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The Price of Bad Advice
In 1970, if someone put $1 million in the bank, they might have received
$150,000 in annual interest. In 1970, you could live on $150,000 a year.
Today, if someone puts $1 million in the bank, they might receive $5,000
a year in interest. If that family attempts to live on $5,000 a year, they are
technically below the poverty line, although—technically—“millionaires.”
And yet financial experts continue to say, “Save money.” Why would
anyone save money when banks and governments are printing money?
But wait, it gets worse.
Financial advisors recommend people “invest for the long term.” Yet after
2007, HFT, high frequency trading, began dominating the market. While
Mom and Pop are “investing for the long term,” HFT traders are trading in
milliseconds and microseconds.
So who made the most money after China devalued their currency and
global stock markets crashed? I’ll give you a hint: it was not the mom-andpop long-term investors.
People investing for the long term in the stock market are like savers—the
next big losers.
In 2002, Rich Dad’s Prophecy was published. Prophecy predicted that the
biggest stock market crash in history was coming within the next 20 years.
Prophecy also predicted an initial major market correction would arrive prior
to the final giant crash. That initial correction arrived in October 2007, when
the Dow headed south and the subprime crisis took Lehman Brothers and
others down.
My point is that this collapse was predictable to those who were paying
attention. In my 60-minute video titled The Man Who Could See The Future,
offered for free from The Rich Dad Company, you can see footage of me on
national television prior to October, warning people of the coming crash and
downfall of Lehman Brothers.
My prediction of an even larger market crash—one that will result in
tremendous wealth destruction for many—still stands. Again, those paying
attention are seeing signs of instability everywhere.
by Robert Kiyosaki
viii
But this time, the threat is not just economic. Critical systems and global
resources we depend on for our modern way of life are starting to fail. There
will be few places to take shelter from this coming storm.
Following bad advice at a time like this is not just risky. It’s dangerous.
The Value of Good Advice
We all need to prepare for what’s coming, and there’s little time left. That is
why I am endorsing Prosper! I know Chris and Adam well—these guys have
more than a crystal ball.
They have an actionable framework for building true wealth (it’s about
more than simply money) and combine it with sound advice for how to face
the tremendous challenges that lie dead ahead. They lay out specific steps that
will not only make you much less vulnerable to the coming disruption, but
position you to prosper greatly when it arrives. I’ve already put many of these
steps into practice in my own life.
I loved Chris’s first book, The Crash Course, and I love Prosper!
Those who are well positioned when crisis hits make fortunes overnight.
Unfortunately, those following bad advice (like that offered by most financial
advisors today) are wiped out.
I want you to prosper in the years ahead. The coming crash may be your
biggest opportunity to do so if you prepare wisely in advance. And that’s why
I encourage you to read Prosper! today, not tomorrow.
– Robert Kiyosaki
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