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Getting Rich vs. Staying Rich

Humility And Fear

  • Being successful narrows our vision, making us rigid and averse towards change. The people who feel invincible and 'bullet-proof' after getting rich, usually do not stay rich.
  • Humility, coupled with a healthy dose of fear, keeps us on our toes and prevents us from being complacent.
  • Being open to change can make one's shift its business model, and pivot towards even greater success

Example: Netflix was a DVD rental service before pivoting into the world's biggest content streamer.

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Getting Rich vs. Staying Rich

Getting Rich vs. Staying Rich

https://www.collaborativefund.com/blog/getting-rich-vs-staying-rich/

collaborativefund.com

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Key Ideas

Getting Rich Vs Staying Rich

The economy follows a cyclic path, with a different set of dynamics for getting rich, and for staying rich.

Nothing stays the same, and change is the only constant, with the very forces that cause things to go in a certain direction also planting the seeds to push them in the opposite direction.

In economic terms, the cycle goes like this: Recessions cause sentiments to go down, causing underproduction, which leads to scarcity, sowing the seeds for growth.

Humility And Fear

  • Being successful narrows our vision, making us rigid and averse towards change. The people who feel invincible and 'bullet-proof' after getting rich, usually do not stay rich.
  • Humility, coupled with a healthy dose of fear, keeps us on our toes and prevents us from being complacent.
  • Being open to change can make one's shift its business model, and pivot towards even greater success

Example: Netflix was a DVD rental service before pivoting into the world's biggest content streamer.

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You Always Have a Choice

You have no control over things like the place you were born, your biological sex, the situation of your family or your skin color. These things will obviously impact your life in major ways.

Chuck Close
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"Inspiration is for amateurs. The rest of us just show up and get to work. Every great idea I’ve ever had grew out of work itself.”

Adopt a Bias Towards Action

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"Rich Dad, Poor Dad" is Fiction

John T. Reed, a real estate investor, looked into the accuracy of Kiyosaki's best-selling book and found it inaccurate:

  • The Rich Dad is most likely an invention. ...
"Rich Dad, Poor Dad" contains dangerous advice

According to John T. Reed the famous book is filled with bad advice:

Dangerous advice

  • "If you're gonna go broke, go broke big"
  • Convinces people that college is for suckers

Law-breaking advice

  • Advocates committing a felony: have rich friends for trading stock based on non-public inside information, he says "That's what friends are for."
  • Recommends tax fraud by deducting vacations and health club dues
  • Brags about using a partner weasel clause in which his cat is his partner
Kiyosaki is making money from a personality cult

Many critics pointed out that Kiyosaki is selling a cult, not financial advice.

He is accused of tapping into the fantasies of the masses & being short on specifics, both attributes of religious cults.