富爸爸穷爸爸-第18部分

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Smart　investors　don't　time　markets。　If　they　miss　a　wave；　they　search
　
for　the　next　one　and　get　themselves　in　position。　Why　this　is　hard　for　most　investors　is　because　buying　what　is　not　popular　is　frightening　to　them。　Timid　investors　are　like　sheep　going　along　with　the　crowd。　Or　their　greed　gets　them　in　when　wise　investors　have　already　taken　their　profits　and　moved　on。　Wise　investors　buy　an　investment　when　it's　not　popular。　They　know　their　profits　are　made　when　they　buy；　not　when　they　sell。　They　wait　patiently。　As　I　said；　they　do　not　time　the　market。　Just　like　a　surfer；　they　get　in　position　for　the　next　big　swell。
It's　all　〃insider　trading。〃　There　are　forms　of　insider　trading　that　are　illegal；　and　there　are　forms　of　insider　trading　that　are　legal。　But　either　way；　it's　insider　trading。　The　only　distinction　is　how　far　away　from　the　inside　are　you？　The　reason　you　want　to　have　rich　friends　who　are　close　to　the　inside　is　because　that　is　where　the　money　is　made。　It's　made　on　information。　You　want　to　hear　about　the　next　boom；　get　in　and　get　out　before　the　next　bust。　I'm　not　saying　do　it　illegally；　but　the　sooner　you　know；　the　better　your　chances　are　for　profits　with　minimal　risk。　That　is　what　friends　are　for。　And　that　is　financial　intelligence。

4。　MASTER　A　FORMULA　AND　THEN　LEARN　A　NEW　ONE：　The　power　of　learning　quickly。　In　order　to　make　bread；　every　baker　follows　a　recipe；　even　if　it's　only　held　in　their　head。　The　same　is　true　for　making　money。　That's　why　money　is　often　called　〃dough。〃
Most　of　us　have　heard　the　saying　〃You　are　what　you　eat。〃　I　have　a　different　slant　on　the　same　saying。　I　say；　〃You　bee　what　you　study。〃　In　other　words；　be　careful　what　you　study　and　learn；　because　your　mind　is　so　powerful　that　you　bee　what　you　put　in　your　head。　For　example；　if　you　study　cooking；　you　then　tend　to　cook。　You　bee　a　cook。　If　you　don't　want　to　be　a　cook　anymore；　then　you　need　to　study　something　else。　　Let's　say；　a　schoolteacher。　After　studying　teaching；　you　often　bee　a　teacher。　And　so　on。　Choose　what　you　study　carefully。
When　it　es　to　money；　the　masses　generally　have　one　basic　formula　they　learned　in　school。　And　that　is；　work　for　money。　The　formula　I　see　that　is　predominant　in　the　world　is　that　every　day　millions　of　people　get　up　and　go　to　work；　earn　money；　pay　bills；　balance　checkbooks；　buy　some　mutual　funds　and　go　back　to　work。　That　is　the　basic　formula；　or　recipe。
If　you're　tired　of　what　you're　doing；　or　you're　not　making　enough；　it's　simply　a　case　of　changing　the　formula　via　which　you　make　money。
Years　ago；　when　I　was　26；1　took　a　weekend　class　called　〃How　to　Buy　Real　Estate　Foreclosures。〃　I　learned　a　formula。　The　next　trick　was　to　have　the　discipline　to　actually　put　into　action　what　I　had　learned。　That　is　where　most　people　stop。　For　three　years；　while　working　for　Xerox；　I　spent　my　spare　time　learning　to　master　the　art　of　buying　foreclosures。　I've　made　several　million　dollars　using　that　formula；　but　today；　it's　too　slow　and　too　many　other　people　are　doing　it。
So　after　I　mastered　that　formula；　I　went　in　search　of　other　formulas。　For　many　of　the　classes；　I　did　not　use　the　information　I　learned　directly；　'i｜　but　I　always　learned　something　new。
I　have　attended　classes　designed　for　only　derivative　traders；　also　a　class　for　modity　option　traders　and　a　class　for　Chaologists。　I　was　way　out　of　my　league；　being　in　a　room　full　of　people　with　doctorates　in　nuclear　physics　and　space　science。　Yet；　I　learned　a　lot　that　made　my　stock　and　real　estate　investing　more　meaningful　and　lucrative。　Most　junior　colleges　and　munity　colleges　have　classes　on　financial　planning　and　buying　of　traditional　investments。　They　are　great　places　to　start。
So　I　always　search　for　a　faster　formula。　That　is　why；　on　a　fairly　regular　basis；　I　make　more　in　a　day　than　many　people　will　make　in　their　lifetime。
Another　side　note。　In　today's　fastchanging　world；　it's　not　so　much　what　you　know　anymore　that　counts；　because　often　what　you　know　is　old。　　It　is　how　fast　you　learn。　That　skill　is　priceless。　　It's　priceless　in　finding　faster　formulasrecipes；　if　you　will；　for　making　dough。　Working　hard　for　money　is　an　old　formula　born　in　the　day　of　cave　men。

