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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 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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Rich dad used to say, “The key to becoming wealthy is the ability to convert earned income into passive income or portfolio inc...
Wealth measures how much money your money is making and, therefore, your financial survivability.
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.
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?”
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
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...
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.”
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...
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...
The Three Incomes In the world of accounting, there are three different types of income:
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:
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.”
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...
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
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...
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
Understand the difference between an asset and a liability; and grow your income-generating assets' column.
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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There are 2 types of income:
Active Income: You are trading time for money. In order to make money you must perform something. Every day you start from zero.
Passive Income: You do not have to be present to generate income. Things like real estate...
The idea of a diversified portfolio is to have different kinds of active and passive income.
Passive income is investing time and money up front to help earn money continually even while you sleep. It can take many forms, including digital downloads, e-books, selling stock imagery, lic...
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