first" lightly. The <strong>Rich</strong>est Man in Babylon, by George Classen, is where the statement "pay yourself first" comes from. Millions of copies have been sold. But while millions of people freely repeat that powerful statement, few follow the advice. As I said, financial literacy allows one to read numbers, and numbers tell the story. By looking at a person's income statement and balance sheet, I can readily see if people who spout the words "pay yourself first" actually practice what they preach. A picture is worth a thousand words. So let's again compare the financial statements of people who pay themselves first against someone who doesn't. People who pay themselves first +------------------------+ Job--------------->|Income |---- ^ |------------------------- | | | Expense | | \ +------------------------+ | \ +--------------------------------------< ----\-----|------------------------+ | Assets | Liabilities | | | | |_________|____________| Someone who pays everyone else first- Often there is nothing left +------------------------+ Job--------------->|Income | |------------------------- | Expense | ----> Nothing left! +------------------------+ -----------------------------------+ | Assets | Liabilities |
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Rich Dad, Poor Dad

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