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Rich Dad, Poor Dad

Rich Dad, Poor Dad

by Robert T. Kiyosaki

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

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

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

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...

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...

Financial Freedom starts with a strong financial education.

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...

Failure inspires winners to become winners.

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...

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

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

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

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.”

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

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...

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

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...

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...

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...

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

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

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.”

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...

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

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

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

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

  1. Ordinary earned
  2. Portfolio
  3. Passive

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...

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

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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