Ideas from books, articles & podcasts.
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.
MORE IDEAS FROM THE SAME BOOK
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...
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...
Rich dad used to say, “The key to becoming wealthy is the ability to convert earned income into passive income or portfolio inc...
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.”
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
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...
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...
The Three Incomes In the world of accounting, there are three different types of income:
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...
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:
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.
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
Understand the difference between an asset and a liability; and grow your income-generating assets' column.
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?”
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
As a habit, I use my desire to consume to inspire and motivate my financial genius to invest.
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...
Wealth measures how much money your money is making and, therefore, your financial survivability.
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...
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...
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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Rich people work to learn things and those things they learn can easily be applied to make money in the future, over and over again. It is better when you actually learn things in practice Being rich dor not Being rich has very little connection to material possession
People's lives are forever controlled by two emotions - fear and greed. While fulfilling our greed we often opt for a job to earn plenty of money, which is eventually a short term solution to a long term problem.
It's just like the picture of a donkey dragging a cart with its owner danglin...
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