In this episode of Rich Dad Stock Cast, Andy Tanner shares transformative lessons on business, investing, and personal development, emphasizing the importance of personal growth before financial success, the value of serving others, and the significance of risk management in investing.
In this episode, host Del Denny engages with financial educator Andy Tanner, who shares invaluable lessons learned from years of experience in business, investing, and personal development. Tanner has worked closely with renowned figures like Robert Kiyosaki and Kim Kiyosaki, and his insights are a treasure trove for anyone looking to enhance their financial literacy.
Andy Tanner is a seasoned financial educator who has dedicated years to studying business and investing. His journey has been shaped by his experiences with mentors, particularly Robert and Kim Kiyosaki. Tanner emphasizes gratitude for the lessons learned and the importance of sharing knowledge with others.
Free Investing Resources
Before diving into the core discussion, Tanner encourages listeners to visit stockcastbonus.com to access free investing tools designed to help individuals invest smarter and build lasting wealth. He highlights the life-changing potential of these resources, particularly a special ebook available for download.
Key Lessons in Business
The Concept of Be-Do-Have
One of the most significant lessons Tanner learned from Robert Kiyosaki is the concept of "Be-Do-Have." This principle emphasizes that personal development must precede financial success. Many people approach investing with the mindset of wanting to have more without considering who they need to become first. Tanner reflects on his own journey, noting that his dream was to be an involved father, which drove his desire to succeed in business.
The Importance of Personal Development
Tanner stresses that wealth building is fundamentally about personal development. He argues that investing exposes one’s weaknesses and mistakes, serving as a catalyst for growth. He draws parallels between various professions, stating that individuals must first become the person capable of achieving their goals before they can take action.
Learning from Mistakes
Tanner candidly shares that he has made numerous mistakes throughout his career. He emphasizes that no one has a perfect path to success and that learning from failures is crucial. He encourages aspiring entrepreneurs to embrace their imperfections and to keep moving forward despite setbacks.
Financial Education and Serving Others
The Value of Serving More People
Tanner believes that the more people one serves, the more effective they become in business. He illustrates this with a simple lesson he taught his sons using a lemonade stand, emphasizing that successful trades occur when customers feel they are receiving more value than they are giving.
Risk Management in Investing
Another critical lesson Tanner learned from Robert Kiyosaki is the relationship between risk and control in investing. He explains that the less control one has over an investment, the higher the risk. For example, investing in a 401(k) typically involves less control compared to owning a business, which allows for more direct influence over outcomes. This understanding has shaped Tanner's investment philosophy, leading him to prioritize options trading for greater control.
Lessons from Kim Kiyosaki
Tanner also shares insights gained from Kim Kiyosaki, particularly her focus on cash flow and the importance of being an independent woman in business. He admires her ability to identify cash flow opportunities and her competitive spirit, which drives her success.
The Power of Proximity
Having traveled with the Rich Dad team, Tanner notes the common habits and principles that contribute to their success. He highlights the importance of having a code of honor within teams and organizations, which fosters accountability and a shared commitment to values.
Advice to His Younger Self
Reflecting on his journey, Tanner shares a powerful quote from Steve Jobs: "Your time's limited, so don't waste it living someone else's life." He advises his younger self to have the courage to follow his own path and to ensure that his character grows alongside his financial success. He emphasizes the importance of remaining bigger than one’s money to avoid being controlled by it.
What to Take from this Post
In conclusion, Andy Tanner’s insights provide a roadmap for anyone looking to improve their financial literacy and investing acumen. The key takeaways include the importance of personal development, the value of serving others, and the necessity of understanding risk management in investing. As Tanner aptly puts it, wealth is not about luck; it’s about learning, applying knowledge, and taking action.
Listeners are encouraged to take advantage of the free resources available at stockcastbonus.com to further their financial education and invest wisely. Remember, the journey to financial success begins with the right mindset and a commitment to personal growth.
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