To continue on my quest to make money in nontraditional ways or at least do better at making money and investing, I went back to the first book I read, Rich Dad Poor Dad.
In Rich Dad Poor Dad, the #1 Personal Finance book of all time, Robert Kiyosaki shares the story of his two dad: his real father, whom he calls his ‘poor dad,’ and the father of his best friend, the man who became his mentor and his ‘rich dad.’ One man was well educated and an employee all his life, the other’s education was “street smarts” over traditional classroom education and he took the path of entrepreneurship…a road that led him to become one of the wealthiest men in Hawaii. Robert’s poor dad struggled financially all his life, and these two dads—these very different points of view of money, investing, and employment—shaped Robert’s thinking about money.
In Rich Dad Poor Dad, he makes a lot of money through rental properties. We have two rental properties, but I wouldn’t say we are making money on either. But we are slowly paying down the mortgages and hopefully building equity…..if the market quits dropping! This is not how this guy suggests making money. He recommends getting a house for super cheap and renting it. We on the other hand bought “homes” both times. Not rental properties. If we had bought them with the rental concept in mind, then we would probably actually be making money because it would have totally changed the conditions when we were looking. With all that said, we are not going to buy another house just to have a rental property. If you are thinking about this though, I would take this guy’s suggestion and buy somewhere the market is horrible like Las Vegas or Phoenix.
Knowing that this main option was a no go I turned to his other suggestion and found a business opportunity. I am a stay at home mom obviously and a military wife that moves all the time. These two factors limit what I can do. So, I went with what I knew I could do. I could work from home and use the internet. I looked into a lot of options and settled with Optavia. The startup costs were incredibly low and you could really build a business through it. I realized quickly I could help people lose weight and make money doing it. The more people I recruited to do the same thing, the more money you make. Easy!
Now that I had this going for me, I just had to figure out what to invest my new income in. I knew I no longer wanted to put money in my mutual fund, but I still hadn’t come across a better option. Next up….the best investing book I ever read, Rule #1.