A couple of weeks ago, I decided to stop at Barnes and Noble at Union Square. I had just walked from the Barclay Center in Brooklyn all the way to 14th street in Manhattan. The Barnes and Noble was meant to serve as a pit stop but it turned into a mini shopping adventure. I don't usually purchase physical books at full price but this time I made an exception. It was the last copy on the shelf and the title spoke to me Midas Touch, Why Some Entrepreneurs Get Rich and Why Most Don't. The book is a little over two hundred pages spread out over five chapters. Since the books only has five chapters I will review each chapter rather than the whole book.
The reason the book only has five chapters is because a hand only has five fingers. Once all five "fingers" are achieved, then the reader will then have the Midas Touch. The first finger is the thumb which is the Strength of Character. One of the first things that I noticed while reading, was that each chapter is broken down into three parts. The first part is Robert Kiyosaki speaking on the subject the second part is Donald Trump speaking about on the subject and the final part is a wrap up. In Robert's half of this chapter he details how one appearance on Oprah changed his life. In one hour he had sold over a million copies of his book and now everyone was calling him and overnight success. Robert then told stories of his unsuccessful business ventures and how he stuck to his guns through the tough times. In Donald's portion of this chapter he speaks of bad luck that has riddled many of his real estate deals. The key theme in this chapter is, the life of an entrepreneur is not an easy life. There will be many failures but as long as you tough it through, you will be rewarded.
The second chapter is the index finger which is named FOCUS. In my opinion, this chapter is probably the best chapter out of the whole book. Robert's story of military helicopter training really hit home, if he lost focus for even a second then he would have lost his life. In this chapter they use FOCUS as an acronym for Follow One Course Until Successful. Even after obtaining success, you must not lose FOCUS. In Donald's portion he tell his tale of almost losing it all. When I say it all I'm talking about his entire fortune, he lost almost everything in the early 90s. In his portion he states that he lost FOCUS and he was off at fashion shows rather than managing his company. This chapter has lots of diagrams depicting the cash-flow quadrant and the eight elements of business. It's hard for me to convey how great this chapter was without spoiling some of the stories that the authors use.
The third chapter is the middle finger which is named Brand. The chapter begins with Robert telling a story about his purchase of a fake Rolex. It might not seem like a big deal but his "rich" dad explains the power of a Brand. This portion of the book speaks on how brands are worth more than their assets, one example the book uses is Coke a Cola. The name Coke a Cola is worth more than all the processing plants that it owns. For Donald's portion he talks about his own brand, Trump. The trump brand stands for elegance and class but it was not built in a day. Donald speaks in this chapter about how he had to disassociate the Trump brand from affordable housing to high class housing in Manhattan. The main takeaway from this chapter is a Brand is more than a name, it is ultimately what our business is. If we do not have a Brand then we will be long forgotten.
The fourth chapter is the ring finger which stands for Relations. This part of the book is about partnerships, Robert goes into detail about his bad partners in his Velcro wallet business. Robert's relationship with bad partners cost him millions of dollars. Robert's section also has some key nuggets on lessons he learned from previous relationships. Donald's part in this chapter highlights how to form deals rather than partnerships. In his section he also touches upon how to manage a team of people.
The final chapter is the pinky finger which stands for the little things that matter. As the title of the finger suggests, this chapter is about not forgetting the little things. In Robert's portion he tells stories of some entrepreneurs in his life, that are stuck in the S quadrant rather than the B quadrant. The problem with these entrepreneurs, is that they are focusing on the wrong things. The key talking point in this chapter is focusing on right things. In Donald's portion, he speaks about the glass he used for Trump Tower. Even his own father did not see the purpose of glass on the outside of the tower. When Trump Tower opened it was met with positive reviews because of the glass. This chapter is a great wrap up chapter.
So that's it for my review for the book Midas Touch. Let me know what you thought of it in the comments bellow. Feel free to take out my own book right here