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Want To Get Rich? Invest In Property! December 4, 2008

Posted by minnesotarealty in MN Realty.
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It’s a good bet that, throughout your life, you have received nuggets of financial wisdom from a variety of individuals in positions of authority – your parents, teachers, et cetera. But think back, and consider how many of these people who taught you how to handle your money were actually rich. The truth is that if you’re going to be rich, you should take advice from someone who’s already struck it rich.

In the words of Robert Kiyosaki of “Rich Dad, Poor Dad” fame, “It doesn’t take money to make money. I often hear people say it takes money to make money. I disagree. We had no money when we started and we were also in debt. It also doesn’t take a formal education.”

Kiyosaki proceeded to cite the case of Bill Gates: the Microsoft mogul never actually graduated from college, but did that keep him from making his fortune? No way! Diplomas are nice, but they don’t reliably add up to more money.

Robert Kiyosaki says that the only true prerequisites to being rich are that one must be determined and a quick study. Beyond that, it’s all about what you know. One of the first things you need to know about becoming rich is where you fall on the Cash Flow Quadrant.

The Cash Flow Quadrant is an icon taught to him by his best friend’s father, a man to whom he refers in his books as his “rich dad.” It is an illustration of what his rich dad called the four different types of people in relation to money: Employees, the Self-employed, Businesspeople and Investors. Each quadrant comes with its own outlook on the world. The outlook of those in the B and I quadrants are the ones that help make them rich.

One of the aforementioned traits necessary for becoming rich, being a quick study, has nothing to do with going back to school – the subject you must be able to learn about is actually a quite specific one: you must learn about real estate investing. Kiyosaki claims that investing in MN real estate is the best way to get rich because it ties into so many aspects of modern life – almost every office building or storefront you glimpse while driving down the street, for example, represents money in the pocket of some canny investor.

This isn’t about learning the minutiae of real estate investing and immersing yourself in every technical point and statistic – these things are important and useful for investors, but this expertise can come in the form of a profession that you hire to make these in-depth decisions for you. You only need to understand the subject matter to the extent that you can recognize an expert when you see one.

It is crucial to make the distinction between thinking like a self-employed person and thinking like a businessperson. A self-employed individual, who simply own his or her job, not any sort of business, must be must be present and involved in his or her work to earn a livelihood. The mark of a businessperson, on the other hand, is that he or she can leave town for extended periods of time without having to worry about losing money, because the important functions of the business have been delegated to capable individuals.

However you decide to do it, learning the nuts and bolts of real estate investing yourself or by hiring a qualified person to advise you, it is definitely time for you to move to the I quadrant; that is, if being rich is something you’d like to consider.

Alexandria P. Anderson is a licensed Minnesota Realtor that uses the Minneapolis real estate search to help her clients to find and purchase Minneapolis MN Homes and other Twin Cities properties.

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