Chapter 7 of Rich Dad Poor Dad begins by noting that “the primary difference between a rich person a

Zainab Irfan

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Chapter 7 of Rich Dad Poor Dad begins by noting that “the primary difference between a rich person a

Overcoming Obstacles

Robert Kiyosaki isn’t talking about the type of fear that some people have when going to the dentist or watching The Exorcist. In the book, “fear” is about the fear of losing money and how to handle that fear.

It’s one of the five biggest obstacles people face on the path to becoming financially independent:

Fear

Cynicism

Laziness

Bad habits

Arrogance

These roadblocks – and the failure to overcome them – are why people who have studied and achieved financial literacy are still unable to develop assets that generate plentiful amounts of cash flow.

Fear

Losing money is a fact of investing life, and so is the fear that comes along with it. Kiyosaki notes that he’s never met a rich person who has never lost money, but he’s met plenty of poor people who have never lost a dime because they’ve never invested.

Real estate investors who choose to act only on a “sure thing” are paralyzed by fear in disguise. People who can’t see the big picture and think big are the ones who almost never, ever succeed in investing or in life.

Cynicism

Everybody has doubts that affect self-confidence, and it’s easy to fall into the trap of playing “What if?” especially when friends and family are constantly reminding you of your potential shortcomings.

Things like the economy crashing, interest rates rising, and tenants not paying their rent are common “what if” fears that all real estate investors have. While these are important items to consider, it’s important not to allow the cynicism of others to overtake your control. Otherwise, you may become immobilized as opportunities pass you by.

Laziness

In today’s interconnected world it’s easy to confuse being busy with actually accomplishing things that matter. In fact, according to Rich Dad Poor Dad, busy people are often the most lazy.

Busy people arrive at the office early and leave late. They bring work home to finish at night and on the weekends. Before they know it, the people and things that matter most to them have disappeared.

Instead of giving in to the call of the rat race and mistaking action for accomplishment, successful real estate investors are proactive and take care of themselves and their wealth first.

Bad habits

Habits control behavior. For example, most people pay their bills first before they pay themselves. The result is that there’s usually very little left over at the end of the month for investing.

Paying yourself first – even if you don’t have enough money to pay other people - makes you financially stronger, mentally and fiscally. In a way, it’s a form of reverse psychology.

When you develop the habit of paying yourself first, you become motivated by the fear of not being able to pay creditors. In turn, you begin looking for other forms of income like investment real estate.

Arrogance

Investors know what makes them money. But it’s the things they don’t know – and don’t know they don’t know – that makes them lose money. When people become truly arrogant, they honestly believe that what they don’t know doesn’t matter.

Train yourself to listen to what other people have to say, especially when it comes to money and investing. If you discover you’re ignorant about a subject, educate yourself or find an expert in the field.

Overcoming these five biggest obstacles on the path to real estate success requires a blend of balance and focus. There are plenty of “Chicken Littles” in the world today -- people with a victimhood mentality who live their lives in cynicism and pessimism.

Rich Dad Poor Dad suggests filtering negative people and their fears out of your life. Instead, concentrate on the big picture and always ask, “What’s in it for me?”

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