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The Rich Don’t Work For Money

July 2, 2010 in Business, Education, Finance with 4 Comments

Career Path 237x300 The Rich Dont Work For MoneyThere is a huge difference in knowing about life and implementing that knowledge successfully. Many people incorrectly assume that once they have graduated from college and land a well-paying job that are on their way to being wealthy. Getting a job and working is the way to start, but it’s the right job that matters. Often, it’s not the one that pays the most. Robert Kiyosaki‘s theory, explained in his book, Rich Dad, Poor Dad, is that if you wanted to own a fast-food franchise, a “Poor Dad” would tell you to get a degree in hospitality management and then work for a corporation. The “Rich Dad” would tell you to start washing dishes at your favorite restaurant. “Rich Dad” wouldn’t worry that his son was a dishwasher and not making much money, but rather he would take pride in knowing you’re gaining invaluable experience in learning every aspect of the business. This is why he says that the rich don’t always work for money: sometimes they work just for the experience.

If you ever took formal driving lessons, especially learning to drive a motorcycle, you are taught to always look for an escape route. If you come around a corner and there is a log across the road, where can you head the car or bike to escape a collision with the log. If you are driving down a two-lane highway and an oncoming car has poorly judged the distance needed to pass, where is your opening to avoid a head-on collision?

You will also need to plan an escape route in case your business doesn’t work out and you have to call it quits, at least for a while. The best way to have a financial escape route is to have a backup…a savings account or reserve of some kind, an asset you could sell if you absolutely had to, a line of credit, or even a business relationship strong enough to help you in a pinch. Look for your financial escape routes so you can follow your passion and feel more secure about taking well-thought-out business risks.

If we keep in mind that when it comes to money, most people want to play it safe and feel secure. So passion does not direct them. Fear does. Don’t be afraid to apply this theory to your own career path. As you work your way up, the ins and outs of business will unfold around you as well as many nuanced real-life situations that you won’t encounter in a classroom.

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About Geoff: Hello, I'm Geoff Snyder. Thank you for allowing me to connect with you. A big part of this blog is to connect with readers like yourself, to share experiences with, and discuss each other's passions. Without leadership... what's next?

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