Robert Kiyosaki's new book, Second Chance for Your Money and Your Life, uses .. about 95% of his advice, I usually enjoy reading Robert Kiyosaki's books . Editorial Reviews. About the Author. Robert Kiyosaki is the bestselling author of the Rich Dad, Poor Dad, which is the bestselling personal finance book of all. Robert Kiyosaki's new book, Second Chance for Your Money, Your Life and Our World, uses the lessons from the past and a brutal assessment of the present .
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Read this 4 minute Second Chance summary to learn how schools teach you Robert T. Kiyosaki is a legend, controversial, but still a legend. Robert Kiyosaki's new book Second Chance is a guide to understanding how the past will shape the future and how you can use Information Age tools and. I've read quite a few financial and business related books over the last decade, and Second Chance by Robert T. Kiyosaki is one of my.
Robert attended a philanthropic lecture by Dr Fuller in He admits he did not go to this lecture for any altruistic purpose; instead, he really was out there to figure out how to get rich. So, instead of falling asleep sitting in the audience, he volunteered to work the camera.
Then, as he was looking through the eyepiece, he had a vision: I could feel my heart open and I begin to cry. They weren't tears of sadness or pain, but tears of gratitude for this man's courage to do what he had been doing for years: In particular, Dr. Will humans embrace generosity, or will they become ensnared in greed? And so, the Rich Dad Company was founded on one of these generalized principles, discovered by the author: Quoting Dr.
As in prior books, the author repeats his assertion that America is on the brink of a huge financial catastrophe; a giant crash will occur around , and so he cautions about investments in stocks, bonds, mutual funds, and savings. Rather than look for a job, look for problems that need solving. Rather than work hard for money, work hard to serve more people.
Rather than ask god for help, find ways you can help god. The author speaks at length about the imminent collapse of the financial system; however, his reasoning seems weak at times. The first part of the book reads very much like an autobiography.
Robert explains his philosophy, and his spiritual approach to life. Jul 01, Frank Deschain rated it really liked it. Robert Kiyosaki is at it once again, giving great advice in an infuriatingly cryptic manner. This book and most of the Rich Dad books is great in telling you that ultimately you need to own your own company and understand investing, but offers very little actionable steps.
I actually love the message, though, I just wish for once that he could quit talking in riddles. I'd sign up for coaching, but I'm terrified that I'd be like "so what's the next step to download this 16 unit apartment building?
What is the next step in building your spirit into the kind that knows how to acquire 16 unit apartment buildings? May 19, Ruth rated it did not like it.
I usually enjoy the different perspective he has, and he writes in an entertaining way. This book, however, is simply a rehash of his previous books, an ad for his other products including his previous books , and a personal memoir that borders narcissism. There is very little substance that the reader can learn or use. Don't waste your time by checking it out from the library like I did, either.
Your time could be used for something much more worthwhile. Dec 30, Borghild rated it it was amazing Recommends it for: Dad made me read this book, and i am very happy that i did. This was a very quick read that gave me a lot. I received a lot of knowledge by reading this book. It was also very easy to read. Understanding the world of money can be very hard, but he makes it understandable. This is knowledge i know i will need, and that i will use in my life, and so this is a great book for everyone to read.
It makes you think, and see the different sides of things. This book was easy to read. It opened my eyes to Dad made me read this book, and i am very happy that i did. It opened my eyes to a whole new world, and made me see the invisible. It was very insightful, and i am very glad i took the time to read it. Definitely worth it.
Second Chance – Exploring the Past, the Present, and Future with Robert Kiyosaki
Robert T. La cara opuesta de Robert T. La cara opuesta de la moneda. View 1 comment. Jul 21, Dave Voyles rated it it was amazing. Second Chance covers a variety of topics, including personal finance, investing, and economics. The basis of Kiyosaki's chapters come from his fascination with the late R. Buckminister Fuller and his words of wisdom throughout his life. I found the first half of the book to be filled with more useful information than the second, largely because the author reiterates his po This is the second book of Robert Kiyosaki's which I've read, the first being Rich Dad, Poor Dad, which I'd highly recommend.
I found the first half of the book to be filled with more useful information than the second, largely because the author reiterates his points again towards the end. Regardless, I found myself leaving more than 40 tags on pages, so that I could reference their importance later on.
Overall, I found it to be a great read, largely because the author had many charts and graphs to further illustrate his points throughout the book. Moreover, I feel better prepared to discuss not only personal finance, but also economics in front of an audience after reading this. What follows below are snippets of information which I found to be useful and hopefully are equally as useful for you: Knowledge is the new money.
