Rich Dad LIVE

This past Tuesday, my husband and I went to see Robert and Kim Kiyosaki speak live at a small college in NYC. It was an event sponsored by public television WLIW. We learned about the event when we caught one of his shows with fund raising breaks interspersed throughout. We made a donation and received two tickets to the event. If we had donated more we also could have gotten a set of some DVDs and books. We just went for the tickets. For anyone that has even tried to get into the city thru the Lincoln Tunnel between 5:30 and 6:00 will understand why we were late to the show. We missed about the first half hour. But once we sat down it seemed like he was discussing items that we had seem him give similar speeches about on tv. There was one item that we caught that he has promised to talk about during this seminar. He was going to reveal the next big thing in investing, or at least the next big thing in his opinion. I am sharing that revelation here with you now. SILVER. Silver is supposed to be the next hot item to invest in. Of course if everyone who listens to Kiyosaki invests in silver stocks, the price will go up. I know that he already owns some silver, and may even have ownership in silver mines, so it will be good for him too.

Discussing the future of silver was just the briefest portion of the seminar. He mostly spoke about what the tools are needed to be a successful real estate investor. He discussed what he refers to as the Financial IQ:

1- Make $
2- Protect
3- Budget
4- Leverage
5- Intelligence

He referred back to these 5 points several times throughout the evening to help solidify the points he was trying to make. He also stressed three important things that every investor needs.

1- Good Partners
2- Good Finances
3- Good Management

In fact he had a gentlemen with him who was his business partner and owned a management company. Unfortunately I do not recall his name. But he was a valuable part of the evening because he was able to discuss in some details how he has worked the numbers on some past real estate deals with Kiyosaki. He believed that an important part of investing in not just the property management, but the management of the finances of the purchase and sale of the properties. I would love to hear more from him. He actually had a product that he was selling that night, but we were not in the mood to spend any more money that night, so we did not even look.

To go back to some of the points above. He suggested starting businesses as the best way to make money to invest in. Of course it sounds a lot easier than it is for most people. But I think that it is excellent advise that I plan on pursuing. Unfortunately I missed most of what he said about protect, which I would love to see if he covers this topic during his TV programs. It sounds self-explanatory, but I think there may be some secondary definition or twist that he adds that I am upset that I missed. Budget and Leverage were two important points as well, that I did hear fully explained, and were pretty much what you would expect. Keeping a budget is important for any thing that you do. I also think that preparation of the budget is also important, especially when presenting the deal to investors. Kiyosaki is also a supporter of the art of leveraging one property to buy another. He is a believer in good debt. A lot of the examples that they discussed were deals where the property was reassessed and refinanced after purchase in order to pull out the initial cash investment in the property. He called this infinite leverage.

They glossed over the points of creative financing and using investors, which as points that we wanted to hear more about. So, at the end of the evening, after we got our books signed, we asked the other gentleman (He was more accessible that Robert or Kim.) and asked if he could share some of the gems of creative financing. Of course there is no easy answer to that question. He mostly said that networking is the key. Just getting yourself out there and letting people know what you do. So, I asked if it was the person or the deal that really sold investors. He believed that it was the deal first and then the people. This was my assumption too, since most people only care about the bottom line. But it was still good to hear it from someone with a lot more experience.