MM#144--Financial Intelligence

Welcome to the theory to action podcast, where we examine the timeless treasures of wisdom from the great books in less time to help you take action immediately, and ultimately to create and lead a flourishing life. Now, here's your host, David Kaiser.
Hello, I'm David and welcome back to another Mojo minute. Let's kick it off with a quote this time. Quote, I am concerned that too many people are focused too much on money and not on 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 the problems. I'm afraid those people will have a rough ride intelligence solves problems and produces money, money without financial intelligence is money gone soon? And this quote comes to us from a great book, actually a series of books titled Rich Dad, Poor Dad by Robert Kiyosaki. Yes, this book has been super, super popular in the personal financial world for years and years and years, it's been on my list to cover here in these Mojo minutes. And the premise of the book if you haven't read it yet, I highly encourage you that you do. But the premise of the book is Robert weaves, two tales, one from his biological government employed father, who's always struggled with money, that's poor dad. And then the other tale that's being woven is one of his best friend that he had grown up with one of his best friend's dad. And that would be the rich dad in this case. So the Rich Dad Poor Dad dichotomy, but the rich dad was entrepreneurial, and one is wealthy. And throughout the book, Robert is showing the dichotomy of both fathers and how they look and think about money. And the key point of the book. Well, there's tons of key points, actually. And it's hard to grab just one or two for this Mojo money. But the key point is not how to spend your money, but more importantly, how to think about your money. For example, here's another key quote, the poor in the middle class, work for money, the rich have money work for them, unquote. And here's another great key idea that we won't have enough time to expand on in this short Mojo minute, but we're going to introduce it nonetheless and touch on it real quick. So let's go back to the book. Quote, there are five main reasons why a financially literate people may still not develop abundant asset columns. Number one, fear number two cynicism. Number three, laziness, number four bad habits. And number five, arrogance and of quote. So how about those apples, Robert is dropping some bombs in our personal financial education lab with this quote, let's touch on each one real quickly here fear is number one. In our list, we understand fear because most of us have fear. And often our fear is gains more traction with or without action, or with inaction. So be sure to check out Mojo minute 121 where we talk about action, helping to gain control of our fear. It reduces fear. By putting theory into action, we start to confront that fear and we break through those stumbling blocks. Number two on our list, citizen cynicism, if I can say it, cynicism. All of us are guilty here. We mask our cynicism for a lack of knowledge. And as we increase our financial knowledge, our personal financial knowledge, we begin to put that into action. And our confidence will grow abundantly in this area and once our confidence grows, the cynicism will be reduced. Cynicism is just knee jerk reaction that comes from negativity all of us have it. It's hard to tamp down and the key to overcoming this vise is to keep working through the problems to gain knowledge and confidence and it will be greatly reduced Step number three in our list is laziness. This one's pretty easy to create a flourishing life we obviously cannot be lazy. Hard work is required in all aspects of life, we actually have a whole category on hard work with 12 episodes 12 Mojo minutes dealing with hard work and some way or fashion Be sure to check those out. Very easy to find those on the new website by the way. Number four bad habits
is on our list. Yep, we know bad habits get us all the time. We harp on it over and over and over. Be sure to check out Mojo number three Mojo minute number three for atomic habits, probably the best book to diagnose how to create and develop a good habit and how to completely destroy a bad habit. It's helped me in a lot of areas of my life. And getting back to atomic habits. The book helps you get down to the nitty gritty on habit creation and destruction. Like I said, it's probably one of the most universal truths in the world is developing good habits and destroying bad habits, and how developing good habits leads to much much more happiness. It's ironic how that happens. No one nobody seems to want to talk about that. And finally, number five on our list arrogance. We know from our leadership studies, arrogance is the opposite of humility. And humility is perhaps the greatest and the noblest of the virtues in almost any situation. Check out Mojo minute number six, where we did a deep dive into humility. So in today's Mojo minute, let us keep reading, and studying and learning about our own flourishing in our personal financial world. And let us conclude with this quick nugget of wisdom on financial intelligence. And this quote, with Roberts great words on fear, which was our first bullet point in our list, here, we're going to go back to the book and we're going to confront this dreadful word of fear. Quote, the fear of losing money is real. Everyone has it, even the rich. But it's not fear. That is the problem. It's how you handle the fear. It's how you handle losing how you handle failure, that makes the difference in one's life. That goes for anything in life, not just money. The primary difference between a rich person and a poor person, is how they handle that fear. And of course, thank you
for joining us. We hope you enjoyed this theory to action podcast, be sure to check out our show page at T Mojo academy.com where we have everything we discussed in this podcast as well as other great resources. Until next time, keep getting your mojo on.
Hey, folks, David here, we get it that you're crunched for time and you're running pillar to post for your family, for your friends and your work obligations. So there's no time to sit down and read anything much less a book. We understand we get it. So that's where we here at the Mojo Academy has stepped in to help. Please check out our very affordable Academy Review membership program where you will get two books reviewed for you in 25 to 45 minutes, you will get the top ideas from those books and audible format. And you will get very quick practical steps so you can put those theories into action. You know, most of us barely read four books a year. So just in a matter of a couple months, you will have the top ideas and solutions from the great books so you will feel that you're functioning at the top of your game. We call that flourishing. Come join us now at T Mojo academy.com.