Rich Dad, Poor Dad Chapter 7

1. By: Robert T. Kiyosaki Rich Dad, Poor DadChapter 7 Brought to you by Group 8: Jonathan Q., Juanita T., Jose S., and Sumit P.

2. Lesson: Work to Learn – Don’t Work for Money

3. Characters Narrator (Male) Reporter (Female) Rich Dad Poor Dad

4. At The Hotel • A young reporter approaches the narrator for an interview regarding her career as a “Best selling” author • The reporter has a Masters Degree in English Literature, but her writing seems to go nowhere • Reporter to Narrator: “Someday, I would like to be a best-selling author like you” • The narrator has read some of the reporter’s work. It’s better than his own. Therefore, the narrator suggests that the reporter should take classes in salesmanship “Best-selling author vs. Best-writing author” ? • In a state of anger the reporter gets up an leaves; she was offended. “Anger flared from her eyes. "I'll never stoop so low as to learn how to sell. People like you have no business writing. I am a professionally trained writer and you are a salesman. It is not fair. ”

5. Car Broke Down! • One day he pulled into garage because his car wasn’t running well and a young mechanic had fixed it just a few minutes. • The young man knew what was wrong by listening to the engine. “The world is filled with smart, talented, educated and gift people. We meet them every day. They are all around us.” - Narrator “The sad truth is, great talent is not enough.” - Narrator • He was shocked at how little talented people earn “Less than 5 percent of American earn more than 100,000 a year”, “brilliant, highly educated people who earn less than $20,000 a year.” “They are one skill away from great wealth.”  Meaning: “Most people need only to learn and master one more skill and their income would jump exponentially.”

6. Skills? “I have mentioned before that financial intelligence is a synergy of accounting, investing, marketing and law. Combine those four technical skills and making money with money is easier. When it comes to money, the only skill most people know is to work hard” - Narrator

7. Writing a Book Narrator’s Original Book Name: “If You Want To Be Rich and Happy, Don't Go to School?” Narrator’s Edited Book Name: “The Economics of Education.”

8. Rich Dad vs. Poor Dad • Poor dad believed that in order to make more money or get promoted, you need to “specialize.” • Rich dad believed in the opposite: “You want to know a little about a lot”. • The narrator decided to take the advice of the Rich dad. • Poor dad thought the narrator went to school to learn how to work on a ship. However, he went to explore “emerging” nations in Asia. • The narrator studied culture and business in multiple countries including Japan, Taiwan, and Korea • After learning from these experiences, the narrator quits school to join the marine corps • Poor dad preferred a secure and stable job, but rich dad encouraged taking risks • Rich dad states that the hardest part of running a company is managing people • Rich dad told the narrator: "Leadership is what you need to learn next" "If you're not a good leader, you'll get shot in the back, just like they do in business.“ • The narrator decided to join the marines to become a strong leader

9. Poor Dad - Ashamed • After returning from the Marines, the narrator begins to work as a Xerox salesman • Poor dad was devastated, while rich dad is proud of everything the narrator had learned • The narrator formed his first company in 1977. And his first product was the nylon and velcro wallet. • Rich dad advised that it was best to go broke before 30. He encouraged taking the risk of selling a produce. • "You still have time to recover“ – Rich Dad • Today the narrator continues to participate in international business, especially in the presence of emerging markets A Sad Fact: “Workers work hard enough to not be fired, and owners pay just enough so that workers won't quit.” – Narrator “The net result is that most workers never get ahead. ”– Narrator Rich Dad?

10. Bills • “Once people are trapped in the lifelong process of bill paying, they become like those little hamsters running around in those little metal wheels. Their little furry legs are spinning furiously, the wheel is turning furiously, but come tomorrow morning, they'll still be in the same cage: great job.” - Narrator • “In the movie Jerry Maguire, starring Tom Cruise, there are many great one liners. Probably the most memorable is "Show me the money." But there is one line I thought most truthful. It comes from the scene where Tom Cruise is leaving the firm. He has just been fired, and he is asking the entire company "Who wants to come with me?" And the whole place is silent and frozen. Only one woman speaks up and says, "I'd like to but I'm due for a promotion in three months.”” - Narrator • “That statement is probably the most truthful statement in the whole movie. It is the type of statement that people use to keep themselves busy working away to pay bills.” - Narrator

11. The End? You decide. • In addition to being good learners, sellers and marketers, we need to be good teachers as well as good students. • To be truly rich, we need to be able to give as well as to receive. • In cases of financial or professional struggle, there is often a lack of giving and receiving. • There are many people who are poor because they are neither good students nor good teachers. • The narrator actually develops into both dads • “One part of me is a hard-core capitalist who loves the game of money making money.” - Narrator • “The other side is a socially responsible teacher who is deeply concerned with this ever-widening gap between the haves and have nots.” - Narrator

12. $orry! You don’t have a choice.The End.

13. Sources Websites: - http://www.ibrc.indiana.edu/IBR/2002/summer02/summer02_images/learn_fig1.gif - http://news-libraries.mit.edu/blog/wp-content/uploads/2007/11/book_sale.jpg - http://www.ennex.com/~POOFF/image/poof.gif