             ,LESSON ,?REE3
          ,M9D ,YR ,[N ,BUSI;S

  ,9 #AIGD1 ,RAY ,KROC1 ! F.D] (
,MC,DONALD'S1 0 ASK$ 6SP1K 6! ,,MBA
CLASS AT ! ,UNIV]S;Y ( ,TEXAS AT ,AU/94
,A DE> FR ( M9E1 ,KEI? ,CUNN+HAM1 0 A
/UD5T 9 T ,,MBA CLASS4 ,AF A P[];L &
9SPIR+ TALK1 ! CLASS ADJ\RN$ &! /UD5TS
ASK$ ,RAY IF HE WD JO9 !M AT _! FAVORITE
HANG\T 6H A FEW BE]S4 ,RAY GRACI\SLY
A3EPT$4
  8,:AT BUSI;S AM ,I IN80 ,RAY ASK$1
ONCE ! GR\P _H ALL _! BE]S 9 H&4
  8,"EY"O LAU<$10 SD ,KEI?4 8,MO/ (!
,,MBA /UD5TS ?"\ ,RAY 0 J FOOL+ >.D40
  ,NO "O ANSW]$1 S ,RAY ASK$ ! "Q AG4
8,:AT BUSI;S D Y ?9K ,I'M IN80
  ,! /UD5TS LAU<$ AG1 & F9,Y "O BRAVE
S\L YELL$ \1 8,RAY1 :O 9 ! _W DOES N "K
T Y'RE 9 ! HAMBURG] BUSI;S40
  ,RAY *UCKL$4 8,T IS :AT ,I ?"\ Y WD
SAY40 ,HE PAUS$ & !N QKLY SD1 8,LADIES &
G5TLEM51 ,I'M N 9 ! HAMBURG] BUSI;S4 ,MY
BUSI;S IS R1L E/ATE40
  ,KEI? SD T ,RAY SP5T A GD AM.T ( "T
EXPLA9+ 8 VIEWPO9T4 ,9 _! BUSI;S PLAN1
,RAY KNEW T ! PRIM>Y BUSI;S FOCUS 0
6SELL HAMBURG] FRAN*ISES1 B :AT HE N"E
LO/ SI<T ( 0 ! LOC,N ( EA* FRAN*ISE4 ,HE
KNEW T ! R1L E/ATE & XS LOC,N 0 ! MO/
SIGNIFICANT FACTOR 9 ! SU3ESS ( EA*
FRAN*ISE4 ,BASIC,Y1 ! P]SON T B"\ !
FRAN*ISE 0 AL PAY+ =1 BUY+1 ! L& "U !
FRAN*ISE = ,RAY ,KROC'S ORGANIZ,N4

    ,7,,SCANN]'S ,,NOTE3 ,,DELET$
    ,,GRAPHIC7'
  ,MC,DONALD'S TD IS ! L>GE/ S+LE [N] (
R1L E/ATE 9 ! _W1 [N+ EV5 M ?AN !
,CA?OLIC ,*UR*4 ,TD1 ,MC,DONALD'S [NS "S
(! MO/ VALUA# 9T]SEC;NS & /REET CORN]S 9
,AM]ICA1 Z WELL Z 9 O!R "PS (! _W4
  ,KEI? SD X 0 "O (! MO/ IMPORTANT
LESSONS 9 8 LIFE4 ,TD1 ,KEI? [NS C>
WA%ES1 B 8 BUSI;S IS ! R1L E/ATE "U ^?
C> WA%ES4
  ,! PREVI\S *APT] 5D$ )! DIAGRAMS
ILLU/RAT+ T MO/ P "W = "EY"O ELSE B
!MVS4 ,!Y "W F/ =! [N]S (! -PANY1 !N =!
GOV]N;T "? TAXES1 & F9,Y =! BANK T [NS
_! MORTGAGE4
  ,Z A "Y BOY1 WE DID N H A ,MC,DONALD'S
NE>BY4 ,YET1 MY RI* DAD 0 RESPONSI# =
T1*+ ,MIKE & ME ! SAME LESSON T ,RAY
,KROC TALK$ AB AT ! ,UNIV]S;Y ( ,TEXAS4
,X IS SECRET ,NO4 #C (! RI*4
  ,! SECRET IS3 8,M9D YR [N BUSI;S40
,F9ANCIAL /RU7LE IS (T5 DIRECTLY !
