Why You Should Take More Risks in Life and Money - Robert Kiyosaki [Millennial Money]

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What’s wrong with millennials? Maybe that’s the wrong question. Maybe we should be asking you if you’re failing by NOT failing.

In this episode of Millennial Money, Robert Kiyosaki goes off on one of his pet peeves: risk.

Life is full of risks: Should you go to school? What should you study? What job should you take?

Why do we think they are risky? Because we don’t want to make any mistakes.

School compensates for managing risk by avoiding it altogether. Instead, school teaches us to learn all the right answers. That way, we never have to fail.

What’s Wrong With Millennials?

As millennials, we’ve been taught our whole lives how important it is to have all the right answers. We’ve been taught to be politically correct to avoid hurting someone else’s feelings. In other words, we’ve been taught to play it safe.

But is that how life really works?

The way Robert sees it, playing it safe is the worst thing you can do.

We might have all the answers… but we don’t do anything about it. The reason is our fake teachers. We’ve been taught by teachers who haven't done it themselves.

Take professors of business or entrepreneurship at university, for example. Though they might have a master's degree or Ph.D. affixed to their names, how many have actually started businesses?

Probably very few.

Understanding a financial statement is the only way to know whether your business is healthy or not. How your income looks compared to your expenses, how your assets look next to your liabilities, are what matters to an entrepreneur.

Why?

If you need to raise capital and you approach a bank, they don’t care about your resume or transcript. The only thing they care about is your financial statement. They want to know if you can increase income. Will you create jobs, minimize your taxes and utilize debt effectively, can you create assets?

That’s why we say your banker doesn’t care about your report card.

Compare that to what school teaches you to be important. When you are preparing to graduate, school tells you that your resume and transcript are important. They also tell us to avoid risk, play nice, and follow the rules. In other words, they are teaching us how to become an employee.

Entrepreneurs think differently. They know the number one skill they need to be successful is the ability to sell.

But most of us avoid selling. To help us overcome that fear, Robert suggests joining a multi-level marketing (MLM) company.

By starting a business through an MLM, you’re given excellent instruction on how to face your fears of rejection and overcome obstacles in ways that traditional education never teaches.

Regardless of how you learn to overcome your fears, it’s vital to face those fears if you want to be successful as an entrepreneur.

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