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now　what　they　get　for　free；　also　called　a　piece　of　the　action。　That　is　why　the　ROI；　or　return　of　and　on　investment；　is　so　important。
For　example；　I　found　a　small　condominium；　a　few　blocks　from　where　I　live；　that　was　in　foreclosure。　The　bank　wanted　60；000；　and　I　submitted　a　bid　for　50；000；　which　they　took；　simply　because；　along　with　my　bid；　was　a　cashier's　check　for　50；000。　They　realized　I　was　serious。　Most　investors　would　say；　aren't　you　tying　up　a　lot　of　cash？　Would　it　not　be　better　to　get　a　loan　on　it？　The　answer　is；　not　in　this　case。　My　investment　pany　uses　this　as　a　vacation　rental　in　the　winter　months；　when　the　〃snowbirds〃　e　to　Arizona；　and　rent　it　for　2；500　a　month　for　four　months　out　of　the　year。　For　rental　during　the　offseason；　it　rents　for　only　1；000　a　month。　I　had　my　money　back　in　about　three　years。　　Now　I　own　this　asset；　which　pumps　money　out　for　me；　month　in　and　month　out。
The　same　is　done　with　stocks。　Frequently；　my　broker　will　call　me　and　remend　I　move　a　sizable　amount　of　money　into　the　stock　of　a　pany　that　he　feels　is　just　about　to　make　a　move　that　will　add　value　to　the　stock；　like　announcing　a　new　product。　　I　will　move　my　money　in　for　a　week　to　a　month　while　the　stock　moves　up。　Then；　I　pull　my　initial　dollar　amount　out；　and　stop　worrying　about　the　fluctuations　of　the　market；　because　my　initial　money　is　back　and　ready　to　work　on　another　asset。　So　my　money　goes　in；　and　then　it　es　out；　and　I　own　an　asset　that　was　technically　free。
True；　I　have　lost　money　on　many　occasions。　　But　I　only　play　with　money　I　can　afford　to　lose。　I　would　say；　on　an　average　ten　investments；　I　hit　home　runs　on　two　or　three；　while　five　or　six　do　nothing；　and　I　lose　on　two　or　three。　But　I　limit　my　losses　to　only　the　money　I　have　in　at　that　time。
For　people　who　hate　risk；　they　put　their　money　in　the　bank。　And　in　the　long　run；　savings　are　better　than　no　savings。　　But　it　takes　a　long　time　to　get　your　money　back　and；　in　most　instances；　you　don't　get　anything　for　free　with　it。　They　used　to　hand　out　toasters；　but　they　rarely　do　that　these　days。
On　every　one　of　my　investments；　there　must　be　an　upside；　something　for　free。　A　condominium；　a　ministorage；　a　piece　of　free　land；　a　house；　stock　shares；　office　building。　And　there　must　be　limited　risk；　or　a　lowrisk　idea。　There　are　books　devoted　entirely　to　this　subject　that　I　will　not　get　into　here。　Ray　Kroc；　of　McDonald's　fame；　sold　hamburger　franchises；　not　because　he　loved　hamburgers；　but　because　he　wanted　the　real　estate　；　under　the　franchise　for　free。
So　wise　investors　must　look　at　more　than　ROI；　it's　the　assets　you　get　for　free　once　you　get　your　money　back。　That　is　financial　intelligence。　　：

8。　ASSETS　BUY　LUXURIES：　The　power　of　focus。　A　friend's　child　has　been　developing　a　nasty　habit　of　burning　a　hole　in　his　pocket。　Just　16；　he　naturally　wanted　his　own　car。　The　excuse；　〃All　his　friends'　parents　gave　their　kids　cars。〃　The　child　wanted　to　go　into｜
his　savings　and　use　it　for　a　down　payment。　That　was　when　his　father　called　me。　〃Do　you　think　I　should　let　him　do　it；　or　should　I　just　do　as　other　parents　do　and　just　buy　him　a　car？〃
To　which　I　answered。　　〃It　might　relieve　the　pressure　in　the　short　term；　but　what　have　you　taught　him　in　the　long　term？　Can　you　use　this　desire　to　own　a　car　and　inspire　your　son　to　learn　something？〃　Suddenly　the　lights　went　on；　and　he　hurried　home。
Two　months　later　I　ran　into　my　friend　again。　　〃Does　your　son　have　his　new　car？〃　I　asked。
〃No；　he　doesn't。　But　I　went　and　handed　him　3；000　for　the　car。　I　told　him　to　use　my　money　instead　of　his　college　money。〃　〃Well；　that's　generous　of　you；〃　I　said。
〃Not　really。　The　money　came　with　a　hitch。　　I　took　your　advice　of　using　his　strong　desire　to　buy　a　car　and　use　that　energy　so　he　could　learn　something。〃
〃So　what　was　the　hitch？〃　I　asked。
〃Well；　first　we　broke　out　your　game　again；　CASHFLOW。　We　played　it　and　had　a　long　discussion　about　the　wise　use　of　money。　　I　then　gave　him　a　subscription　to　the　Wall　Street　Journal；　and　a　few　books　on　the　stock　market。〃
〃Then　what？〃　I　asked。　　〃What　was　the　catch？〃
