Donald Trump & Robert Kiyosaki - Why We Want You To Be Rich Audiobook - Part 4 - Chapter 24

Biggest Takeaway --- Excerpts from:
Part Four: If You Were In My shoes, What Would You Do?
Chapter 24: What If I Am Already Rich, What Advice Do You Have for Me?

Robert Kiyosaki:

“If you are rich, then count your blessings. But always remember that money can be both a blessing and a curse... For most people in the world, making enough money is a problem. If you have a lot of money, hanging onto it can be the problem. Lottery winners, movie starts, professional athletes, and heirs to fortunes lose their money because hanging on to money and preserving it can be as hard a job as making money. You become a target for people who want your money.”

“Self-made people are less afraid of losing their money because they know they can make it back.”

“When starting a business, as an entrepreneur, and seeking funds from investors, it is a fast track deal. I need to be very careful that the investors I talk with are qualified, accredited investors.
The definition of a qualified, accredited investor is:
A person who individually (or jointly with a spouse) has a total net combined worth in excess of $1,000,000. A person who has an income in excess of $200,000 for the two most recent years with an expectation of such income in the current year or a person who has joint income with a spouse for such periods in excess of $300,000.
My gold-mining company in China is an example of such an investment. That investment has made many of my investors millionaires.

As you know, I also started an oil company that never found oil. My investors lost most of their money. The good news is that some of those who were in my oil company were also in my gold-mining company in China”

“Kim and I are partners in several large real estate projects…such as 300-unit apartment houses, commercial buildings and office buildings…We have never lost money in any real estate partnership…knock on wood. The key is to have honest and experienced partners.”

“Private equity funds: These are mutual funds for the rick. Generally, a private equity fund is built around an investment group with an excellent track record. They invest in all manner of things, such as businesses and large real estate acquisitions.
Generally the cash requirements are much higher than those for mutual funds. One I invested in required a million-dollar commitment. We got our money back plus a 40 percent return in less than three years…”

“Warren Buffet refers to derivatives as ‘weapons of mass destruction’…even those involved with them, probably do not fully understand them, and they are leveraged instruments on steroids. If there is a glitch, the whole world of money might collapse like a house of cards.”

“If you are rich, your job is to hang on to your money and hopefully multiply it. Regardless of what you do, it is very important to have the following:

1. A will
2. An estate plan
3. A plan if incapacitated
4. A prenuptial agreement if you get married”

Donald Trump:

“First of all, I’d say to be grateful if you are already rich. Then I’d say, be careful. Then I’d say, have a lot of fun…That’s what I’m doing.”

“I have a lot of projects going on, and that’s one of the reasons I am rich. I make the most of my wealth…I’m not happy unless I’m busy making deals and learning new things…there is never a dull moment. Life can, and should, be exciting.”

“That doesn’t mean I’m not careful. It’s too easy to become careless when things are going well, so I keep myself focused. I have children growing up and coming up into the business world, and I don’t want them walking into any disasters, for one thing. It’s important to remain responsible for what you have.”

“Life is something to celebrate, especially if you have the means to do so… Never underestimate your good fortune, and remember that philanthropic efforts are among the best rewards you can have for a life well lived. That’s my best advice for rich people.”

This book is absolutely GOLD for both personal and business development that works like a modern guidebook to THINK AND GROW RICH.

Why We Want You To Be Rich
Two Men*One Message
Donald J. Trump & Robert T. Kiyosaki

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