Words of Wisdom

Sunday, May 24, 2009

The Other Ways to Become Rich (from Business School by R. Kiyosaki)

Why Thomas Edison was Rich and Famous?

Thomas Edison did not invent the light bulb… but he did perfect it. (So why is he credited with inventing it?) There were other light bulb, but the problem was they were not practical. The early bulb did not burn long enough. Also, the other inventors could not explain how the bulb could have any commercial value. In other words, the other inventors did not know how to make money from their invention and Thomas Edison did. So, invented the 1st useful light bulb and he also know how to turn the bulb into a business. Thomas Edison was more than inventor, he was the founder of General Electric and many other major companies.

Why the Rich Get Richer?

Most of us have heard the saying, “Birds of a feather flock together” it’s true not only for birds, also for rich people, poor people and middle-class people. In other words Rich network with the rich, the poor network with the poor people and the middle-class hang out with the middle-class. If you want to become rich, you need to network with those who are rich or who can help you become rich.

The Other Ways to Become Rich.

You can become rich by marrying someone for his or her money.

You know what kind of person marries for money.

You can become rich by being a crook.

The trouble with being crook is that you have to associate with other crooks. Much of business is based on trust. How can you have much trust when your partners are crook? If you are honest and make an honest mistake in business, most people understand and give you a 2nd chance. But if you are a crook and you make a mistake, then you either go to jail or your partner will punish you.

You can become rich by being greedy.

The world is filled with people who became rich by being greedy. Greedy rich people are the most despised/hayed of all the different types of rich people. In other words, some of these rich greedy people were so greedy they broke laws and turn into crooks.

You can become rich by being cheap.

Trying to become rich by being cheap is the most popular way people attempt to become rich. People who often try to live below their means, rather than finding ways to expand their means. These people are those who spent their lives hoarding money, pinching pennies, and shopping at sales just to acquire masses of money. Yet, even though they have a lot of money, they live life as poorly as someone who is truly poor. The problem with becoming rich but being cheap is that in the end you’re still cheap.

You can become rich via hard work.

The problem with hard work was that, hard-working people often had a hard time enjoying their money and their life. In other words, hard work was all they knew. They did not know how to have a good time. Also, people who physically work hard for the wrong kind of income. People work very hard all their lives but had a little to show for their hard work at the end of their lives. (If you continue this: you will find out how you may have to work hard for a few years but eventually be free to choose never to work again… if that is what you choose to do.).

You can become rich by being exceptionally smart, talented, attractive or gifted.

Tiger Woods is an example of an exceptionally gifted golfer. A golfer who spent years developing his gift. But statistic shows that 65% of all professional athletes are broke 5 years after their high-paying professional (careers are over). In the world of money, it takes more than God given brains, talent or good looks to become rich.

You can become rich by being lucky.

Trying to become rich by being lucky is almost as popular as trying to become rich by being cheap. As most of us know, thousands of people bet millions of pesos on the lottery, the race tracks, casinos and on sporting events, all hoping to strike it rich by being lucky. Moreover, as we all know, for every lucky person there are thousands, maybe millions of unlucky people. Again, studies have shown that most lottery winners are broke 5 years after winning more money than they could have earned in five lifetimes. Therefore, even being lucky once or twice does not mean you hold on to your wealth.

You can become rich by inheriting money.

By the time we are in our twenties, we should know if we are going to inherit anything. If you knew you are not going to inherit anything, then obviously you need to find some other way to become rich.

You can become rich by investing.

One of the most common complaints is that, it takes money to invest. The problem with investing, you can lose everything you invest if you are not financially educated and trained to be an investor.

You can become rich by building a business.

Building a business is the way most of the rich became very rich. Bill Gates built Microsoft, Michael Dell created Dell computers in his dormitory room. The problem is that building a business from scratch remains the riskiest of all the ways to become rich. Even purchasing a franchise, which is less risky, can be very expensive.

The Difference Between Big Business Owners and Small Business Owners.

The world is filled with small business owners who own restaurants. The difference between a single restaurant owner and Ray Kroc, who founded McDonalds is a network of hamburger restaurants known as a franchise network. Another example, in contrast, is a small business owner who own a television repair shop as compared to Ted Turner, who built CNN, which stands for Cable News Network. While many small business owners own businesses, very few business owners build networks. Building a business network is how the richest people in the world became rich.

You can become rich by building a network marketing business.

It is a very new and revolutionary way to acquire great wealth. If you will quickly glance/look over the first 10 ways to becoming rich, you may notice that the focus is a self-centered focus on who become rich. In other words, it might be seen as a greedy focus. For example, someone who tries to become rich by being cheap is primarily focused on themselves, someone who marries for money is definitely focused on the money for himself or herself. Even a big business is focused on only a few selected people becoming rich. When franchises came out, they made it possible for more people to become business owners and share in the wealth, but in most cases, franchises are reserved for only those with the money to buy the franchise.

A network marketing system – a system called – personal franchise or an invisible big business network. The system is open to anyone who has drive, determination and perseverance. The system does not really care what collage you went to, If you went to one, how much money you make today, what race or sex you are, how good looking you are, who your parents are, or how popular you are. Network marketing company care primarily about how much you are willing to learn, to change and to grow, and whether you have the guts to stick it out through thick and thin while you learn to be a business owner.

Henry Ford, one of the world’s greatest business persons, became rich by fulfilling the mission statement of his company, the Ford Motor Co. Ford mission statement was “Democratize the Automobile.” Ford’s idea was to make the automobile affordable for everyone, which is what Democratize the automobile means. Interesting enough, Henry Ford was an employee of Thomas Edison, and in his spare time, Henry designed his first automobile. In 1903, the Ford Motor Co. was born. Not only did he make his car affordable, he paid the highest wages in the industry as well as offering profit sharing plans for his workers. In other words, Henry Ford was a man who became rich because he cared not only for his customers, but because he cared for his workers. He was a generous man rather than a greedy man. Henry Ford was not well educated and like Thomas Edison, was often ridiculed because of his lack of formal education.

Henry Ford was asked to submit to a test by so-called smart people from the world of academics. On the appointed date, smart people came in to give him a question such as, “What is the tensile strength of the rolled steel you use?” Ford not knowing the answer simply reached for one of the many phones on his desk and called his vice-president who knows the answer. The next smart person then asked another question and again Ford, not knowing the answer called someone else from his staff who knows the answer. This process went on until finally one of the smart people on the panel shouted, “See, this proves you are ignorant. You don’t know the answer to any of the questions we ask you.” Henry Ford reportedly replied, “I don’t know the answer because I do not need to clutter/mess my head with the answers you seek. I hire smart young people from your schools who have memorized the answers you expect me to have memorized. My job is not to memorize information that you think is intelligence. My job is to keep my head clear of such clutter and trivial facts so that I can think.”

“Thinking is the hardest work there is. That is why so few people engage in it.” Henry Ford.

Wealth for Everyone.

A network marketing business is not a good business for greedy people. By design, it is the perfect business for people who like helping other people. If you are a person who truly wants to help as many people as possible achieve their financial goals and dreams, then the network marketing business is worthy of your time to consider. If helping other people is not your cup of tea, then there are at least 10 other methods to choose from.

“You can become rich by being cheap and greedy. You can also become rich by being abundant and generous. The method you choose will be the method that most closely matches the core values deep inside of you.”

How about you? What is your way to riches?

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