Rich Dad Coaching Program : What did we learn so far ?

On the 18th of March, we posted our interview summary blogpost with a Rich Dad Coach. The interview resulted from the 2 day Rich Dad Summit which took place in December last year.

Here are the two blog posts of this event :

Building A Foundation For Wealth – Rich Dad Summit

Building A Foundation For Wealth – DAY 2 Rich Dad Summit

In March we started with our real estate coaching classes and personal coaching. We are one month in the coaching program. Here’s a quick summary of our key learnings.

What did we learn so far ?

The Rich Dad Coaching program consists of 12 online learning courses with 4 bonus tracks. In addition you receive multiple comprehensive tests of the material you are supposed to understand and master.

Module 1 focusses on financial intelligence and basic financial calculator functions. Fundamental financial literacy is the basis for the financial intelligence required to chart our course to financial freedom. This section was designed to help us starting this coaching course to discover the fundamental principles of personal finance so that everyone can begin thinking like the rich. With that understanding, everyone will be better prepared to assess his personal situation and move forward with the think-it, learn-it, and do-it process.

In addition with the online courses, every two weeks there is an online coaching session with a personal Rich Dad coach. I also got assigned a psychology coach. So in total I have two rich dad coaches.

Last week friday 15 people from all over the planet attended our first 2 hour rich dad coaching session. For myself it was a confirmation that I possess the financial literacy and knowledge about the basic financial calculator functions. I also created my family financial statement in a Rich Dad template.

Another task that I completed was the Myers-Briggs® personality assessment. The Myers-Briggs Type Indicator® identifies which of 16 different personality types best describes you. Your preferences are choices between equally valuable and useful qualities. Each preference is indicated by a letter.

The identification and description of the 16 distinctive personality types that result from the interactions among the preferences.

Favorite world: Do you prefer to focus on the outer world or on your own inner world? This is called Extraversion (E) or Introversion (I).

Information: Do you prefer to focus on the basic information you take in or do you prefer to interpret and add meaning? This is called Sensing (S) or Intuition (N).

Decisions: When making decisions, do you prefer to first look at logic and consistency or first look at the people and special circumstances? This is called Thinking (T) or Feeling (F).

Structure: In dealing with the outside world, do you prefer to get things decided or do you prefer to stay open to new information and options? This is called Judging (J) or Perceiving (P).

Your Personality Type: When you decide on your preference in each category, you have your own personality type, which can be expressed as a code with four letters.

So what are the results for my personality. Here is my personality profile INTJ

How does this impact our real estate coaching success ? As discussed with the psychology coach, a personality has an impact on negotiations skills, how to deal with (difficult) tenants, the skills on how to research the market and opportunities,…many things.

So the combination of soft skills baked in our personality profile with learning the required financial skills, can together be coached to real estate investing success. That is the bottom line. Interesting perspective !

What’s next ?

In the coming weeks we start with learning the modules 2 and 3. Those modules teach us to identify the target markets and how to find the properties that cash flow positive. Every module comes with the required worksheets and comprehensive tests. The MBTI personality assessment was insightful and confirmed my type of personality. Eight years ago I have done the same personality test during my Executive MBA program in the Erasmus University in Rotterdam. The result was the same. Over the years I became just a bit more “grey” instead of “black & white” judgment person which is beneficial in seeing other people’s perspective and arguments.

So let’s get back to work and continue our study. In the future we will apply our learned skills to a new housing and real estate investing strategy. We will keep you posted on our progress.

Thanks for following us on Twitter and Facebook and reading this blog post. As always we end with a quote.