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SUMANTRA – The Book Club

SUMANTRA – The Book Club. Review by: Shekhar Ruparelia MBA (2005-07). 27 th July 2006. The Author. Born and raised in Hawaii, Robert is fourth-generation Japanese American. Joined U. S. Marine Corps and went to Vietnam as a helicopter gunship pilot.

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SUMANTRA – The Book Club

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  1. SUMANTRA – The Book Club Review by: Shekhar Ruparelia MBA (2005-07) 27th July 2006

  2. The Author • Born and raised in Hawaii, Robert is fourth-generation Japanese American. • Joined U. S. Marine Corps and went to Vietnam as a helicopter gunship pilot. • In 1977 he founded a company that brought to the market the first nylon and Velcro "surfer" wallets. • Robert created the board game CASHFLOW, which teaches the game of money. Robert Kiyosaki

  3. The Co-Author • She joined what was then one of the big eight accounting firms • Became the CFO of a turnaround company in the computer industry • Tax director for a national insurance company • Founder and Associate Publisher of the first regional woman's magazine in Wisconsin Sharon Lechter

  4. Does school prepare children for the real world? • "Why should I put time into studying subjects I will never use in real life?" • The richest people didn't get rich because of their education. (MJ, Madonna, Bill Gates) • Credit cards

  5. The two worlds • Poor Dad: I can't afford it • Rich Dad: How can I afford it? • Poor Dad: Study hard so you can find a good company to work for. • Rich Dad: Study hard so you can find a good company to buy

  6. Lesson #1 The Rich Don't Work for Money • The 10 cent ‘push’ • The Pattern • The comic-book library • “Mike and I averaged $9.50 per week over a threemonth period. We paid his sister $1 a week to be the librarian.”

  7. Lesson #2 Why Teach Financial Literacy? • You must know the difference between an asset and a liability, and buy assets. • The definitions: Financial Aptitude • “Schools were designed to produce good employees instead of employers”

  8. Lesson #3 Mind Your own Business • Ray Kroc anecdote • “I traded real estate and small stocks” • Company advice: “I would not encourage anyone to start a company unless they really want to.”

  9. Lesson #4 The History of and The Power of Corporation • Financial IQ requires 4 broad areas of expertise • No. 1 is accounting. What I call financial literacy. • No. 2 is investing. What I call the science of money making money. • No. 3 is understanding markets. The science of supply and demand. • No. 4 is the law.

  10. Lesson #5 The Rich Invent Money • "Now what can you do?" How many different financial options can you come up with?

  11. Lesson #6 Work to Learn - Don't Work for Money • Specialization • “I recommend young people to seek work for what they will learn, more than what they will earn.”

  12. Five Reasons for Losing • Reason No. 1. Overcoming the fear of losing money. • Reason No. 2. Overcoming cynicism. • Reason No. 3. Laziness. • Reason No. 4. Habits. • Reason No. 5. Arrogance.

  13. Getting Started 1. I NEED A REASON GREATER THAN REALITY 2. I CHOOSE DAILY: INVEST FIRST IN EDUCATION 3. CHOOSE FRIENDS CAREFULLY 4. MASTER A FORMULA AND THEN LEARN A NEW ONE 5. PAY YOURSELF FIRST 6. PAY YOUR BROKERS WELL 7. BE AN "INDIAN GIVER" 8. ASSETS BUY LUXURIES: The power of focus 9. THE NEED FOR HEROES: The power of myth 10. TEACH AND YOU SHALL RECEIVE

  14. Criticisms • Self advertisement • ‘Put all your eggs in one basket’ • Anecdotal • Endorser of MLM or Network Marketing • Finally, speaks out against traditional educations

  15. THANK YOU

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