074: Icon Lessons: Rich Dad, Poor Dad (Robert Kiyosaki)
Audio Player
Podcast: Play in new window | Download
Check out YoPro Wealth in iTunes here!
I will be doing a series of icon lessons (see others here), highlighting some of the great business and financial leaders of our time. First up on that list is Robert Kiyosaki, and specifically his book Rich Dad, Poor Dad.
Rich Dad, Poor Dad is one of the staple personal finance books, and is a must read for anybody with a middle class mindset. The book was the first to really open my eyes to this world of money that I never knew existed.
Below are 6 key lessons that Robert talks about in the book, and I highlight these lessons in this solo edition of the YoPro Wealth podcast.
1. The Rich Don’t Work for Money
The poor and middle class work for money, while the rich have money work for them.
| Poor | Middle Class | Rich |
| Buy things. | Buys liabilities (they think are assets). | Buy assets. |
2. Why Teach Financial Literacy
The Ultimate Guide to Becoming Debt-Free
Debt is stupid. It robs you of your options. – Chris Locurto
The facts are staggering. Debt is a problem and it is getting worse.
- Average student debt increases while wages decrease.
- 40 Million Americans hold student debt.
- 7 Million of those have defaulted on these loans.
- The average American carries nearly 4 credit cards (down from 5.5 in 2008).
- Total student loans in the U.S. have exceeded $1.1 trillion, and revolving consumer debt is $875 billion.
To be financially free and truly wealthy, you have to get out of debt. Yet, so many people are strangled by it. Not only is it hard to pay off, but it also makes it even more challenging to build your wealth in the future.
Here are some of the impacts of having debt:
- Stress: not only is there this feeling of a black cloud over you, but it impacts your family, health and relationships as well. Money issues are the #1 cause of divorce.
- Bad credit score: by defaulting on a loan and/or carrying a lot of consumer debt, you’re hurting your credit. This impacts your future opportunities, including: renting, getting a mortgage, car insurance premiums, starting a business or getting a job, and much more.
- It is harder to get a job: 60% of employers run credit checks before hiring, and some colleges hold transcripts of those that are behind on payments.
- You pay more in the future: the worse your credit, the more interest you’ll pay in the future when getting other loans. It is a self-fulfilling prophecy that you want to get out of as quickly as you can.
- Opportunity cost: instead of putting your hard-earned money to good use (investing, fun, freedom), you have to use it to pay off debts and interest.
As a result, hear this loud and clear:
Getting out of debt has to be a paramount financial priority in your life.
The good news is that you can overcome massive debt. [Read more…]
073: The Experts on Investing – Austin Netzley
Audio Player
Podcast: Play in new window | Download
Check out all of the episodes and the new podcast player HERE!
{Please note that all information on YoProWealth.com is for informational purposes only. See a full disclaimer here.}
The wealthy do something well that the majority of the others do not even do at all…
They invest and put their money to work for them.
How do they do it? Well, in this solo edition of the YoPro Wealth podcast, I share with you the advice from many experts below.
Reserve your spot in the Wealth Webinar series here!
In this podcast episode, you’ll learn:
- The best investment you can make, and why.
- Why to consider index funds as a great option for you.
- The secret to financial freedom.
- Why to consider real estate as an investment vehicle.
- What dollar cost averaging is.
- Why you should love bear markets.
- Why saving is key early on!
- And much, much more!
Agatha Javellana-Schmidt, Marketing & Business Development Manager, IRA Services Trust Company
Use Self-Directed IRAs (Individual Retirement Accounts) to build retirement wealth by truly diversifying your portfolio. Self-Directed IRAs allow you to invest in alternative assets like real estate including trust deeds (source of passive income), precious metals, private companies, and almost anything and everything you can think of that will make money for your IRA.
Another advantage of the Self-Directed IRA is that it allows you to earn tax-sheltered income – you don’t pay taxes until you withdraw funds from your IRA (as with a Traditional IRA), and if you have a Roth IRA, you don’t pay taxes at all on any investment returns because contributions are post-tax funds. [Read more…]
Book: Team of Advisors
Regularly, I will be sharing excerpts from my book to be released in Q4! For a limited time, get a free copy sent to you when it is released here!
Not only have a large network of contacts, but within that, you want to have your own team of advisors in your life. This is one of the most consistent commonalities among the wealthy: they have mentors and coaches for the important areas of their life.
