Today, I reproduce, albeit with modifications, the Business Unpacked entry made nine days into then New Year. Today, we are seven days into the New Year 2021. To many people, the New Year comes with resolutions and goals to improve their situation or plight. To achieve their goals, some invest in further education, others in property development as well as investing in children’s education.
On the social scene, some make it their New Year resolution to minimise or altogether quit consumption of alcoholic beverages. Yet others take the New Year as their moment to invest for the future through life insurance policies, shares and many other meaningful avenues to save for the rainy day.
Please, do not ask me how many of the New Year resolutions are fulfilled. But it is worth appreciating that planning is good and achieving the objectives of the plans is an icing on the cake.
Nearly a decade ago, I read the personal finance management best-seller Rich Dad Poor Dad by one Robert Kiyosaki and Sharon Lechter. It is a simple but inspiring book on how one can attain financial independence.
The book is widely touted to have challenged and changed people’s perception of money and how to spend the same.
Since publication of the book, Kiyosaki became one of the popular investment and financial advisors for individuals. Today, he runs a series of Rich Dad coaching sessions online, of course at a fee.
I subscribed to the series and often gets updates on upcoming events by Kiyosaki and his team.
With the New Year barely days old, I know some are still drafting or polishing their resolutions. In this regard, I thought of sharing some investment tips from Kiyosaki to add more value to such plans.
Here is one e-mail that landed in my inbox the other day from the Kiyosaki team:
How do you know if the financial advice you are getting is good/bad?
Good financial advice is priceless. Good financial advice can be the key to success.
Bad financial advice is expensive and will cost you a lot more than just money.
Your mind ultimately is your greatest asset. So, be very careful of what kind of advice you invest in it.
When someone offers you financial advice, you need to ask yourself:
“Is this person giving me advice to make me rich, or giving me advice to make themselves rich.
My rich dad said: “Most people struggle financially because they take advice from sales people, not rich people.” They take financial advice from sales people such as stockbrokers and real estate brokers. As my rich dad said: “The reason they are called brokers is because they are broker than you are.”
Be very careful who you get your financial advice from. There is a big difference between financial advice from rich people versus sales people.
To making life better,
If you seek to turnaround your individual fortunes, I would also recommend that you get a copy of the newly released book Making Your First Million by our own Henry Kachaje. This is a book that gives one a step-by-step guide with practical workable ideas on how to make more money legally.
Investment in books such as Making Your First Million will be more worthwhile than blowing money buying Internet data simply to be forwarding and reading chain messages and gossip that adds no value to one’s life.
In the book, Kachaje stresses that people become what they think and this applies even to financial capabilities. He argues: “If you do not think in millions, you will not earn money in millions—simple. Your earning limitations are first set in your mind before they manifest physically.” Millionaire mindsets are influenced by what one reads, hears, watches and discusses frequently, states Kachaje in the book.
I can add that one’s circle of friends also has a greater influence on one’s success. Remember the saying: You can’t soar like an eagle when you hang out with chickens!
The above should provide some food for thought. Who is your financial or investment adviser? Which are the viable avenues to invest your money?
Perhaps the following could also give you some insights. It is all courtesy of Kiyosaki’s Rich Dad Coaching towards financial independence:
On spending: If you buy things you do not need, soon you will have to sell things you need.
On savings: Do not save what is left after spending, but spend what is left after saving.
On taking risk: Never test the depth of a river with both feet.
On expectations: Honesty is a very expensive gift. Do not expect it from cheap people.
Above all, always remember that past is a waste paper, present is a newspaper and future is a question paper. Come out of your past, control the present and secure the future.
Finally, Kiyosaki advises: “We use pencil when we were young, but now we use pens. Do you know why? Because mistakes in childhood can easily be erased, unlike now. So, read and write carefully, otherwise, life will be a tissue paper.”
In the New Year 2021 and indeed the new decade, explore more avenues of investment. Spread the risk, as insurers like to put it.
We plan, but God fulfills. Things may not always work out according to our plans. In such situations, when bad things happen in your life, you have three choices. You can either let it define you, let it destroy you or you can let it strengthen you.
Now I can wish you a happy New Year 2021. n