5。　PAY　YOURSELF　FIRST：　The　power　of　selfdiscipline。　If　you　cannot　get　control　of　yourself；　do　not　try　to　get　rich。　You　might　first　want　to　join　the　Marine　Corps　or　some　religious　order　so　you　can　get　control　of　yourself。　It　makes　no　sense　to　invest；　make　money　and　blow　it。　It　is　the　lack　of　selfdiscipline　that　causes　most　lottery　winners　to　go　broke　soon　after　winning　millions。　　It　is　the　lack　of　selfdiscipline　that　causes　people　who　get　a　raise　to　immediately　go　out　and　buy　a　new　car　or　take　a　cruise。
It　is　difficult　to　say　which　of　the　ten　steps　is　the　most　important。　　But　of　all　the　steps；　this　step　is　probably　the　most　difficult　to　master　if　it　is　not　already　a　part　of　your　makeup。　I　would　venture　to　say　that　it　is　the　lack　of　personal　selfdiscipline　that　is　the　No。　1　delineating　factor　between　the　rich；　the　poor　and　the　middle　class。
Simply　put；　people　who　have　low　selfesteem　and　low　tolerance　for　financial　pressure　can　never；　and　I　mean　never；　be　rich。　As　I　have　said；　a　lesson　learned　from　my　rich　dad　was　that　〃the　world　will　push　you　around。〃　The　world　pushes　people　around　not　because　other　people　are　bullies；　but　because　the　individual　lacks　internal　control　and　discipline。　People　who　lack　internal　fortitude　often　bee　victims　of　those　who　have　selfdiscipline。
In　the　entrepreneur　classes　I　teach；　I　constantly　remind　people　to　not　focus　on　their　product；　service　or　widget；　but　to　focus　on　developing　management　skills。　The　three　most　important　management　skills　necessary　to　start　your　own　business　are：

1。 Management　of　cash　flow。
2。 Management　of　people。
3。　Management　of　personal　time。

I　would　say；　the　skills　to　manage　these　three　apply　to　anything；　not　just　entrepreneurs。　The　three　matter　in　the　way　you　live　your　life　as　an　individual；　or　as　part　of　a　family；　a　business；　a　charitable　anization；　a　city　or　a　nation。
Each　of　these　skills　is　enhanced　by　the　mastery　of　self　discipline。　I　do　not　take　the　saying　〃pay　yourself　first〃　lightly。
The　Richest　Man　in　Babylon；　by　Gee　Classen；　is　where　the　statement　〃pay　yourself　first〃　es　from。　Millions　of　copies　have　been　sold。　　But　while　millions　of　people　freely　repeat　that　powerful　statement；　few　follow　the　advice。　As　I　said；　financial　literacy　allows　one　to　read　numbers；　and　numbers　tell　the　story。　　By　looking　at　a　person's　ine　statement　and　balance　sheet；　I　can　readily　see　if　people　who　spout　the　words　〃pay　yourself　first〃　actually　practice　what　they　preach。
A　picture　is　worth　a　thousand　words。　　So　let's　again　pare　the　financial　statements　of　people　who　pay　themselves　first　against　someone　who　doesn't。
　
People　who　pay　themselves　first

　＋＋
　Job》｜Ine 　｜
　　　^　　 ｜　｜
　　　｜　 ｜　Expense 　｜　｜
　　　 　＋＋｜
＋《　　　
｜＋
｜Assets｜　Liabilities　　｜
｜　　｜　 ｜
｜_________｜____________｜

Someone　who　pays　everyone　else　first　Often　there　is　nothing　left

　＋＋
　Job》｜Ine 　｜
　　 ｜　
｜　Expense 　｜　》　Nothing　left！
　　　 　＋＋
＋
｜Assets｜　Liabilities　　｜
｜　　｜　 ｜
｜_________｜____________｜

