Yahoo Finance Robert Kiyosaki: Jump-Start Cash Flow Using These 5 Secrets
When building your investment portfolio, you’ll want to learn from those who have done what you want to accomplish. Robert Kiyosaki, the popular personal finance author behind Rich Dad Poor Dad, recently shared five secrets for jump-starting your cash flow.
It doesn’t matter if you’re new to investing or if you’ve been at it for decades, you’ll always want to remind yourself of the fundamentals. All investors can also occasionally benefit from some direction and inspiration. Here are Kiyosaki’s secrets for jump-starting your cash flow.
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Secret 1: Know Your Exact Game Plan
You want to know your game plan because Kiyosaki believes that aimless opportunities could lead to a lackluster portfolio. He compares investing without a plan to visiting the grocery store without a list. In this scenario, you may find some deals, but you won’t have a satisfying dinner.
If you want to be a successful investor, you’ll have to determine your objective and then create a clear plan for reaching it. Even though creating a plan will take upfront effort, it’s better than letting your impatience prevent you from achieving your goals. There are too many investors who don’t achieve exceptional results because they didn’t take the time to design a plan they would commit to.
Secret 2: Be Agile
“If you take too long in coming to a decision with coordination among colleagues, advisors, and research, then you might miss out on something great,” said Kiyosaki. He stresses the importance of taking action when the timing makes sense. You don’t want to miss out on investing opportunities because you were too hesitant to decide how to proceed.
It’s essential to remember that your plan won’t always go smoothly. There will be times when you have to pivot and make adjustments as you go. You want to remain flexible as you work on increasing your cash flow through investing ventures.
Secret 3: Work on Your Business Instead of Working in It
When you’re working on building a business or investment portfolio, it’s easy to get caught up in it. The goal is never to lose sight of the bigger picture by focusing too much on the minor details. You’ll want to view your portfolio (stocks, real estate, or commodities) like a business where you focus on the bottom line with a strategic mindset.
Kiyosaki advocates for creating systems that allow you to manage your investing ventures better. You may even want to find ways to automate certain aspects of your investing business. One example that Kiyosaki cites is the system of a real estate investor using a website to automate the process of advertising properties. Whatever kind of investing business you dive into, you’ll want to create systems that allow you to channel your energy toward the bigger picture, so you don’t worry about the specifics.
Secret 4: Be Cautious of Your Blind Spots
As an investor, you must accept that you could possess bad habits that are still hurting your progress. This is why you can’t drop your guard even when you feel you’ve gotten significant results with your portfolio.
“Consulting the advice of others can highlight these blind spots and enable improvements that weren’t previously known,” shared Kiyosaki. You want to take the time to discuss your wins and losses with friends and trusted advisors to see if they have any insights to share with you.
When you receive feedback, it’s critical that you leave your emotions out of it. You want to be open to all feedback to grow as an investor. You can’t get upset when a trusted advisor shares advice that may seem to doubt your decision-making because it’s nothing personal.
Secret 5: Remain Confident and Humble
Kiyosaki recommends an honest assessment of your progress. You should strive to remain grounded by looking at what you know and what you still need to learn. You can’t believe you have all the answers because this lack of humility could hurt your future progress.
Kiyosaki acknowledges that many investors have gotten lucky in the past due to timing and being a part of a thriving economy. You don’t want to find yourself running out of luck one day like many other investors who came before you and weren’t humble about their progress. Remaining humble will also allow you to leave room for growth and learning because once you think you have everything figured out, life usually throws you a curveball.
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