RESULT ( P "W+ ALL _! LIFE = "S"O ELSE4
,_M P W H NO?+ AT ! 5D ( _! "W+ "DS4
  ,AG1 A PICTURE IS WOR? A ?\S& ^WS4 ,"H
IS A DIAGRAM (! 9COME /ATE;T & BAL.E
%EET T BE/ DESCRIBES ,RAY ,KROC'S
ADVICE3
  ,\R CURR5T $UC,NAL SY/EM FOCUSES ON
PREP>+ TD'S Y\? 6GET GD JOBS 0DEVELOP+
S*OLA/IC SKILLS4 ,_! LIVES W REVOLVE >.D
_! WAGES1 OR Z DESCRIB$ E>LI]1 _! 9COME
COLUMN4 ,& AF DEVELOP+ S*OLA/IC SKILLS1
!Y G ON 6HI<] LEVELS ( S*OOL+ 65H.E _!
PROFES.NAL ABILITIES4 ,!Y /UDY 62COME
5G9E]S1 SCI5TI/S1 COOKS1 POLICE (FIC]S1
>TI/S1 WRIT]S & S ON4 ,^! PROFES.NAL
SKILLS ALL[ !M 65T] ! "W=CE & "W = M"OY4
  ,"! IS A BIG DI6];E 2T YR PROFES.N &
YR BUSI;S4 ,(T5 ,I ASK P1 8,:AT IS YR
BUSI;S80 ,& !Y W SAY1 8,OH ,I'M A
BANK]40 ,!N1 ,I ASK !M IF !Y [N ! BANK8
,& !Y USU,Y RESPOND4 8,NO1 ,I "W "!40
  ,9 T 9/.E1 !Y H 3FUS$ _! PROFES.N ) _!
BUSI;S4 ,_! PROFES.N MAY 2 A BANK]1 B !Y
/ NE$ _! [N BUSI;S4 ,RAY ,KROC 0 CLE> ON
! DI6];E 2T 8 PROFES.N & 8 BUSI;S4 ,8
PROFES.N 0 ALW ! SAME4 ,HE 0 A SALESMAN4
,AT "O "T HE SOLD MIX]S = MILK%AKES1 &
SOON "!AF HE 0 SELL+ HAMBURG] FRAN*ISES4
,B :ILE 8 PROFES.N 0 SELL+ HAMBURG]
FRAN*ISES1 8 BUSI;S 0 ! A3UMUL,N (
9COME-PRODUC+ R1L E/ATE4
  ,A PRO#M ) S*OOL IS T Y (T5 2COME :AT
Y /UDY4 ,S IF Y /UDY1 SAY1 COOK+1 Y
2COME A *EF4 ,IF Y /UDY ! LAW1 Y 2COME
AN ATTORNEY1 &A /UDY ( AUTO ME*ANICS
MAKES Y A ME*ANIC4 ,! MISTAKE 9 2COM+
:AT Y /UDY IS T TOO _M P =GET 6M9D _! [N
BUSI;S4 ,!Y SP5D _! LIVES M9D+ "S"O
ELSE'S BUSI;S & MAK+ T P]SON RI*4
  ,62COME F9ANCI,Y SECURE1 A P]SON NE$S
6M9D _! [N BUSI;S4 ,YR BUSI;S REVOLVES
>.D YR ASSET COLUMN1 Z OPPOS$ 6YR 9COME
COLUMN4 ,Z /AT$ E>LI]1 ! ,NO4 #A RULE IS
6"K ! DI6];E 2T AN ASSET &A LIABIL;Y1 &
6BUY ASSETS4 ,! RI* FOCUS ON _! ASSET
COLUMNS :ILE "EY"O ELSE FOCUSES ON _!
