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Today； I meet ex…schoolteachers earning hundreds of thousands of dollars a year。 They earn that much because they have specialized skills in their field as well as other skills。 They can teach as well as sell and market。 I know of no other skills to be more important than selling as well as marketing。 The skills of selling and marketing are difficult for most people primarily due to their fear of rejection。 The better you are at municating； negotiating and handling your fear of rejection； the easier life is。 Just as I advised that newspaper writer who wanted to bee a 〃best…selling author；〃 I advise anyone else today。 Being technically specialized has its strengths as well as its weaknesses。 I have friends who are geniuses； but they cannot municate effectively with other human beings and； as a result； their earnings are pitiful。 I advise them to just spend a year learning to sell。 Even if they earn nothing； their munication skills will improve。 And that is priceless。
In addition to being good learners； sellers and marketers； we need to be good teachers as well as good students。 To be truly rich； we need to be able to give as well as to receive。 In cases of financial or professional struggle； there is often a lack of giving and receiving。 I know many people who are poor because they are neither good students nor good teachers。
Both of my dads were generous men。 Both made it a practice to give first。 Teaching was one of their ways of giving。 The more they gave； the more they received。 One glaring difference was in the giving of money。 My rich dad gave lots of money away。 He gave to his church； to charities； to his foundation。 He knew that to receive money； you had to give money。 Giving money is the secret to most great wealthy families。 That is why there are organizations like the Rockefeller Foundation and the Ford Foundation。 These are organizations designed to take their wealth and increase it； as well as give it away in perpetuity。
My educated dad always said； 〃When I have some extra money； I'll give it。〃 The problem was； there was never any extra。 So he worked harder to draw more money in rather than focus on the most important law of money： 〃Give and you shall receive。〃 Instead； he believed in 〃Receive and then you give。〃
In conclusion； I became both dads。 One part of me is a hard…core capitalist who loves the game of money making money。 The other side is '： a socially responsible teacher who is deeply concerned with this ever…widening gap between the haves and have nots。 I personally hold the archaic educational system primarily responsible for this growing gap。
CHAPTER EIGHT
Overing Obstacles
Once people have studied and bee financially literate； they may still face roadblocks to being financially independent。 There are five main reasons why financially literate people may still not develop abundant asset columns。 Asset columns that could produce large sums of cash flow。 Asset columns that could free them to live the life they dream of； instead of working full time just to pay bills。 The five reasons are：
1。 Fear。
2。 Cynicism。
3。 Laziness。
4。 Bad habits。
5。 Arrogance。
Reason No。 1。 Overing the fear of losing money。 I have never met anyone who really likes losing money。 And in all my years； I have never met a rich person who has never lost money。 But I have met a lot of poor people who have never lost a dime。 。 。investing； that is。
The fear of losing money is real。 Everyone has it。 Even the rich。 But it's not fear that is the problem。 It's how you handle fear。 It's how you handle losing。 It's how you handle failure that makes the difference in one's life。 That goes for anything in life； not just money。 The primary difference between a rich person and a poor person is how they handle that fear。
It's OK to be fearful。 It's OK to be a coward when it es to money。 You can still be rich。 We're all heroes at something and cowards at something else。 My friend's wife is an emergency room nurse。 When ； she sees blood； she flies into action。 When I mention investing； she runs'j away。 When I see blood； I don't run。 I pass out。 My rich dad understood phobias about money。 〃Some people are terrified of snakes。 Some people are terrified about losing money。 Both are phobias；〃 he would say。 So his solution to the phobia of losing money was this little rhyme： 〃If you hate risk and worry。 。 。start early。〃
That's why banks remend savings as a habit when you're young。 J If you start young； it's easy to be rich。 I won't go into it here； but there is a large difference between a person who starts saving at age 20 versus age 30。 A staggering difference。
