WYZE1 Payne's Key Ideas from Rich Dad, Poor Dad
by Robert T. Kiyosaki

According to this book, money isn't your greatest asset.

‘The single most powerful asset we all have is our mind.

If it is trained well, it can create enormous wealth” says Kiyosaki.

He believes that if people are prepared to be flexible, have an open mind, and learn, they tend to get richer.

You see… you could be highly educated and successful in their profession, but you could still be financially illiterate.

So start your financial education or continue it by reading books and listening to podcasts like this but be careful who you listen to – choose your mentors wisely.

An asset is something that puts money in your pocket and a liability is something that takes money out of your pocket," Kiyosaki explains in his book.

He says that rich people acquire assets (shares and property investments) and poor people add liabilities (commitments and obligations).

Many people buy luxuries first, like big cars, heavy bikes, or big houses to live in.

But the rich buy assets first and the income from their assets buy luxuries.

In short, the poor or middle class buy luxuries first, and the rich buy luxuries last. It’s called delayed gratification.

Do not let fear or the opinions of the general public or the media dictate your actions.

You see…most people’s lives are controlled by the two emotions of fear and greed.

Fear keeps people in this trap of working hard, earning money, working hard, earning money, and hoping that it will reduce their fear.

They’re scared of investing or taking a leap of faith and opening up a business.

That’s why it’s important to have a plan, either a Strategic Property Investment Plan for your investments, or a Business Plan for your business.

having a plan help you not be swayed by the emotions of fear and greed

Find a job where you can learn life skills.

He stresses that learning can make you much more knowledgeable and can provide you with unique skills to improve your professional situation.

Learn something about accounting, investing, markets, the law, sales, marketing, leadership, writing, speaking, and negotiating.

Kiyosaki tells us life skills are equally important for financial success and are not taught in school.

You should acquire these life skills to help yourself on the path to financial freedom.

An investment in knowledge pays the best interest

Interestingly, just like the poor, the rich also have a fear of losing money, but the main difference between the rich and the poor is how they manage fear.

For many people, the fear of losing money is much more terrifying than the joy of having money.

Playing not to lose money means you will never make money.

“Winning means being unafraid to lose.”

Kiyosaki teaches us not to be afraid of losing and to be bold enough to admit and learn from our failures.

The greatest secret of winners is that failure inspires winning; thus, they’re not afraid of losing.

Kiyosaki also encourages his readers to start a business.

He says, if you have a job, keep your job and start a part-time business and work it.

Never leave your job until you build your own business.

Don’t struggle all of your life for someone else.

Start your own business and grow it.

Why do you want to earn more passive income?”

For many people, it’s because they don’t want to work all their life.

They want to have control over how they spend their time.

Others want to support their children financially, yet others want to give to the community or charity.

Write down your “why” because it will keep you motivated.

If you don’t have a reason, then it is difficult to stay on the path to wealth.

Remember…it’s not your fault if you were born poor, but it will be your fault if you die poor.