With a coach, you can cut your learning curve in half and get to your success quicker. People always say, ‘learn from your mistakes’, but in reality, it’s pretty expensive. If you learn from other people’s mistakes and not make the same ones, you’ll not only cut your learning curve in half, you’ll save a lot of aggravation, headache, stress, time, and money as well. It’s huge because it gives you the power of anticipation, which is, they can anticipate things that wouldn’t see because they’ve been around. – Peter Voogd
Free Wealth Video Series!
072: The Entrepreneur Mind – Kevin D. Johnson
Audio Player
Podcast: Play in new window | Download
Check out YoPro Wealth in iTunes here!
The best way to predict the future is to create it. – Peter Drucker
If you want to have the life of your dreams, you need to take control of it and direct it to where you want to go.
That is what successful entrepreneur and author, Kevin D. Johnson says on this edition of the YoPro Wealth podcast.
And it all starts with one thing: your mind. Kevin is the author of The Entrepreneur Mind, so he knows more than a thing or two about the subject.
Whether you are an entrepreneur or not, this podcast is very important because you need to at least think like one for massive success. Listen in to learn why!
In This Podcast, You’ll Learn:
- How you can start to become an entrepreneur.
- The key successful traits that separate the successful from the pack.
- The #1 skill you need to learn.
- How a great entrepreneur thinks.
- How to recognize a bubble.
- The way to beat the competition.
- A top book that Kevin suggests to read.
- How to create new markets.
- Sales skills for introverts or technicians!
- The journey of an adaptable entrepreneur.
- And much, much more.
Book: Money Blueprints
Regularly, I will be sharing excerpts from my book to be released in November! For a limited time, get a free copy sent to you on launch day by clicking here!
As we grow up, we learn about money and watching other people – friends, family, own experiences… this creates our blueprint about how money works. Some of it is correct, but some of it is incorrect. These blueprints shape how we interact with money. – JD Roth
071: The Mindset of True Wealth – Dr. Dennis Cummins
Audio Player
Podcast: Play in new window | Download
Check out YoPro Wealth in iTunes here!
We all have troubles in our life… Financial troubles, relationship troubles, job troubles, etc.
It isn’t always easy, but no matter how large or small the challenge is, there is a formula to turn it around.
Dr. Dennis Cummins came on the YoPro Wealth podcast to tell us what that formula is.
Dennis is the author of the soon-to-be bestseller, Turning Terrible into Terrific: Changing Your Life at the Speed of Thought.
100% of the proceeds from this book go to the Make-A-Wish Foundation, so be sure to sign up here to contribute to a great cause and get an outstanding book in the process: tttlaunch.com
In This Podcast, You’ll Learn:
- The first step to take to turn any situation around.
- What you need to clarify to make sure you’re headed down the right path.
- The 5 pieces of financial freedom.
- How to use visualization to change your habits.
- What you need to know about your thoughts and your habits.
- The one question you need to ask yourself with any decision.
- The best vehicle to help create financial freedom for anybody. .
- And much, much more.
070: Real Wealth in Real Estate – J. Massey
Audio Player
Podcast: Play in new window | Download
Check out YoPro Wealth in iTunes here!
It doesn’t matter where you are, you can get to where you want to go.
Entrepreneur J. Massey proves that many times over.
J. and his new family were at rock bottom, and with no money and a credit score of 398, he followed the advice of a friend and got into real estate.
From there, J. went on to build a diversified and successful real estate career, and he’s only getting started.
His secret? Failing as often as possible. Listen in to find out why.
In This Podcast, You’ll Learn:
- Some different options for you to get involved in real estate.
- What you need to focus on to get what you really want.
- The way to invest when you have no money.
- How to play with ‘house’ money.
- The secret to sales success.
- The evolution of learning in the real estate business.
- How to sell houses before you have them.
- And much, much more.
Contact J.:
If you can find a way to take your money out of an investment, and still gain cash-flow from that, you are well on your way to financial freedom and massive wealth. Real estate is one of the vehicles that you can do that in.
Learn what is truly valuable in your business or for your company, and exploit that. That is where the value is.
Action Items:
- Knowledge isn’t power. As J. says, “Applied knowledge is power.” Take what you learn and put it into action.
