| J If you start young, it's easy to be richI won't go into it here, but there is a large difference between a person who starts saving at age 20 versus age 30A staggering difference
It is said that one of the wonders of the world is the power of compound interestThe purchase of Manhattan Island is said to be one of the greatest bargains of all timeNew York was purchased for $24 in trinkets and beadsYet, if that $24 had been invested, at 8 percent annually, that $24 would have been worth more than $28 trillion by 1995, Manhattan could be repurchased with money left over to buy much of L especially at 1995's real estate prices
My neighbor works for a major computer companyHe has been there 25 yearsIn chanel pearls five more years he will leave the company with $4 million in his 401k retirement planIt is invested mostly in high-growth mutual funds, which he will convert to bonds and government securitiesHe'll only be 55 when he gets out, and he will have -a passive cash flow of over $300,000 a year, more than he makes from his salary So it can be done, even if you hate losing or hate riskBut you must start early and definitely set up a retirement plan, and you should hire a financial planner you trust to guide you before investing in anything
But what if you don't have much time left or would like to retire early? How do you handle the fear of losing money?
My poor dad did nothingHe simply avoided the issue, large gucci bag refusing to discuss the subject
My rich dad, on the other hand, recommended that I think like a Texan "I like Texas and Texans," he used to say "In Texas, everything is biggerWhen Texans win, they win bigAnd when they lose, it's spectacular
"They like losing?" I asked
"That's not what I'm sayingShow me a happy loser, and I'll show you a loser," said rich dad"It's a Texan's attitude toward risk, reward and failure I'm talking aboutIt's how they handle lifeNot like most of the people around here, living like roaches when it comes to moneyRoaches terrified that someone will shine a light on themWhimpering when the grocery clerk short changes them a quarter
Rich dad went on to explain
"What I like best chanel classic bag is the Texas attitudeThey're proud when they win, and they brag when they loseTexans have a saying, "If you're going to go broke, go bigYou don't want to admit you went broke over a duplexMost people around here are so afraid of losing, they don't have a duplex to go broke with
He constantly told Mike and me that the greatest reason for lack of financial success was because most people played it too safe "People are so afraid of losing that they lose" were his words
Fran Tarkenton, a one-time great NFL quarterback, says it still another way: "Winning means being unafraid to lose
In my own life, I've noticed that winning usually follows losingBefore I finally learned to ride a bike, I first fell down small chanel purse many timesI've never met a golfer who has never lost a golf ballI've never met people who have fallen in love who have never had their heart brokenAnd I've never met someone rich who has never lost money
So for most people, the reason they don't win financially is because the pain of losing money is far greater than the joy of being rich Another saying in Texas is, "Everyone wants to go to Heaven, but no one wants to die Most people dream of being rich, but are terrified of losing money So they never get to Heaven
Rich dad used to tell Mike and me stories about his trips to Texas"If you really want to learn the attitude of how to handle risk, losing and failure, go to San Antonio and visit the fake louis vuitton handbags Alamo |