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6 Praying To Get Results Gethsemane He prayed, "Father, if thou be willing, remove this cup from me: nevertheless not my. The Business of the 21st Century PDF Summary by Robert Kiyosaki sends a simple, but powerful message: don't be an E, be a B. Here's how. PDF | The corporation is at a crossroads. The businesses that we have grown up with and the business models that underpin them face deep challenges.
The Rules Have Changed The Silver Lining Where Do You Live? Your Core Financial Values The Mindset of an Entrepreneur Its Time to Take Control!
When the going gets tough. What do the Microsoft and Disney empires have in common. Ready for the good news? Five years ago. A recession is the best time to start your own business. So when somebody says. When times are bad is when the real entrepreneurs emerge. They break out of their comfort zones and take initiative to help make ends meet.
They were both launched during a recession. For one thing. Here is how I answered: This is the best time. In times of economic uncertainty. In fact. When the economy slows down.
That U. Paul Zane Pilzer. But now that layoffs are rampant and everyone is worried about what the future holds. Entrepreneurship and Opportunity in 21st Century America: Another poll. Chamber of Commerce report I mentioned also refers to a Gallup poll finding that 61 percent of Americans say they would prefer to be their own boss.
The idea of going into business for yourself was most often regarded as risky. C hapter 2: The Silver Lining everywhere. Paul talks about a degree shift in cultural values around the nature of career paths. Chamber of Commerce said in a report titled Work. Paul is a whiz kid.
People today are hungrier than ever to earn extra money. At the time. People are waking up to the fact that they want more control over their lives. Have you ever wondered where the idea of retirement at age 65 came from? Otto von Bismarck.
The Prussian system is for mass-producing employees. During the Agrarian Age. These farmers actually made their living as small-business entrepreneurs. The farmer paid the king a tax for the right to use his land.
In response. They were butchers. The Employment Mythology Most of us are so brainwashed by our circumstances that we think of employment as normal. When you research the philosophy behind Prussian education.
It was not until the Industrial Age that a new demand began growing: But employment at IBM hit its peak in In that Decipher study.
They want to be more connected to their families. No kidding. You may or may not have heard of Muhammad Yunus. They gave him the Nobel Peace Prize in for his concept of microcredit for Third World entrepreneurs. And by the way.
Federal Reserve survey shows that the average household net worth for entrepreneurs is five times that of conventional employees. Yunus is talking about. A recent survey found that most U. Does that mean America is doomed?
Entrepreneurial fever has been kicking into high gear. That means entrepreneurs are five times more likely to come out of this downturn unscathed and even stronger than before. In times of uncertainty. These may be economic hard times for the majority. Are you willing to be tough? As I said. Answering that question is what this book is all about. Get going doing what?
But right now. Not only is now the time to have your own business. Most people assume that their financial standing is defined by how much they earn. Many people have said that this book. In other words. There are actually four distinct sources of cashflow.
What matters is the question that you may have forgotten to stop and ask before putting in all that time and effort climbing: Where is this ladder planted? As Stephen R. I wrote a book to explain these four different income worlds.
Cashflow Quadrant. The purpose of this chapter is for you to stop climbing for a minute and see where your ladder is planted. Covey points out. After publishing Rich Dad Poor Dad. Chapter 3 Where Do You Live? But even more important than the quantity of money you make is the quality of money you make. Each is quite different from the other. Investors earn money from their various investments—in other words.
The operating philosophy for this world is what my poor dad—my real father— taught me. The E Quadrant The overwhelming majority of us learn. The government picks on you—you spend one full day a week just in tax compliance. The self-employed are people who earn money working for themselves. The S Quadrant Driven by the urge for more freedom and self-determination. A business owner owns a large business typically defined as employees or more that generates money.
Our educational system and culture train us. You have no free time because if you take time off. C hapter 3: The cashflow quadrant represents the different methods by which a cash income is generated. The only difference is that when you want to blame your boss for your problems. The S quadrant includes a huge range of earning power. How can you? If you do. The S quadrant can be a thankless and difficult place to live.
Everyone picks on you here. Your employees pick on you. You are still an employee. For example. In a very real way. The problem is. My rich dad taught me to live in the I quadrant by playing Monopoly.
