Today, In this post, I am going to be telling you some of the best lessons that I took from “Robert Kiyosaki’s Rich Dad Poor Dad” and are really important to be known by today’s students, teachers, entrepreneurs and people from all sorts of fields in life.
Please note that I am not infringing any copyright and I am just telling you my points not the book’s passages.
You can buy the book anytime from amazon here.
The lessons that I took are as follows :
⦁ There are two types of emotions that will stop you to from trying anything new in life. Those two emotions are fear and greed. Fear keeps you work for money all your life because you have bills to pay. And greed is what makes you work harder and harder so that you can get some extra cash. But what we don’t know is that no matter how much more money you make, there will always be more expenses coming with it.
⦁ Most of the people you will meet in your life will tell you that they don’t work for money yet they wake up daily at 8 am and go to work for a eight hour job. Greed and desire are what keeps us alive, but we should use these emotions in finding news ways to gain money without getting expenses with it.
⦁ The rich people focus first on building assets while for poor, it is the opposite. The poor people have so much liabilities assigned with them that no matter how much they earn, they will always end up broke.
⦁ An asset is anything that puts an extra money in your pocket, while a liability is anything that takes money out of your pocket.
⦁ The poor also are assigned to pay taxes to the government while the rich work legally using corporations to save taxes. if we sum up the taxes taken by the government, Most people work five months of the year to put money in government’s pocket.
⦁ While poor people have liabilities, the middle class are often confused between assets and liabilities. What they generally think are assets, are actually liabilities.
⦁ When you have control over the fear and greed part, you can escape the rat race. People struggle financially because they keep working for someone else’s dream all their lives.
⦁ To be rich, you have to focus on building your asset coloumn stronger and stronger. Keep building asset until the day arrives when the profits from your asset starts paying for your expenses. You then become financially FREE.
⦁ The major reason why the rich are getting richer and poor are getting more poor is that the rich focus on building assets first and then buy luxuries and expenses while the poor buy luxuries first to try to look rich.
⦁ Each dollar you are going to put in your assets is going to work for you and make more money. This is how money works for you.
⦁ The best and the most important asset that we can invest in is our own mind. We can gain knowledge and start investing from this very moment.
⦁ Financial IQ is very necessary to have in order to handle money and make it work for you. Financial IQ consists of : Accounting, Investing, Understanding markets and The law ( Tax advantages ).
⦁ Knowledge will help you in seeing an opportunity that everyone else missed. You can then use this to raise money. Try to organize smart people to handle your works to get the best results.
⦁ Try to gain a little knowledge in lots of different fields. Gaining speciality in only one field will get you trapped and it will be very hard to escape that.
⦁ The art of selling and marketing is very important. Take a course or buy books on selling.
⦁ There are mostly five reasons that stop you from learning something new : Fear, Cynicism, Laziness, Bad Habits and Arrogance.
⦁ Pay yourself first. Invest in assets. The fear of overdue bills will pressurize you in finding new ways to make more money thereby increasing the assets and decreasing the money spent from savings.
⦁ To awaken your financial genius which is sitting in everyone of us, you need to : find a reason greater than reality as your goal. Then start making daily choices regarding money problems. Focus on choosing your friend circle as it will bring you a good amount of knowledge. Master a skill and then move on to learn another. The final is to – Pay yourself first.
⦁ The rich are well aware of the fact that your savings are used to make more money not to pay bills and expenses.
⦁ The best strategy to make money work for you is to get your investment amount back as soon as possible so technically your profit will be the one making more money and you will never be at any loss.
⦁ Try to give others as much as possible, and it will come back in buckets.
⦁ The poor people think that the rich are greedy but in fact, the opposite prevails. They work more and more to earn more, while the rich don’t work and leave the assets do their work.
⦁ Always Remember : You start making a profit the moment you buy, not the moment you sell something. Profit is in buying at less amount.
⦁ Any person can become wealthy if he she learns how to convert the income they earn into passive income.
⦁ Wealth is determined by the number of days you can survive if you leave your earning income.
I hope these twenty five lessons will help you in changing your thinking and find more ways to make money work for you. This article was written with love and passion, so hope that you will leave your precious feedback below. Thank you!