9COME /ATE;TS4
  ,T IS :Y WE HE> S (T53 8,I NE$ A
RAISE40 8,IF ONLY ,I _H A PROMO;N40 8,I
AM GO+ 6G BACK 6S*OOL 6GET M TRA9+ S ,I
C GET A BETT] JOB40 8,I AM GO+ 6"W
OV]"T40 8,MAYBE ,I C GET A SECOND JOB40
8,I'M QUITT+ 9 TWO WEEKS4 ,I F.D A JOB T
PAYS M40
  ,9 "S CIRCLES1 ^! >E S5SI# ID1S4 ,YET1
IF Y LI/5 6,RAY ,KROC1 Y >E / N M9D+ YR
[N BUSI;S4 ,^! ID1S ALL / FOCUS ON !
9COME COLUMN & W ONLY HELP A P]SON 2COME
M F9ANCI,Y SECURE IF ! A4I;NAL M"OY IS
US$ 6PUR*ASE 9COME-G5]AT+ ASSETS4
  ,! PRIM>Y R1SON ! MAJOR;Y (! POOR &
MI4LE CLASS >E FISC,Y 3S]VATIVE-: M1NS1
8,I C'T AF=D 6TAKE RISKS0-IS T !Y H NO
F9ANCIAL F.D,N4 ,!Y H 6CL+ 6_! JOBS4 ,!Y
H 6PLAY X SAFE4
  ,:5 D[NSIZ+ 2CAME ! 8IN0 ?+ 6D1
MILLIONS ( "W]S F.D \ _! L>GE/ S-CALL$
ASSET1 _! HOME1 0 EAT+ !M ALIVE4 ,_!
ASSET1 CALL$ A H\SE1 / CO/ !M M"OY E
MON?4 ,_! C>1 ANO!R 8ASSET10 0 EAT+ !M
ALIVE4 ,! GOLF CLUBS 9 ! G>AGE T CO/
4#A1JJJ 0 N WOR? 4#A1JJJ ANYMORE4 ,)\T
JOB SECUR;Y1 !Y _H NO?+ 6FALL BACK ON4
,:AT !Y3 ?"\ 7 ASSETS CD N HELP !M
SURVIVE 9 A "T ( F9ANCIAL CRISIS4 ,I
ASSUME MO/ ( U H FILL$ \ A CR$IT
APPLIC,N =A BANK] 6BUY A H\SE OR 6BUY A
C>4 ,X IS ALW 9T]E/+ 6LOOK AT ! 8NET
WOR?0 SEC;N4 ,X IS 9T]E/+ 2C ( :AT
A3EPT$ BANK+ & A3.T+ PRACTICES ALL[ A
P]SON 6C.T Z ASSETS4
  ,"O "D1 6GET A LOAN1 MY F9ANCIAL
POSI;N DID N LOOK TOO GD4 ,S ,I A4$ MY
NEW GOLF CLUBS1 MY >T COLLEC;N1 BOOKS1
/]EO1 TELEVI.N1 ,>MANI SUITS1
WRI/WAT*ES1 %OES & O!R P]SONAL E6ECTS
6BOO/ ! NUMB] 9 ! ASSET COLUMN4
  ,B ,I 0 TURN$ D[N =! LOAN 2C ,I _H TOO
M* 9VE/;T R1L E/ATE4 ,! LOAN -MITTEE DID
N L T ,I MADE S M* M"OY (F ( A"P;T
H\SES4 ,!Y WANT$ 6"K :Y ,I DID N H A
NORMAL JOB1 )A SAL>Y4 ,!Y DID N "Q !
,>MANI SUITS1 GOLF CLUBS OR >T COLLEC;N4
,LIFE IS "S"TS T\< :5 Y D N FIT ! 8/&>D0
PROFILE4
  ,I CR+E E "T ,I HE> "S"O SAY 6ME T _!
