book excerpt: rich dad's who took my money? why slow investors lose and how fast money wins! eval(ez_write_tag([[300,250],'businessknowhow_com-box-3','ezslot_0',122,'0'])); - sink in wall

by:KEDIBO     2019-08-20
book excerpt: rich dad\'s who took my money? why slow investors lose and how fast money wins!                             eval(ez_write_tag([[300,250],\'businessknowhow_com-box-3\',\'ezslot_0\',122,\'0\']));  -  sink in wall
Latest update: September 12, 2014, wondering if you are getting good investment advice or just selling?
This is an excerpt from rich dad taking my money and may help you decide.
ISBN: 0446691828 paperback (trade)$16. 95/U. S.
Warner Books continued with its sales pitch from the first page, rather than investing in education: "I'm not a good investor?
"No, that's not the case," said Rich Dad.
"He advises you to invest, buy, hold and diversify in the long term '.
"Yes," I said softly.
"The problem with this suggestion is that it's a sales promotion," said Rich Dad . ".
"It's not a reasonable way to invest much less and learn to invest.
It's not a good way for you to get the education you need to be a smart investor.
"Why is it marketing? " I asked.
"Well, think about it," replied rich father.
"By simply sending a check every month, how much do you know about the investment?
After thinking about this question, I finally answered and said, "not much.
But why is it sales?
Rich Dad smiled and said, "You have been thinking about this matter . "
"You have been thinking about the advice of 'investing, buying, holding and diversifying in the long term.
"Are you not going to tell me ? "" I asked. Right? ""No. Not now anyway.
You're only eighteen years old.
You have a lot to know about the real world.
Now you have the opportunity to learn the most important lesson in your life.
So think about it.
When you think you 've understood why "investing, buying, holding and diversifying for a long time" is a pitch, not a good investment education, you tell me.
Most people have never learned the difference between marketing and investment education.
That's why few people get rich and why so many people lose money as investors.
They lost because they thought marketing was an investment in education.
Because they believe that "investing, buying, holding and diversifying for a long time" is investing in education, they actually think it is wise to do so.
Marketing is very different from real education.
"When rich dad spoke, I began to understand why the salesperson always emphasized the word" always.
"It was mentioned earlier that between 2000 and 2003, millions of people lost $7 to $9 trillion in market crashes.
These losses do not include unemployment and the emotional pain this loss brings to them.
Why are so many people losing so much money?
Although there are many reasons-
Reasons for economic weakness, terrorists, corruption, poor analysis reports, fraud, market trends and other negligence --one little-
The root cause, as we all know, is that millions of people mistake a general industry sales pitch for good financial education.
A lot of people always take their check in or don't sell it. . .
Investment and long-term holding, even if the biggest stock market in history crashes around them.
Michael Lewis, a respected financial writer, is known for his best-selling books, liar poker, new things and money ball.
He served as a senior editor of the United States and the New Republic for the British weekly Observer.
He is also a visiting researcher at the University of California, Berkeley.
In an article written for The New York Times Magazine in October 27, 2002, Lewis pointed out that "the loss of the stock market is not a loss to society.
They are transferred from one person to another.
He further described his experience in the market.
"I should have felt that I was finally sure that the moment Internet stocks were bought, it was the moment they became sold.
Instead, I added exodus for $160 a share and watched it go up a few percentage points --
Then crash.
What happened to my money?
It's not gone.
The man who sold me the stock made money on it.
Suspects sorted by possibility:)
Some departing employees; b)a well-
Early in the Internet mutual fund I in. P. O. price; or c)
A day trader who buys for $150.
"In other words, there was no loss of $7 to $9 trillion between 2000 and 2003. . .
One investor transferred $7 to $9 trillion to another investor.
Between 2000 and 20003, some investors are richer and others are poorer. . .
That's why rich dad cares more about me than I invest in this investor. When Do I Sell?
In 1965, after I realized that rich dad was not happy with my first investment, I asked, "Should I sell the shares of those mutual funds ? "?
He said with a smile, "No.
I won't sell it yet.
You may have made a mistake, but you have not learned a lesson yet.
Hold on for another period of time.
Before you know what you need to learn, continue to pay these fees every month.
This lesson will be priceless if you do so.
If you learn from this activity, you will get something more important than money.
You will be a better investor.
If you want to be a better investor, the first thing you need to learn is the difference between sales promotion and reasonable investment advice.
"The investment for the 1965 Christmas holiday is over and I'm back at school in New York.
Leaving the warm beaches of Hawaii, it's hard to get back to the coldest place in New York in the winter.
I'm not surfing, I'm shaking.
As advised by Rich Dad, I continue to send cheques to mutual fund companies once a month.
At school, the extra money is hard to get, especially since I have very little financial support from home.
I still have expenses and the occasional social life that needs support.
To make up for the shortfall, there are many Saturdays where I go to the neighborhood to do odd jobs for $2 an hour.
If I work one or two Saturdays a month, I can send the check to the mutual fund company and pay for the necessities of life, such as entertainment.
Occasionally, I open the paper to the investment department to see how my fund is doing.
The fund did not do much.
Like a sleepy old dog, it sits there for a price and stays there.
Once a quarter, I received an envelope from the company with a statement to verify my contribution.
After a while, I began to be afraid to open the envelope because I was usually under-impressed with the performance of the fund.
The number of stocks I own is increasing, but the price per share remains the same.
To be honest, I think it's a bit stupid to buy something like this.
Invest.
Six months later, I went back to Hawaii. this is 1966 summer vacation.
When I went to my rich dad's office to say hello, he invited me out for brunch.
"How about your mutual fund?
Once we sat in the restaurant, he asked.
"Well, I put nearly $100 in six months, but the fund did nothing.
When I first started investing, the stocks were about $12 and still $12 today.
Rich father laughed.
Impatient?
"Well, I hope to see more action," I replied . ".
"It's not good to be impatient," Fu said with a smile . ".
"Patience is important in investing.
I replied, "but the fund did nothing . "
Rich Dad laughed out loud after my last comment.
He obviously found it interesting.
"I'm not talking about the fund," he said . "
"I'm talking about you.
You need to learn to be patient if you want to be an investor.
But I have always been patient.
My money has been there for nearly ten months.
The price per share remains unchanged.
"As I said, this happens when you are an impatient investor," said Rich Dad sternly . ".
Impatient investors often rush to invest
So their impatience led them to lack of investment.
Invest. ""Under-
Invest. . .
Because I have no patience?
Rich Dad nodded, "How long did you talk to your mutual fund sales staff before you made your investment decision?
We talked for about an hour.
He asked me about my life goals.
He showed me a few charts showing me how the Dow Jones industrial average rose.
He explained the value of investing a little money for a long time.
"You made up your mind and bought the stock," Fu said with a smile . ".
"Yes," I replied.
"I think it's impatient.
Rich father laughed.
"You invest impatiently, and now you wait impatiently when your investment does nothing.
If you don't know what a great investment looks like in the first place, and you don't want to take the time to look for an investment, how can you expect to find a great one?
You got what you paid.
Your impatience makes you find an investment that makes you more impatient.
Always keep this in mind: the worst investment flows to impatient investors.
Is there a lesson?
"Yes, I do . " I answered impatiently.
"Am I wasting my money? " I asked.
"No," said Rich Dad firmly.
"Now, don't worry about the money you make or don't make.
Now, you are learning an invaluable lesson.
Most investors never learn from impatience.
Don't be so impatient.
Take the time to learn. "Okay," I said.
"I have to take the time to learn this lesson.
I will be more patient next time I make an investment decision.
"Very good," said Rich father.
"Most investors blame investment, not themselves.
The real problem in reality is investors, not investment.
Now you are learning the price of your impatience.
This is a good lesson from-
If you learn the lesson
"But I amtime student.
"I have to concentrate on learning," I argued.
"I don't have time to learn more, and I don't have time to do more research.
"Soon you will go all out when you graduate and leave school --time.
Maybe you will get married, buy a house and start supporting your family.
If this happens, both the cost and the requirement for your time will increase.
If you think you are busy in your student days, wait for you to work and get married and have children.
If you don't have time now to learn to be a better investor, you will say the same thing tomorrow as you do today.
You will still say that I don't have time to learn more and to do more research.
Because of your impatience, your laziness, and the lame excuse that you don't have enough time, you will do the same thing you just did, and it is to give your money to someone completely new, I don't know what they did with your money.
"Sitting silently, I let my rich father's words sink in.
I don't like what he said to me.
I'm angry.
It would be nice if he knew how hard it was to go to a military academy, take all his studies, take part in sports and try social life.
"Admit you're impatient," said Rich Dad . ".
"Just admit that you are unwilling and too busy to invest and learn to be an investor.
It's more honest than saying you're too busy.
Then admit that you don't have enough patience to look for a good investment.
"If I admit this, then I will not complain about my poor performance in my investment," I added . ".
"Or complain when your investment loses money," said Rich dad with a smile.
"You mean I can lose money in the mutual fund? " I asked.
"You can lose money on anything," Fu replied . ".
"But do you know what's worse than losing money?
"No," I replied, shaking my head. "I don't know. What is worse?
"The worst thing about not learning to be an investor is that you can never see a great investment," Fu said . "of-factly.
"If you never take the time to learn to be an investor, you will live in fear of investing and often say 'Investment is risky '.
By believing that investment is risky, you avoid investing, or you give money to someone you wish to invest wisely.
But worst of all, when you avoid investing, you miss out on the hottest deals in the world.
You live in fear, not in the excitement of finding and finding great deals.
When you play safely and live in fear of failure, you will miss the excitement of winning.
You missed the excitement of getting richer.
This is the worst thing about being impatient and not investing time to be a real investor.
"After thinking about it, let the rich father's words sink down. I began to recall the sales promotion of the financial advisers who sold my mutual fund investment plan.
Rich dad seems to be looking at my thoughts and asking me, "Did your salesman friend tell you that the stock market has risen by an average of 10% per year?
This is the standard canned sales pitch that most salespeople use in their business.
Did he say that to you?
"Yes, he did say that," I replied . ".
Rich Dad laughed.
"He might think it's a good reward.
The 10% return is peanuts!
In addition, ask him if he will guarantee this small return.
Of course he won't.
He will only send you a birthday card every year, thank you for your business.
He won. you lost.
But the biggest loss for you is that you will never see a great investment, because if you follow his advice of "investing, buying, holding" for a long time, you will never become a great diversity.
Most importantly, while the best investment flows to the most educated investors, the worst and most risky of all investments flows to the lowest educated investors.
"Are you saying that mutual funds are the most risky of all investments? " I asked. "No . . .
"That's not what I said," replied Rich Dad, now in a depressed tone.
He took a deep breath and brainstorm and said, "Listen to me.
Let me say it again.
I'm not talking about investment.
I'm talking about investors.
If the investor is not educated, anything he or she invests in will be at risk.
They may occasionally get lucky, but in the long run, any money they make will eventually return most of it to the market.
I 've seen an uneducated investor who made a lot of investment in real estate and then turned it into an escape.
Cancellation of foreclosure
I have seen an uneducated investor.
Soon broke down.
I 've seen an immature investor buy shares in a great company and watch the value of the shares climb but fail to sell at the top.
They continued to hold dead stocks after the stock crash.
So the risk is not investment. . .
Investors.
"I began to understand what rich dad was talking about.
He did his best to make me see a world that few people see. . .
The world of real investors.
Rich Dad took a breather and continued, "I 've also seen a professional investor take over an investment that a bad investor has ruined and turn it into a good one again.
So bad investors lose money and smart investors make money.
"Do you mean smart investors never lose money ? "" I asked.
"Of course not," replied rich father.
"We lose from time to time.
My point is that a smart investor is focused on being a smart investor.
Ordinary investors focus only on making money.
I'm not here to tell you how to manage your life.
Now, I want you to stop and take a moment and think about what you have learned now. . .
It's not how much you make, it's not how much you make.
Don't focus on money.
Focus on learning to be a better investor.
"So if all I did was write a check, stick it in an envelope, lick a stamp and put it in the mail, I wouldn't know much about the investment. . .
Long-term investment?
"That's exactly what I'm going to say.
You haven't learned to be an investor yet.
You are learning to be a saving and stamped personlicker.
Rich Dad stood up and stretched out.
I can see that he is tired of instilling this simple but important lesson in my head.
He looked back at me and asked, "So, what did you learn from mutual fund investment and yourself?
"I know I'm impatient.
I know I'm making excuses for not taking the time to study and invest.
"What is the cause ? "
Asked rich dad.
"It means I don't always get the best investment.
It means I miss an exciting world, one that few people see.
It also means that if I don't make some changes, I'm more of a gambler than an investor.
Rich Dad smiled and said, "insights . ""And what else?
"After thinking for a while, I can't think of any more answers.
"I don't know what else.
"How about giving your money to a completely strange person?
Rich father replied.
"I don't know who the stranger gave your money to, or even what it was --more-
What about strangers who don't show up taking your money?
Do you know how much your money has been taken away?
Do you know how much your money actually invests and how much of your money goes into the pocket of someone who manages your money?
Do you have any money in your pocket?
What if they lose your money?
Do you have recourse?
Do you know the answers to these questions?
I shook my head and replied faintly, "No.
"Have you ever asked the person who sold you these mutual funds if he could live on his own investment, or if he lived on the money you invested in him?
"No," I replied softly. "I never asked.
"I wanted to blame Sir when I realized that I might have made a mistake.
But I know better.
I'm an investor.
I chose to invest in the mutual fund but did not do enough due diligence on the investment.
Financial planners earn commissions by selling investments and other financial products (like insurance)
For ordinary investors
We need to learn how to ask the right questions.
For example, what is the cost associated with this mutual fund?
What is your commission for this sale?
Rich dad is trying to make me understand that I need to take control of my own financial decisions rather than give that power to others.
Some of Wall Street's biggest companies fined WristIn 2002 $1.
New York Attorney General Elliot Spitzer is guilty of fraud and conflict of interest No. 4 billion.
Spitzer said at a news conference, "Every investor knows that the market involves risks. . . .
But what every investor expects and deserves is honest investment advice.
Advice and analysis not affected by conflict of interest. " A $1.
After losing $7 to $4 billion, investors fined $9 trillion, equivalent to $1.
Caused a loss of $7,000 to $9,000, fined £ 40, just hit the wrist-
The big companies have received less commission from investors who lost $7 to $9 trillion.
As part of the $1 settlement.
Imposed a fine of 4 billion, agreed to reform, set up a set of rules aimed at eliminating conflicts of interest between Wall Street research groups and stocksGroups are provided.
The investment banking department will ban the stock analysts of these companies from paying for stock research.
In recognition of the outstanding DoneSoon's small pains and fine fraud, the Wall Street Journal published an article entitled "Merrill Lynch grants executives '02 big bonuses" to apply this article: Merrill Lynch
Last year, the company paid $7 million in bonuses to its chairman and chief executive, although the continued stock market slump has eroded many of the company's key businesses.
The article continued: During 2002, Merrill Lynch reduced its staff by 6,500, bringing the total number of layoffs since the peak of employment in 2000 to 21,700.
When I put down the paper, I couldn't help but wonder how a company can give millions of dollars to company executives when it helps investors lose trillions of dollars, instead of expanding the business, the company's executives were charged with fraud and fired nearly 22,000 employees.
To be fair, the Wall Street Journal article also published the annual salary of the CEO of other financial institutions: $11 for Morgan Stanley CEO.
$12 CEO of Goldman Sachs.
Millions of CEO Lehman Brothers $12.
Millions of Bear Stearns CEO $19.
Several of these companies have also been fined by New York state for fraud.
In June and July 20, with more lawsuits, many investors joined forces to sue Merrill Lynch ).
Although there was plenty of evidence that there was a false statement, small investors lost.
While I don't like to see small investors lose, I tend to agree with the judge's decision that all investors need to be aware of this when they enter the investment world.
In other words, the judge said, "bad luck.
In early 2003, the New York attorney general turned his attention to the mutual fund industry.
"Almost every transaction involving a mutual fund has undisclosed financial incentives," he said.
"He is investigating the invisible fees charged by the fund, as well as conflicts of interest in the way the fund is sold.
He is investigating two practices known as "delayed trading" and "market timing.
"Late trading involves buying mutual fund shares at 4: 00. M.
Prices after the market closes, allowing favored investors to take advantage
The closing price of the fund has not yet reflected market events.
Market timing includes short
Regular transactions of mutual funds, which adversely affect long-term transactions
Long-term shareholders of mutual funds.
While more information is disclosed every day in this survey, the inherent conflict of interest and insider trading have shaken the confidence of ordinary investors.
It was said earlier that money will not be lost in the world of investment.
It's just easy.
That's why I don't want to tell people to invest $10,000.
If a person does not know how to use their money, they should first invest some time in their investment education before investing their money.
In my opinion, one of the main reasons why millions of people have lost trillions of dollars is because they have invested their money but are unwilling to invest their time.
So my answer to the question, "I have $10,000.
What should I invest in?
"Before investing your money in what you want and pray for is a good investment, invest time to learn to be a better investor.
Always remember what my rich dad said to me a few years ago.
"People who have not had much financial education are most often marketed," he said. . .
Take sales promotion as a suggestion.
"So this book is about what my rich dad thinks is important for me to invest time --
Seeking real investment education
Before I invest my money
Rich Dad also said, "the better your investment education is [the]
You will receive investment advice.
"The salon's note is to identify sales pitch from good investment advice, which is the subject of the first chapter of the book, as this is a huge difference that successful investors have to learn.
Is your advice to pay for you and your investment the best advice, or is it the best advice to generate more fees for your consultant?
The salesperson's goal is to make money from you, while the consultant's goal is to make money for you.
Parking or acceleration?
Nowadays, most of the financial education of ordinary investors comes from financial institutions such as banks and sales personnel.
They tell investors to invest or "park" their money for a long time and expect the market to grow every year.
This "rainy day" proposal is the right one for many people.
When you see the table in the introduction "why the rich become richer", the left is where most people live --
With the sales staff.
They follow the advice of financial institutions and sales staff to make a decision to save or park, they get the funds by the following means and hope the market will rise, when they are ready to retire, these investments will be there: Also, who took my money what is the most common answer to this question?
Because most people are employees, is it the government that sees their biggest expense? taxes-
Disappear from their wages (
By withholding)
Before they get paid.
Rich Dad teaches another option of traditional savings and employee mentality.
He teaches you today to build or buy assets to create cash flow for you
Methods for professional investors.
Do you think you work hard for your salary?
It's hard to imagine that your money will work hard for you?
Who took my money?
Will help you transition from a saver to an investor.
All rights reserved©2004 Robert T.
Qing Dynasty and Sharon L. Lechter. // Buy from Amazon.
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