Last week was a short break week. I did not make huge progress on my projects. However, it was one of the best week in 2010 so far. I read a book that was recommended by other like-minded people. Yup! I read Rich Dad, Poor Dad.
I have heard a lot about Robert Kiyosaki and his books. I also know he was very rich by investing real estate and many other things. That’s exactly I was thinking to do for years, but I thought I was never good at it. So I have not done anything with it in my life. It’s time to do it now.
My wife and I spent 3 days finishing the entire book. I have done a lot of thinking. One thing I really learned from the book is what a true entrepreneur should do. It’s not about managing your products, it’s about manage your cash flow, people and personal time. Now we need to find out how to apply all those three things into our plan.
The more we think, the more we believe that investment is the only true way to have financial freedom.
Here is what we will be focusing on:
- Increase our financial IQ – I am pretty good at math, but I have never apply that into the real world number game.
- Start small and buy our two rental properties before the end of 2010. It must keep our cash flow positive, otherwise, there is no point to buy.
- Invest on people who can actually help me create positive cash flow.
- Continue our Internet business, which is generating real passive income.
First thing first. To be able to focus on the above tasks, we need to do the follow.
- Evaluate our current financial status
- Find our strength and weakness when dealing with risk.
- Find what we are interested in and find profitable item to invest
We know we are above most middle class people. Our financial status are strong, but our fear of taking risk is our weakness. We think the fear is due to lack of knowledge about the risk we are facing. The only way to get rid of the fear is to face it and study it.
By studying the challenge and become the master in that field will push all fear away. Like Robert said in the book. The more you know about it, the easier you will get to it.
Besides the rental properties, we are also looking into virtual properties on the Internet. Don’t ask me what it is. That’s the secret, since I am know online business fairly well. What I can tell you is that it’s not about buying domain, flip web site or building article directory.
Have you read Rich Dad, Poor Dad? What have you done to create your cash flow?