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ASSALAM-O-ALAIKUM
RICH DAD POOR DAD
Rich Dad Poor Dad is a 1997 book composed by Robert Kiyosaki and Sharon Lechter. It advocates the significance of money related proficiency (monetary training), budgetary freedom, and building riches through putting resources into resources, land contributing, beginning and claiming organizations, just as expanding one's budgetary knowledge (monetary IQ) to improve one's business and monetary fitness. Robert Kiyosaki followed the book with Rich Dad's Cashflow Quadrant and Rich Dad's Guide to Investing. He has in any event twelve books distributed.
Rich Dad Poor Dad is written in the style of a lot of illustrations, apparently dependent on Kiyosaki's life. The nominal "rich father" is his companion's dad who aggregated riches because of business enterprise and sharp contributing, while "poor people father" is professed to be Kiyosaki's own dad who he says buckled down for his entire life yet never got money related security. Nobody has ever demonstrated that Rich Dad, the man who as far as anyone knows offered Kiyosaki all his guidance for well off living, at any point existed. Nor has anybody at any point archived any tremendous stores of riches earned by Kiyosaki preceding the distribution of Rich Dad, Poor Dad in 1997.
Summary
""There is a difference between being poor and being broke. ""So many people say, ‘Oh, I’m not interested in money. ""You must know the difference between an asset and a liability, and buy assets. An asset puts money in your pocket.
A liability takes money out of your pocket. ""Illiteracy, both in words and numbers, is the foundation of financial struggle. ""Money often makes obvious our tragic human flaws, putting a spotlight on what we don’t know. ""Cash flow tells the story of how a person handles money.
""Most people don’t understand why they struggle financially because they don’t understand cash flow. ""More money seldom solves someone’s money problems. ""A person can be highly educated, professionally successful, and financially illiterate. ""Many financial problems are caused by trying to keep up with the Joneses.
Once you understand the difference between assets and liabilities, concentrate your efforts on buying income-generating assets.
""The rich buy assets. "The rich focus on their asset columns while everyone else focuses on their income statements. "Financial struggle is often directly the result of people working all their lives for someone else. ""Financial struggle is often the result of people working all their lives for someone else.
""One of the main reasons net worth is not accurate is simply because, the moment you begin selling your assets, you are taxed for any gains. ""Keep expenses low, reduce liabilities, and diligently build a base of solid assets. Kiyosaki says he owns a business that does not require his presence.
Kiyosaki generally holds real estate for less than seven years. Keep your daytime job, but start buying real assets, not liabilities. ""The best thing about money is that it works 24 hours a day and can work for generations. ""An important distinction is that rich people buy luxuries last, while the poor and middle class tend to buy luxuries first.
""A true luxury is a reward for investing in and developing a real asset. Kiyosaki’s rich dad did not see Robin Hood as a hero.
""Often in the real world, it’s not the smart who get ahead, but the bold. Kiyosaki sees one thing in common in all of us, himself included. Kiyosaki always encourages adult students to look at games as reflecting back to them what they know and what they need to learn. "Financial intelligence is simply having more options.
"The single most powerful asset we all have is our mind. "The world is always handing you opportunities of a lifetime, every day of your life, but all too often we fail to see them. " ""You want to know a little about a lot" was rich dad’s suggestion. "Look down the road at what skills they want to acquire before choosing a specific profession and before getting trapped in the Rat Race.
""Education is more valuable than money, in the long run. ""The reason so many talented people are poor is that they focus on building a better hamburger and know little to nothing about business systems. ""The most important specialized skills are sales and marketing. ""To be truly rich, we need to be able to give as well as to receive.
""Giving money is the secret to most great wealthy families. ""The primary difference between a rich person and a poor person is how they manage fear. There are five main reasons why financially literate people may still not develop abundant asset columns that could produce a large cash flow. ""For most people, the reason they don’t win financially is that the pain of losing money is far greater than the joy of being rich.
"Real estate is a powerful investment tool for anyone seeking financial independence or freedom. "A great property manager is key to success in real estate. The most common form of laziness is staying busy. ""Rich dad believed that the words ‘I can’t afford it’ shut down your brain.
"Richard has found that many people use arrogance to try to hide their own ignorance. " "To find million-dollar ‘deals of a lifetime’ requires us to call on our financial genius. " ""The rich know that savings are only used to create more money, not to pay bills.
If Richard could leave one single idea with you, it is that idea.
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| Robert kiyoSaki |
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