Top 6 personal financial obstacles – Part III

Robert Kiyosaki in his book “Rich Dad, Poor Dad” listed 6 personal obstacles, which can block the financial success of even the most financially literate.

In the previous 2 articles, I have talked about 2 of these personal obstacles.  They are Fear and Cynicism.

In this article, I will cover the next 2 obstacles, which are Laziness and Bad Habits.

Laziness
Who are the laziest people in the world?  Busy People!
Robert Kiyosaki proclaimed that busy people are often the laziest.

“I am too busy. I don’t have time for that!”  Does that sound familiar?

The truth is not you are too busy to do anything. It is just that you are too lazy to make time for it.  In fact, Robert Kiyosaki sees busyness as a form of avoidance.  If you act busy, stay busy and think you are busy, you can avoid some of the things you don’t want to face – like exercising and taking care of your wealth.
  
So how can you cure laziness?

Robert Kiyosaki recommends that you do that with a little bit of greed.  Greed is generally perceived to be bad.  But just a little bit of greed put into good use, can actually spur you to break out of your laziness.

The fact is that inside each of us, we all secretly harbour a desire to have new or exciting things.  That is the little greed.  We have been told by our parents and others to suppress that desire.  We have been made to feel guilty about it.

Robert Kiyosaki quoted this simple scenario to illustrate this: How many times children have asked for something from their parents and gotten the reply, “Do you think I print money?”  In truth, guilt is worse than greed.  Guilt stifles dreams.

It is only when we learn to stop saying “Life is too hectic to change it” and instead say “It’s time to exit this rat race and find new ways to earn wealth”, we are starting to cure ourselves of our busy laziness.

Bad habits
When you pay your bills at the first of the month, do you have anything left over?  Probably not.  If so, that is the main reason you are struggling financially.  You have bad habits.

According to Robert Kiyosaki, the worst financial habit is paying your creditors before you pay yourself.  That does not mean you should not pay your bills on time.  What it means is that you should pay yourself first, before you pay your bills.

When he first heard of this principle of paying yourself first from his Rich Dad, Robert Kiyosaki was totally puzzled like most people.  The reasoning behind this simple principle of paying yourself first, as Rich Dad explained to Robert Kiyosaki, is that if you pay everyone else first, there will be nothing left for yourself.  Without money for yourself, how are you going to be able to build up your wealth?

In fact, you should still pay yourself first even if you are short of money.  Robert Kiyosaki’s Rich Dad believed that the pressure from the creditors will be so great that it would force us to seek out creative ways of generating other source of income to pay off the creditors.  If you had pay the creditor first, you would not feel the pressure to find additional income source and set aside a portion of your income to build up your wealth.

So start cultivating the habit of the rich by paying yourself first!