Aditya NS's Key Ideas from Rich Dad, Poor Dad
by Robert T. Kiyosaki

• Learning is not the same as talking/lecturing. The most valuable learning comes from experience.
• Change yourself instead of changing others.
• Money is just an illusion (a trap).
• Humans have two options within themselves: a weak, poor, and purchasable soul, or a strong, determined, and unpurchasable soul.

The soul refers to a person’s emotions and reactions. Fear and greed trigger emotional reactions that take over the mind. The mind should control emotions and reactions; simply observe your emotions, don’t react.

• Learning basic accounting is important.
• Increasing income rather than expenses is a basic understanding of Assets & Liabilities.
• KISS (Keep It Simple, Stupid).
• Aware of your own cash flow. Your cash flow indicate your social strata.
• You should know why there is a saying that, "The rich get richer, the poor get poorer.
• "Rat Race." The higher the salary, the higher the taxes. DON'T GET CAUGHT IN IT.

“The rich focus on their asset columns, everyone else focuses on their income.”

• Build a solid asset base; reduce expenses and liabilities.
• REAL ASSETS:

1. Businesses that do not require personal presence.
2. Stocks.
3. Bonds.
4. Income-generating real estate.
5. Notes/Money markets.
6. Royalties from intellectual properties such as music, scripts, and patents.
7. Anything that has value, generates income, appreciates in value, and has a ready market.

• Understand how corporations work.
• Make money work for you.
• Pay yourself first.

• We all have potential, but doubts hold us back.
• It’s not the smart ones who excel, but the bold ones.
• In the real world, what’s needed is bravery, guts, intelligence, skills, persistence, cunning, and dexterity.
• Many people only know how to: work hard, save, and borrow.
• Our strongest asset is our mind and time.
• Invest rather than save.
• Humans are designed to learn and we learn from mistakes.
• choice, so learn to manage risk rather than avoid it.

• The importance of financial intelligence.
• You want to know a little about many things.
• Learn management & leadership.
• Start doing it, not just thinking it.
• Learn business systems (Sales & Marketing).
• Being a specialist might be bad.
• Synergize professional specialization, uniting smart people to work as a team.
• Give & Receive. CHARITY.
• Key management skills needed:

1. Cash flow management.
2. System management.
3. People management.

• Don’t be afraid, take risks; most people play too safe.
• WIN BIG – LOSE SPECTACULARLY. Celebrate victories lavishly, welcome losses grandly.
• Don’t consider your failures as the end of your efforts.
• We often play the “what if” game. If doubt and caution still cloud your mind, you are no more than a coward. Don’t let yourself be paralyzed by worries and doubts.
• Overcome laziness with GREED.
• Pay yourself first, stay broke, and remain under pressure to work harder and open your mind to ways to increase assets.
• Five things that hinder the asset column:

Fear. Cynicism. Laziness. Bad habits. Arrogance.

• Ten steps to awaken financial genius:

1. Find a reason stronger than reality: The power of spirit
2. Make daily choices: The power of choice.
3. Choose friends carefully: The power of association.
4. Master a formula, then learn a new one: The power of fast learning.
5. Pay yourself first: The power of self-discipline.
6. Pay your brokers well: The power of good advice.
7. Be an Indian giver: The power of getting something for free.
8. Use assets to buy luxuries: The power of focus.
9. The need for heroes: The power of myths.
10. Teach and you shall receive: The power of giving.

• Stop doing what you’re doing (Evaluate).
• Look for new ideas, create your formula.
• Find someone who has already done what you