NET WOR? IS A MILLION DOLL>S OR
4#AJJ1JJJ DOLL>S OR :AT"E4 ,"O (! MA9
R1SONS NET WOR? IS N A3URATE IS SIMPLY
2C ! MO;T Y 2G9 SELL+ YR ASSETS1 Y >E
TAX$ = ANY GA9S4
  ,S _M P H PUT !MVS 9 DEEP F9ANCIAL
TR\# :5 !Y RUN %ORT ( 9COME4 ,6RAISE
CA%1 !Y SELL _! ASSETS4 ,F/1 _! P]SONAL
ASSETS C G5],Y 2 SOLD = ONLY A FRAC;N (!
VALUE T IS LI/$ 9 _! P]SONAL BAL.E %EET4
,OR IF "! IS A GA9 ON ! SALE (! ASSETS1
!Y >E TAX$ ON ! GA94 ,S AG1 ! GOV]N;T
TAKES XS %>E (! GA91 ?US REDUC+ ! AM.T
AVAILA# 6HELP !M \ ( DEBT4 ,T IS :Y ,I
SAY "S"O'S NET WOR? IS (T5 8WOR? LESS0
?AN !Y ?9K4
  ,/>T M9D+ YR [N BUSI;S4 ,KEEP YR "D"T
JOB1 B />T BUY+ R1L ASSETS1 N
LIABILITIES OR P]SONAL E6ECTS T H NO R1L
VALUE ONCE Y GET !M HOME4 ,A NEW C>
LOSES NE>LY #BE P]C5T (! PRICE Y PAY = X
! MO;T Y DRIVE X (F ! LOT4 ,X IS N A
TRUE ASSET EV5 IF YR BANK] LETS Y LI/ X
Z "O4 ,MY 4#DJJ NEW TITANIUM DRIV] 0
WOR? 4#AEJ ! MO;T ,I TE$ (F4
  ,= ADULTS1 KEEP YR EXP5SES L[1 REDUCE
YR LIABILITIES & DILIG5TLY BUILD A BASE
( SOLID ASSETS4 ,= "Y P :O H N YET LEFT
HOME1 X IS IMPORTANT = P>5TS 6T1* !M !
DI6];E 2T AN ASSET &A LIABIL;Y4 ,GET !M
6/>T BUILD+ A SOLID ASSET COLUMN 2F !Y
L1VE HOME1 GET M>RI$1 BUY A H\SE1 H KIDS
& GET /UCK 9 A RISKY F9ANCIAL POSI;N1
CL++ 6A JOB & BUY+ "EY?+ ON CR$IT4 ,I
SEE S _M "Y C\PLES :O GET M>RI$ & TRAP
!MVS 96A LIFE/YLE T W N LET !M GET \ (
DEBT = MO/ ( _! "W+ YE>S4
  ,= MO/ P1 J Z ! LA/ * L1VES HOME1 !
P>5TS R1LIZE !Y H N ADEQUATELY PREP>$ =
RETIRE;T & !Y 2G9 6SCRAM# 6PUT "S M"OY
AWAY4 ,!N1 _! [N P>5TS 2COME ILL & !Y
F9D !MVS ) NEW RESPONSIBILITIES4
  ,S :AT K9D ( ASSETS AM ,I SU7E/+ T Y
OR YR *N ACQUIRE8 ,9 MY _W1 R1L ASSETS
FALL 96S"EAL DI6]5T CATEGORIES3

#A4 ,BUSI;SES T D N REQUIRE MY PRES;E4
,I [N !M1 B !Y >E MANAG$ OR RUN 0O!R P4
  ,IF ,I H 6"W "!1 X'S N A BUSI;S4 ,X
  2COMES MY JOB4
#B4 ,/OCKS4
#C4 ,BONDS4
#D4 ,MUTUAL FUNDS4
#E4 ,9COME-G5]AT+ R1L E/ATE4
#F4 ,NOTES 7,,IOU'S74
#G4 ,ROYALTIES F 9TELLECTUAL PROP]TY S*
  Z MUSIC1 SCRIPTS1 PAT5TS4
#H4 ,& ANY?+ ELSE T HAS VALUE1 PRODUCES
  9COME OR APPRECIATES & HAS A R1DY
  M>KET4

  ,Z A "Y BOY1 MY $UCAT$ DAD 5C\RAG$ ME
6F9D A SAFE JOB4 ,MY RI* DAD1 ON ! O!R
H&1 5C\RAG$ ME 62G9 ACQUIR+ ASSETS T ,I
