Here are the best parts and quotes of the Midas Touch book by Robert Kiyosaki and Donald Trump with a short review about it’s usefulness.
The Midas Touch story
The story traditionally refers to the King Midas who is popular in Greek mythology since he was capable of turning into gold all the things he touched.
That ability is usually referred to as the Midas touch or the golden touch and it’s also used in business when a business person is very successful in business.
That’s the idea behind the Midas Touch book.
Midas Touch book
The Midas Touch book talks about 5 main areas of our life as entrepreneurs that we need to improve so we can be successful in whatever we chose to do.
This is not a magic pill so we need to make changes in our thinking and in our habits.
This book is over 300 pages and that sounds like a lot but since it’s a small and compact book, you can read it fast.
On each chapter, you will find two opinions and points of view. One is from Robert Kiyosaki and the other one is from Donald Trump.
Both have interesting points of view that collapse and show the same concept in different ways.
The five areas they talk about are represented with each finger of our hand:
- Strength of character
- Little things that count
Get it on Amazon by [clicking here].
In the book you can find a short description of Donald Trump which is:
Donald J. Trump, Chairman and President of The Trump Organization is the very definition of the American success story, continually setting the standards of excellence while expanding his interests in real estate, sports and entertainment. He is the pre-eminent developer of quality real estate around the world, making the Trump brand synonymous with the gold standard. His commitment to excellence extends from his real estate holdings to the entertainment industry. From his role as star and co-producer of the NBC hit series The Apprentice and The Celebrity Apprentice to his award-winning golf courses and skyscrapers, his business acumen is unparalleled. An accomplished author, Mr.Trump has authored over ten bestsellers and his first book, The Art of the Deal, is considered a business classic. He received a star on the Hollywood Walk of Fame in 2007. Mr. Trump is the archetypal businessman—a deal maker without peer and an ardent philanthropist.307p
For real, this is what it says about Donald on the book and I guess you also perceive the overselling of Donald which stops being something natural.
Besides that, when I read his parts on the book I can note the big difference with Robert. Donald has an over-inflated ego and is not a very good communicator although He does have the spirit of a teacher and we can learn a lot from his experience.
Robert’s description is shorter than Donald which is:
Best known as the author of Rich Dad Poor Dad—the #1 personal finance book of all time—Robert Kiyosaki has challenged and changed the way tens of millions of people around the world think about money. He is an entrepreneur, educator, and investor who believes the world needs more entrepreneurs. With perspectives on money and investing that often contradict conventional wisdom, Robert has earned a reputation for straight talk, irreverence, and courage.309p
As I said, you can notice the big difference between Donald and Robert. You can enjoy reading his words, it’s very easy to understand and follow.
That’s why Robert is known as an educator because he is very good at explaining complicated topics in a very simple way that we all can understand.
They are both passionate teachers but in their own different ways so the contrast is also interesting.
Best of the Midas Touch book
Here I’m gonna start quoting the best parts of the book that I loved and in some of them, I’m gonna extend the context to explain it better.
You will see that I’ll also refer the pages where you can find that quote and also who wrote them since this book has two authors.
The book I use for reference is the original book in English published in August 2011.
Chronic unemployment causes social unrest which can lead to revolution.2p (Robert Kiyosaki)
Here Robert explains the influence of entrepreneurs and business people in generating a economical and social stability.
Starting new businesses
That is why it is best to keep your daytime job and build your business in your spare time. You may think otherwise, but you just might be working for free for a long time.18p (Robert Kiyosaki)
Damn it. I can vouch for it.
Starting a business takes a while and it usually is more than we expected. So you better have a backup to cover your basics for living.
Learn from your mistakes
Mistakes are only sins when not admitted.28p (Robert Kiyosaki)
Give your mistakes a purpose in your life. Make them worth it and with that, I mean that you should learn from your mistakes.
Poor leaders liabilities
If an entrepreneur is a poor leader or lacks people skills, employees can be liabilities, not assets.29p (Robert Kiyosaki)
There is a lack of accountability for most of us and that’s why we hear so many entrepreneurs or business people that blame their employees.
Lame entrepreneurs consider their employees as a problem but the real problem is themselves.
In other words, in business, the biggest criminals you will meet are often honest, well-educated people who lack emotional maturity and strength of character. They turn into criminals when things do not go their way.30p (Robert Kiyosaki)
Robert talks about the danger of having business partners that lack character.
Very often, kind people destroy families and companies when they lack the character needed to confront the difficulties.
Actually, Robert tells us his own experience with partners that destroyed their business. So, check it out on the book.