I keep working harder and harder. Every time I get a raise. The difference between an S business and a B business is that you work for your S business. Now you determine it. I have many B businesses. These and dozens of others like them are all statements that reveal a person who is trapped—trapped not in a certain job.
Those who live and work in the B quadrant make themselves recession-proof. Breaking away from those typical job structures and creating your own stream of income puts you in the best position to weather an economic storm. How often have you heard someone complain about their job. The I Quadrant This is not rocket science. This job stinks! My boss stinks! Life stinks! Which quadrant do you live in? Which quadrant do you want to live in? The left-hand side—the E and S quadrants—is where most people live.
The E quadrant. If you want to live on that side. But if you want the relative safety of the left-hand side. On the other hand. At least 80 percent of the population lives in the left-hand side of this picture. Your Core Financial Values The four quadrants are not just four different business structures.
Which quadrant you choose to earn your primary income from has less to do with external circumstances—your education, training, the economy, what appear to be the available opportunities around you—and much more to do with who you are at your core: It is a matter of your core financial values.
It is these core differences that attract us to or repel us from the different quadrants. You not only change what you do, but in a very real way, you also change who you are.
Or at least, how you think. Some people may love being employees, while others hate it. Some people love owning companies, but do not want to run them. Certain people love investing, while others see only the risk of losing money.
Most of us are a little of each of these characters. It is also important to note that you can be rich or poor in all of the four quadrants. There are people who earn millions and people who go bankrupt in each of the quadrants.
Living in any one quadrant does not in itself necessarily guarantee financial success. You can tell which quadrant people are living in by listening to their words. When I was 9 years old, I began sitting in with my rich dad when he interviewed people for possible hiring. Here are some key phrases that emerge from each quadrant, along with a snapshot of the core values of each.
What is exciting for me is frightening to someone else. They want the freedom to do what they want. People found in the S quadrant are small-business owners, mom and pop businesses, specialists, and consultants. He has a staff of three and is happy to be the boss of just three people. He is a hard-core, hardworking S. Commissioned salespeople, such as real estate agents and insurance brokers, are in the S quadrant. The S quadrant is also filled with professional people, such as doctors, lawyers, and accountants who do not belong to a large medical, legal, or accounting firm.
People living in the S quadrant often take great pride in the work of their own hands or brains. An S is often paid by commission or by the amount of time spent on a job. To make the jump from S to B quadrant, what is needed is a quantum jump not in technical skills, but in leadership skills.
People who start from nothing and build great B quadrant businesses are often people with powerful life missions, who value a great team and efficient teamwork and want to serve and work with as many people as possible. While a person in the S quadrant wants to be the best in his or her field, a B quadrant person wants to build a team out of other people who are the best in their fields.
Henry Ford surrounded himself with people smarter than he was. While an S quadrant businessperson is often the smartest or most talented person in the room, this is often not true for a B quadrant businessperson. When you own a B quadrant business, you will often deal with people who are much smarter, more experienced, and more capable than you are. My rich dad had no formal education, but I watched him deal with bankers, lawyers, accountants, investment advisors, and experts, many of whom had advanced degrees.
In raising money for his businesses, he often dealt with people who were far richer than he was. When it comes to being paid, a true B quadrant person can leave his or her business and still get paid. In most cases, if someone in the S quadrant stops working, the income stops also. A person in the B or I quadrants can stop working for years and the money will continue to come in.
The investor loves the idea of his money working instead of him working. Investors invest in many things. They may invest in gold coins, real estate, businesses, or paper assets such as stocks, bonds, and mutual funds. If your income comes from company or government retirement plans, rather than your own personal investing knowledge, then that is income from the E.
I know that some schools teach stock picking. If you want control over your life and destiny. Years ago. Words an investor might be heard saying are. C hapter 4: Your Core Financial Values quadrant. He also said. By now. It comes down to a pretty simple thing: If you want to get rich. Different people. Doctors are often the worst investors. The big venture-capital firms were not knocking on my door.
