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Had been reading Robert Kiyosaki's and Donald Trump's joint effort "Why we want you to be Rich?" for the past week and was struck by the bleak reality that is painted out in the book. Although the book is mainly US-biased, it does not diminish the severity of the problems that we face in Singapore too, that being caused by the widening rice-poor income gap, with the rich becoming richer, and the poor becoming poorer.
In today's Sunday Times feature, I read with interest the various stories about families having to cut down expenses due to rising costs and having to depend on food and utilities voucher handouts from their MPs, and on the other hand, there is also a story on an entrepreneur who had just paid $435m for a condominium. What a stark contrast!
Both Robert Kiyosaki and Donald Trump points out that the root of the problem lies with the lack of financial IQ or education, coupled with the dependency mentality of the general population for the government to help them out, instead of increasing their own financial literacy to resolve their own problems. Coupled with other factors such as increased life expectancy, rising costs due to inflation, increase in prices of energy etc, their problems will just continue to snowball, and may even affect the next generation of their family members.
To break out of this poverty cycle, we may need to abandon the old education system, which does little to raise the financial literacy of its graduates, but instead churns out carbon copies of employees for the job market. With little to differentiate themselves from other job seekers, products of such old school of thought may have to settle for a job that is less than they are worth or risk having to go without an income.
The above case illustrates a person who chooses to compete in the E quadrant of the cashflow quadrant shown below
Instead of resigning to just being mediocre and to the bleak prospects of staying in the E quadrant, people should actively seek to get rid of the dependency mentality, take control of their lives to raise their financial IQ, and venture into the other quadrants in which they have the best chances of winning. Not to say that being an employee is bad(you may even follow the example of Jack Welch of GE and rise to the very top of the corporate ladder and become a millionaire in the process), but be careful to choose the quadrant which you have the best chance of excelling in.
In summary, take control of your own life! Without an defined target in mind, even a proven marksman will be unable to hit the bullseye.
Do subscribe to Prospecting LIFE if you like my post.
Visit Prospecting LIFE Bookstore for recommended readings to bring success into your life!
In today's Sunday Times feature, I read with interest the various stories about families having to cut down expenses due to rising costs and having to depend on food and utilities voucher handouts from their MPs, and on the other hand, there is also a story on an entrepreneur who had just paid $435m for a condominium. What a stark contrast!
Both Robert Kiyosaki and Donald Trump points out that the root of the problem lies with the lack of financial IQ or education, coupled with the dependency mentality of the general population for the government to help them out, instead of increasing their own financial literacy to resolve their own problems. Coupled with other factors such as increased life expectancy, rising costs due to inflation, increase in prices of energy etc, their problems will just continue to snowball, and may even affect the next generation of their family members.
To break out of this poverty cycle, we may need to abandon the old education system, which does little to raise the financial literacy of its graduates, but instead churns out carbon copies of employees for the job market. With little to differentiate themselves from other job seekers, products of such old school of thought may have to settle for a job that is less than they are worth or risk having to go without an income.
The above case illustrates a person who chooses to compete in the E quadrant of the cashflow quadrant shown below
Instead of resigning to just being mediocre and to the bleak prospects of staying in the E quadrant, people should actively seek to get rid of the dependency mentality, take control of their lives to raise their financial IQ, and venture into the other quadrants in which they have the best chances of winning. Not to say that being an employee is bad(you may even follow the example of Jack Welch of GE and rise to the very top of the corporate ladder and become a millionaire in the process), but be careful to choose the quadrant which you have the best chance of excelling in.
In summary, take control of your own life! Without an defined target in mind, even a proven marksman will be unable to hit the bullseye.
Do subscribe to Prospecting LIFE if you like my post.
Visit Prospecting LIFE Bookstore for recommended readings to bring success into your life!
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