The main management skills needed for success are:
1. Management of cash flow
2. Management of systems
3. Management of people
Five main reasons why financially literate people may still not develop abundant asset columns that could produce a large cash flow. The five rasons are:
4. Bad habits
MORE IDEAS FROM THEARTICLE
Whenever you feel short or in need of something, give what you want first and it will come back in buckets. That is true for money, a smile, love, or friendship. There are times when I have given and nothing has come back, or what I have received is not what I wanted. But upon closer inspection and soul searching, I was often giving to receive in those instances, instead of giving for the joy that giving itself brings.
The classic example of a synergy of skills was that young writer for the newspaper. If she diligently learned the skills of sales and marketing,her income would jump dramatically. If I were her, I would take some courses in advertising copywriting as well as sales. Then, instead of working at the newspaper, I would seek a job at an advertising agency. even if it were a cut in pay, she would learn how to communicate in short-cuts that are used in successful advertising. She also would spend time learning public relations, an important skill. She would learn how to get millions in free publicity
If most people understood how a “stop” worked in stock-market then there would be more people investing to win instead of investing not to lose. A stop is simply a computer command that sells your stock automatically if the price begins to drop, helping to miinimize your losses and maximize some gains. It’s a great tool for those who are terrified of losing.
Buy the pie, and cut it in pieces. Most people look for what they can afford, so they look too small. They buy only a piece of the pie, so they end up paying more for less.
John T. Reed, a real estate investor, looked into the accuracy of Kiyosaki's best-selling book and found it inaccurate:
The Cashflow Quadrant is a concept from Robert Kiyosaki's "Rich Dad Poor Dad" which represents the different methods by which income is generated:
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