Rich Dad, Poor Dad

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who controls the past controls the future, who controls the present controls the past. golfer who has never lost a golf ball. I've never met people who have fallen in love who have never had their heart broken. And I've never met someone rich who has never lost money. So for most people, the reason they don't win financially is because the pain of losing money is far greater than the joy of being rich. Another saying in Texas is, "Everyone wants to go to Heaven, but no one wants to die." Most people dream of being rich, but are terrified of losing money. So they never get to Heaven. <strong>Rich</strong> dad used to tell Mike and me stories about his trips to Texas. "If you really want to learn the attitude of how to handle risk, losing and failure, go to San Antonio and visit the Alamo. The Alamo is a great story of brave people who chose to fight, knowing there was no hope of success against overwhelming odds. They chose to die instead of surrendering. It's an inspiring story worthy of study; nonetheless, it's still a tragic military defeat. They got their butts kicked. A failure if you will. They lost. So how do Texans handle failure? They still shout, 'Remember the Alamo!'" Mike and I heard this story a lot. He always told us this story when f he was about to go into a big deal and he was nervous. After he had done all his due diligence and now it was put up or shut up, he told us this story. Every time he was afraid of making a mistake, or losing money, he told us this story. It gave him strength, for it reminded him that he could always turn a financial loss into a financial win. <strong>Rich</strong> dad I knew that failure would only make him stronger and smarter. It's not that! he wanted to lose; he just knew who he was and how he would take a loss. He would take a loss and make it a win. That's what made him a winner and others losers. It gave him the courage to cross the line when others backed out. "That's why I like Texans so much. They took a great failure and turned it into a tourist destination that makes them millions." But probably his words that mean the most to me today are these: "Texans don't bury their failures. They get inspired by them. They take i their failures and turn them into rallying cries. Failure inspires Texans to ' become winners. But that formula is not just the formula for Texans. It j is the formula for all winners." Just as I also said that falling off my bike was part of learning to ride. I remember falling off only made me more determined to learn to ride. Not less. I also said that I have never met a golfer who has never lost a ball. To be a top professional golfer, losing a ball or a tournament only inspires golfers to
who controls the past controls the future, who controls the present controls the past. be better, to practice harder, to study more. That's what makes them better. For winners, losing inspires them. For losers, losing defeats them. Quoting John D. Rockefeller, "I always tried to turn every disaster ' into an opportunity." And being Japanese-American, I can say this. Many people say that Pearl Harbor was an American mistake. I say it was a Japanese mistake. From the movie Tora, Tora, Tom, a somber Japanese admiral says to his cheering subordinates, "I am afraid we have awakened a sleeping giant." "Remember Pearl Harbor" became a rallying cry. It turned one of America's greatest losses into the reason to win. This great defeat gave America strength, and America soon emerged as a world power. Failure inspires winners. And failure defeats losers. It is the biggest secret of winners. It's the secret that losers do not know. The greatest secret of winners is that failure inspires winning; thus, they're not afraid of losing. Repeating Fran Tarkenton's quote, "Winning means being unafraid to lose." People like Fran Tarkenton are not afraid of losing because they know who they are. They hate losing, so they know that losing will only inspire them to become better. There is a big difference between hating losing and being afraid to lose. Most people are so afraid of losing money that they lose. They go broke over a duplex. Financially they play life too safe and too small. They buy big houses and big cars, but not big investments. The main reason that over 90 percent of the American public struggles financially is because they play not to lose. They don't play to win. They go to their financial planners or accountants or stockbrokers and buy a balanced portfolio. Most have lots of cash in CDs, low-yield bonds, mutual funds that can be traded within a mutual-fund family, and a few individual stocks. It is a safe and sensible portfolio. But it is not a winning portfolio. It is a portfolio of someone playing not to lose. Don't get me wrong. It's probably a better portfolio than more than 70 percent of the population, and that's frightening. Because a safe portfolio is a lot better than no portfolio. It's a great portfolio for someone who loves safely. But playing it safe and going "balanced" on your investment portfolio is not the way successful investors play the game. If you have little money and you want to be rich, you must first be "focused," not "balanced." If you look at anyone successful, at the start they were not balanced. Balanced people go nowhere. They stay in one spot. To make progress, you must first go unbalanced. Just look at how you make progress walking.
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Rich Dad, Poor Dad

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