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The Opportunity That Changed My Life
The opportunity that changed my life was a seminar I attended. I had
bill collectors screaming at me. I was finding odd jobs everywhere to find
extra money to pay my bills and calm the screaming debtors. And I had the
money I was saving. Saving for the opportunity.
My opportunity came in the form of a course teaching real estate
investing. This was my opportunity and it cost $385! (That’s $2,069 in
2017 dollars.)
Notice my opportunity was not a friend telling me about a stock tip. It
wasn’t me going out and finding the best real estate deal. No. Even the best
stock tip or the best real estate deal would have failed because the deal can
only be as good as the investor.
I needed to train my mind. I needed education.
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My rich dad was fanatical about exercising your mind, the most
powerful computer in the world. He’d say:
My brain gets stronger every day because I exercise it. The stronger
it gets, the more money I can make. Keep using your brain and
soon your mind will show you ways of making money far beyond
what other people see. You will see things that other people never
see. Most people never see these opportunities because they’re
looking for money and security, so that’s all they get. The moment
you see one opportunity, you’ll see them for the rest of your life.
As I mentioned earlier, the opportunity I found was a real estate
seminar. The seminar showed me the way to analyze a deal and how to get
a deal done with little to no money down.
If you reread the ways to find opportunities, three of the four strategies
are about getting educated. That is not a coincidence. Again, even the best
stock tip or the best real estate deal will fail if I’m not financially educated.
The deal can only be as good as the investor.
So what happened after I took the course? First, before I answer, I need
to highlight that I completed the course. I did all the work required. I did
not just take the course. I fulfilled the course. I accepted the value of the
course and I took this course with the mindset that this course could
change my life.
I spent $385 and that course bought me life. I got out of bad debt at a
rapid pace and now I don’t have to work for the rest of my life, because of
that one course. Now, I go to at least two such courses every year.
That course was the opportunity I was looking for. The course taught me
how to buy assets, even in the situation I was in. Future courses have taught
me how to build assets.
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Step 3:
Advanced Guide to Getting out of Bad Debt
Once you learn how to buy assets or build assets and you put what
you’ve learned into action, you will be free of bad debt. Then you can
follow the formula Kim and I used (shared in Freedom from Bad Debt)
with greater speed and efficiency.
The other important point to make is that I spent the money. In order
to get out of bad debt…I spent money. That is so counter intuitive. I did
not save. I did not pay my bills. I paid myself first. Then I used the money
I paid myself to pay for the opportunity that changed my life.
In Freedom from Bad Debt, I wrote about picking up extra work to
increase your ability to pay off your bad debt. In this book, you’re learning
the advanced way to pay off bad debt. With the advanced method, you’re
building your asset column to increase your ability to pay off your bad
debt. You get a two-for-one deal—more assets and less bad debt.
In every book I write, I hammer my readers to stop buying doodads
and liabilities and start buying assets. I’m going to try this again here.
What is an asset or a liability? To put it simply, assets put money in your
pocket and liabilities take money out. Your home doesn’t put money in
your pocket, so it’s a liability. What happens if you rent it out? If the rent
is more than the expenses, then it's an asset. Your car is a liability, even if
it’s paid off. If you start renting it out or use it for Uber
®
or some other taxi
service, then it’s making you money and it's an asset.
The $385 real-estate seminar took money out of my pocket, but then
when I put what it taught me into action, it put money into my pocket.
Education is an asset, but only if you use the education to make money.
When you use the money from your “Pay Yourself First” savings, you
need to first buy the education that is going to teach you how to buy
or create an asset. Check your local area or search online for courses on
investments or businesses you’re interested in and passionate about. Once
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