12 Lessons From The Book Rich Dad Poor Dad:
1. Don't Work for Money
Rich people do not work for money. If you work for money, you start thinking like an employee.
It is important to start thinking differently. The rich focus on assets.
Every dollar in their assets is their hard-working employee. Money works for them.
Rich people do not work for money. If you work for money, you start thinking like an employee.
It is important to start thinking differently. The rich focus on assets.
Every dollar in their assets is their hard-working employee. Money works for them.
2. Pay Yourself First
Reward yourself before you can pay anyone else. Control how you behave with money.
Without controlling yourself, it is hard to get rich.
Pay yourself by buying assets that in return will allow you to buy anything that you want.
Reward yourself before you can pay anyone else. Control how you behave with money.
Without controlling yourself, it is hard to get rich.
Pay yourself by buying assets that in return will allow you to buy anything that you want.
3. Acquire Assets
Don't buy liabilities. Many people confuse liabilities with assets.
They acquire luxuries such as cars and big houses.
But the rich buy assets and their assets buy them luxuries.
The poor or middle class buy luxuries first, and the rich buy luxuries last.
Don't buy liabilities. Many people confuse liabilities with assets.
They acquire luxuries such as cars and big houses.
But the rich buy assets and their assets buy them luxuries.
The poor or middle class buy luxuries first, and the rich buy luxuries last.
4. Increase Your Wealth
Rich is measured in money. Wealth is measured in time.
Wealth is your ability to survive for a period of time in the future.
If you want to know how wealthy a person is, find out how long he could survive without a salary.
Rich is measured in money. Wealth is measured in time.
Wealth is your ability to survive for a period of time in the future.
If you want to know how wealthy a person is, find out how long he could survive without a salary.
5. Train Your Mind
Your mind is your best asset. If you train your mind well, it can create wealth.
Intelligent minds donโt always become successful, but brave minds do.
Teach your mind to learn things and embrace change. If you cling to old ideas, you will be left behind.
Your mind is your best asset. If you train your mind well, it can create wealth.
Intelligent minds donโt always become successful, but brave minds do.
Teach your mind to learn things and embrace change. If you cling to old ideas, you will be left behind.
6. Mind Your Own Business
Minding your own business is about focusing on assets instead of income.
Donโt struggle all of your life for someone else's dreams.
Use your time to build a business and increase your assets.
Use the generated income from assets to buy luxuries.
Minding your own business is about focusing on assets instead of income.
Donโt struggle all of your life for someone else's dreams.
Use your time to build a business and increase your assets.
Use the generated income from assets to buy luxuries.
7. Teach Yourself Financial Literacy
A lot of people are highly educated and become successful in their profession, but are financially illiterate.
Financial education is a crucial skill to learn. Many financial problems arise as a result of a lack of financial education.
A lot of people are highly educated and become successful in their profession, but are financially illiterate.
Financial education is a crucial skill to learn. Many financial problems arise as a result of a lack of financial education.
8. Find a Reason
Everyone wants to be rich, but many donโt want to struggle. Some want to be rich. But others donโt want to die poor.
You have to find a reason why you are doing this. If you donโt have a reason, then it is difficult to stay on this path.
Everyone wants to be rich, but many donโt want to struggle. Some want to be rich. But others donโt want to die poor.
You have to find a reason why you are doing this. If you donโt have a reason, then it is difficult to stay on this path.
9. Skills for Success
The skills for success are the management of cash flow, systems, and people.
Sales and marketing are the most essential skills.
The ability to sell and communicate with another human being is an important skill for great success in life.
The skills for success are the management of cash flow, systems, and people.
Sales and marketing are the most essential skills.
The ability to sell and communicate with another human being is an important skill for great success in life.
10. Learn Technical Skills:
Your financial IQ will be increased by learning four technical skills:
- Investing: Science of making money
- Accounting: Understand and read numbers
- Law: Knowledge of tax and corporations
- Understanding markets: Science of supply and demand
Your financial IQ will be increased by learning four technical skills:
- Investing: Science of making money
- Accounting: Understand and read numbers
- Law: Knowledge of tax and corporations
- Understanding markets: Science of supply and demand
11. Learn to Manage Risk
Investing is not risky if you have knowledge of what you are doing. Reducing risk requires an increase in knowledge.
Knowledge does not necessarily come from school.
You have to read books or be around knowledgeable people.
Investing is not risky if you have knowledge of what you are doing. Reducing risk requires an increase in knowledge.
Knowledge does not necessarily come from school.
You have to read books or be around knowledgeable people.
12. Overcome Your Obstacles
People stay broke for five reasons:
- Fear
- Cynicism
- Laziness
- Bad habits
- Arrogance
Everyone does not like losing money.
For many people, the fear of losing money is much more terrifying than the joy of having money.
People stay broke for five reasons:
- Fear
- Cynicism
- Laziness
- Bad habits
- Arrogance
Everyone does not like losing money.
For many people, the fear of losing money is much more terrifying than the joy of having money.
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I write about
- Personal Finance
- Investing
- Wealth
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I write about
- Personal Finance
- Investing
- Wealth
Subscribe to receive a free guide on the top 5 ETFs to hold for life: bit.ly
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