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rking　on　Saturdays　at　the　convenience　store。　Anyway；　rich　dad　was　excited　because　he　had　new　things　he　wanted　to　teach　us。　He　was　happy　because　we　had　learned　our　first　lesson　so　well。　We　had　learned　to　have　money　work　for　us。　By　not　getting　paid　for　our　work　at　the　store；　we　were　forced　to　use　our　imaginations　to　identify　an　opportunity　to　make　money。　By　starting　our　own　business；　the　ic…book　library；　we　were　in　control　of　our　own　finances；　not　dependent　on　an　employer。　The　best　part　was　that　our　business　generated　money　for　us；　even　when　we　weren't　physically　there。　Our　money　worked　for　us。　Instead　of　paying　us　money；　rich　dad　had　given　us　so　much　more。

CHAPTER　THREE　
Lesson　Two：Why　Teach　Financial　Literacy？

In　1990；　my　best　friend；　Mike；　took　over　his　father's　empire　and　is；　in　fact；　doing　a　better　job　than　his　dad　did。　We　see　each　other　once　or　twice　a　year　on　the　golf　course。　He　and　his　wife　are　wealthier　than　you　could　imagine。　Rich　dad's　empire　is　in　great　hands；　and　Mike　is　now　grooming　his　son　to　take　his　place；　as　his　dad　had　groomed　us。
In　1994；　I　retired　at　the　age　of　47；　and　my　wife；　Kim；　was　37。　Retirement　does　not　mean　not　working。　To　my　wife　and　me；　it　means　that　barring　unforeseen　cataclysmic　changes；　we　can　work　or　not　work；　and　our　wealth　grows　automatically；　staying　way　ahead　of　inflation。　I　guess　it　means　freedom。　The　assets　are　large　enough　to　grow　by　themselves。　It's　like　planting　a　tree。　You　water　it　for　years　and　then　one　day　it　doesn't　need　you　anymore。　It's　roots　have　gone　down　deep　enough。　Then；　the　tree　provides　shade　for　your　enjoyment。
Mike　chose　to　run　the　empire　and　I　chose　to　retire。
Whenever　I　speak　to　groups　of　people；　they　often　ask　what　I　would　remend　or　what　could　they　do？　〃How　do　they　get　started？〃　〃Is　there　a　good　book　I　would　remend？〃　〃What　should　they　do　to　prepare　their　children？〃　〃What　is　the　secret　to　success？〃　〃How　do　I　make　millions？〃　I　am　always　reminded　of　this　article　I　was　once　given。　It　goes　as　follows。

THE　RICHEST　BUSINESSMEN

In　1923　a　group　of　our　greatest　leaders　and　richest　businessmen　held　a　meeting　at　the　Edgewater　Beach　hotel　in　Chicago。　Among　them　were　Charles　Schwab；　head　of　the　largest　independent　steel　pany；　Samuel　Instill；　president　of　the　world's　largest　utility；　Howard　Hopson；　head　of　the　largest　gas　pany；　Ivar　Kreuger　president　of　the　International　Match　Co。；　one　of　the　world's　largest　panies　at　that　time；　Leon　Frazier；　president　of　the　Bank　of　International　Settlements；　Richard　Whitney；　president　of　the　New　York　Stock　Exchange；　Arthur　Cotton　and　Jesse　Livermore；　two　of　the　biggest　stock　speculators；　and　Albert　Fall；　a　member　of　President　Harding's　cabi。　Twenty　five　years　later　nine　of　them　（those　listed　above）　ended　as　follows。　Schwab　died　penniless　after　living　for　five　years　on　borrowed　money。　Instill　died　broke　living　in　a　foreign　land。　Kreuger　and　Cotton　also　died　broke。　Hopson　went　insane。　Whitney　and　Albert　Fall　were　just　released　from　prison。　Fraser　and　Livermore　mitted　suicide。

I　doubt　if　anyone　can　say　what　really　happened　to　these　men。　If　you　look　at　the　date；　1923；　it　was　just　before　the　1929　market　crash　and　the　Great　Depression；　which　I　suspect　had　a　great　impact　on　these　men　and　their　lives。　The　point　is　this：　Today　we　live　in　times　of　greater　and　faster　change　than　these　men　did。　I　suspect　there　will　be　many　booms　and　busts　in　the　next　25　years　that　will　parallel　the　ups　and　downs　these　men　faced。　I　am　concerned　that　too　many　people　are　focused　too　much　on　money　and　not　their　greatest　wealth；　which　is　their　education。　If　people　are　prepared　to　be　flexible；　keep　an　open　mind　and　learn；　they　will　grow　richer　and　richer　through　the　changes。　If　they　think　money　will　solve　problems；　I　am　afraid　those　people　will　have　a　rough　ride。　Intelligence　solves　problems　and　produces　money。　Money　without　financial　intelligence　is　money　soon　gone。

