Rich Dad, Poor Dad - Deepstash

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published 34 ideas

Rich Dad, Poor Dad

Rich Dad, Poor Dad

by Robert T. Kiyosaki

Understand the difference between an asset and a liability; and grow your income-generating assets' column.

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“If you find you have dug yourself into a hole... stop digging.”

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Wealth measures how much money your money is making and, therefore, your financial survivability.

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Once a dollar goes into assets, never let it come out.

Think of it this way: Once a dollar goes into your asset column, it becomes your employee. The best thing about money is that it works 24 hours...

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We all have tremendous potential, and we all are blessed. Yet the one thing that holds us back is some degree of self-doubt. It is not so much the lack of technical information that holds us back...

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Financial Freedom starts with a strong financial education.

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There are five main reasons why financially literate people may still not develop abundant asset columns that could produce a large cash flow.

The five reasons are:

  1. Fear
  2. Cynicism...

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Failure inspires winners to become winners.

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We play the “What if?” game. “What if the economy crashes right after I invest?” Or we have friends or loved ones who will remind us of our shortcomings. They often say, “If it’s such a good idea, how come someone else hasn’t done it?”

Thes...

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Rich Dad believed that the words "I can't afford it" shutdown your brain.

"How can I afford it?" opens up possibilities, excitement and dreams

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In the stock market, I often hear people say, “I don’t want to lose money.” Well, what makes them think I or anyone else likes losing money? They don’t make money because they choose to not lose money

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Be a little greedy. It’s the best cure for laziness.

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When people ask me what my reason for wanting to be rich is, I tell them that it is a combination of deep emotional “wants” and “don’t wants.”

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I just choose to be rich, and I make that choice every day.

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Don’t listen to poor or frightened people. I have such friends, they are the Chicken Littles of life. To them, when it comes to money, especially investments, it’s always, “The sky is...

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One of the hardest things about wealth-building is to be true to yourself and to be willing to not go along with the crowd

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The power of self-discipline If you cannot get control of yourself, do not try to get rich. It makes no sense to invest, make money, and blow it...

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1. Don’t get into large debt positions that you have to pay for. Keep your expenses low. Build up assets first. Then buy the big house or nice car. Being stuck i...

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When you get into financial hot water; use your brain to create more income while staunchly defending the assets in your asset column. And be like a good soldier defending the fort—Fort A...

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The rich know that savings are only used to create more money, not to pay bills.

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As a habit, I use my desire to consume to inspire and motivate my financial genius to invest.

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Choose heroes: the power of myth

By having heroes, we tap into a tremendous source of raw genius.

“If they can do it, so can I.”

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Whenever you feel short or in need of something, give what you want first and it will come back in buckets. That is true for money, a smile, love, or fri...

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"It is true that your world is only a mirror of you."

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Profits are made in the buying, not in the selling.

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Start early. Buy a book. Go to a seminar. Practice. Start small. I turned $5,000 cash into a one-million-dollar asset producing $5,000 a month cash flow in less than six years. But I started

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The Three Incomes In the world of accounting, there are three different types of income:

  1. Ordinary earned
  2. Portfolio
  3. Passive

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When my rich dad said, “The rich don’t work for money. They have their money work for them,” he was talking about passive income and portfolio income.

Passive incom...

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Rich dad used to say, “The key to becoming wealthy is the ability to convert earned income into passive income or portfolio inc...

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Before success comes in any man's life, he is sure to meet with much temporary defeat, and, perhaps, some failure. 

When defeat overtakes a man, the easiest and most logical thing to do is to QUIT. That is exactly what the majority of men do.

When failures come along the way, always k...

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