And if you have employees. But you do have to build your business! Your job as an entrepreneur is to get your customers to download your products. You do it because you have to do it. Needless to say. These days. Common questions these students ask me are. You do not have to raise the capital to create your business. I enrolled in a traditional business school to pursue my MBA so I could be a trained and educated entrepreneur.
Chapter 5 The Mindset of an Entrepreneur After finishing college. For an entrepreneur. I lasted nine months before dropping out. If you can get customers to give you money by downloading your products. We raise capital from three groups of people: I had no money. I did not receive my MBA upon leaving. So what do I tell these business-school students?
I tell them. Another friend has a wife who became tired of being a flight attendant. I have a friend who is a brilliant hairstylist. Entrepreneurs are the richest people on earth. Because while they teach entrepreneurship. It takes courage to discover. So the question is. Most kids have no fear.
I often hear people debate the question. But most wealthy entrepreneurs are people you and I will never hear of. Let me give you an example.
Another young boy has a handyman business after school. My point is not that you have to raise money. We know the names of the famous entrepreneurs: Richard Branson and Donald Trump. Rupert Murdoch and Ted Turner. Most are looking for the magic formula. My point is that this is what defines an entrepreneur: You make things happen.
You pull yourself out of the rows of passenger seats. When it comes to making women look beautiful. A month ago. For years. He is an entrepreneur. He has big plans. Two years ago. C hapter 5: Oprah Winfrey and Steve Jobs. To me. She is an entrepreneur. He was programming me for the E quadrant. The world is full of bullies and small-minded people. One reason you want to create your own business is to get your dignity back. When I was a kid. Because money alone does not make you rich. It is a spectacular environment and she has attracted some of the best hairstylists to work there.
Your mind is infinite. And besides. These people may add numbers to their checking accounts. You want to have the courage not to care when other people bully you around. My rich dad told me that if I wanted to grow up to become rich.
My mother would urge me to consider becoming a doctor or lawyer. You want to take control of your life. You are faced with the same choice. The Business of the 21st Century she had a grand opening for her salon.
She is not gifted. Statistics show that 90 percent of all businesses fail in the first five years. He was programming me for the B and I quadrants. She has grasped the impact that courage has in shaping our lives. When I returned from Vietnam. I should become a business owner and an investor. When the first friend heard about her salon. I had to make up my mind which advice I would listen to. She has no talent. Ayn Rand. Where do you live? Now you can appreciate what shifting from one cashflow quadrant to another means.
Putting a horse farmer behind the wheel of One of the beauties of the business of the 21st century is that all the groundwork of the business is already done for you. And for that to happen. You need to adopt the mindset of an entrepreneur. Are you prepared to take the wheel? Do you have what it takes? The same is true of your financial life. But make no mistake: First and foremost. That mindset comes down to this: An entrepreneur is self-determining. He needs the skills. Both of us were college graduates with good job skills and a solid work ethic.
We occasionally earned a few dollars doing a few odd jobs here and there. A college education is important for traditional professions. I must admit that during moments of deep personal doubt. But because job security was not what we were looking for. Our journey from homelessness to being millionaires in four years. We had no money when we started—in fact. It takes a dream. We knew we could always find a safe.
When friends and family were informed of our plight. At the end of a week of sleeping in our car. It was and my wife. It also does not take a good formal education. After a friend realized our desperate situation. I often hear people say. We were going for financial freedom. We were unemployed and had little money left from savings. But we did that only to keep food in our stomachs and gas in our house—I mean. People who work for income work harder and harder. Maybe they were just not cut out for success.
I can already hear you thinking. What can you control? You can control the source of your income. You might be asking. Because if you are. The problem is that the hard-work myth is just that: I know a bridge you can download real cheap—and an entire system of subprime mortgages and credit-default swaps that might be just right for you.
Do you know anyone who has worked really hard his entire life. Forget working hard at making money: We all do. The world is full of people who work hard and are most definitely not okay. C hapter 6: Take control of what?
Making money. Of course you do. And perhaps the worst part about it is that many of these unfortunates come to the conclusion that it was their fault. They did all the right things. What evidence? Just look around you. Working hard at making money will never create wealth.
