Why Were We Not Wiped Out? FAQ Millions of investors lost everything starting in 2007. How did you gain and not lose? Short Answer Financial education gave us the ability to not follow conventional financial wisdom. FAQ What did you know that others did not know? Why did you win even as the economy was crashing? Very Short Answer We kept playing Monopoly. Explanation There are three priceless lessons in Monopoly. They are: 1. Four green houses, one red hotel The lesson is: Start small. Dream big. We both took classes and did small deals on weekends. We had a rule: We had to look at 100 properties before we bought one. With every deal we looked at, especially the bad ones, we got smarter. As you may know, most investments are bad investments, so you need to invest time looking for those rare great deals.
It doesnâ€™t have to be real estate investing. It could be stocks, or a business. The lesson is that most people, especially men, jump into a market, create a big splash, and try to make a killing. Usually, they are the ones who are killed.
Give yourself at least five to ten years to learn and gain from experience. If you like real estate, start with real estate. If you like stocks, start with stocks. If you are interested in business, start in business. Know that you will make mistakes, so make small mistakes, learn, and keep dreaming big.
by Rich Dad, Robert Kiyosaki