It is said that one of the wonders of the world is the power of pound interest。 The purchase of Manhattan Island is said to be one of the greatest bargains of all time。 New York was purchased for 24 in trinkets and beads。 Yet； if that 24 had been invested； at 8 percent annually； that 24 would have been worth more than 28 trillion by 1995； Manhattan could be repurchased with money left over to buy much of L。A。； especially at 1995's real estate prices。
My neighbor works for a major puter pany。 He has been there 25 years。 In five more years he will leave the pany with 4 million in his 401k retirement plan。 It is invested mostly in high…growth mutual funds； which he will convert to bonds and government securities。 He'll only be 55 when he gets out； and he will have …a passive cash flow of over 300；000 a year； more than he makes from his salary。 So it can be done； even if you hate losing or hate risk。 But you must start early and definitely set up a retirement plan； and you should hire a financial planner you trust to guide you before investing in anything。
But what if you don't have much time left or would like to retire early？ How do you handle the fear of losing money？
My poor dad did nothing。 He simply avoided the issue； refusing to discuss the subject。
My rich dad； on the other hand； remended that I think like a Texan。 〃I like Texas and Texans；〃 he used to say。 〃In Texas； everything is bigger。 When Texans win； they win big。 And when they lose； it's spectacular。〃
〃They like losing？〃 I asked。
〃That's not what I'm saying。 Nobody likes losing。 Show me a happy loser； and I'll show you a loser；〃 said rich dad。 〃It's a Texan's attitude toward risk； reward and failure I'm talking about。 It's how they handle life。 They live it big。 Not like most of the people around here； living like roaches when it es to money。 Roaches terrified that someone will shine a light on them。 Whimpering when the grocery clerk short changes them a quarter。〃
Rich dad went on to explain。
〃What I like best is the Texas attitude。 They're proud when they win； and they brag when they lose。 Texans have a saying； 〃If you're going to go broke； go big。 You don't want to admit you went broke over a duplex。 Most people around here are so afraid of losing； they don't have a duplex to go broke with。〃
He constantly told Mike and me that the greatest reason for lack of financial success was because most people played it too safe。 〃People are so afraid of losing that they lose〃 were his words。
Fran Tarkenton； a one…time great NFL quarterback； says it still another way： 〃Winning means being unafraid to lose。〃
In my own life； I've noticed that winning usually follows losing。 Before I finally learned to ride a bike； I first fell down many times。 I've never met a golfer who has never lost a golf ball。 I've never met people who have fallen in love who have never had their heart broken。 And I've never met someone rich who has never lost money。
So for most people； the reason they don't win financially is because the pain of losing money is far greater than the joy of being rich。 Another saying in Texas is； 〃Everyone wants to go to Heaven； but no one wants to die。〃 Most people dream of being rich； but are terrified of losing money。 So they never get to Heaven。
Rich dad used to tell Mike and me stories about his trips to Texas。 〃If you really want to learn the attitude of how to handle risk； losing and failure； go to San Antonio and visit the Alamo。 The Alamo is a great story of brave people who chose to fight； knowing there was no hope of success against overwhelming odds。 They chose to die instead of surrendering。 It's an inspiring story worthy of study； noheless； it's still a tragic military defeat。 They got their butts kicked。 A failure if you will。 They lost。 So how do Texans handle failure？ They still shout； 'Remember the Alamo！'〃
Mike and I heard this story a lot。 He always told us this story when f he was about to go into a big deal and he was nervous。 After he had done all his due diligence and now it was put up or shut up； he told us this story。 Every time he was afraid of making a mistake； or losing money； he told us this story。 It gave him strength； for it reminded him that he could always turn a financial loss into a financial win。 Rich dad I knew that failure would only make him stronger and smarter。 It's not that！ he wanted to lose； he just knew who he was and how he would take a loss。 He would take a loss and make it a win。 That's what made him a winner and others losers。 It gave him the courage to cross the line when others backed out。 〃That's why I like Texans so much。 They took a great fa