A Partnership is Formed

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LukeLewis

LukeLewis

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I take issue with the title of this post. I'm reading Rich Dad Poor Dad by Robert Kiyosaki and I'm up to Chapter 2, Section 1. I have a feeling Robert will explain what he means by the rich don't work for their money, but as it stands right now, I've heard this argument before and I don't like it. I had a friend once who claimed that CEOs sat around all day with their feet up on their desks. He actually thought they did no work at all. If that's true, I wondered, how did they make it to the positions they made it to? People don't just give things away. Even fathers who found businesses will fire their children if they don't produce. And boards of corporations would trash a CEO after the first quarter if nothing came of his tenure. Shareholders...the big ones - not the friendliest of people when you start messing with their money. I do have to tell you that my friend was one of those types of people who didn't respect the brain. If it wasn't done with muscle and backbreaking labor, it wasn't done at all. So I'm not sure there was any arguing with him.

Anyway, I just finished the section where Robert asks his father how to become rich. He explained that he wasn't invited to go on a trip with some friends because he was one of the "poor" kids at school. After he asked his father the question, his father answered with some sort of riddle that went nowhere. If I had asked that very same question to my father when I was nine years old, he'd have yelled, "Get a job!" He was a simple man. Not a rich man, but a simple one. He worked hard and made decent money, but I have to say, he knows nothing of wealth, just like Robert's father knew nothing of it either. I'm not sure if it's a lack of willingness to learn with these people or just a stubbornness about what wealth is and what it means. Perhaps it's so out in left field that fathers of yesteryear didn't spend any time thinking of such things. Wealth was for those other people.

Believe it or not, I actually planned on being rich when I got older. I used to fight with my parents for not being able to afford certain items when I was younger. They'd say things like, "You think money grows on trees?" To which I'd reply, "I'm not going to have these types of problems. I plan on being rich when I grow up." I kid you not. I said that. I really did. It never occurred to me that being rich and not being rich was more than a decision someone made. It actually required the desire, the brains, and the stamina. I really think that most people who aren't rich don't have the desire. Even if a friend of theirs laid out the perfect plan to follow and guaranteed success after a few years, I bet they'd still not go ahead with it. We're a nation of lazy people here in the U.S. We really are. Obviously, there are many wealthy individuals among us, but why is it that first generation immigrants to this country make up so much of the business force and wealth creation? And why is it that second generation immigrants don't match the success rates of their parents when it comes to wealth creation and entrepreneurship? Those kids can't hold a candle to their parents. They call it Americanization. They say the kids have become Americanized. It's not that the kids are lazy, per se, it's just that their standards are higher. Those who were born in this country don't want to own a dry cleaning company, an Italian restaurant, or a home remodeling company. These kids want to be computer programmers, academics, and doctors. That's fine, but it's just those very types of jobs that will lead you straight into the rat race. You really need to work in those jobs. Work, work, work. It takes a lot to make a paycheck and those paychecks aren't as big as you think they are.

Let me give you one quick example. I was reading about Chinatown in New York City last night. If you aren't aware, it's become quite gentrified over the past few decades. The last time I visited Canal Street in Chinatown, it was thriving with small business. The entire area was run by moms and pops. The people owned the businesses and the buildings the businesses were housed in. They were extremely shrewd. What do I mean, you ask? Well, let me tell you. Apparently, Chinatown is a hot spot in NYC. A run down and dilapidated building I used to frequent for chachkies recently sold for $24 million. Yes, you read that correctly. So I'd say the people who first bought the real estate and worked hard their entire lives made out like bandits. The same thing is going on all over the place in that area. The first generation Chinese immigrants are walking away from their businesses multi-millionaires. How are their children faring? Probably just fine. They're most likely hard working doctors and lawyers. They work for big firms, make decent money, but own nothing. Does the doctor own the building he or she works out of? Probably not. It's most likely some sort of cooperative or hospital and they get a paycheck that will help put their kids through college. They're not going to walk away millionaires. Not even close. As a matter of fact, at the rate things are going in this country, there's a good chance they'll still be holding their mortgage until the day they die. It's not good.

When Robert Kiyosaki was nine years old, he and his friend Mike tried to get rich. They started up a small business making counterfeit nickels. It ran just fine until they were informed by Robert's father that what they were doing was indeed illegal. While the two young boys were certainly disappointed, Robert's father suggested they talk about money with Mike's father. Robert's father admitted that as a school teacher, he knew nothing about wealth creation, but that Mike's father had businesses all over town. He'd be the one to discuss these types of things with. Armed with this knowledge, they set up an appointment for the next Saturday.

It's fine if your life goal isn't to make as much money as you can. And to be honest, I think there's something a little different about those super rich types up in their heads. We're all obviously wired differently and making tons of money isn't in some of our DNA. It just isn't. I do think that you should consider different avenues of making money and at least educate yourself about how to become wealthy. I'm always astounded by how important money is to every single one of us, yet very few of us ever take the time to actually learn about it.

If you'd like to learn about money, I suggest you to begin by picking up a book like Rich Dad Poor Dad and start reading. I'll continue this post down below very soon.

This post is part of a series: Rich Dad Poor Dad by Robert T. Kiyosaki
 
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A Partnership is Formed was posted on 06-05-2021 by LukeLewis in the Finance Forum forum.

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