LOV$4 8,IF Y DON'T LOVE X1 Y WON'T TAKE
C>E ( X40 ,I COLLECT R1L E/ATE SIMPLY 2C
,I LOVE BUILD+S & L&4 ,I LOVE %OPP+ =
!M4 ,I CD LOOK AT !M ALL "D L;G4 ,:5
PRO#MS >ISE1 ! PRO#MS >E N S BAD T X
*ANGES MY LOVE = R1L E/ATE4 ,= P :O HATE
R1L E/ATE1 !Y %DN'T BUY X4
  ,I LOVE /OCKS ( SMALL -PANIES1
ESPECI,Y />TUPS4 ,! R1SON IS T ,I AM AN
5TREPR5EUR1 N A CORPORATE P]SON4 ,9 MY
E>LY YE>S1 ,I "W$ 9 L>GE ORGANIZ,NS1 S*
Z ,/&>D ,OIL ( ,CALI=NIA1 ! ,U4,S4 ,M>9E
,CORNS1 & ,X]OX ,CORP4 ,I 5JOY$ MY "T )
^? ORGANIZ,NS & H FOND MEMORIES1 B ,I "K
DEEP D[N ,I AM N A -PANY MAN4 ,I L />T+
-PANIES1 N RUNN+ !M4 ,S MY /OCK BUYS >E
USU,Y ( SMALL -PANIES1 & "S"TS ,I EV5
/>T ! -PANY & TAKE X PUBLIC4 ,=TUNES >E
MADE 9 NEW-/OCK ISSUES1 & ,I LOVE !
GAME4 ,_M P >E AFRAID ( SMALL-CAP
-PANIES & CALL !M RISKY1 & !Y >E4 ,B
RISK IS ALW DIM9I%$ IF Y LOVE :AT !
9VE/;T IS1 "U/& X & "K ! GAME4 ,) SMALL
-PANIES1 MY 9VE/;T /RATEGY IS 6BE \ (!
/OCK 9 A YE>4 ,MY R1L E/ATE /RATEGY1 ON
! O!R H&1 IS 6/>T SMALL & KEEP TRAD+ !
PROP]TIES UP = BI7] PROP]TIES &1 "!=E1
DELAY+ PAY+ TAXES ON ! GA94 ,? ALL[S !
VALUE 69CR1SE DRAMATIC,Y4 ,I G5],Y HOLD
R1L E/ATE LESS ?AN SEV5 YE>S4
  ,= YE>S1 EV5 :ILE ,I 0 )! ,M>9E ,CORPS
& ,X]OX1 ,I DID :AT MY RI* DAD
RECOMM5D$4 ,I KEPT MY "D"T JOB1 B ,I /
M9D$ MY [N BUSI;S4 ,I 0 ACTIVE 9 MY
ASSET COLUMN4 ,I TRAD$ R1L E/ATE & SMALL
/OCKS4 ,RI* DAD ALW /RESS$ ! IMPORT.E (
F9ANCIAL LIT]ACY4 ,! BETT] ,I 0 AT "U/&+
! A3.T+ & CA% MANAGE;T1 ! BETT] ,I WD 2
AT ANALYZ+ 9VE/;TS & EV5TU,Y />T+ &
BUILD+ MY [N -PANY4
  ,I WD N 5C\RAGE ANY"O 6/>T A -PANY
UN.S !Y RE,Y WANT TO4 ,"K+ :AT ,I "K AB
RUNN+ A -PANY1 ,I WD N WI% T TASK ON
ANY"O4 ,"! >E "TS :5 P _C F9D EMPLOY;T1
": />T+ A -PANY IS A SOLU;N = !M4 ,! O4S
>E AG/ SU3ESS3 ,N9E \ ( #AJ -PANIES FAIL
9 FIVE YE>S4 ,( ^? T SURVIVE ! F/ FIVE
YE>S1 N9E \ ( E #AJ ( ^? EV5TU,Y FAIL1 Z
WELL4 ,S ONLY IF Y RE,Y H ! DESIRE 6[N
YR [N -PANY D ,I RECOMM5D X4 ,O!RWISE1
KEEP YR "D"T JOB & M9D YR [N BUSI;S4
  ,:5 ,I SAY M9D YR [N BUSI;S1 ,I M1N
6BUILD & KEEP YR ASSET COLUMN /R;G4
,ONCE A DOLL> GOES 96X1 N"E LET X -E \4
,?9K ( X ? WAY1 ONCE A DOLL> GOES 96YR
ASSET COLUMN1 X 2COMES YR EMPLOYEE4 ,!
