Pull Your Head Out of Your Assets!
Having several family and friends involved in the Quixtar 'Opportunity' has given me lots to absorb over the years. I can pick out the familiar 'tapespeak' in a second. One of the classic nuggets of financial wisdom regurgitated by the Quixtar loyal is that our homes are not an asset which of course comes from the book "Rich Dad, Poor Dad" by Robert Kiyosaki.
In his book, Kiyosaki clearly defines an Asset as something that puts money in your pocket while a liability is something that takes money out of your pocket. This fascinates me, and here's why. Every time I've applied for a loan, the bank never lists my house as a liability. But I also like to look at things in reverse.
If we take Kiyosaki's logic that a liability is something that takes money out of your pocket than it's safe to assume the following:
Your Children are a liability
Your Church is a liability
Your local Charity is a liability
The food you eat is a liability
Your Husband/Wife is a liability
Your dog is a liability
Your hobbies are a liability
Is this correct? Does anyone out there feel that their church is a liability? Hopefully you can see the flaws in this line of thinking.
But which category does Quixtar fall into? I suppose if your one of the extremely few making money in Quixtar then it's an asset but for most it certainly falls into the liability category. Isn't it weird that the masses that are loosing great sums of money in Quixtar don't see this?
posted by jason @ 9:19 PM
3 Comments:
I think all of those are liabilities. If not for insurance and your house burned down wouldn't you lose alot of money (out of your pocket) if you don't have any kids you have more money in your pocket, if you don't have a church you have more in you pocket, if you eat less you have more money, i guess it just depends on you priorities!!!
Calling those things a liability -- but they use 'liability' as a pajorative, a negative. Something to rid yourself of at all cost!
-r
PS:
Priorities? Why would your priority be making money which does nothing for you when you die. At least if you have a hobby, you may add to the collected wisdom, but at the very least, you'll enjoy yourself. People should put their children high on priority lists, same with spouses.
If you're a money-making robot, maybe you can talk like 'anonymous' above. By the way, why didn't that person identify himself?
-=-
You're half right & half wrong...
RIGHT:
Kiyosaki believes everything is a liability if it doesn't add to your income whether you work or not.
WRONG:
It doesn't mean to get upset and don't buy a house or car, it means to CLEARLY IDENTIFY what an ASSET or LIABILITY truely is and to not assume it to be anything else. NO MATTER what the bank tells you, if you identify assets and liabilities with the banks definition you will stay broke... SIMPLE AS THAT. The bank definition is based on accounting terminology and money management 101 that any account would tell you. Unfortunately our schools don't teach Wealth 101. If our schools had Wealth 101, Rich Dad Poor Dad by Robert Kiyosaki would be a mandadory book & cd in the classroom.
Take it for what it is... Wealth advice. Until you get the wealth mentality, you won't understand what Kiyosaki is all about. From the way you talk, it doesn't sound like you're leaving your job for the next 30+ years. Social Security has most young people down for age 71 for retirement, what's 71 minus your age? That's how much longer you have to work... assuming you can survive on a retirement check or if you lived long enough to collect.
Lastly Quixtar...
If you're looking for an excuse, you'll find it... quitters always do.
Assuming Kiyosaki is still fresh in your mind... He put money into everything he did, 9 out of every 10 attemps failed. He was working off of trial and error. Quixtar eliminates the trial and error situation, the only trial and error thereafter is you. For some reason people think they can pay money 1 time and become a millionair in the next 5 minutes. If you paid a University to attend college, would they give you a diploma in the next hour? Don't be foolish. If you went to purchase a Lamborghini and the cost was 1 million dollars, but you only had 1/2 million, would they give you half the car? NO! If you don't give it your all, you get nothing. You're IBO number is NOT a lottery, work is involved.
P.S. Robert Kiyosaki said if he had to do it all over again he would have taken a more serious look at the type of business Quixtar does
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