Rich Dad, Poor Dad - Deepstash

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1. Paying Yourself First

1. Paying Yourself First

What you need to do:

  • Deposit paycheck
  • Automate investments first
  • Anything left over goes to bills

The process:

  • Determine how much to invest
  • Determine investment frequency
  • Determine where it should be invested

Make your money work for you.

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666 reads

2. Investing in Yourself

2. Investing in Yourself

The best investment you can make is in yourself.

How to level up right now:

  • Read a book
  • Take a course
  • Exercise for 30 mins
  • Listen more, talk less
  • Learn from past mistakes

The highest ROI is when you invest in yourself.

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522 reads

3. Controlling Your Spending

3. Controlling Your Spending

Society tells you to:

  • Spend
  • Show off
  • Consume

Don't go broke trying to look rich.

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539 reads

4. Increasing Your Income

4. Increasing Your Income

Increase your income by:

  • Getting a new job
  • Starting a side hustle
  • Negotiating for a raise

Give yourself a raise to fast-track your process.

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511 reads

5. Analyzing Your Expenses

5. Analyzing Your Expenses

Expenses can be categorized in 2 ways:

  • Fixed
  • Variable

Review your spending from the last 3 months.

Categorize expenses as:

  • Needs
  • Wants
  • Wishes

Start reducing spending on wants and wishes.

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470 reads

6. Tracking Your Money

6. Tracking Your Money

Assign a purpose to every dollar.

Some examples:

  • Business accounts
  • Retirement accounts
  • Emergency savings fund
  • Joint / Individual accounts

Want to be like the pros? Automate the process.

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432 reads

7. Building an Emergency Fund

7. Building an Emergency Fund

63% of Americans cannot afford a $500 emergency.

That means the average American would have to resort to high-interest credit card debt to pay for surprise expenses.

Do your future self a favor and save 3 to 6 months' worth of living expenses.

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8. Paying Off Bad Debt

8. Paying Off Bad Debt

Credit cards can be a double-edged sword.

  • Use credit cards wisely, because they can DRAIN your wealth.
  • If you use your credit card, only use it for convenience and NOT to buy things that you can’t actually afford.

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9. Starting a Side Hustle

9. Starting a Side Hustle

Building a successful side hustle will take:

  • Hard work
  • Dedication
  • Long nights

The reward will be:

  • Fulfillment
  • Freedom
  • Time

    Start by learning a high-income skill.

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395 reads

10. Automating Your Investments

10. Automating Your Investments

Automation keeps your life simple.

Automate:

  • Savings
  • Investing in 401(k)s
  • Investing in Roth IRAs

Out of sight, out of mind.

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387 reads

11. Jumping at Opportunities

11. Jumping at Opportunities

Never let an opportunity pass you by.

Don’t be afraid to:

  • Take a new job
  • Start a new business
  • Negotiate for a higher pay

Opportunities multiply as they are seized ~ Sun Tzu

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350 reads

12. Building on Your Strengths

12. Building on Your Strengths

Everyone has strengths:

  • Writing
  • Managing
  • Mathematics

Build on your strengths and create a career out of it.

That’s how you’ll make more money.

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13. Surrounding Yourself with Winners

13. Surrounding Yourself with Winners

If you want to be the best, then you have to surround yourself with the best.

Curate a tight-knit circle of high-quality friends and mentors.

Quality over quantity.

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14. Adopting Healthy Financial Habits

14. Adopting Healthy Financial Habits

It takes about 66 days for a new behavior to become an automatic habit.

Stick to a productive daily routine to build healthy financial habits.

When you build healthy financial habits, you will struggle less in life.

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15. Choosing Your Partner Carefully

15. Choosing Your Partner Carefully

86% of millionaires are married - and 65% are still in their first marriage.

Find someone who is:

  • Frugal
  • Mindful about money
  • Aligned with your financial goals

Find someone with a winning financial mindset.

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378 reads

CURATED BY

gaurav_37

#gratitude

CURATOR'S NOTE

If you don't understand money, you'll never be truly wealthy. Here are 15 money skills everyone should know:

Curious about different takes? Check out our Rich Dad, Poor Dad Summary book page to explore multiple unique summaries written by Deepstash users.

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