Understand the difference between an asset and a liability; and grow your income-generating assets' column.
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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.
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.
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...
Rich dad used to say, “The key to becoming wealthy is the ability to convert earned income into passive income or portfolio inc...
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.”
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:
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
The Three Incomes In the world of accounting, there are three different types of income:
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...
As a habit, I use my desire to consume to inspire and motivate my financial genius to invest.
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...
Wealth measures how much money your money is making and, therefore, your financial survivability.
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?”
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.”
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...
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...
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...
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
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...
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
More like this
Your net worth gives an overview of your financial situation at this point. It is the difference between what you own and what you owe.
Your net worth is positive if your assets exceed your liabilities.
A negative net worth is when your liabilities are greater than your assets....
Debt is a liability unless you use it to finance income-generating assets. Don't take on debt for anything that does not increase in value over time.
Suitable forms of debt include buying real estate as a rental property, investing in your business, or a student loan.
We all love to buy cool gadgets, but Billionaire and Millionaire see it as a waste of money. Here is why? your 20 lakh watch can show the same time a 250 Rs watch can do.
And that is why? We must educate ourself the difference between assets and lialibities.Assets-bring money- you're land...
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