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  • Writer's pictureJames Veal

How Can "Rich Dad Poor Dad" Teach African Americans To Become Wealthy?

The United States is a capitalistic society and the only color that truly matters is "green". Yes, racial inequality certainly exists and it's a challenge for African Americans and other minority groups to get to play on an equal playing field, but there are still opportunities to succeed. No matter the circumstances, you are either in the game or out! No excuses.

The middle-class in the U.S. has become very frail and has always been the group that made America strong. The rich have become richer and the poor has become poorer. We have more poor living today in America than it has ever been - that's sad.

When you get a chance, take a second and look around where you live, shop, and work. There is something perplexed with the lifestyle of the masses compared to the very thin group of people whom have amassed higher net worths. What are the rich doing that most of us are not? That's something we should be striving to find out if we want to change our lifestyle.

One of New York Times best selling book's, "Rich Dad Poor Dad", was one of the first entrepreneurial book's that I read cover-to-cover - multiple times - guided me on the path to thinking and applying unconventional tactics on how to build wealth that wasn't taught in school.

This mind-changing book give clues to show people how to think differently, save on taxes, the importance of building businesses and increasing personal net worth that can be passed down to future generations. Here are a few skills and concepts that you'll learn from the book that'll help you start your empire:

* We need to think the way rich people think. Before giving large sums of money to charities, they make sure they help themselves first. They did not get rich and stay rich by helping everybody carelessly. When they do something, they know what's in it for them. It's not selfishness, it's staying rich.

* One of the true ways to build wealth is to read as much as you can on a subject. How many books have you read last year? Last month? Most people have never read an entire book after high school. Leaders are readers. The average CEO reads 60 books per year. Self-learning and reading are essential attributes to building wealth.

* Master the knowledge of money and how it can work for your benefit. To be a master of money, you need to be financially intelligent. This starts with financial education and self-discipline, and ends with knowing how to make money work for you, i.e., using assets to purchase liabilities. Most people stay poor because they abuse the tool of money. They spend it instead of using it to convert more.

* One way to make it big is to own your own business. Experienced entrepreneurs know the best business ideas arise out of a genuine need for something meaningful in the marketplace. To be a successful entrepreneur, you will have to face both the good and the bad with relentless passion. The key to closing the wealth gap in America is that African Americans have to own and operate their own businesses.

* Although you may work for someone else, you are still your own CEO. You are the Chief Executive Officer (CEO) of your life. You are 100% responsible for your life; its happiness; its wealth and health. Don't allow your fears to control and hold you back from changing your life. Yes, you may be a dishwasher or a janitor right now but that doesn't define you. We all make decisions in life which guides us to that current state but that doesn't mean we will stay there. When you know you're your own CEO and still washing dishing and taking out trash, you know it won't last because you're working on another plan to make you rich.

* Be self-employed and then hire a staff to eventually run the company. Yes, I know owning a business or being self-employed is not for everyone. It takes faith, tenacity, and guts. Although, eventually any business owner's main objective in owning a business is to hire someone to run it. Their responsibilities are to run, control, hire, and operate the business while you focus on the vision of the firm while sitting on the beach with a cool drink in hand.

* You are on this earth for a special reason. Find out what you truly love to do. God gave us all a special gift. You and I possess a specific skill that is superior compared to most other people. There is only one Lebron James. There is only one you! The objective in life is to find out what it is. Self-awareness is what you need to seek. If/when you do find and apply it, life will change dramatically for you.

* Mind your own business! As was stated earlier, "own your own business." That was the hallmark of the "Rich Dad Poor Dad" book. You can start out on a part-time basis and then you may be able to quit your job and run your business full time. Work hard for yourself instead of working to make someone else rich.

* You make the calls in your life no matter what. Remember, you are the CEO of your life. The "buck" stops with you. We are where we are today because of the decisions we've made up to this point. Some were good decisions and some were bad - that's life - but today is a different day. You can change your circumstances immediately if you're willing to change your mindset and your habits.

Start by reading Rich Dad Poor Dad.

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