Rich Dad's Application in My Life

I want to talk about the book "Rich Dad's Guide to Investing" by Robert Kiyosaki, or at least one of the concepts discussed in this book.

First off, if anyone out there has heard of the Rich Dad book series but has not read any of them, do it. Read them. All of them. Any of them. It doesn't matter. They are written in a way that mysteriously doesn't tell you what to do, but in a way to make you think differently. I cannot begin to describe how your brain starts looking at things differently with the mentality he urges you to take.

Anyway, one of the big messages that Rich Dad emphasizes constantly is to buy, build, or create assets to help you get rich.

I have an accounting background and had a pretty clear understanding of Generally Accepted Accounting Principals' definitions of assets and liabilities. But Rich Dad emphasizes that the assets he is talking about are not necessarily the things you might expect. For example, most people consider their homes or cars assets. Rich dad says that if it is costing you money to have it, then it is a liability, not an asset.

However, if you flip that around and have a rental house generating money, or a car that is somehow making you money, these would be assets.

But to dig a little deeper, one of the common issues when people try to acquire assets is that they do not have the money required to buy the things they think will make them money. Another example is me, and my lack of money to buy much of anything.

The book makes you think about what you have, things you can do, businesses you can start, etc. in order to begin building up your asset column. I may not have any money, but the more I think about this concept, the more I realize that I have a few assets that can help me generate money.

I'll mention it because that's what I seem to do in this blog, but my eBay business, which was spawned from DS Domination, is a great example of an asset generating money for me. It so far has not created a huge amount of money, but yesterday I reached $150 in profits for the month. I consider this better than $0 I would have made without it.

The other side of DS Domination is the network marketing portion. Robert Kiyosaki and spoken and written many things regarding his support towards network marketing companies because they represent a HUGE business opportunity with little capital or risk. At this stage of my existence, I couldn't tell you if I have the right personality to be an incredibly successful network marketer, BUT what I like about this company is that I don't have to be good at selling this to people in order to make money with my eBay business. I am excited about having a team of folks who are ready to change their lives with me, and help many many others change their lives as well. But that will come.

The other asset I currently have, but have not yet found a way to generate income is with my little ukulele. I posted a few video tutorials for my niece when she got a ukulele, and I've been quite surprised to see over 500 people subscribe to my youtube channel. At the beginning of this year, I decided to try and reach 10,000 subscribers by the end of the year. How will I do that? I don't really know, but I think it's surprisingly attainable. The one issue that keeps me from really pursuing this is that I don't really see a financial benefit to these efforts. But that comes back to thinking about how I can turn this into an asset that generates cashflow.

There are a number of other things that I have that I'm sure if put to use in the right way can begin to generate income, but the best assets are the ones that can reach and help many people. Ask not what the people can do for you, ask what you can do for the people. The more you can personally help, the more dramatic the effects. Considering that we live in a digital age where we can access people all over the planet, I think it is important to keep in mind that our bodies and efforts stay local, but that our businesses can reach anyone on the planet.

Those are my brief thoughts on the concept of Rich Dad's concept of assets, and how I can personally apply them to my life.

I have links in this blog that lead you to outside sites. I really like DS Domination and am happy with my personal results, which is why I'm sharing it with the world. Thanks.