Arrogance of power
In my life, I have not lost anything to violent crime. I have lost the most money to people who did well in school. They were smart people who believed they were the smartest people on earth and could never make a mistake, nor admit to making a mistake. This is not intelligence. This is arrogance, a tragic character flaw. An arrogant person cannot take feedback, learn, change or correct in a fast-changing world. They get left behind.30p (Robert Kiyosaki)
Now, more than ever, arrogance can leave us behind from the constant changing world.
Catalyst for success
As soon as you take responsibility for all that you touch, the power is in your hands to make it extraordinary. For me, having that sense of control has been a catalyst for success.37p (Donald Trump)
Again, Donald reinforces the idea of being countable for our actions and for our goals. For Donald, that’s the catalyst for success.
Part of the Midas Touch is having the vision to see things as they could be, instead of how they are.45p (Donald Trump)
As you can notice this is highly related to the concept of faith.
If you cannot handle blunt and direct feedback, it is better that you keep your daytime job. People without strong character cannot take direct feedback. Feedback is important because business is nothing but one giant feedback mechanism. No matter how great you are, your feedback will not always be great, and you’ll have to be able to accept that.53p (Donald Trump)
That’s sad but it is true. Most of the times the feedback is going to be negative feedback and usually, it’s useless feedback.
We’re gonna have to overcome what other people might say about us and use it for our advantage.
That’s why all of these are in the first finger of our Midas Touch which is about character strength.
Most addictions—drug, food, sex, and smoking—are related to a diminished intrapersonal intelligence. In other words, it takes high intrapersonal intelligence to overcome addictions and bad habits.59p (Donald Trump)
Intrapersonal intelligence is defined as our ability to know ourselves through autoanalysis.
I like to think of the word FOCUS as Follow One Course Until Successful.71p (Robert Kiyosaki)
True power of focus
Focus is also power measured over time. For example, it is easy for me to stay on my diet from breakfast to lunch. But to stay focused for years on the diet is the true power of focus. I have gone on diets, lost weight, gained it back, and had to lose the weight again. That is the lack of focus over time.72p (Robert Kiyosaki)
It can be very easy to get focused on the moment but it’s harder to get focused over time.
If not for the power of focus, I would have quit. In other words, most entrepreneurs fail because they lack the strength of character, represented by the thumb, and the power of focus, the ability to stay on course until successful.72p (Robert Kiyosaki)
After developing the character the second most important thing for the Midas touch is to develop the power of focus.
Success eludes millions of people simply because they lack the power of focus. When people are in a focused state, the words “I can’t,” “I’ll try,” “I’ll do it tomorrow,” and “maybe” get forced out of their vocabularies. In many ways, being focused means “do or die” and “for as long as it takes.” When the going gets tough, many people lose focus and quit. They look for something easier to do. And worst of all, most people never start because they allow the words “I’ll try” and “tomorrow” to dominate their thinking.73p (Robert Kiyosaki)
It is not that I am fearless. I have a lot of fear, as much fear as anyone else. Courage is not the absence of fear. Courage is the ability to act effectively, in spite of fear. Courage is a spiritual power we all possess. It is the power over the fears that limit our lives. Focus combined with courage gives us the power to go beyond who we are, achieve what we say we will achieve and, in the process, become the person we want to become.77p (Robert Kiyosaki)
There’s no need for college
You may already know that most of our great entrepreneurs do not hold MBAs, and many did not even graduate from college. A few greats are Bill Gates, founder of Microsoft; Steve Jobs, founder of Apple; Thomas Edison, founder of General Electric; Richard Branson, founder of Virgin; and Walt Disney, founder of Disney Studios and Disneyland.77p (Robert Kiyosaki)
College is not necessary for success, it’s just another tool that you can take advantage if you have financial literacy.
As Robert explains, there are a lot of examples of people who didn’t need college to be the top leaders of the world.
Actually, I know that the concept of education is changing in this new age of information. Most things you need to know are already online, you can have master classes through websites with the top leaders of each industry.
The new way of having relationships is not through college but through business meetings and networking. Finding people likeminded who also have big goals.
By the way, I’m not saying that you need to avoid college. What I’m saying is that you don’t need it, it’s just another tool available.
“And buying from people who steal from Rolex says, ‘I buy stolen goods. I stole someone’s good name.’ And who wants to do business with someone who is dishonest, cheap, sneaky, crooked, and a phony?”127p (Robert Kiyosaki)
I recommend you to read this story of the fake Rolex that Robert bought in his early days and what his rich dad taught him about brands is remarkable.
Your reputation is the foundation for your brand
“Honest people do not do business with dishonest people. Your reputation is the foundation of your brand. Guard your reputation with your life. In business, your reputation is more important than your business.”127p (Robert Kiyosaki)
More than being honest is about having integrity.
You can be honest for self-image but when you have integrity then you will be honest ALL the time.
