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Chapter Five Law of Compensation #3 Leverage the power of compounding financial education. The more you learn on the B and I side, the more you’ll earn. Over time, as your education compounds, so do your returns. In other words, you earn more and more with less and less effort. This is the true power of financial education. To better understand the Law of Compensation #3, a person needs to understand that the true power in education is not found in a classroom, seminar, books, report cards, or diplomas. Simply put, “You can teach a person to fish, but you cannot force a person to learn to fish.” There are two important points related to this statement: 1. The power of education is unleashed after you leave school, take a class, seminar, or read a book and begin applying your education. This is why medical doctors go to four years of college, four years of medical school, and then become interns or resident doctors for another four to eight years. Throughout this process they gain real-life experience before becoming real doctors. I did not become a ship’s officer until after I left the academy. And I did not become a pilot until I had finished two years of flight school. I did not become a competent combat pilot until I was in Vietnam for six months. Incompetent pilots were often dead in the first two months. People who have no financial education often fail. Rather than take classes on entrepreneurship or investing, they begin trading stocks, flipping real estate, or become entrepreneurs. Then they wonder why they failed or failed to produce extraordinary results. If they fail, many just quit, blaming something or someone for their failure. 178

Profile for Jamiel Cotman

Unfair advantage ebook  

by Rich Dad, Robert Kiyosaki

Unfair advantage ebook  

by Rich Dad, Robert Kiyosaki

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