BE/ ?+ AB M"OY IS T X "WS #BD H\RS A "D
& C "W = G5],NS4 ,KEEP YR "D"T JOB1 2 A
GRT H>D-"W+ EMPLOYEE1 B KEEP BUILD+ T
ASSET COLUMN4
  ,Z YR CA% FL[ GR[S1 Y C BUY "S
LUXURIES4 ,AN IMPORTANT 4T9C;N IS T RI*
P BUY LUXURIES LA/1 :ILE ! POOR & MI4LE
CLASS T5D 6BUY LUXURIES F/4 ,! POOR &!
MI4LE CLASS (T5 BUY LUXURY ITEMS S* Z
BIG H\SES1 DIAMONDS1 FURS1 JEWELRY OR
BOATS 2C !Y WANT 6LOOK RI*4 ,!Y LOOK
RI*1 B 9 R1L;Y !Y J GET DEEP] 9 DEBT ON
CR$IT4 ,! OLD-M"OY P1 ! L;G-T]M RI*1
BUILT _! ASSET COLUMN F/4 ,!N1 ! 9COME
G5]AT$ F ! ASSET COLUMN B"\ _! LUXURIES4
,! POOR & MI4LE CLASS BUY LUXURIES ) _!
[N SW1T1 BLOOD & *N'S 9H]IT.E4
  ,A TRUE LUXURY IS A REW>D = 9VE/+ 9 &
DEVELOP+ A R1L ASSET4 ,= EXAMPLE1 :5 MY
WIFE & ,I _H EXTRA M"OY -+ F \R A"P;T %E
W5T \ & B"\ H] ,M]C$ES4 ,X DID N TAKE
ANY EXTRA "W OR RISK ON H] "P 2C ! A"P;T
H\SE B"\ ! C>4 ,%E DID1 H["E1 H 6WAIT =
X = F\R YE>S :ILE ! R1L E/ATE 9VE/;T
PORTFOLIO GREW & F9,Y 2GAN ?R[+ (F 5
EXTRA CA% FL[ 6PAY =! C>4 ,B ! LUXURY1 !
,M]C$ES1 0 A TRUE REW>D 2C %E _H PROV$
%E KNEW H[ 6GR[ H] ASSET COLUMN4 ,T C>
N[ M1NS A LOT M 6H] ?AN SIMPLY ANO!R
PRETTY C>4 ,X M1NS %E US$ H] F9ANCIAL
9TELLIG;E 6AF=D X4
  ,:AT MO/ P D IS !Y IMPULSIVELY G \ &
BUY A NEW C>1 OR "S O!R LUXURY1 ON
CR$IT4 ,!Y MAY FEEL BOR$ & J WANT A NEW
TOY4 ,BUY+ A LUXURY ON CR$IT (T5 CAUSES
A P]SON 6SOON] OR LAT] ACTU,Y RES5T T
LUXURY 2C ! DEBT ON ! LUXURY 2COMES A
F9ANCIAL BURD54
  ,AF Y'VE TAK5 ! "T & 9VE/$ 9 & BUILT
YR [N BUSI;S1 Y >E N[ R1DY 6ADD ! MAGIC
T\*-! BI7E/ SECRET (! RI*4 ,! SECRET T
PUTS ! RI* WAY AH1D (! PACK4 ,! REW>D AT
! 5D (! ROAD = DILIG5TLY TAK+ ! "T 6M9D
YR [N BUSI;S4
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