Most　people　fail　to　realize　that　in　life；　it's　not　how　much　money　you　make；　it's　how　much　money　you　keep。　We　have　all　heard　stories　of　lottery　winners　who　are　poor；　then　suddenly　rich；　then　poor　again。　They　win　millions　and　are　soon　back　to　where　they　started。　Or　stories　of　professional　athletes；　who；　at　the　age　of　24；　are　earning　millions　of　dollars　a　year；　and　are　sleeping　under　a　bridge　by　age　34。　In　the　paper　this　morning；　as　I　write　this；　there　is　a　story　of　a　young　basketball　player　who　a　year　ago　had　millions。　Today；　he　claims　his　friends；　attorney　and　accountant　took　his　money；　and　now　he　works　at　a　car　wash　for　minimum　wage。

He　is　only　29。　He　was　fired　from　the　car　wash　because　he　refused　to　take　off　his　championship　ring　as　he　was　wiping　off　the　cars；　so　his　story　made　the　newspaper。　He　is　appealing　his　termination；　claiming　hardship　and　discrimination　and　that　the　ring　is　all　he　has　left。　He　claims　that　if　you　take　that　away；　he'll　crumble。

In　1997；　I　know　so　many　people　who　are　being　instant　millionaires。　It's　the　Roaring　'20s　one　more　time。　And　while　I　am　glad　people　have　been　getting　richer　and　richer；　I　only　caution　that　in　the　long　run；　it's　not　how　much　you　make；　it's　how　much　you　keep；　and　how　many　generations　you　keep　it。

So　when　people　ask；　〃Where　do　I　get　started？〃　or　〃Tell　me　how　to　get　rich　quick；〃　they　often　are　greatly　disappointed　with　my　answer。　I　simply　say　to　them　what　my　rich　dad　said　back　to　me　when　I　was　a　little　kid。　〃If　you　want　to　be　rich；　you　need　to　be　financially　literate。〃

That　idea　was　drummed　into　my　head　every　time　we　were　together。　As　I　said；　my　educated　dad　stressed　the　importance　of　reading　books；　while　my　rich　dad　stressed　the　need　to　master　financial　literacy。

If　you　are　going　to　build　the　Empire　State　Building；　the　first　thing　you　need　to　do　is　dig　a　deep　hole　and　pour　a　strong　foundation。　If　you　are　going　to　build　a　home　in　the　suburbs；　all　you　need　to　do　is　pour　a　6…inch　slab　of　concrete。　Most　people；　in　their　drive　to　get　rich；　are　trying　to　build　an　Empire　State　Building　on　a　6…inch　slab。

Our　school　system；　having　been　created　in　the　Agrarian　Age；　still　believes　in　homes　with　no　foundation。　Dirt　floors　are　still　the　rage。　So　kids　graduate　from　school　with　virtually　no　financial　foundation。　One　day；　sleepless　and　deep　in　debt　in　suburbia；　living　the　American　Dream；　they　decide　that　the　answer　to　their　financial　problems　is　to　find　a　way　to　get　rich　quick。

Construction　on　the　skyscraper　begins。　It　goes　up　quickly；　and　soon；　instead　of　the　Empire　State　Building；　we　have　the　Leaning　Tower　of　Suburbia。　The　sleepless　nights　return。

As　for　Mike　and　me　in　our　adult　years；　both　of　our　choices　were　possible　because　we　were　taught　to　pour　a　strong　financial　foundation　when　we　were　just　kids。

Now；　accounting　is　possibly　the　most　boring　subject　in　the　world。　It　also　could　be　the　most　confusing。　But　if　you　want　to　be　rich；　long　term；　it　could　be　the　most　important　subject。　The　question　is；　how　do　you　take　a　boring　and　confusing　subject　and　teach　it　to　kids？　The　answer　is；　make　it　simple。　Teach　it　first　in　pictures。
My　rich　dad　poured　a　strong　financial　foundation　for　Mike　and　me。　Since　we　were　just　kids；　he　created　a　simple　way　to　teach　us。　For　years　he　only　drew　pictures　and　used　words。　Mike　and　I　understood　the　simple　drawings；　the　jargon；　the　movement　of　money；　and　then　in　later　years；　rich　dad　began　adding　numbers。　Today；　Mike　has　gone　on　to　master　much　more　plex　and　sophisticated　accounting　analysis　because　he　has　had　to。　He　has　a　billion…dollar　empire　to　run。　I　am　not　as　sophisticated　because　my　empire　is　smaller；　yet　we　e　from　the　same　simple　foundation。　In　the　following　pages；　I　offer　to　you　the　same　simple　line　drawings　Mike's　dad　created　for　us。　Though　simple；　those　drawings　helped　guide　two　little　boys　in　building　great　sums　of　wealth　on　a　solid　and　deep　foundation。
Rule　One。　You　must　know　the　difference　between　an　asset　and　a　liability；　and　buy　assets。　If　you　want　to　be　rich；　this　is　all　you　need　to　know。　It　is　Rule　No。　1。　It　is　the　only　rule。　This　may　sound　absurdly　simple；　but　most　people　have　no　idea　how　profound　this　rule　is。　Most　people　struggle　financially　because　they　do　not　know　the　difference　between　an　asset　and　a　liability。
〃Rich　people　acquire　assets。　The　poor　and　middle　class　acquire　liabilities；　but　they　think　they　are　assets〃
When　rich　dad　explained　this　to　Mike　and　me；　we　thought　he　was　kidding。　Here　we　were；　nearly　teenagers　and　waiting　for　the　secret　to　getting　rich；　and　this　was　his　answer。　It　was　so　simple　that　we　had　to　stop　for　a　long　time　to　think　about　it。
〃What　is　an　asset？〃　asked　Mike。
〃Don't　worry　right　now；〃　said　rich　dad。　〃Just　let　the　idea　sink　in。　If　you　can　prehend　the　simplicity；　your　life　will　have　a　plan　and　be　financially　easy。　It　is　simple；　that　is　why　the　idea　is　missed。〃
〃You　mean　all　we　need　to　know　is　　and　we'll　be　rich？〃　I　asked。
Rich　dad　nodded　his　head。　〃It's　that　simple。〃
〃If　it's　that　simple；　how　e　everyone　is　not　rich？〃　I　asked。
Rich　dad　smiled。　〃Because　people　do　not　know　the　difference
between　an　asset　and　a　liability。〃
I　remember　asking；　〃How　could　adults　be　so　silly。　If　it　is　that　simple；　if　it　is　that　important；　why　would　everyone　not　want　to　find　out？〃
It　took　our　rich　dad　only　a　few　minutes　to　explain　what　assets　and　liabilities　were。
As　an　adult；　I　have　difficulty　explaining　it　to　other　adults。　Why？　Because　adults　are　smarter。　In　most　cases；　the　simplicity　of　the　idea　escapes　most　adults　because　they　have　been　educated　differently。　They　have　been　educated　by　other　educated　professionals；　such　as　bankers；　accountants；　real　estate　agents；　financial　planners；　and　so　forth。　The　difficulty　es　in　asking　adults　to　unlearn；　or　bee　children　again。　An　intelligent　adult　often　feels　it　is　demeaning　to　pay　attention　to　simplistic　definitions。