Courage comes from the French word, "le coeur", the heart. Buckminster Fuller's generalized principals: Before the Civil War in America, it was against thee law in many states to teach slaves to read and write.
Knowledge is the most powerful force on early. Money Wealth is stolen via our money: Taxes The value of your labor is stolen via taxes Inflation Prices rise when governments print money. As prices rise, people work harder, only to pay more in taxes and inflation. Inflation is good for debtors and bad for savers, which is why savers are losers. The fractional reserve system is used by banks.
This is another form of "printing money" which is not only inflationary, but also reduces the downloading power of the saver's money. This is often why you hear "savers are losers.
If the government is promising to save you, you've probably already lost. In terms of social security, healthcare, and new spending agreements When money is printed -- by banks or governments -- two things happen: There are two types of rich: One type is people with high-paying jobs, such as corporate executives, professionals, and celebrities.
They are high income rich. The other type of rich is the person who deos not need a job -- most of these people are asset rich. In , there are approximately million households in the united states, with 43 million as renters, and 25 million are households or families who own their home, free and clear. Of the approximately 50 mil. In the world of retirement funds, there are two basic types: Many of these young people are boomerang kids, kids who leave home, only to return to live with mom and dad.
This makes many moms and dads, the sandwich generation, people whoa re now caring for their kids and their parents. The Great Depression and financial crisis The Great Depression, when measured against the Dow, lasted 25 years, from to In the Dow hit an all-time high of It took 25 years for it to reach again.
America is attempting to print its way out of the financial crisis. In President Nixon took the dollar off the gold standard. The poor lost because the money they worked for became worth less and less. When they earned more money, they paid higher taxes. As the money they work for loses value, prices keep going up. The harder the poor work, the further they fall behind.
Second Chance Summary
Unfortunately, even if the minimum wage is increased, the poor will continue to be poor because they work for money that is no longer money. Mind Mapping, as a method of learning Mind Mapping uses color and sketches, rather than words to organize and prioritize thoughts. Using very few words forces the participant to put words and thoughts into pictures, which intensifies the learning and discussion process.
Rockefeller created the General Education Board. Around the same time another of the Robber barons, Andrew Carnegie, promoted his foundation for the Advancement of Teaching, to influence the American education agenda, directing what children were taught in school. NPR also had a fantastic episode of Planet Money on the subject.
Let me issue and control a nation's money and I care not who writes the rules - Amschel Rothschild A coin has three sides: Heads, talks, and the edge.
Intelligent people stay on the edge and look at both sides. Dec 02, Luis rated it did not like it Recommends it for: Most disappointing book I've ever read! Although being a fake story it made me understand a lot of things and have a better understanding of the financial world. But this book? He repeats himself a lot.
But not just sentences. He repeats paragraphs.
Repeats non-sense graphs over and over just to make to book look bigger. It just made me unsubscribe for the Rich Dad Comunity. A guy that is so financially stable doesn't need this hardcore promotion. Most of the book is about Dr. Richard Buckminster Fuller. If I wanted to read his stuff I would read it directly. Then in the middle of the book he introduces a few more authors and starts explaining their ideias instead of his.
A lot of the stuff he writings rings fake to me, but that's just my intuition. It doesn't look legit. And he brags all the time. If you look at Kiyosaki's work you will see that he wrote a lot.
And this book was made increase his book count. Because it looks like he didn't even proofread it. Think for a moment. Why does he have his own publishing company? Because others wouldn't even think of publishing this. I know Robert is capable of much more. In this book you can see he is getting lazy, and a bit disconnected from the real world, specially from it's readers.
I kept reading due to the respect I had for this man, but I regretted it each session. Here we can clearly see that he's looking for the money and keep his publishing schedule on fleek.
If you loved Rich Dad Poor Dad please dont read this. It's a waste of time that you could be using to re-read RDPD, or actually working on your job. You'll learn nothing new in here. Mar 28, Ashleyd rated it did not like it. Like the two sided coin Kiyosaki keeps talking about this book on one side is very depressing, yet on the other side everyone can be rich. Then he spends the next pages telling us that we can if we only try we can win over the system and make money to become a rich person if we only change ourselves.
Maybe Like the two sided coin Kiyosaki keeps talking about this book on one side is very depressing, yet on the other side everyone can be rich. Maybe I am too much from Abnegation see Divergent but I like living a simple life. Do I wish that I could get paid more for what I do, yes so sue me.
I'm no longer going to complain about being an public employee, I love serving the kids I get to see every week.
I love my job sharing books and literature with them. I love seeing all the wonderful potential bursting from them. So what if I can't drive a fancy car or live in a fancy house.
