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.
But how do we know when irrational exuberance has unduly escalated asset values, which then become subject to unexpected and prolonged contractions as they have in Japan over the past decade?
Investors have few spare tires left. Think of the image of a car on a bumpy road to an uncertain destination that has already used up its spare tire. The cash reserves of people have been eaten up by the recent market volatility.
Earnings don't move the overall market; it's the Federal Reserve Board... focus on the central banks, and focus on the movement of liquidity... most people in the market are looking for earnings and conventional measures. It's liquidity that moves markets.
The propensity to swindle grows parallel with the propensity to speculate during a boom the implosion of an asset price bubble always leads to the discovery of frauds and swindles
Saving is a fine thing. Especially when your parents have done it for you.
The foundation of a financial fresh start actually has nothing to do with money or specific financial dos and don'ts.
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