Below is a link to a video clip discussed in my Entertainment Finance class that I choose to share with you.
http://video.foxbusiness.com/v/3894859/cashing-in-on-music-rights/
I have heard of this before...and it rang a bell once again when Robert Kiyosaki author of Rich Dad Poor Dad mentions that he invests in music and this was an example he used for assets. I do find it interesting, new and exciting! I think the reason it excites me so much is how much we have evolved as a society that now we look to the world of entertainment as an investment opportunity! So much has changed over the years and it only motivates me more to be financially savvy and while still being able to enjoy the "fruit of my looms"; as entertainment professionals, if we invest in our own industry our asset would indeed be our income and vice versa. Finance is no longer boring.
We do have to think about how much music artists have given up to make money due to the efficiency of technology. I for one am not so tech savvy, that I do still go out and buy the cd's or just youtube a tune. I also don't think its smart to spend between $1-3 on a song on i-tunes when I can get the rest of the artist's songs on their cd for $13; maybe I'm lets put it politely...dollar efficient. I have found myself going to record stores and have invested in vinyls-they are collectables and when one does their research, a very good investment in the long run. However, we all have to make a living for ourselves and if this is a profitable way for artist to do make that extra penny-great! It is a savvy business move right now and I do find ourselves in a time of change and innovation where even boring stocks and bonds can be exciting because we invest in our entertainers and their success becomes our success.
I am eager to give this a try and learn as much as I can about it. I have included a stock ticker in my blog with some stock in the entertainment industry and others for you to compare. I advice to keep learning and stay current because this is an industry that is always evolving and I am happy to be a part of it. This ever chaining world seems to have much interest in this industry and it shows.
Thursday, March 31, 2011
Reviewing "Rich Dad Poor Dad"
I'm sure everyone has heard of the famous finance book, Rich Dad Poor Dad by Robert Kiyosaki, about how to be smart with your money and become rich in the process. A few days ago I received this book in the mail as a reading requirement for my Entertainment Business class. Before I opened the book, I decided to say something about me reading the book on Facebook. Of course, my friends had to give their two cents. Some would say that the book was an inspiration, others would say they re-read it often, others mentioned how they had purchased CASH FLOW the $250 board game, but then you would hear how its all common sense and stuff they already knew. Since I have never been savvy with finance and was never a fan of numbers, I decided to get myself motivated and just plunge right in.
My personal experience with the book is probably the one the Robert had with his experience with his mentors-his "dads". He was a child when he decided he wanted to know how to make money and learn about business and finance. I for one ran from it...until now. As Kiyosaki suggests that it is easier to teach a child rather than an adult who has to be re-taught, I found myself to be a grown up child, a clean slate, able to be molded easily. I believe this book is intended for everyone, but the notion is to learn at a young age, to create good habits early. Since I know nothing of finance, I realized I did not have to re-learn like most adults.
One thing I would say is that this book would be best for novices like myself. Even greater for those that want to start their new business and simply don't know where or how to begin. Its pretty much a motivational book that may inspire those with doubt and fear that things are possible to achieve. Robert Kiyosaki is a great salesman. He said it himself. In order to succeed, one should master sales, marketing, public relations, etc. He strongly believes in education and the importance of learning to deliver the business. One thing is to be a great chef, but how does one sell his/her dish? One must set oneself apart from others and learn to sell oneself. He teaches how he creates his assets and how he other entrepreneurs do what they do best, make money! He is the best example as how to sell common sense; he has built a fortune on stating the obvious but it is how he goes about it that makes the difference. The book definitely didn't tell me anything different, but it did give me a new prospective.
My personal experience with the book is probably the one the Robert had with his experience with his mentors-his "dads". He was a child when he decided he wanted to know how to make money and learn about business and finance. I for one ran from it...until now. As Kiyosaki suggests that it is easier to teach a child rather than an adult who has to be re-taught, I found myself to be a grown up child, a clean slate, able to be molded easily. I believe this book is intended for everyone, but the notion is to learn at a young age, to create good habits early. Since I know nothing of finance, I realized I did not have to re-learn like most adults.
One thing I would say is that this book would be best for novices like myself. Even greater for those that want to start their new business and simply don't know where or how to begin. Its pretty much a motivational book that may inspire those with doubt and fear that things are possible to achieve. Robert Kiyosaki is a great salesman. He said it himself. In order to succeed, one should master sales, marketing, public relations, etc. He strongly believes in education and the importance of learning to deliver the business. One thing is to be a great chef, but how does one sell his/her dish? One must set oneself apart from others and learn to sell oneself. He teaches how he creates his assets and how he other entrepreneurs do what they do best, make money! He is the best example as how to sell common sense; he has built a fortune on stating the obvious but it is how he goes about it that makes the difference. The book definitely didn't tell me anything different, but it did give me a new prospective.
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