Rich　dad　believed　in　the　KISS　principle…〃Keep　It　Simple　Stupid〃…so　he　kept　it　simple　for　two　young　boys；　and　that　made　the　financial　foundation　strong。
So　what　causes　the　confusion？　Or　how　could　something　so　simple　be　so　screwed　up？　Why　would　someone　buy　an　asset　that　was　really　a　liability。　The　answer　is　found　in　basic　education。
We　focus　on　the　word　〃literacy〃　and　not　〃financial　literacy。〃　What　defines　something　to　be　an　asset；　or　something　to　be　a　liability　are　not　words。　In　fact；　if　you　really　want　to　be　confused；　look　up　the　words　〃asset〃　and　〃liability〃　in　the　dictionary。　I　know　the　definition　may　sound　good　to　a　trained　accountant；　but　for　the　average　person　it　makes　no　sense。　But　we　adults　are　often　too　proud　to　admit　that　something　does　not　make　sense。
As　young　boys；　rich　dad　said；　〃What　defines　an　asset　is　not　words　but　numbers。　And　if　you　cannot　read　the　numbers；　you　cannot　tell　an　asset　from　a　hole　in　the　ground。〃
〃In　accounting；〃　rich　dad　would　say；　〃it's　not　the　numbers；　but　what　the　numbers　are　telling　you。　It's　just　like　words。　It's　not　the　words；　but　the　story　the　words　are　telling　you。
Many　people　read；　but　do　not　understand　much。　It's　called　reading　prehension。　And　we　all　have　different　abilities　when　it　es　to　reading　prehension。　For　example；　I　recently　bought　a　new　VCR。　It　came　with　an　instruction　book　that　explained　how　to　program　the　VCR。　All　I　wanted　to　do　was　record　my　favorite　TV　show　on　Friday　night。　I　nearly　went　crazy　trying　to　read　the　manual。　Nothing　in　my　world　is　more　plex　than　learning　how　to　program　my　VCR。　I　could　read　the　words；　but　I　understood　nothing。　I　get　an　〃A〃　for　recognizing　the　words。　I　get　an　〃F〃　for　prehension。　And　so　it　is　with　financial　statements　for　most　people。
〃If　you　want　to　be　rich；　you've　got　to　read　and　understand　numbers。〃　If　I　heard　that　once；　I　heard　it　a　thousand　times　from　my　rich　dad。　And　I　also　heard；　〃The　rich　acquire　assets　and　the　poor　and　middle　class　acquire　liabilities。〃
Here　is　how　to　tell　the　difference　between　an　asset　and　a　liability。　Most　accountants　and　financial　professionals　do　　agree　with　the　definitions；　but　these　simple　drawings　were　the　start　of　strong　financial　foundations　for　two　young　boys。
To　teach　pre？teen　boys；　rich　dad　kept　everything　simple；　using　as　many　pictures　as　possible；　as　few　words　as　possible；　and　no　numbers　for　years。

〃This　is　the　Cash　Flow　pattern　of　an　asset。〃
　　　
The　above　box　is　an　Ine　Statement；　often　called　a　Profit　and　Loss　Statement。　It　measures　ine　and　expenses。　Money　in　and　money　out。　The　bottom　diagram　is　the　Balance　Sheet。　It