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第4章MindYourOwnBusiness.doc

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    • CHAPTER FOUR Lesson Three: Mind Your Own BusinessIn 1974, Ray Kroc, the founder of McDonald's, was asked to speak to the MBA class at the University of Texas at Austin. A dear friend of mine, Keith Cunningham, was a student in that MBA class. After a powerful and inspiring talk, the class adjourned and the students asked Ray if he would join them at their favorite hangout to have a few beers. Ray graciously accepted."What business am I in?" Ray asked, once the group had all their beers in hand."Everyone laughed," said Keith. "Most of the MBA students thought Ray was just fooling around."No one answered, so Ray asked the question again. "What business do you think I'm in?"The students laughed again, and finally one brave soul yelled out, "Ray, who in the world does not know that you're in the hamburger business."Ray chuckled. "That is what I thought you would say." He paused and then quickly said, 'ladies and gentlemen, I'm not in the hamburger business. My business is real estate."Keith said that Ray spent a good amount of time explaining his viewpoint. In their business plan, Ray knew that the primary business focus was to sell hamburger franchises, but what he never lost sight of was the location of each franchise. He knew that the real estate and its location was the most significant factor in the success of each franchise. Basically, the person that bought the franchise was also paying for, buying, the land under the franchise for Ray Kroc's organization.McDonald's today is the largest single owner of real estate in the world, owning even more than the Catholic Church. Today, McDonald's owns some of the most valuable intersections and street corners in America, as well as in other parts of the world.Keith said it was one of the most important lessons in his life. Today, Keith owns car washes, but his business is the real estate under those car washes.The previous chapter ended with the diagrams illustrating that most people work for everyone else but themselves. They work first for the owners of the company, then for the government through taxes, and finally for the bank that owns their mortgage.As a young boy, we did not have a McDonald's nearby. Yet, my rich dad was responsible for teaching Mike and me the same lesson that Ray Kroc talked about at the University of Texas. It is secret No. 3 of the rich.The secret is: "Mind your own business/' Financial struggle is often directly the result of people working all their life for someone else. Many people will have nothing at the end of their working days.Again, a picture is worth a thousand words. Here is a diagram of the income statement and balance sheet that best describes Ray Kroc's advice:Most people Your Profession -> Your IncomeThe RichYour Assets -> Your IncomeOur current educational system focuses on preparing today's youth to get good jobs by developing scholastic skills. Their lives will revolve around their wages, or as described earlier, their income column. And after developing scholastic skills, they go on to higher levels of schooling to enhance their professional abilities. They study to become engineers, scientists, cooks, police officers, artists, writers and so on. These professional skills allow them to enter the workforce and work for money.There is a big difference between your profession and your business. Often I ask people, "What is your business?" And they will say, "Oh I'm a banker." Then I ask them if they own the bank? And they usually respond. "No, I work there."In that instance, they have confused their profession with their business. Their profession may be a banker, but they still need their own business. Ray Kroc was clear on the difference between his profession and his business. His profession was always the same. Me was a salesman. At one time he sold mixers for milkshakes, and soon thereafter he was selling hamburger franchises- But while his profession was selling hamburger franchises, his business was the accumulation of income-producing real estate.A problem with school is that you often become what you study. So if you study, say, cooking, you become a chef. If you study the law, you become an attorney, and a study of auto mechanics makes you a mechanic. The mistake in becoming what you study is that too many people forget to mind their own business. They spend their lives minding someone else's business and making that person rich.To become financially secure, a person needs to mind their own business. Your business revolves around your asset column, as opposed to your income column. As stated earlier, the No. 1 rule is to know the difference between an asset and a liability, and to buy assets. The rich focus on their asset columns while everyone else focuses on their income statements.That is why we hear so often: "I need a raise." "If only I had a promotion." "I am going to go back to school to get more training so I can get a bett。

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