In my early years of starting businesses. When my poor dad was 50 years old. The B quadrant is the best place to begin generating genuine wealth. And even all this support is still no guarantee of great wealth. Even if you are one of those who succeeds at a franchise. And one in three franchises eventually go broke.
Then there are monthly payments to headquarters for training. Remember Kim and me. Typically when you start your own business. It can be brutal. You have to come up with the cash.
What About a Franchise? A franchise takes a great part of the risk out of it. Michael Dell created Dell Computers in his dormitory room. We could have taken jobs that would have immediately put a roof over our heads. Many times a person must continue to pay money to the franchisor or headquarters. And for another thing. I failed twice. Most people do not have the mental. Not only did he lose the election. The failure rate for new businesses is about 90 percent in the first five years—and if your new venture fails.
Bill Gates built Microsoft. The Business of the 21st Century The Problem Building a business is the way most of the very rich became rich. Shifting yourself into the B quadrant is a strong step in that direction.
What most people need is an avenue to create passive income. It has very low overhead. This particular business model creates passive income. You get a little money flowing. Hawaii again. If no patients or clients require their knowledge and services in a particular week. The Power of Passive Income Have you ever used one of those spring-loaded water faucets that some public restrooms install to save water? When you turn the water on.
Knowing this. Wealth is not a zero-sum game. Even high-salaried doctors and lawyers earn money only when they see patients or clients. So what did we discover? We found that one business model stood out from the rest. In theory. This is an astonishing and abundant world we live in.
We Want You to Be Rich. This is passive income. We do want you to be rich. If you own a restaurant. That business model is called network marketing.
Donald Trump and I teamed up to evaluate the many kinds of business structures that can create passive income. He took all his savings and used it to download a popular franchise. If your business fixes air conditioners. You can never build freedom that way. I agreed to go. I really had no idea what that meant.
Our company and products were written up in such magazines as Surfer. We had pledged we would all be millionaires by the age of Since I make it a habit to investigate business and investment opportunities. I listened for three hours while he talked about the value of building your own business instead of working at a job.
I agreed with most of the points he made. I first encountered network marketing in My two years of hard work started paying off. I am not a distributor for or owner of a network marketing company. But I have been very much in the business for years as a champion and advocate of the network marketing business as a whole. Why would I need to build a business with other people? Soon after my first network marketing meeting. At the end of the evening.
I never gave network marketing another thought—at least. Chapter 7 My Years in the Business I need to start here with full disclosure: We were the hot new thing in the sporting goods world.
And this was the s. I was an all-out success. I ran into a friend named Bill who was a retired multimillionaire. I kept hearing negative things about network marketing. I also became powerfully drawn to the idea of not only becoming rich myself. It was a humbling experience. More of what my rich dad had taught me began to sink in. The more people I help do that. We got talking. I came to realize that while personal success is fulfilling. Bill told me that he was involved in building a network marketing business!
Bill is a very sharp. They want to know if they can invest with me. So they look for these cheap. It was not long before I had built another successful business. Some are two paychecks away from bankruptcy. For the next fifteen years. During those years. In network marketing. In the early s. C hapter 7: I asked him why on earth he was involved in network marketing.
I can actually help people make the kind of money they need to do some serious investing. The people I work with in network marketing are genuinely excited about new ideas. I had to make a dash for the airport. That incredibly successful business failed a few years after it started. When I had first stumbled upon the concept in that first opportunity meeting in I would start out by building a network marketing business. I started researching the industry in earnest.
I came to appreciate this business as an outsider. All the same. I studied the literature of company after company. John serves as publisher and editor in chief of Direct Selling News. People sometimes ask me. I even joined a few companies. I saw that I had found the heart of the industry—and I was amazed at what I had found. He brings that same passion for practical design and functional construction to this business.
Once I got over my own prejudices and met people I respected and related to. The Business of the 21st Century In My friend John Fleming started out in life as an architect he once worked for the legendary Mies van der Rohe.
He has owned and operated his own company and has held many different executive positions in others. I went to every presentation I heard about and listened closely to everything I heard. John brings to these pages his nearly forty years of experience in network marketing. The basic idea is as simple as it is brilliant: Instead of spending tons of money on all sorts of professional agencies and marketing channels to promote products or services.
