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Rich Dad, Poor Dad

Rich Dad, Poor Dad

Robert T. Kiyosaki

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Grow your assets

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

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12K reads

Your best employee is your money.

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 a day and can work for generations.

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Potential within us

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, but more the lack of self-confidence.

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How to overcome financial crisis:

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 Assets.

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The key to wealth:

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

He would say,Taxes are highest on earned income. Th e least-taxed income is passive income. That is another reason why you want your money working hard for you. Th e government taxes the income you work hard for more than the income your money works hard for.”

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Hardest pill to swallow :

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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Education and wisdom about money are important:

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 learning as a kid. I encourage you to learn, because it’s not that hard. In fact, it’s pretty easy once you get the hang of it.

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WARNING:

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 falling! They can always tell you why something won’t work.

But people who blindly accept doom-and-gloom information are also Chicken Littles.

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Welcome new possibilities

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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Pay yourself first:

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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How to successfully pay yourself first:

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 in the Rat Race is not intelligent.

2. When you come up short, let the pressure build and don’t dip into your savings or investments. Use the pressure to inspire your financial genius to come up with new ways of making more money, and then pay your bills. You will have increased your ability to make more money as well as your financial intelligence.

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The Rich know:

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

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Your world is your mirror:

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

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Doubts often paralyze us:

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?”

These words of doubt often get loud.

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Meaning of wealth

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

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Financial IQ is made up of these four main technical skills :

  1. Accounting
  2. Investing
  3. Understand Market
  4. The law

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Passive and Portfolio Income:

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 income, in most cases, is income derived from real estate investments. Portfolio income is income derived from paper assets such as stocks and bonds.

Portfolio income is the income that makes Bill Gates the richest man in the world, not earned income.

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Always remember:

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

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Choose your Heroes

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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Financial education first.

Financial Freedom starts with a strong financial education.

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5 Roadblocks

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
  3. Laziness
  4. Bad habits
  5. Arrogance

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Desire to invest

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

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The Three Incomes :

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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Analyse > Criticise

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.

Instead of analyzing, they close their minds to another powerful investment vehicle, the stock market.

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Give and you shall receive:

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 friendship.

Often just the process of thinking of what I want, and how I could give that to someone else, breaks free a torrent of bounty.

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Cure for laziness

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

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Reason for wanting to be rich?

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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Make that choice everyday.

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

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Don‘t bury your failures :

Failure inspires winners to become winners.

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Failures come just a step before success:

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 know that you're close to success🔥

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A person who pays everyone first:

A person who pays everyone first:

Don't be this person

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A person who pays themselves First:

A person who pays themselves First:

Pay yourself first

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Excellent example of flipping real estate 💎

Excellent example of flipping real estate 💎

🔌page 107

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Stop Digging

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

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