〃I　told　him　the　3；000　was　his；　but　he　could　not　directly　buy　a　car　with　it。　He　could　use　it　to　buy　and　sell　stocks；　find　his　own　stockbroker；　and　once　he　had　made　6；000　with　the　3；000；　the　money　would　be　his　for　the　car；　and　the　3；000　would　go　into　his　college　fund。〃
〃And　what　are　the　results？〃　I　asked。
〃Well；　he　got　lucky　early　in　his　trading；　but　lost　all　he　gained　a　few　days　later。　Then；　he　really　got　interested。　Today；　I　would　say　he　is　down　2；000；　but　his　interest　is　up。　He　has　read　all　the　books　I　bought　him　and　he's　gone　to　the　library　to　get　more。　He　reads　the　Wall　Street　Journal　voraciously；　watching　for　indicators；　and　he　watches　CNBC　instead　of　MTV。　He's　got　only　1；000　left；　but　his　interest　and　learning　are　sky　high。　He　knows　that　if　he　loses　that　money；　he　walks　for　two　more　years。　But　he　does　not　seem　to　care。　He　even　seems　uninterested　in　getting　a　car　because　he's　found　a　game　that　is　more　fun。〃
〃What　happens　if　he　loses　all　the　money？〃　I　asked。
〃We'll　cross　that　bridge　when　we　get　to　it。　I'd　rather　have　him　lose　everything　now　rather　than　wait　till　he's　our　age　to　risk　losing　everything。　And　besides；　that　is　the　best　3；000　I've　ever　spent　on　his　education。　What　he　is　learning　will　serve　him　for　life；　and　he　seems　to　have　gained　a　new　respect　for　the　power　of　money。　I　think　he's　stopped　the　burning　of　holes　in　his　pockets。〃
As　I　said　in　the　section　〃Pay　Yourself　First；〃　if　a　person　cannot　master　the　power　of　selfdiscipline；　it　is　best　not　to　try　to　get　rich。　For　while　the　process　of　developing　cash　flow　from　an　asset　column　in　theory　is　easy；　it　is　the　mental　fortitude　of　directing　money　that　is　hard。　Due　to　external　temptations；　it　is　much　easier　in　today's　consumer　world　to　simply　blow　it　out　the　expense　column。　Because　of　weak　mental　fortitude；　that　money　flows　into　the　paths　of　least　resistance。　That　is　the　cause　of　poverty　and　financial　struggle。
I　gave　this　numerical　example　of　financial　intelligence；　in　this　case　the　ability　to　direct　money　to　make　more　money。
If　we　gave　100　people　10；000　at　the　start　of　the　year；　I　gave　my　opinion　that　at　the　end　of　the　year：
　80　would　have　nothing　left。　In　fact；　many　would　have　created　I　greater　debt　by　making　a　down　payment　on　a　new　car；　refrigerator；　TV；　VCR　or　a　holiday。　16　would　have　increased　that　10；000　by　5　percent　to　10　percent。　4　would　have　increased　it　to　20；000　or　into　the　millions。
We　go　to　school　to　learn　a　profession　so　we　can　work　for　money。　It　is　my　opinion　that　it　is　also　important　to　learn　how　to　have　money　work　for　you。
I　love　my　luxuries　as　much　as　anyone　else。　The　difference　is；　some　people　buy　their　luxuries　on　credit。　It's　the　keepupwiththeJoneses　trap。　When　I　wanted　to　buy　a　Porsche；　the　easy　road　would　have　been　to　call　my　banker　and　get　a　loan。　Instead　of　choosing　to　focus　in　the　liability　column；　I　chose　to　focus　in　the　asset　column。
As　a　habit；　I　used　my　desire　to　consume　to　inspire　and　motivate　my　financial　genius　to　invest。
Too　often　today；　we　focus　to　borrowing　money　to　get　the　things　we　want　instead　of　focusing　on　creating　money。　　One　is　easier　in　the　short　term；　but　harder　in　the　long　term。　It's　a　bad　habit　that　we　as　individuals　and　as　a　nation　have　gotten　into。　Remember；　the　easy　road　often　bees　hard；　and　the　hard　road　often　bees　easy。
The　earlier　you　can　train　yourself　and　those　you　love　to　be　masters　of　money；　the　better。　Money　is　a　powerful　force。　Unfortunately；　people　use　the　power　of　money　against　them。　　If　your　financial　intelligence　is　low；　money　will　run　all　over　you。　It　will　be　smarter　than　you。　　If　money　is　smarter　than　you；　you　will　work　for　it　all　your　life。
To　be　the　master　of　money；　you　need　to　be　smarter　than　it。　Then　money　will　do　as　it　is　told。　It　will　obey　you。　　Instead　of　being　a　slave　to　it；　you　will　be　the　master　of　it。　That　is　financial　intelligence。

9。　THE　NEED　FOR　HEROES：　The　power　of　myth。　When　I　was　a　kid；　I　greatly　admired　Willie　Mays；　Hank　Aaron；　Yogi　Berra。　They　were　my　heroes。　As　a　kid　playing　Little　League；　I　wanted　to　be　just　like　them。　I　treasured　their　baseball　cards。　I　wanted　to　know　everything　about　them。　I　knew　the　stats；　the　RBI；　the　ERAs；　their　batting　averages；　how　much　they　got　p