What this man might not understand is that not everyone needs a million dollars to feel like the richest person in the world! One more thing if you are a teacher you will hate this book, because he rants on and on about the quality of education.
Maybe he should focus on the fact that Teachers don't get to decide what or how they teach in today's society. But that is another soap box. Financial literacy is important, but This is the second and last book I will read by Kiyosaki. I agree with him very much that most people are illiterate about personal finance and they don't understand the difference between assets and liabilities. Up until about five years ago I was financially illiterate. So in that regard, a reading one of his books is worth it.
But I'm sick of rich people and successful entrepreneurs looking down on people who work for a paycheck and don't spend their tim Financial literacy is important, but But I'm sick of rich people and successful entrepreneurs looking down on people who work for a paycheck and don't spend their time figuring out how to amass wealth off the labor and consumption of other people. Kiyosaki aquires rental properties and rents out to people who actually work for a living.
But at the same time, his books put down the kind of working people he rents his properties to. An asset is contrasted with a liability which is defined as something that takes money out of your pocket. In his famous example , Kiyosaki states that most people consider their home to be an asset , when in reality it is likely a liability because it costs money to keep it.
He is definitely not discouraging real estate as an investment , to the contrary, he is actually very much an investor in real estate. But in order for it to be an asset , it has to be earning income, such as rental income.
Later in the book, Kiyosaki makes a strong case for individuals to go out and invest in assets , even at the expense of modern wisdom proposing expensive college degrees and classes.
Just one example of an asset as explained by Kiyosaki. This generation, also known as the Lost Generation can be characterized as individuals that are working below their education level. Kiyosaki attempts to reconcile this apparent disparity by pointing out that the educational system and philosophies of our past have resulted in the situation we have today. I understand his point, but it did seem odd to describe our current-day situation under the section titled The Past. But the thing I took away from this chapter was a single principle — aptly titled the Fuller Principle, which states — t he more people I serve, the more effective I become.
Kiyosaki goes so far as to state that those that want to become wealthy just need to figure out how they can serve the most people. It is this value creation that leads to wealth, because dollars follow value. Kiyosaki continues by saying that the rich should seek to be generous, and that people should not seek to earn more money, but seek to help more people.
In other words, if you want more money, you should seek to help more people and money will follow. Second Chance is not kind to defined contribution plans such as the k , b, and IRA, or even to the Defined Benefit Plans that most pensioners have. Kiyosaki points out the effects of the market crash on those accounts and suggests that crashes are not as unusual as we might think.
Instead, the crashes in the market are much more likely to happen again and again. In fact, later in the book Kiyosaki states that he believes another major market crash is coming around Kiyosaki is still expecting a crash but believes Donald Trump has pushed out the inevitable crash a few more years.
Then again, crashes are inevitable so maybe he simply missed the date by a little bit. If we get another major crash before , that would still represent the third major crash in the last 20 years — not a good omen for those that are banking on their k or IRA to last them through retirement.
That is why banking on any instrument or product is foolish. Instead, you should bank on you , that is, invest in yourself so that no matter what occurs in the financial markets, you have developed yourself in such a way that you can make the most educated decisions on what to do next.
While Kiyosaki may be wrong in his timing, I think he still makes a good point about the instability of the stock market and the obvious risks for those that are putting all their eggs in their k basket. Fuller states that we have spent too much energy and resources developing competitive environments and individuals. We are good at killing and waging war, but we are poor at cooperative endeavors. The competitive environment creates a system of gridlock which leads to emergencies.
Fortunately, emergencies are an opportunity for cooperation, because we have no other choice if we want to survive. Kiyosaki points to the Marines who believe they are the best branch of the military. They all succeed as one unit or they fail as one unit — cooperation is everything in order to achieve success.
I love the idea of promoting cooperation and I love that Kiyosaki is pushing for teams. Emergency situations may not be enjoyable to navigate but they definitely provide the necessary motivation for ironing out the kinks along the way. While sharing his thoughts on cooperation Kiyosaki shares another principle from Dr.
Fuller — the General Principle of Ephemeralization. This term, coined by Fuller, is the ability of technological advancement to do. An example of such would be the assembly line of Henry Ford.
With technological advances we are able to provide more benefit, with less output or work. A modern day example of this might be the inside of an site fulfillment center, or perhaps a Google data center. So now what? What does Kiyosaki propose we do with this principle in place? Kiyosaki suggests that the principle requires that we cooperate more fully or we will find ourselves obsolete. He states we need to get our heads out of the Industrial Age and get into the Information Age. Throughout the book Kiyosaki is trying to persuade the reader that our education system is flawed , specifically when it comes to our understanding of finances.