Study　the　diagrams　and　notice　if　you　can　pick　up　some　distinctions。　　Again；　it　has　to　do　with　understanding　cash　flow；　which　tells　the　story。　Most　people　look　at　the　numbers　and　miss　the　story。　If　you　can　truly　begin　to　understand　the　power　of　cash　flow；　you　will　soon　realize　what　is　wrong　with　the　picture　on　the　next　page；　or　why　90　percent　of　most　people　work　hard　all　their　lives　and　need　government　support　like　Social　Security　when　they　are　no　longer　able　to　work。
Do　you　see　it？　The　diagram　above　reflects　the　actions　of　an　individual　who　chooses　to　pay　himself　first。　Each　month；　they　allocate　money　to　their　asset　column　before　they　pay　their　monthly　expenses。　Although　millions　of　people　have　read　Classen's　book　and　understand　the　words　〃pay　yourself　first；〃　in　reality　they　pay　themselves　last。
Now　I　can　hear　the　howls　from　those　of　you　who　sincerely　believe　in　paying　your　bills　first。　And　I　can　hear　all　the　〃responsible〃　people　who　pay　their　bills　on　time。　I　am　not　saying　be　irresponsible　and　not　pay　your　bills。　All　I　am　saying　is　do　what　the　book　says；　which　is　〃pay　yourself　first。〃　And　the　diagram　above　is　the　correct　accounting　picture　of　that　action。　Not　the　one　that　follows。
My　wife　and　I　have　had　many　bookkeepers　and　accountants　and　bankers　who　have　had　a　major　problem　with　this　way　of　looking　at　〃pay　yourself　first。〃　The　reason　is　that　these　financial　professionals　actually　do　what　the　masses　do；　which　is　pay　themselves　last。　They　pay　everyone　else　first。
There　have　been　months　in　my　life；　when　for　whatever　reason；　cash　flow　was　far　less　than　my　bills。　I　still　paid　myself　first。　My　accountant　and　bookkeeper　screamed　in　panic。　　〃They're　going　to　e　after　you。　The　IRS　is　going　to　put　you　in　jail。〃　　〃You're　going　to　ruin　your　credit　rating。〃　〃They'll　cut　off　the　electricity。〃　I　still　paid　myself　first。
〃Why？〃　you　ask。　Because　that's　what　the　story　The　Richest　Man　In　Babylon　was　all　about。　The　power　of　selfdiscipline　and　the　power　of　internal　fortitude。　　〃Guts；〃　in　less　elegant　terms。　As　my　rich　dad　taught　me　the　first　month　I　worked　for　him；　most　people　allow　the　world　to　push　them　around。　A　bill　collector　calls　and　you　〃pay　or　else。〃　So　you　pay　and　not　pay　yourself。　A　sales　clerk　says；　〃Oh；　just　put　it　on　your　charge　card。〃　Your　real　estate　agent　tells　you　to　〃go　aheadthe　government　allows　you　a　tax　deduction　on　your　home。〃　That　is　what　the　book　is　really　about。　Having　the　guts　to　go　against　the　tide　and　get　rich。　You　may　not　be　weak；　but　when　it　es　to　money；　many　people　get　wimpy。
I　am　not　saying　be　irresponsible。　The　reason　I　don't　have　high　credit　card　debt；　and　doodad　debt；　is　because　I　want　to　pay　myself　first。　The　reason　I　minimize　my　ine　is　because　I　don't　want　to　pay　it　to　the　government。　That　is　why；　for　those　of　you　who　have　watched　the　video　The　Secrets　of　the　Rich；　my　ine　es　from　my　asset　column；　through　a　Nevada　corporation。　If　I　work　for　money；　the　government　takes　it。
Although　I　pay　my　bills　last；　I　am　financially　astute　enough　to　not　get　into　a　tough　financial　situation。　I　don't　like　consumer　debt。　I　actually　have　liabilities　that　are　higher　than　99　percent　of　the　population；　but　I　don't　pay　for　them；　other　people　pay　for　my　liabilities。　They're　called　tenants。　　So　rule　No。　1　in　paying　yourself　first　is　don't　get　into　debt　in　the　first　place。　Although　I　pay　my　bills　last；　I　set　it　up　to　have　only　small　unimportant　bills；　that　I　will　have　to　pay。
Secondly；　when　I　occasionally　e　up　short；　I　still　pay　myself　first。　I　let　the　creditors　and　even　the　government　scream。　I　like　it　when　they　get　tough。　Why？　Because　those　guys　do　me　a　favor。　They　inspire　me　to　i　go　out　and　create　more　money。　So　I　pay　myself　first；　invest　the　money；　and　let　the　creditors　yell。　I　generally　pay　them　right　away　anyway。　My　wife　and　I　have　excellent　credit。　We　just　don't　cave　into　the　pressure　and　spend　our　savings　or　liquidate　stocks　to　pay　for　consumer　debt。　That　is　not　too　financially　intelligent。
So　the　answer　is：

