Friday, 26 May 2017

Go into debt to get wealthy? Here's how: - Robert Kiyosaki

As a young man I was in the Marine Corps in Honolulu. I asked my Rich Dad how to get rich. He told me to take a Real Estate course. When I asked him to teach me, he said, “I don't have time to teach idiots. Your job is to be a student, then I'll teach you.”

A little while later I remembered Rich Dad’s advice and signed up for three-day course called “Learn How to Invest in Real Estate: No Money Down!”

In Real Estate, you use debt to get rich. When people complain about being poor, I say, “you're an idiot.” If you misunderstand debt, you’ll stay poor.

The Real Estate instructor said, “this is your education: look at 100 properties in 90 days, and write them up.” After 30 days, half the class had quit. They’re poor today because they couldn’t stick it out for 90 days. After 60 days, another half had quit. After 90 days, only 6 of us were left. Today we are all multi-millionaires.

How? We didn’t stop until we found what we were looking for. Only after getting through 100 properties in 90 days did I know which property to buy.

I still remember it: a little Maui beachfront condo in foreclosure. I walked in already knowing the numbers. A 1-bedroom condominium was $18,000, 10% down! I put it on a credit card. My first property was 100% debt. That was a very valuable education. - Robert Kiyosaki

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