My Years in the Business Robert: How can that really work? I mean. You know the answer to that one: They pay a portion of every sales dollar received back out to their field of independent representatives. As every marketing professional. Network marketing has been around in various forms since the middle of the last century. And the independent rep has the opportunity to create some very serious cash flow.
The company gets an amazing level of market penetration and customer awareness that would be very tough and very expensive to get with traditional marketing.
They are imitating personal word-of-mouth.
Hollywood producer. The real power of the model—what you talk about.
But the same financial dynamic applies: By the time your network of independent representatives grows to be And they have both owned network marketing companies.
Tom Peters. Does that tell you something? But they have three things in common. Guess what they all have in common? The Business of the 21st Century individuals who are all independent representatives. They are both extremely practical men. The New York Times. Branson flies his own airline and lives on his own island in the British Virgin Islands.
USA Today. They are both billionaires. Fifteen years ago. Buffett drives a pickup and lives in Omaha. The reason people want to know how much they can earn per month is that they are thinking in terms of living in the E quadrant or S quadrant. As I said before.
It depends on you. What defines whether something is an asset or a liability is cash flow. The B and I quadrants are not about earning more income. Most people instinctively sense that. Work an hour. When people go to hear network marketing presentations.
Chances are good your answer is. If you have. Most people are so confused about this that they have it backward. Your house is not an asset. My poor dad always said.
But then where would you live? Would you take the proceeds of your sale and download another house to live in? The problem is that tricky word. Because owning a business is owning an asset. C hapter 8: In our Rich Dad business. Let me ask you a question: What is your house worth? Before you answer. For years now. I spend a good chunk of change on it every month. Let me explain what an asset is. When you sell it. How much income does your house bring you.
Everything will either make you money or cost you money. An asset is something that works for you. In a job. When they invest. The Business of the 21st Century instead of earning income. My car went up in value. A salesperson has a job. If you work behind the counter at a department store.
I only invest in things that make me money. I have two Porsches. But selling is just earning more income. For people who understand this. Because make no mistake about it: When you work at a job. Why spend decades. Talk about the deck being stacked against you! The purpose of owning real estate is to keep it as an asset.
If it makes me money. You had to shoot the asset to get that money. And to add insult to injury. This is the biggest problem with having a job: A job is not an asset. I own them free and clear. But either way. And even with real estate. What you want is not another job.
Once you do. The goal is not for you or any other individual to sell a lot of product. An asset that generates income for you— passive income. In Chapter For now. Network marketing is not about earning more income. And in the next chapters.
I believe in it with a passion. So you want to know something ironic? This C student. Are you still living in the 20 th century, trying to climb the corporate ladder?
The Business of the 21 st Century. Robert T. Kiyosaki is an American investor, entrepreneur and educator, most famous for his Rich Dad series. This inspired Kiyosaki to add many other titles to the series which, combined, have sold almost 30 million copies in more than 50 languages and about countries.
Two Men—One Message. First of all, each of these letters stands for one of the only four categories of people that exist on this planet — at least in the eyes of Kiyosaki:. Or to use the words of Kiyosaki, which quadrant do you live in, aka how do you earn most of your money? You work hard in a moderately successful company, and you believe that, one day, your career will earn you just enough money to relax in the bliss of retirement.
Unfortunately, this has backfired: However, the difference between the S quadrant and the B quadrant is straightforward: Finally, the I quadrant, in which it is not your business which works for you anymore, but your money. You already understand its essence from Monopoly: The corporate myth is over. What view, you ask? The rear end of the person in front of you.
Basically every modern book on retirement planning states this explicitly: However, once the Industrial Revolution incited the demand for employees , most European governments took over the task of mass education. The system adopted everywhere was the Prussian system — and, miraculously, most school systems in the world are modeled after it to this day.
Back in the time of Bismarck, the average life expectancy was 45, and not many people lived to be old enough to start receiving their benefits.
Well, it means that earning money actively will never get you anywhere; and even if it does, it will be at the price of your own freedom. Think of it as a race. Think of it as having someone else running in your stead. Because of the obvious Catch Think of it this way: