The Billionaire Entrepreneur’s 5 Pieces of Advice For Millennials To Win In The New Financial World
Robert Kiyosaki has helped a lot of successful people become wealthier throughout his career, including and not limited to the current president of the United States, Donald Trump himself. He is the author of one of the greatest financial learning books of all time, “Rich Dad Poor Dad”. Just like him, he made a lot of people wealthy, thanks to his famous book. Kiyosaki has attracted a lot of attention in these particular times of the pandemic due to his interesting insights and a new perspective on how to survive the new world order, a new financial system built around a new system.
Before we move on, let me ask you.
Do you know where your knowledge of the financial system stands?
Do you have a fundamental understanding of the basics of investing?
Do you currently own a savings account?
Have you thought of starting investing during this pandemic?
Have you wondered what is now the next great investment that will generate a decent amount of wealth in the future?
Well, let me save you some time. You are in the right place for the answers you could be looking for that is fit for these times of the COVID-19 pandemic. The content you will find in this story is given to you courtesy of Robert Kiyosaki.
1. Invest cryptocurrencies like Bitcoin
One of the biggest topics in the past 2 years is Bitcoin. Since its rise in 2016, Bitcoin has attracted thousands of investors to invest in the cryptocurrency. Few were jumping the bandwagon and even fewer the people who understood its potential. Since then, the value of Bitcoin went down by 40% and a lot of people wondered if Bitcoin is a real deal for the long run. One thing for sure, cryptocurrency is the future and whether you believe it or not, our world is heading for the path of digital decentralized currencies.
Bitcoin is a digital currency that gets stored in a decentralized manner, meaning it’s not managed or owned by one sole institution, but by multiple chains of users in a ledger. Now, you might wonder. Why then Bitcoin went down in its value after 2017’s peak? Well, just like the regular stock market, what goes up, goes down. However, what is down will go up, eventually. Once you have the patience and self-control to think long-term in terms of investing, it will smooth and easy to be wealthy. If it was easy, everybody would be rich, right?
As a matter of fact, since the pandemic of 2020, the government, banks, and other financial systems have started implementing Bitcoin in their system. If doesn’t convince you that Bitcoin and other cryptocurrencies are worth the investment, I don’t know what will. There’s an old saying that goes,
“Follow the money”
Simple, yet powerful. It means to portray the idea that if you want to find the best money-makers of our current time. Find where the government or the system is putting or investing their money. Then, you will know when a product is a great investment or not. So, invest in cryptocurrencies and invest in Bitcoin.
2. Hyperinflation is coming and make plans to put your money in investment accounts
The federal reserve keeps printing money and it only means one thing, the value of the dollar is decreasing by every second. That also means, that means your buying power will be lower, and keeping your cash in a savings account is relatively a bad idea for achieving financial freedom.
Instead, put your money in investment accounts! Invest your money on stocks, Gold, Silver, ETFs, or any tradeable assets that can protect you and your money from ever-growing hyperinflation. If you have an investment account, you have a higher ROI or Return on Investment than just keeping it in a savings account. Save yourself from the financial manipulation by the system by smartly investing your money in assets!
Example of inflation: The same dollar that you had in 1980 will buy you 4 coca-cola bottles, while in 2020, it will buy 0!
3. Be more well-versed in the financial system
If there’s one thing that the coronavirus pandemic has evidently taught us, is that we need to be financially aware and knowledgeable to survive in a disaster like an event, like a global pandemic. Statistics even show more than 80% of Americans don’t have enough savings to cover 3-month emergency expenses. So, what will happen when a disaster hits and they lost means of making money, like your job? They will start losing their mind and only then, they will start thinking of plans on how to survive the circumstances.
We don’t know what will happen tomorrow, so we better prepare for what possibly and unexpectedly could happen tomorrow! You can easily build up an emergency fund by just saving at least 20% of your monthly salary! Don’t be like the most where they live day by day and they live their lives like there’s no tomorrow. You don’t to be financially savvy to learn this and you certainly don’t need a degree to make this happen! There’s a handful of online resources in this day and age that can teach the basics of the financial system and the best thing is that they’re free!
So, prepare for a better tomorrow by saving more than you spend!
Learning how the financial system works is understanding how the world works. So, don’t get left behind!
4. Learn a new skill
Do you know what’s the most important skill of this modern-day and age? Your ability and capacity to adapt to circumstances, recognize new opportunities, and learn things as you go. Our world has been gifted by the abundance of everything that focusing on one or two skills that are futile. If the future is a person if there’s advice it can give you, that advice is that you need to learn new skills every day. Generally, never stop learning in your life.
Also, since most people are employees and will likely require a skill set that is actually in demand, it’s best to learn an in-demand skill that employers need even in times of downturn.
If you can make more money for business instead of just taking money out of their wallets, then you’ll never be jobless ever in life.
5. Focus on learning how to build assets and how to lessen liabilities
In his book Rich Dad Poor Dad, Robert Kiyosaki explains that an asset is something that you can profit from and it can generate cash flow while you sleep. While liabilities are something that money from you while you sleep.
Ex. A car, regardless if you lease or buy it and many Americans own one because of the convenience and the status. However, when you sell that same car, you will only be able to sell it at its current make value, not the value when you bought it as new. Another example is that a big amount of people think that their housing is an asset, however, this is a common mistake. Your house is actually a liability. Your home will take out money while you sleep and each month, you pay the mortgage.
What (not limited to):
- Netflix or any other streaming subscription.
- Luxury clothing.
- Overpriced car.
- Unnecessary acquisition of a house
What To (not limited to):
- Build a business or a personal brand
- Invest in the stock market
- Learn new skills
- Read books