As long as there are customers who will buy fakes, there will be pirates. If customers were honest, there would not be a business for pirated products. Only crooks sell stolen goods, and only crooks buy stolen brands. Honest people don’t do that.128p (Robert Kiyosaki)
Don’t be a dishonest customer. Otherwise, you will turn out to be a dishonest business person and you will repel the best businesses.
I also have consumed pirate products but it’s as simple to make a change in our mindset to start making changes in our buying habits.
As rich dad told Robert if you can’t afford to buy a Rolex then ask yourself what do you need to do to afford a Rolex? And make your brain work.
It will take time and a lot of effort but at least you will be a real successful person and not just a fake one which is worst than not being successful at all.
Build strong relationships with customers
“If the soul of the entrepreneur is dishonest or greedy, caring only about the customer’s money and not caring for the customer, the entrepreneur’s business will never evolve into a relationship. It will remain a transaction. And a transaction is a commodity.”128p (Robert Kiyosaki)
Brands are built by creating strong loyalty relationships with business customers.
Being treated like a commodity
When you’re a commodity, then price matters.132p (Robert Kiyosaki)
Most of us are so cheap because we turn our business into a commodity.
We cannot solve everyone problems but we can raise prices when we focus on solving the problems of just a few who really need it.
Emotional buyer behavior
we all buy with our hearts and justify with our minds.167p (Donald Trump)
Just when we think we’re being rational is not true. Emotions usually take control of that side of our lives.
Although we can develop emotional intelligence most people don’t. It’s part of developing our character and becoming an Elite. But that’s something I will be sharing in another opportunity.
a brand must be emotional first, logical second.167p (Donald Trump)
As brands, we need to understand the emotional buyer behavior which is to develop strong loyalty relationships with customers.
Strong relationships are usually developed through emotions. Strong emotions. We need to use that to have a higher connection with our customers.
Don’t fool me twice
“You can fool some of the people some of the time, but you can’t fool all of the people all of the time.”177p (Donald Trump)
This is the same idea of having a business of transaction but not of building relationships with the customers.
There are companies that love to fool their customers without considering that it’s not even sustainable in the long run.
Betrayals in business
In business, greed, and fear drive the human animal. The betrayals in business are more sinister because the betrayal is often against friends and co-workers, not enemies.188p (Robert Kiyosaki)
The secret law of attraction
Integrity has a way of attracting integrity205p (Donald Trump)
In other words, you reap what you sow.
remember that the word “blame” means “be lame.” The world is filled with lame entrepreneurs, often because they fail to see their business as their business school.219p (Donald Trump)
Developing your character also includes the ability to take responsibility even when you don’t have to.
If you keep blaming others, you lose control and you’re doomed to constant failure.
You’re smart enough
It’s not that E’s and S’s aren’t smart enough to move to the B and I quadrants. Often they are too smart for their own good. It’s their small thinking that keeps them trapped in the S quadrant. And yes, I mean trapped. S’s often work harder than anyone else.234p (Robert Kiyosaki)
There are several variants of intelligence. The one that most people lack and need is financial literacy. So, it’s not that E and S are not smart, is just that they don’t focus on being smart with their finances.
Those who do are the ones that start reading these books and start making changes in their mindset and in their actions.
I hate selling
Any entrepreneur who says they hate selling or can’t sell won’t be an entrepreneur for long.256p (Robert Kiyosaki)
The good news is that you don’t need to sell as most people do because I’m sure that’s the bad reference of selling that you have.
Actually, everyone hates to be sold and because of that, the way we are being sold is changing.
You can be part of that change. Where you don’t sell to everyone but you provide high value to a few one.
“If you’re going to be thinking anyway, you might as well think big.”266p (Donald Trump)
Create and cultivate jobs
We must understand that governments cannot create real jobs. Only entrepreneurs can do that. It’s up to all of us to take action and change this world for the better.300p (Donald Trump)
Most people rely on the government for job safety but through recent history, you can notice that it’s not something that happens often. Actually, most countries have those problems currently.
Midas Touch book review
Sure, it was a book of over 300 pages but it was a small book and very easy to read. So, overall it was a small book that you can read easily.
The favorite part of the whole book is the concept of the five fingers that represent several areas we need to improve. That makes it simple and effective.
This is a must-read book.
I’m gonna give it a 4.8 out of 5.
By the way, I published a book in Spanish called Salud Empresarial which consist about more than 100 topics for business growth and you can read it by [clicking here].
I’ll be posting some podcasts and videos where I will explain each quote to understand how can we apply it and to see what did the authors meant. If you want to watch those videos subscribe to my channel (with English subtitles) by [clicking here] or if you prefer the podcast then [click here] (only in Spanish).
You can also subscribe to the [newsletter] to receive the next posts that I will be posting.
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See you in the next post.