In July we attended a Rich Dad seminar at the Sheraton in Toronto.
These are free events, often advertised on news and social media pages. Whilst the initial class is free, they are ultimately selling a three day wealth workshop.
The speaker, Sam Mousa, was engaging and energetic, encouraging audience participation, and keeping enthusiasm throughout. He never became dry, even when trying to crunch the $495 workshop deal. He was a skilled public speaker, who knew how to keep the audiences attention. In fact, one women in the audience kept remarking “what a cocky man” about Mousa to no one in particular.
There were many wonderful tidbits we learned by attending this seminar and we strongly encourage anyone who has even a slight interest in financial education, particularly property investment, to attend future classes.
Again, if you don’t purchase the intended workshop, it is free financial education, complete with a free DVD. And that is always a good thing!
Here are a few tips we learnt:
- We don’t know if Apple will still be around in 50 years, but we know for sure that people will be renting. In other words, investing in the stock market is risky but investing in property is a stable investment because we can predict that people will always need somewhere to live.
- Cashflow is King
- 1957- The Canadian government introduced RSP- the responsibility of your retirement became yours
- 1970- Canada became a floating currency
- We go to school to get an academic (grade school) and a professional (university/college) education, but we don’t get a financial education
Asset= Produces cash flow at the end of the month
Education (can’t be stolen, burnt down, or repossessed)
Liability= Something that takes money out of your pocket
- Assets pay for the liability
- An item is not automatically a liability for being what it is but what is does to your balance
Review your unnecessary expenses
- Eating out
Your company buys you at wholesale and sells you at retail
2. Self Employed
Attached and married to it
Working more hours (12 hour day, 8 hours employee, 4 hours as boss)
using your own resources
You don’t have to be there for the business to function effectively
OPM (Other people’s money)
OPT (Other people’s time)
Unlimited supply of money
For more information visit https://richdadeducation.com/ca/
*This is NOT a sponsored post yet, we wish it were!