Page 142 - Midas Touch

This is the positive side of the first lesson. Rich dad taught me that I
would never be successful if I remained a bad partner by hanging out with
bad partners. He inspired me to be a student of human nature and business,
work diligently, and take life one day at a time. He assured me that if I
became a good partner, good people and good deals would find me.

So far, rich dad’s promise has come true. Between 2007 and 2010, during
my trials with my former partner and a crashing economy, more good
deals came to Kim and me than at any time previously. We made a lot of
money with good people. If we were bad people with bad reputations, I am
certain we would never have been invited to invest with one of the more
prominent investment groups in America.

3. From bad deals come good partners.

Through every bad deal, I have met a great partner. I met Ken McElroy,
Kim’s and my partner on a number of larger apartment projects, through a
bad deal.

Ken, his partner Ross McCallister, Kim, and I have gone on to make
millions together.

If not for a bad deal put together by a bad person, Kim and I would never

have met Ken. Can you see the pattern? This has happened many times in
my career as an entrepreneur. So now I know. Whenever a deal is going
bad, I begin to look for my new partner.

4. Good people can make bad partners.

Many people want to be entrepreneurs, but they should not be invited to be
part of a business, especially a start-up.

Since most people are trained to be E’s and S’s, employees and specialists,

most do not have the experience, education, or emotional maturity to be
part of an entrepreneurial business team. The lack of experience,
education, and emotional maturity can turn a good person into a bad
partner.

A friend of mine has a banquet company. He loves his business because he
loves to cook. He spends every waking hour thinking about new recipes
and ways to make his banquets more memorable. The problem is that he is

not interested in business. He has never taken a course in accounting,