Much of the book is about opposites. Kiyosaki presents what many believe is modern wisdom , and then he showcases why the opposite is actually true.
Below is a chart that Kiyosaki provided that showcases what he means. The schools teach us to use the words on the left, Kiyosaki teaches people to use the words in the right column:. When Kiyosaki says Cashflow he is referring to obtaining assets and being able to have passive income, i. Warren Buffett 4. Rental property would be considered an asset and would be beneficial to Cashflow.
Owning a portion of an oil rig would also be considered an asset that generates passive income and has specific tax advantages. In addition, you can utilize dividend paying whole life insurance as a tax-free savings tool vs. These are things that we can do to increase our Cashflow. With respect to this term, Kiyosaki actually created a boardgame years ago called Cashflow and he markets it as a game that teaches financial education.
In the game of Cashflow the person that uses good debt the most and obtains the most cash flowing assets, wins. This is the velocity of money , keeping your money moving and avoiding the stagnation of having sit in some compound interest account expecting to grow wealthy. But very few of us act on the knowledge we have. Fear holds us back. One suggestion is changing the words we use. We need to change the words we use , such as replacing the word entitlement with responsibility.
The lie is that it is easy, that it is simple. The reality is that it takes hard work, responsibility and value creation to get rich. Kiyosaki begins the second part of his book by stating that all the problems presented in the first section of the book can be confronted by giving yourself a Second Chance — like the title of the book suggests.
This second chance is only available to those that are willing to undergo a change from within , or a metamorphosis in our thinking. The path to this way of thinking is presented in the next ten chapters or so.
Kiyosaki states that debt and taxes make you poorer if you invest in paper assets also known as tertiary wealth. But debt and taxes make you richer if you are a professional investor in Real Estate. Therefore, going to school, to get a degree, to get a high paying job, is investing in tertiary wealth paper assets. Whereas learning about money , to use debt to acquire assets, is investing in secondary or primary wealth.
In the former situation you are relying on the business owner, who is relying on the economy, to earn your income. In the latter example, your assets earn income and have significant safeguards against trends and economic cycles. Not to mention the fact that most Millennials today are graduating with a mountain of student loan debt bad debt that handcuffs them for years to come. The reason why we all fear to make mistakes is because in school we are taught that making mistakes means getting a poor grade.
In contrast, those that memorize the right answers, are supposedly the smart ones. Kiyosaki believes the opposite is true. We should not fear making mistakes , instead we should learn from our mistakes. Those that are the biggest winners in real life are likely those that have failed the most, and have learned from their mistakes. In school the person that makes the fewest mistakes wins.
In real life the person that makes the most mistakes wins. For those that are familiar with Malcolm Gladwell and his massive best-seller Outliers, this will come as no surprise. Today, we rank 22 of the 27 industrialized nations. One problem with our education system is that it is designed for the Industrial Age — This is ridiculous.
We are not robots. The Tetrahedron — the four types of Intelligence that make you a human being. Strengthen these intelligences by going to the gym, the library, taking an investment class, hire a coach find a friend , and going to church. Remember, you are your greatest asset. Increase your value and increase your wealth. Dollars follow value. Typical schools focus on Mental Intelligence only, and for a few individuals on Physical Intelligence as well. Very few do much to encourage Emotional Intelligence.
Those that have the most success in life probably have more failures than others, and therefore have a higher Emotional Intelligence. Going to school teaches you to be a specialist — they know a lot about a little.
But good entrepreneurs are generalists — those who know a little about a lot. Solid business owner entrepreneurs need to have a team of specialists that know more than they do in their given specialty. downloading an apartment building with debt, and then making more in rent than the mortgage payment, is positive cash flow. Money goes into your pocket.
This is exactly what the rich are always looking to do with their money, leverage your money into good debt to create more income producing assets. Kiyosaki says if you are poor, listen to Suze Orman.
If you are in the middle class, listen to Dave Ramsey. But if you want to be wealthy, follow the rules of the rich. Expand your means by taking control of your asset column.
Change your focus from your income column to the asset column. This is where the rich focus their time and effort. Most people struggle because they download liabilities that they think are assets fancy cars, boats, expensive houses.
Kiyosaki suggests we make a list of the different assets that we want to acquire Real Estate, Oil and Gas, Intellectual Property.They have all changed my business and led to much success both financially and in quality of my life. That's why so few people are rich.
Open Preview See a Problem? Showing This was a very good book. The visible agents of change have become invisible Money goes into your pocket. Heads, talks, and the edge.
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