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富爸爸穷爸爸-第35部分

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now what they get for free; also called a piece of the action。 That is why the ROI; or return of and on investment; is so important。
For example; I found a small condominium; a few blocks from where I live; that was in foreclosure。 The bank wanted 60;000; and I submitted a bid for 50;000; which they took; simply because; along with my bid; was a cashier's check for 50;000。 They realized I was serious。 Most investors would say; aren't you tying up a lot of cash? Would it not be better to get a loan on it? The answer is; not in this case。 My investment pany uses this as a vacation rental in the winter months; when the 〃snowbirds〃 e to Arizona; and rent it for 2;500 a month for four months out of the year。 For rental during the offseason; it rents for only 1;000 a month。 I had my money back in about three years。  Now I own this asset; which pumps money out for me; month in and month out。
The same is done with stocks。 Frequently; my broker will call me and remend I move a sizable amount of money into the stock of a pany that he feels is just about to make a move that will add value to the stock; like announcing a new product。  I will move my money in for a week to a month while the stock moves up。 Then; I pull my initial dollar amount out; and stop worrying about the fluctuations of the market; because my initial money is back and ready to work on another asset。 So my money goes in; and then it es out; and I own an asset that was technically free。
True; I have lost money on many occasions。  But I only play with money I can afford to lose。 I would say; on an average ten investments; I hit home runs on two or three; while five or six do nothing; and I lose on two or three。 But I limit my losses to only the money I have in at that time。
For people who hate risk; they put their money in the bank。 And in the long run; savings are better than no savings。  But it takes a long time to get your money back and; in most instances; you don't get anything for free with it。 They used to hand out toasters; but they rarely do that these days。
On every one of my investments; there must be an upside; something for free。 A condominium; a ministorage; a piece of free land; a house; stock shares; office building。 And there must be limited risk; or a lowrisk idea。 There are books devoted entirely to this subject that I will not get into here。 Ray Kroc; of McDonald's fame; sold hamburger franchises; not because he loved hamburgers; but because he wanted the real estate ; under the franchise for free。
So wise investors must look at more than ROI; it's the assets you get for free once you get your money back。 That is financial intelligence。  :

8。 ASSETS BUY LUXURIES: The power of focus。 A friend's child has been developing a nasty habit of burning a hole in his pocket。 Just 16; he naturally wanted his own car。 The excuse; 〃All his friends' parents gave their kids cars。〃 The child wanted to go into|
his savings and use it for a down payment。 That was when his father called me。 〃Do you think I should let him do it; or should I just do as other parents do and just buy him a car?〃
To which I answered。  〃It might relieve the pressure in the short term; but what have you taught him in the long term? Can you use this desire to own a car and inspire your son to learn something?〃 Suddenly the lights went on; and he hurried home。
Two months later I ran into my friend again。  〃Does your son have his new car?〃 I asked。
〃No; he doesn't。 But I went and handed him 3;000 for the car。 I told him to use my money instead of his college money。〃 〃Well; that's generous of you;〃 I said。
〃Not really。 The money came with a hitch。  I took your advice of using his strong desire to buy a car and use that energy so he could learn something。〃
〃So what was the hitch?〃 I asked。
〃Well; first we broke out your game again; CASHFLOW。 We played it and had a long discussion about the wise use of money。  I then gave him a subscription to the Wall Street Journal; and a few books on the stock market。〃
〃Then what?〃 I asked。  〃What was the catch?〃
〃I told him the 3;000 was his; but he could not directly buy a car with it。 He could use it to buy and sell stocks; find his own stockbroker; and once he had made 6;000 with the 3;000; the money would be his for the car; and the 3;000 would go into his college fund。〃
〃And what are the results?〃 I asked。
〃Well; he got lucky early in his trading; but lost all he gained a few days later。 Then; he really got interested。 Today; I would say he is down 2;000; but his interest is up。 He has read all the books I bought him and he's gone to the library to get more。 He reads the Wall Street Journal voraciously; watching for indicators; and he watches CNBC instead of MTV。 He's got only 1;000 left; but his interest and learning are sky high。 He knows that if he loses that money; he walks for two more years。 But he does not seem to care。 He even seems uninterested in getting a car because he's found a game that is more fun。〃
〃What happens if he loses all the money?〃 I asked。
〃We'll cross that bridge when we get to it。 I'd rather have him lose everything now rather than wait till he's our age to risk losing everything。 And besides; that is the best 3;000 I've ever spent on his education。 What he is learning will serve him for life; and he seems to have gained a new respect for the power of money。 I think he's stopped the burning of holes in his pockets。〃
As I said in the section 〃Pay Yourself First;〃 if a person cannot master the power of selfdiscipline; it is best not to try to get rich。 For while the process of developing cash flow from an asset column in theory is easy; it is the mental fortitude of directing money that is hard。 Due to external temptations; it is much easier in today's consumer world to simply blow it out the expense column。 Because of weak mental fortitude; that money flows into the paths of least resistance。 That is the cause of poverty and financial struggle。
I gave this numerical example of financial intelligence; in this case the ability to direct money to make more money。
If we gave 100 people 10;000 at the start of the year; I gave my opinion that at the end of the year:
 80 would have nothing left。 In fact; many would have created I greater debt by making a down payment on a new car; refrigerator; TV; VCR or a holiday。 16 would have increased that 10;000 by 5 percent to 10 percent。 4 would have increased it to 20;000 or into the millions。
We go to school to learn a profession so we can work for money。 It is my opinion that it is also important to learn how to have money work for you。
I love my luxuries as much as anyone else。 The difference is; some people buy their luxuries on credit。 It's the keepupwiththeJoneses trap。 When I wanted to buy a Porsche; the easy road would have been to call my banker and get a loan。 Instead of choosing to focus in the liability column; I chose to focus in the asset column。
As a habit; I used my desire to consume to inspire and motivate my financial genius to invest。
Too often today; we focus to borrowing money to get the things we want instead of focusing on creating money。  One is easier in the short term; but harder in the long term。 It's a bad habit that we as individuals and as a nation have gotten into。 Remember; the easy road often bees hard; and the hard road often bees easy。
The earlier you can train yourself and those you love to be masters of money; the better。 Money is a powerful force。 Unfortunately; people use the power of money against them。  If your financial intelligence is low; money will run all over you。 It will be smarter than you。  If money is smarter than you; you will work for it all your life。
To be the master of money; you need to be smarter than it。 Then money will do as it is told。 It will obey you。  Instead of being a slave to it; you will be the master of it。 That is financial intelligence。

9。 THE NEED FOR HEROES: The power of myth。 When I was a kid; I greatly admired Willie Mays; Hank Aaron; Yogi Berra。 They were my heroes。 As a kid playing Little League; I wanted to be just like them。 I treasured their baseball cards。 I wanted to know everything about them。 I knew the stats; the RBI; the ERAs; their batting averages; how much they got p
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