Overcoming Obstacles

- There are five main reasons why financially literate people may still not develop abundant asset columns:

1. Fear.
2. Cynicism.
3. Laziness.
4. Bad habits.
5. Arrogance.

- Reason No. 1. Overcoming the fear of losing money.

- If you have any desire of being rich, you must focus. Put a lot of your eggs in a few baskets. Do not do what poor and middle class people do: put their few eggs in many baskets.
If you hate losing, play it safe. If losing makes you weak, play it safe. Go with balanced investments. If you're over 25 years old and are terrified of taking risks, don't change. Play it safe, but start early. Start accumulating your nest egg early because it will take time.

- Reason No. 2. Overcoming cynicism.

- Doubt is expensive. My point is that it's those doubts and cynicism that keep most people? poor and playing it safe. The real world is simply waiting for you to get rich. Only a person's doubts keep them poor. As I said, getting out of the rat race is technically easy.

- Cynics criticize, and winners analyze.

- Reason No. 3. Laziness.

- Busy people are often the most lazy. They stay busy as a way of avoiding something they do not want to face.

- The most common form of laziness. Laziness by staying busy.

- So what is the cure for laziness? The answer is a little greed.

- WII-FM: "What's In It-For Me?" A person needs to sit down and ask, "What's in it for me if I'm healthy, sexy and good looking?" Or "What would my life be like if I never had to work again?" Or "What would I do if I had all the money I needed?" Without that little greed, the desire to have something better, progress is not made.

- Reason No. 4. Habits. Our lives are a reflection of our habits more than our education.

- "I firmly believe in paying my bills on time. I just pay myself first. Before I pay even the government."
"But what happens if you don't have enough money?" I asked. "What do you do then?"
"The same," said rich dad. "I still pay myself first. Even if I'm short of money. My asset column is far more important to me than the government."

- The pressure to pay becomes my motivation, makes me work harder, forces me to think, and all in all makes me smarter and more active when it comes to money. If I had paid myself last, I would have felt no pressure, but I'd be broke.

- Reason No. 5. Arrogance. Arrogance is ego plus ignorance.

- What I know makes me money. What I don't know loses me money. Every time I have been arrogant, I have lost money. Because when I'm arrogant, I truly believe that what I don't know is not important.