How to Escape the Rat Race

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LukeLewis

LukeLewis

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To extract yourself from the rat race, there are a few things you need to do. Sharon mentioned some of these things in her intro, but I'll add a few more. She claimed that you'll need to learn about accounting and investing. I completely agree with her. I'll add to those though, you'll also need to learn about taxes and how to lose the guilty feeling of working less while earning more. This last one is the most important, in my opinion. I was personally raised to be a mule. A worker who never quit. If I wasn't working, I felt horrible. And believe it or not, I still do. One of my greatest enjoyments is being productive. I will tell you that I make most of my money while sleeping though. It took a long time to get used to that. I've gone away for weeks on end and had done hardly any work during that time. Upon return, I found piles of money sitting in my accounts. The trouble was, I didn't think I earned it. Somehow, I was doing something wrong. The truth is, I wasn't. It was how people made money when they weren't part of the rat race.

There are some great examples from different types of people in the introduction. These people were playing Robert's new game about finance and wealth. One of the characters was a business owner who claimed that he didn't need to learn about finance, taxes, or investing. He said that he had "people" who take care of that sort of thing. You know, accountants, consultants, and lawyers. To which Robert replied, "Have you ever noticed how so many real estate brokers, stockbrokers, and accountants aren't wealthy people?" He used the example of being stuck in traffic on the way to work and looking over to see your accountant stuck in the same traffic. It's the rat race. It's got almost all of us.

The computer programmer of the group claimed that by learning the software the professionals use, he could become rich, to which Robert replied, "You can purchase and learn as much software as you want, but that won't teach you how to apply anything to the real world." I'm paraphrasing Robert's words here and above, by the way.

I agree with Robert wholeheartedly when he says that one of the greatest disservices you can do for a child is to send him off to college to learn random topics in random classes or to learn specific skills for specific professions. He believes in a much more general (and financial) approach. Now, I have to interject here because, yes, if you would like to become a computer programmer, you'll need to take classes specific to that. Or a doctor. Or an engineer. Again, this book is targeted specifically to those who are entrepreneurially inclined. And to those who would like to become wealthy. I've never heard of a wealthy computer programmer who stayed a programmer for his entire life. It's always those who break out of the programming field to join the investing or business fields who make it rich. But really, you're not doing your child any favors at all by sending him or her to college to major in the history of Budapest between the years of 1810 and 1941. This is the type of thing they can study on their own after leaving school. There's no reason in the world to waste all that money for housing and tuition and the opportunity to learn under talented instructors for something like that. Unless, of course, your child is planning on staying in academia forever. But even that is risky. There's not much of a demand for that type of person. Employment in academia is changing rapidly. Today, one professor can teach algebra to an entire nation online. There's simply no need for 3,000 different algebra professors.

Have you ever heard anyone complain about their job? I'm guessing your answer to that question would be a resounding yes. I've heard just about everyone I've ever met complain about their jobs. They complain about all different aspects of them, but when I cut through the noise and really delve into what it is exactly they're complaining about, it always ends up being the same thing. Control. These people have absolutely no control over their destinies. They have no control over their employment either. I worked for a company once for five years and every single day I entered the building, I expected to be fired. The reason for this was that I saw a lot of people fired from their jobs in the same building. About two years in, I began using the extra time I had at my desk to build out my own business. By the time I was five years deep, I was earning multiples through my business of what I was getting paid for my regular job. That's when I quit and in over 15 years, I've yet to return to an employment position. And believe me, I've made a lot of money through the years. I would never have made close to the money I've made working for myself, working for someone else. Never.

Let me ask you a question. Why is it that some parents make every effort to send their child to college while other parents don't care that much? Sure, some parents know their children aren't college material. For these kids, either no education at all is just fine or perhaps sending them to a trade school would be beneficial. But for the parents who send their children to the best colleges possible, why do they do that? What's the primary goal? If you can't figure it out, I'll tell you. It's to find a good job when they graduate. Period. There's no other reason. If the reason was merely to become educated, we all know there are many different methods for achieving that. There are online classes today, thousands upon millions of books, tutors, apprenticeships, many things. The reason parents and children alike compete like mad to get into the very best schools is to raise employment prospects after school. And the reason they're trying so hard to get a good job is for the money. Trust me when I say this, no child who just inherited a billion dollars is going to try very hard in college, or even attend at all. I don't care who they are. So we need to be honest with ourselves when we say that kids go to school for the ultimate reward of money. And that's fine for most people, but what if your child is special? Maybe they're especially gifted and ambitious. What if they've been mowing lawns and shoveling the snow off neighbors' sidewalks since they were ten years old? What if they acquired the taste of money at a very young age? What if you see promise in them that would lead them towards wealth in the future? Real wealth. What if they're a teenager and they're already earning more than you are? Would you still send them off to college or would you seek out better training somewhere else?

This post is part of a series: Rich Dad Poor Dad by Robert T. Kiyosaki
 
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How to Escape the Rat Race was posted on 06-05-2021 by LukeLewis in the Finance Forum forum.
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