Rich Dad Poor Dad

Rich Dad Poor Dad

Rich Dad Poor Dad Book was published in 1997 and has been well-known for its financial literacy as well as Wealth Creation. It is believed to stem inspired by the life of Robert Kiyosaki as he brings out the story of his lessons learned about his dads one who was wealthy and the other who wasn’t. It’s one of the most recommended books in order to succeed financially.

Though it’s a self-help publication is written, it’s composed in a narrative form that tells stories and shares information and is among the most popular books ever written in the field of Personal Finance Books. The book by Kiyosaki discusses his dad who was a hard worker throughout the day and fought to secure his financial future but was poor. The “rich dad,” according to the title is actually his friend’s father, who went on the path to becoming an entrepreneur and was able to invest and increase his wealth, which in turn led to his financial prosperity.

The most effective ideas in the Rich Dad Poor Dad Book:

The most powerful asset that we possess is our minds and it is within our minds that first, we must open our minds first to the possibility of the creation of wealth. We are told that money is the result of greed, and that those who are wealthy aren’t necessarily good people. Creation of wealth will be hinder by this kind of belief system.

It’s not the money we make but it’s about the money we save (save or invest in assets, and how we build them). The book discusses real-world asset and liability patterns of the wealthy and the less fortunate.

Education that leads us to find work is driven by fear and not by passion. Fear binds us to the trap of the “rat race,” which is the vicious cycle of working to pay the bills, buying an automobile and a home, and also earning more money in order to build additional liabilities for our families.

There’s a distinction between having a poor life and being broke. Being broke is only temporary while being poor lasts forever. It is because people do not invest in education that shows people how to earn money, but instead choose to be poor, like skeptics, and continue to live with that mindset.

Rich Dad Poor Dad Book

Rich Dad Poor Dad Book
Rich Dad Poor Dad Book

People frequently say that they don’t want to earn money, but they work for 8 hours per day to earn money.

In the book Kiyosaki defines these types of assets as assets that are real

  1. Stocks
  2. Bonds
  3. Real estate that earns money
  4. Notes (IOUs)
  5. Royalty comes from Intellectual Property like patents, music, or scripts
  6. Anything that has a value that appreciates, or that generates an income and is in a market

Robert Kiyosaki majorly talks about earning income from real estate and shares his experience from years of building properties through real estate. He also discusses the way you can improve you’re financial IQ which is rarely part of the formal curriculum and is the reason why many people do not know how to earn money even after many years of education.

Financial IQ could be described as:

  1. Accounting
  2. Making an investment
  3. Knowledge of the market
  4. The Law

If you have the financial IQ you also need the determination and the ability to take risks and comprehend what’s at stake in these risks. This book does not constitute gambling when you know exactly what you are doing. It’s gambling when you’re simply putting money at a deal and waiting for the right time to pray.”

He also outlines the managerial capabilities that are essential to succeed:

  1. Control of cash flow
  2. Systems management
  3. People management

The 5 characteristics of a person who is financially educated include fear, cynicism insanity, bad habits, and arrogance. These don’t allow them to become rich despite the ability to read.

As per the Rich Dad, people frequently think “I cannot afford it” which shuts their minds from the possibility of bringing the dream closer. Instead, one should think about “How do I pay for it” and then find ways to be closer to the possibilities.

Overall, it’s a great book, with actionable tips which can be easily implemented. It will transform the way we view the creation of wealth and how we manage it. It’s not you make. You could be lucky enough to win a lottery, but be bankrupt within a few days when you don’t have the discipline required to manage your finances.

Tips from the book Rich Dad Poor Dad

# 1. You are also an asset and as an asset is a chance to fluctuate up and down. There are a few who don’t “almost” depend on the allocation of assets to achieve financial independence.

# 2. In real life, the amount of money could be greater and the majority of businesses that are able to invest be less profitable or carry higher risk. In this instance investing in yourself to increase your chances of earning more earnings is the best choice.

# 3. The book declares that assets that have positive cash flows are considered to be liabilities that are greater than cash or cash inflows (debt interest or management fees, for example. ) however, assets that have negative cash flows could turn into positively flowing cash. For instance, selling assets at times when prices are high.

# 4. The act of spending money isn’t just about money, but also the benefits it can provide.

# 5. The money you borrow is not just money and loan interest, but it also generates income that the money generates. It’s a viable option for those who want to borrow money because it can result in higher cash flows than interest on loans. However, most people do not have such capabilities…

# 6. Investment opportunities that are profitable aren’t available to the general public. Any investment that has significant annual returns is dangerous. We must improve our financial understanding to determine whether this investment is a good idea or an investment that is risky.

# 7. Opportunities to be better than others could arise in the next ten years (for instance, in the years 2008 and 2020) However, if are not able to afford opportunities due to insufficient funds resulting from spending too much on your daily expenses then you have the right to fall into poverty…

# 8. When investing for a profit means investing in a project, however, it does not mean that you should abandon other opportunities to invest in the near future. The investment decision is not based on income, but on the possibility of a gap in income.

# 9. If you borrow funds to fund your investment, it’s advised that the loan is repaid first if the interest rate on the loan is higher than the profit of your investment.

# 10. No matter how much property you own, individuals or companies cannot stop cash flow.

# 11. Think independently. Thinking independently regarding your financial goals is crucial. The truth is that it is always within the reach of only a few people. The first step is to learn the basics of the venture you’d like to put your money into.

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