Starting a business is like jumping out of an airplane without a parachute. In mid air, the entrepreneur begins building a parachute and hopes it opens before hitting the ground.
Robert KiyosakiRead
Your most expensive advice is the free advice you receive from your financially struggling friends and relatives.
Interpretation
Be cautious of free financial advice from those who are not financially successful themselves.
This quote emphasizes the importance of seeking financial advice from knowledgeable and successful individuals rather than relying on the opinions of those who struggle financially. It suggests that misguided advice can lead to poor decisions that may cost you more in the long run, making it essential to prioritize the source of advice when it comes to financial matters.
In practice
In a personal finance seminar to illustrate the importance of credible advice.
Starting a business is like jumping out of an airplane without a parachute. In mid air, the entrepreneur begins building a parachute and hopes it opens before hitting the ground.
If you realize that you're the problem, then you can change yourself, learn something and grow wiser. Don't blame other people for your problems.
In the real world, the smartest people are people who make mistakes and learn. In school, the smartest people don't make mistakes.
If you want a solid future, you need to create it. You can take charge of your future only when you take control of your income source. You need your own business.
Finding good partners is the key to success in anything: in business, in marriage and, especially, in investing.
It's easier to stand on the sidelines, criticize, and say why you shouldn't do something. The sidelines are crowded. Get in the game.
Working for company X and having a substantial portion of your retirement plan in company X is simply exposing yourself to too much risk, because the company is both your employer and the source of your retirement income. So if something goes wrong, you lose both your job and your retirement plan.
The first step in taking control of your money is to stop borrowing money. Start using cash today.
The Vanguard Experiment was designed to prove that mutual funds could operate independently, and do so in a manner that would directly benefit their shareholders.
I think a very good system in a world with a lot of passive investors is one in which there are at least a few entrepreneurial investors, prepared to say what they think, prepared to propose a change in management, change in strategy, change in cost structure, capital structure.
If I subscribed to the efficient market theory I would still be delivering papers
The borrowers will always be willing to take a great deal for themselves. Itβs up to the lenders to show restraint, and when they lose it, watch out.
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