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My wife and I are not real estate agents。 We are strictly investors。 After identifying a unit in a resort munity； we called an agent who sold it to him that afternoon。 The price was a mere 42；000 for a two…bedroom townhome。 Similar units were going for 65；000。 He had found a bargain。 Excited； he bought it and returned to Boston。
Two weeks later； the agent called to say that our friend had backed out。 I called immediately to find out why。 All he said was that he talked to his neighbor； and his neighbor told him it was a bad deal。 He was paying too much。
I asked Richard if his neighbor was an investor。 Richard said 〃no。〃 When I asked why he listened to him； Richard got defensive and simply said he wanted to keep looking。
The real estate market in Phoenix turned； and by 1994； that little unit was renting for 1；000 a month…2；500 in the peak winter months。 The unit was worth 95；000 in 1995。 All Richard had to put down was 5；000 and he would have had a start at getting out of the rat race。 Today； he still has done nothing。 And the bargains in Phoenix are still here； you just have to look a lot harder。
Richard's backing out did not surprise me。 It's called 〃buyer's remorse；〃 and it affects all of us。 It's those doubts that get us。 The little 1 chicken won； and a chance at freedom was lost。
In another example； I hold a small portion of my assets in tax lien certificates instead of CDs。 I earn 16 percent per year on my money； which certainly beats the 5 percent the bank offers。 The certificates are secured by real estate and enforced by state law； which is also better than most banks。 The formula they're bought on makes them safe。 They just lack liquidity。 So I look at them as 2 to 7…year CDs。 Almost every time I tell someone； especially if they have money in CDs； that I hold my money this way； they will tell me it's risky。 They tell me why I should not do it。 When I ask them where they get their information； they say from a friend or an investment magazine。 They've never done it； and they're telling someone who's doing it why they shouldn't。 The lowest I yield I look for is 16 percent； but people who are filled with doubt are willing to accept 5 percent。 Doubt is expensive。
My point is that it's those doubts and cynicism that keep most people？ poor and playing it safe。 The real world is simply waiting for you to get rich。 Only a person's doubts keep them poor。 As I said； getting out of the rat race is technically easy。 It doesn't take much education； but those doubts are cripplers for most people。
〃Cynics never win；〃 said rich dad。 〃Unchecked doubt and fear creates i a cynic。 Cynics criticize； and winners analyze〃 was another of his favorite sayings。 Rich dad explained that criticism blinded while analysis opened …《 eyes。 Analysis allowed winners to see that critics were blind； and to see opportunities that everyone else missed。 And finding what people miss is ｜ key to any success。
Real estate is a powerful investment tool for anyone seeking financial independence or freedom。 It is a unique investment tool。 Yet； every time I mention real estate as a vehicle； I often hear； 〃I don't want to fix toilets。〃 That's what Peter Lynch calls 〃noise。〃 That's what my rich dad would say is the cynic talking。 Someone who criticizes and does not
analyze。 Someone who lets their doubts and fears close their mind instead of open their eyes。〃
So when someone says； 〃I don't want to fix toilets；〃 I want to fire back； 〃What makes you think I want to？〃 They're saying a toilet is more important than what they want。 I talk about freedom from the rat race； and they focus on toilets。 That is the thought pattern that keeps most people poor。 They criticize instead of analyze。
〃 'I don't wants' hold the key to your success；〃 rich dad would say。
Because I； too； do not want to fix toilets； I shop hard for a property manager who does fix toilets。 And by finding a great property manager who runs houses or apartments； well； my cash flow goes up。 But more importantly a great property manager allows me to buy a lot more real estate since I don't have to fix toilets。 A great property manager is key to success in real estate。 Finding a good manager is more important to me than the real estate。 A great property manager often hears of great deals before real estate agents do； which makes them even more valuable。
That is what rich dad meant by 〃 'I don't wants' hold the key to your success。〃 Because I do not want to fix toilets either； I figured out how to buy more real estate and expedite my getting out of the rat race。 The people who continue to say 〃I don't want to fix toilets〃 often deny themselves the use of this powerful investment vehicle。 Toilets are more important than their freedom。
In the stock market； I often hear people say； 〃I don't want to lose money。〃 Well； what makes them think I or anyone else likes losing money？ They don't make money because they chose to not lose money。 Instead of analyzing； they close their minds to another powerful investment vehicle； the stock market。
In December 1996；1 was riding with a friend past our neighborhood gas station。 He looked up and saw that the price of oil was going up。 My friend is a worry wart or a 〃Chicken Little。〃 To him； the sky is always going to fall； and it usually does； on him。
When we got home； he showed me all the stats as to why the price of oil was going to go up over the next few years。 Statistics I had never seen before； even though I already owned a substantial share block of an existing oil pany。 With that information； I immediately began looking for and found a new undervalued oil pany that was about to find some oil deposits。 My broker was excited about this new pany； and I bought 15；000 shares for 65 cents per share。
In February 1997； this same friend and I drove by the same gas station； and sure enough； the price per gallon had gone up nearly 15 percent。 Again； the 〃Chicken Little〃 worried and plained。 I smiled because in January 1997； that little oil pany hit oil and those 15；000 shares went up to more than 3 per share since he had first given me the tip。 And the price of gas will continue to go up if what my friend says is true。
Instead of analyzing； their little chicken closes their mind。 If most people understood how a 〃stop〃 worked in stock…market investing； there would be more people …investing to win instead of investing not to lose。 A 〃stop〃 is simply a puter mand that sells your stock automatically if the price begins to drop； helping to minimize your losses and maximize some gains。 It's a great tool for those who are terrified of losing。
So whenever I hear people focusing on their 〃I don't wants；〃 rather than what they do want； I know the 〃noise〃 in their head must be loud。 Chicken Little has taken over their brain and is yelling； 〃The sky is falling and toilets are breaking。〃 So they avoid their 〃don't wants；〃 but they pay a huge price。 They may never get what they want in life。
Rich dad gave me a way of looking at Chicken Little。 〃Just do what Colonel Sanders did。〃 At the age of 66； he lost his business and began to live on his Social Security check。 It wasn't enough。 He went around； the country selling his recipe for fried chicken。 He was turned down 1；009 tim