Kirk Ouimet

Famous author Robert Kiyosaki has been sponsoring a “Learn to Be Rich” campaign across the nation. I had the opportunity to attend one of the events, and took notes throughout the two hour session.

Some basic financial definitions (of Robert’s making):

Income: Any money you get
Cash Flow: Any money you get after your expenses
Asset: Anything that brings cash flow
Liability: Something that takes money away from you

The instructor also touched on the four different ways people are compensated. These include being compensated as an employee, as someone who is self-employed, as a business owner, and as an investor. True wealth is most often obtained by the latter two.

And finally, there were five lessons about how rich people think.

Lesson #1: The Rich Don’t Use Their Own Money
Lesson #2: There is a Solution to Every Problem
Lesson #3: The Rich Understand Tax Law
Lesson #4: The Rich Create Wealth with Creativity
Lesson #5: The Rich Work to Learn, They Don’t Work for Money

My favorite quote from the session was:

“Once we have a sure financial footing it becomes our duty to help others.”