1。　Don't　get　into　large　debt　positions　that　you　have　to　pay　for。　　Keep　your　expenses　low。　Build　up　assets　first。　Then；　buy　the　big　house　or　nice　car。　Being　stuck　in　the　rat　race　is　not　intelligent。
2。　When　you　e　up　short；　let　the　pressure　build　and　don't　dip　into　your　savings　or　investments。　　Use　the　pressure　to　inspire　your　financial　genius　to　e　up　with　new　ways　of　making　more　money　and　then　pay　your　bills。　You　will　have　increased　your　ability　to　make　more　money　as　well　as　your　financial　intelligence。　；　：　So　many　times　I　have　gotten　into　financial　hot　water；　and　used　my　brain　to　create　more　ine；　while　staunchly　defending　the　assets　in　my　asset　column。　My　bookkeeper　has　screamed　and　dived　for　cover；　but　I　was　like　a　good　trooper　defending　the　fort；　Fort　Assets。
Poor　people　have　poor　habits。　A　mon　bad　habit　is　innocently　called　〃Dipping　into　savings。〃　The　rich　know　that　savings　are　only　used　to　create　more　money；　not　to　pay　bills。
I　know　that　sounds　tough；　but　as　I　said；　if　you're　not　tough　inside；　the　world　will　always　push　you　around　anyway。
If　you　do　not　like　financial　pressure；　then　find　a　formula　that　works　for　you。　A　good　one　is　to　cut　expenses；　put　your　money　in　the　bank；　pay　more　than　your　fair　share　of　ine　tax；　buy　safe　mutual　funds　and　take　the　vow　of　the　average。　　But　this　violates　the　〃pay　yourself　first〃　rule。
The　rule　does　not　encourage　selfsacrifice　or　financial　abstinence。　It　doesn't　mean　pay　yourself　first　and　starve。　Life　was　meant　to　be　enjoyed。　If　you　call　on　your　financial　genius；　you　can　have　all　the　goodies　of　life；　get　rich　and　pay　bills；　without　sacrificing　the　good　life。　And　that　is　financial　intelligence。

6。　PAY　YOUR　BROKERS　WELL：　The　power　of　good　advice。　I　often　see　people　posting　a　sign　in　front　of　their　house　that　says；　〃For　Sale　by　Owner。〃　Or　I　see　on　TV　today　many　people　claiming　to　be　〃Discount　Brokers。〃
My　rich　dad　taught　me　to　take　the　opposite　tack。　He　believed　in　paying　professionals　well；　and　I　have　adopted　that　policy　also。　Today；　I　have　expensive　attorneys；　accountants；　real　estate　brokers　and　stockbrokers。　Why？　Because　if；　and　I　do　mean　if；　the　people　are　professionals；　their　services　should　make　you　money。　And　the　more　money　they　make；　the　more　money　I　make。
We　live　in　the　Information　Age。　Information　is　priceless。　A　good　broker　should　provide　you　with　information　as　well　as　take　the　time　to　educate　you。　I　have　several　brokers　who　are　willing　to　do　that　for　me。　Some　taught　me　when　I　had　little　or　no　money；　and　I　am　still　with　them　today。
What　I　pay　a　broker　is　tiny　in　parison　with　what　kind　of　money　I　can　make　because　of　the　information　they　provide。　　I　love　it　when　my　real　estate　broker　or　stockbroker　makes　a　lot　of　money。　　Because　it　usually　means　I　made　a　lot　of　money。
A　good　broker　saves　me　time　in　addition　to　making　me　moneyas　when　I　bought　the　piece　of　vacant　land　for　9；000　and　sold　it　immediately　for　over　25；000；　so　I　could　buy　my　Porsche　quicker。
A　broker　is　your　eyes　and　ears　to　the　market。　They're　there　every　day　so　I　do　not　have　to　be。　I'd　rather　play　golf。
Also；　people　who　sell　their　house　on　their　own　must　not　value　their　time　much。　Why　would　I　want　to　save　a　few　bucks　when　I　could　use　that　time　to　make　more　money　or　spend　it　with　those　I　love？　What　I　find　funny　is　that　so　many　poor　and　middle　class　people　insist　on　tipping　restaurant　help　15　to　20　percent　even　for　bad　service　and　plain　about　paying　a　broker　3　to　7　percent。　They　enjoy　tipping　people　in　the
expense　column　and　stiffing　people　in　the　asset　column。　That　is　not　financially　intelligent。
All　brokers　are　not　created　equal。　Unfortunately；　most　brokers　are　only　salespeople。　I　would　say　the　real　estate　salespeople　are　the　worst。
They　sell；　but　they　themselves　own　little　or　no　real　estate。　There　is　a　tremendous　difference　between　a　broker　who　sells　houses　and　a　broker　who　sells　investments。　And　that　is　true　for　stock；　bond；　mutual　fund　and　insurance　brokers　who　call　themselves　financial　planners。　As　in　the　fairy　tale；　you　kiss　a　lot　of　frogs　to　find　one　prince。　Just　remember　the　old　saying；　〃Never　ask　an　encyclopedia　salesperson　if　you　need　an　encyclopedia。〃
When　I　interview　any　paid　professional；　I　first　find　out　how　much　property　or　stocks　they　personally　own　and　what　percentage　they