![7 key takeaways from the millionaire next door 7 key takeaways from the millionaire next door](https://pbs.twimg.com/media/Es8VYfIWMAgLpTu.jpg)
He can scan a contract and tell you off the top of his head how it works and how to better transfer risk.Īlso on my team is an estate planning and corporate structuring attorney who looks after my asset protection trust, a registered investment advisor that helps me research and analyze deals, and a cash flow specialist who makes sure I look great to banks. A member of my team understands liability insurance better than anyone I’ve ever met. The rich know they’re in the wrong room if they’re the smartest person there. That’s another obstacle to team building: people are intimidated by others who are smarter than them. Part of the American ethos is pulling yourself up by your bootstraps and there’s certainly merit to that, but individual grit shouldn’t stop people from surrounding themselves with others who are smarter than them. Here’s what stops many people from assembling a team: growing up, if you worked with other people in school, it was called cheating. Robert calls his team his Rich Dad Advisors. I call my team the Accredited Network and jokingly refer to them as the Money Nerds because they eat, sleep, and breathe this stuff. I wanted people who were wealthy and spent all their time around other people who were wealthy. It took me a little over a decade to assemble my team because I didn’t just want a financial planner. This was a game-changing piece of my financial journey. In addition to thinking differently about money, the rich build all-star teams around themselves. Why? Because they don’t see money as something dangerous. The rich want as much money as they can get and want to pay back low interest loans as slowly as possible. If you don’t answer those questions with “as much as I can” and “as slowly as I can” then there’s a good chance you’re trapped in poor or middle class thinking. If I’m not charging interest, how quickly would you pay me back?.If I’m willing to lend you money at 0% interest, how much would you take?.The rich act the way they do-and achieve massive results-in large part because they think differently than those who aren’t rich. The banks will give him money he wants for investing.
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As Robert points out, he doesn’t need his money to invest. Robert and I often hear the following objection from people: “I can’t invest because I don’t have any money.” That’s a poor and middle-class mindset. If you know nothing or little about real estate, borrowing can create negative cash flow by leveraging without proper knowledge. Borrowing isn’t the secret, creating cash flow is. You might think that’s a recipe for lower ROI and more taxes, but for the right investor, it’s the opposite: he pays less in taxes and makes more money when he buys with borrowing. Now, Robert buys real estate using loans. The reasoning had less to do with learning about real estate, and more to do with learning about debt and taxes. In 1973, Robert’s father told him to take a real estate class.