One thing is missing in our current education is how to keep the money. Most people do what everyone does. Fear is the main reason why people play safe. Intelligent people hire more intelligent people. Keep buying income generating assets. Rich buy assets.

Learn Financial Literacy (Continued)

Be bold, take risks. Financial intelligence consists of these 4 skills: accounting, Investing, understanding markets, the law of awareness of accounting. Invest in your financial intelligence. Have fun! We learn by making mistakes. Main reason most people are not rich is because they are terrified of losing. People who avoid failure also avoid success. Learn to manage risk instead of avoiding it.

The rich invent the money

Most people need to learn one more skill to get rich. When it comes to money the only single skill that people know is working hard. You want to know a little about a lot. The main management skills are management of cash flow (assets and liabilities), management of systems (basic economic theory, political landscape, etc) and management of people. Sales and marketing are one of the most important specialized skills. Communication skills such as Writing, speaking and negotiating are crucial for life of success.

Work to learn. Don’t work for money

Aquire assets that you love. Stocks and income generating real assets. Build and keep you asset column. Keep your daily job and make your assets grow.

Mind your own business

It’s how much money you keep not how much you make. You need to be a financially literate. Master financial literature. Accounting is very important even though it’s boring. Account analysis is an important skill. Understanding the difference between asset and liability is crucial. Do know the difference! Keep it super simple. Buy an asset not a liability. You have to understand the numbers. Rich acquire assets. Asset is what puts money to your pocket. In financial reporting the story is important. Cash flow tells the story how the money is spending. (Continued in next idea..)

Learn financial literacy

If you wanna know the key points from the book, the following ideas are for you

The Summary Of The Book

Accounting, investing, understanding the markets, the law. You should understand the tax advantages. Corporations ear, spend their expenses and then pay taxes on what is left. It’s one of the biggest tax loopholes that you can take advantage of. Owning your corporation is also a protection from the legal part. Think about personal corporations.

The history of taxes

The fear is the main cause of working for money. Rich people make money work for them. Job is a short term solution to a long term problem. Emotions should not control your thinking. Money is illusion. Money is not real.

Have money work for you. Don’t work for money.

Although we have been successful in our careers, they have not turned out quite as we expected. We both have changed positions several times-for all the right reasons-but there are no pension plans vesting on our behalf. Our retirement funds are growing only through our individual contributions. Michael and I have a wonderful marriage with three great children. As I write this, two are in college and one is just beginning high school. We have spent a fortune making sure our children have received the best education available. One day in 1996, one of my children came home disillusioned with school. He was bored and tired of studying. “Why should I put time into studying subjects I will never use in real life?” he protested. Without thinking, I responded, “Because if you don't get good grades, you won't get into college.” “Regardless of whether I go to college,” he replied, “I'm going to be rich.”

moneyandinvestments

Money & Investments

education

Learning & Education

business

Business

books

Books

Kiyosaki is best known for his book Rich Dad, Poor Dad, the #1 New York Times bestseller. Kiyosaki followed with Rich Dad's CASHFLOW Quadrant and Rich Dad's Guide to Investing.

The Summary Of The Book

Similar ideas to The Summary Of The Book

Write a (Tiny) Book Report

What is a Book Summary?

Why Write a Book Summary?