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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 pany； 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 ine statement and balance sheet that best describes Ray Kroc's advice：
Most people
Your Profession …》 Your Ine
The Rich
Your Assets …》 Your Ine
Our 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 ine column。 And after developing scholastic skills； they go on to higher levels of schooling to enhance their professional abilities。 They study to bee 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 ine…producing real estate。
A problem with school is that you often bee what you study。 So if you study； say； cooking； you bee a chef。 If you study the law； you bee an attorney； and a study of auto mechanics makes you a mechanic。 The mistake in being 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 bee financially secure； a person needs to mind their own business。 Your business revolves around your asset column； as opposed to your ine 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 ine 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 better job。〃 〃I am going to work overtime。〃 〃Maybe I can get a second job。〃 〃I'm quitting in two weeks。 I found a job that pays more。〃
In some circles； these are sensible ideas。 Yet； if you listen to Ray Kroc； you are still not minding your own business。 These ideas all still focus on the ine column and will only help a person bee more financially secure if the additional money is used to purchase ine…generating assets。
The primary reason the majority of the poor and middle class are fiscally conservative…which means。 〃I can't afford to take risks〃…is that they have no financial foundation。 They have to cling to their jobs。 They have to play it safe。
When downsizing became the 〃in〃 thing lo do； millions of workers ｜ found out their largest so…called asset； their home； was eating them alive； j Their asset； called a house； still cost them money every month。 Their car； another 〃asset；〃 was eating them alive。 The golf clubs in the garage that cost 1；000 were not worth 51；000 anymore。 Without job security； they had nothing to fall back on。 What they thought were assets could not help them survive in a time of financial crisis。
1 assume most of us have filled out a credit application for a banker to buy a house or to buy a car。 It is always interesting to look at the 〃 worth'1 section。 It is interesting because of what accepted banking and accounting practices allow a person to count as assets。
One day； to get a loan； my financial position did not look too good。 So I added my new golf clubs； my art collection； books； stereo； television； Armani suits； wristwatches； shoes and other personal effects to boost the number in the asset column。
But I was turned down for the loan because I had too much investment real estate。 The loan mittee did not like that 1 made so much money off of apartment houses。 They wanted to know why I did not have a normal job； with a salary。 They did not question the Armani suits； golf clubs or art collection。 Life is sometimes tough when you do not fit the 〃standard〃 profile。
I cringe every time I hear someone say to me that their worth is a million dollars or 100；000 dollars or whatever。 One of the main reasons worth is not accurate is simply because the moment you begin selling your assets； you are taxed for any gains。
So many people have put themselves in deep financial trouble when they run short of ine。 To raise cash； they sell their assets。 First； their personal assets can generally be sold for only a fraction of the value that is listed in their personal balance sheet。 Or if there is a gain on the sale of the assets； they are taxed on the gain。 So again； the government takes its share of the gain； thus reducing the amount available to help them out
Of debt。 That is why I say someone's worth is often 〃worth less〃 than they think。
Start minding your own business。 Keep your daytime job； but start buying real assets； not liabilities or personal effects that have no real value once you get them home。 A new car loses nearly 25 percent of the price you pay for it the moment you drive it off the lot。 It is not a true asset even if your banker lets you list it as one。 My 400 new titanium driver was wo