1 I was beginning to see both sides of the coin.
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That everyone is entitled to be a winner?Rather than teach your child that he or she is entitled to money and success, teach them that money is simply a medium of exchange.Exchange means I give you something and you give me something in return.And, I believe, the more you give the more you will receive.When a child is given something for nothing, the seeds of entitlement are planted.Also discuss the concept of give and you shall receive. Thats another way of being generous.I had two dads and neither one of them gave me money.When I was 16, my real dad told me he would not pay for my college education.That gave me two years to prepare and find a way to fund my college education.Merchant Marine Academy.My rich dad insisted that I work for free.He did not want me to develop the mindset of an employee who would my time for a paycheck.In exchange for my work, rich dad gave me the best financial education in the world.With that financial education I have been able to create wealth out of nothing, which is what entrepreneurs do.An added benefit of that has been getting to know his three children.They are bright, attractive, respectful, and do not have an entitlement mentality.They have worked for what they have.Don and Eric were texting their sister Ivanka.When they were through, I asked them what the three of them were talking about.Both boys said, We were sharing recipes.Recipes? I replied.You know how to cook?I thought you had servants?Both boys laughed and Eric said, My parents had servants.We had to learn to cook and clean.Our parents made it very clear that their wealth was their wealth.We knew from an early age that we were expected to create our own wealth.Rich dad was a very generous man.He believed in fair exchange. He also believed that financial education was much more valuable than money.He paid his employees money.In most cases, he paid them quite well.Many worked for him for most of their lives.He often said, My employees value money more than financial education.Thats why they are employees.Making the CaseRich dad did not believe in the concept of free.He believed a free education was not valued, which may be the problem with the governments public education program.Rich dad had a lot of compassion for my poor dad and the teachers who worked for the government.He often said, How can teachers teach when kids and parents expect, rather than respect their free education? He also felt the concept of a free education, while a noble idea, is one of the reasons the entitlement mentality is so pervasive today.From a young age, children are trained to believe The government will take care of me.Rich dad believed the financial education and coaching he was giving me were much more valuable than money.That is why he did not pay me in money.In exchange, I worked for him for free, doing things that would have cost him money.How did you survive without money?By working for money during my free time.My StoryMy mom and dad started giving me an allowance of $1 a week in high school.Even in the 1960s, a dollar a week did not go far.Rich dad did not pay me because he did not want me to think like an employee.He felt the rest of the world would teach me to think that way.In other words, he was training me to think differently about money, which was priceless.He did not tell his son and me what to do.Rather than telling me to Look for a job, rich dad encouraged me to think like an entrepreneur and instead Look for opportunities.With that advice, I did many things to make money.For example, on Saturdays, I would be up at five oclock in the morning to surf with my friends, since the surf is usually better in the morning.I would then go to rich dads office and work for him for a few hours.I could make more on a Saturday afternoon than the weekly allowance my parents gave me.On top of that, I got in shape for football season.The advantage to this was that instead of looking for a job, I was always looking for opportunities.If I saw a pile of rubbish in someones yard, I would knock on the door, and negotiate a fee for clearing away the rubbish.I got to be pretty good as an entrepreneur in the S quadrant.I was making a nice sum of money, while still working for rich dad for free.Bigger OpportunitiesOnce rich dad realized that I was pretty good in the S quadrant, his new lesson was for me to move on to the B quadrant.To begin the lesson, he had me read the story of The Adventures of Tom Sawyer.In that story, Tom takes on the task of painting a fence.Rather than paint the fence himself, he gets his friends to paint the fence for him.Rich dads assignment was for me to find a job so big that I could not do it myself.He said, People in the S quadrant take on tasks they can do themselves.For example, a lawyer can do most of the legal work himself.But an entrepreneur in the B quadrant takes on the impossible.That is why they are the richest people in the world.For about a week, I looked around for a really big opportunity.Finally, I saw a man staring at a rather large field filled with very tall weeds.I went up to him and asked if there was anything he needed done.The elderly man said he needed the weeds in the field cleared.He used to do it himself, he told me, but now he was getting too old.The field was about two acres in size.He told me he would pay me $50 if I would pull, not cut, the tall weeds.Once I heard $50 I heard nothing else.I took the job, of course.He then told me it had to be done by the next weekend.Calling rich dad with the news, he added to my assignment.He said, Like Tom Sawyer, your job is to hire other people to do the work.Your job is to cut the deal, get the work done, get paid, pay the workers, and make a profit.