Book Review: “How Come That Idiot’s Rich and I’m Not?” by Robert Shemin

Wealth is about “time.” Having time is having wealth. Being wealthy means you get to use the time as you please. Time should be most expensive commodity you’ve got and you should be spending the time with your loved ones. This makes sense. Our time on this earth is limited. It really strikes a chord with me. I am spending precious time at work reading emails and respond to email around the clock for work. Is this how I want to spend the rest of my career/life doing?

It’s all about “take” and “give”. Be willing to take from people; seek and you shall be given. If you don’t ask for wealth, you won’t get it. Also, be willing to give back to the “universe” or charity. Being wealthy means you’ll be able to give more.

Need to set too many goals. Just set the goal to become a “rich idiot.” Outline three things you would do at the beginning of the day to reach that goal.

Fake it until you make it. Act like a “rich idiot” would do.

Shop like a “rich idiot.” Register to be a travel agent is a novel idea. Buy used vehicle instead of brand-new. Buy wholesale instead of retail. House swapping vs. using hotels.

Acquiring assets with “good” debts. Think “how I can afford it” vs. “I can’t afford it” – similar to Rich Dad’s ideas.

Protect yourself against 4 D’s: Divorce, Death, Disability, and De Government.

More of the same buying income property ideas. The 3-property (1x home and 2x income properties) strategy to become a rich idiot does not appear to work in California and in today’s real estate market. The simple rules to determining if an income property is a good buy or not may be helpful.

Virtual Real Estate: Being an Avatar in 2nd Life,

Simple business plan.

Taking actions.