Insights from book Fake fake money, fake teachers, fake assets by Robert Kiyosaki

Hi folks,

In this post I share a few lessons learnt from listening to the book Fake fake money, fake teachers, fake assets by Robert Kiyosaki. It’s available on Audible. I found it very enlightening and inspiring. Here are just a few key points.


Real money is not the same thing as currency

Money holds value but currency does not, at least not very well. Money and currency both serve as a medium of exchange. Gold and silver are examples of real money while fiat currency like US dollar is a currency.


Fiat money has counterparty risk while gold does not

This means fiat currencies have value due to some person or group of people being perceived as capable of enforcing that value. It means the person or people producing the currency can default at any time. Real money like gold or silver don’t have such risk though. They have intrinsic value.


Fake teachers vs real teachers

Fake teachers are teachers who do not have real world experience in what they teach. They are not insiders. They just teach out of textbooks. Real teachers teach from experience. Real teachers encourage students to make mistakes and learn from those mistakes.


Schools discourage people from making mistakes

In schools, students are rewarded for doing things correctly and punished with low grades when they make mistakes. They are given grades which show how smart they are compared to others. This creates good employees, but discourages students from taking risks. It turns out that taking calculated risks is very important to be successful in business and life in general. In life we learn by making mistakes. When you learn to ride a bike, you ride, fall off, get back on top of it and try again until you master it. So, to become very successful in business, school is good to have, but you would need to learn a lot outside of traditional school setting.


Schools generally favour individual achievement over cooperating

In schools students are generally expected to work on their own. When people cooperate to do things together, it is often called cheating and the students are punished. As a result, if one wants to become an employee or small business owner, lessons from school are often sufficient. But if one want to become a big business owner, one would need a ill-prepared. This is because the leadership skills required to bring together many skilled people to achieve big goals is not something taught in schools.


US dollar used to by backed by gold

In 1944, 44 countries came together and agreed that the US dollar should be used as a reserve currency backed by gold. However, in 1971 president Nixon took America off the gold standard. As a result, all the world’s currency became fiat currency.


Success and failure go hand in hand – they are two sides of the coin

One will always keep succeeding and failing no matter how successful he/she become. So, never be afraid of failure. Keep trying to succeed.


Humans live a dual reality

Humans live a dual reality. Good only has meaning in the context of bad. Genius and Idiot are two sides of the same coin. Something that looks smart in one context could be stupid when looked at from a different context.


There isn’t just one right answer

There are often many answers to the same question, depending on how you look at the problem.


We are important participants in the money printing process

There has been a lot of money-printing going on in the world economy in the past several decades and we are an important part of it. Whenever we spend money on a credit card, we are in essence printing money into existence. We are printing money which never existed prior to that and which we must pay back eventually to the bank. Whenever, we invest in a house by buying it and letting it out, we are also, in a way, printing money. This is money that comes into our pockets. The same thing happens if we write a best-selling book and recieve royalies from sales. We print money for ourselves. When taking bad debt, we print money for the creditor.


You need two things to tell whether something is an asset or liability

People often get confused and misled over whether something is an asset or not. The layman’s definition isn’t very helpful. Here are the two key things to consider when deciding if something is an asset or liability

1. Cash

2. Flow

There is usually cash involved and that cash must flow from one party to another. If the thing makes cash flow towards your pocket, then it’s an asset. If it makes cash flow out of your pocket, it’s a liability. Pure and simple.



In conclusion, as you labour in life and get rewards in terms of currency, money, etc, if you want that money to hold its value, you need to make sure you store a reasonable portion of your wealth in the form of real money. If you want to become wise, you need to learn from real teachers. If you want to become truly wealthy, you must invest in real assets.

Lessons learnt from reading book My Watch

Hi folks,

In this post, I will talk briefly about a few lessons learnt from reading the book My Watch, by Olusegun Obasanjo. The book is composed of three volumes.

The book talks about history of Owu, Abeokuta and Nigeria, Obasanjo’s early life, career and distinguished service to Nigeria and Africa in general.

The book also expounds on Obasanjo’s philosophies about life, leadership and economics and spirituality among other subjects.

Some lessons I learnt are as follows:

A leader must surround himself with capable advisers

For a leader to be effective, he must surround himself with high quality advisers, not mediocre people.

Nation above tribe

To keep Nigeria united, one must be willing to put love of the country above love for a particular tribe within the country, even if it’s the tribe the person comes from

Solve problems by bringing all relevant parties together

Whenever two groups have a disagreement, to solve the problem you must be able to bring all the relevant parties together and have a heart to heart talk with them until you reach a good conclusion. Don’t just support one side automatically because they are from your tribe, or some other reason.

Good people are everywhere

There are good people all around who can help you achieve your goals in life. You just need to be able to search hard for them sometimes. Never settle for mediocrity due to “lack” of good people around.

When arguing with someone don’t bring up your past glories in a way to bring them down

When arguing with someone, referring to the good you have done for him/her in the past is not in good taste. If you do good for someone, take it that it is God that made it possible for you to do that good for the person.

Strive to excel in all things I do

If you get into any venture, aim to make a great success out of it. Don’t just do it for the sake of doing it. Do it to win.

Learn to get the best out of people regardless of their deficiencies

Nobody is perfect. So when working with people, find out what their strengths and weaknesses. Help them play on their strengths. Also work to manage their weaknesses so that it doesn’t become a big problem for you or your team.

Put God in all endeavours

God has a factor to play in any endeavour. Regardless of the preparation we humans make, there’s always that part God plays in determining whether it succeeds or not. Be prayerful and keep God in all endeavours.

Be prepared

Always prepare for the worst-case scenario in all projects. This way, you won’t be taken by surprise if it happens that way, and if it turns out better than worst case, you can feel good about it.

Be courageous

If you have a clear conscience, you should never be afraid of any man. Have courage and do your best to achieve your goals. When Obasanjo learnt that Abacha was trying to arrest him, Obasanjo was brave and came back into Nigeria even against advice from friends to flee. We only die once in this world and life is a risk. Achieving anything significant requires some risk and he who takes no risks is likely to live a boring unremarkable life.

Biographies are an excellent way to learn about human relationships

Read biographies extensively to learn about human behaviour and relationships.

Corruption and mismanagement are two key problem in Nigeria

Privatisation is an effective means of reducing waste by government and boosting productivity in the economy.

Consequences of corruption and mismanagement

Some of the consequences of corruption and mismanagement are disunity, poverty, chaos, ethnic and religious tension, lack on investment in the country by investors home and abroad, and lack of respect for the country by international peers

Make friends by visiting people

To really make friends, it’s best to visit people. Phone calls, letters, etc. are not as effective as going to see a person live in his/her home.
Keep your word

Be a man of integrity. When you say you will do something, then do it. Don’t back track on your words. When Obasanjo became military head-of-state he promised he would transition to a civilian rule and he did so, despite some of his friends abroad advising otherwise.

Be wary of mass media

Mass media should be believed with a pinch of salt. Before believing something in the news, do a bit of research and see if the information is credible. Generally, media publishers tend to publish information that makes their paper sells even while tarnishing the images of their subject. The media spread a lot of lies about Obasanjo trying to run for a third term even though he never wanted to.

Have a thick skin

There will always be critiques for any successful person on this world. You can’t afford to react to every negative thing people say about you. Most times, you just need to ignore undue criticism. Only respond when it’s absolutely necessary.

That’s all for now.