RICH DAD POOR DAD
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About these book
Rich Dad Poor Dad is a 1997 book written by Robert T. Kiyosaki and Sharon Lechter. It advocates the importance of financial literacy, financial independence and building wealth through investing in assets, real estate investing, starting and owning businesses, as well as increasing one's financial intelligence.
Points we will be learn from rich dad poor dad
1. Assets vs. Liabilities:
-The financial education classic "Rich Dad Poor Dad" by Robert Kiyosaki changed the way a lot of people thought about money, wealth, and financial independence. The ideas of assets and liabilities are fundamental to Kiyosaki's teachings because they are the basis for accumulating wealth and reaching financial independence.
Defining Assets and Liabilities.
•Things that put money in your pocket are called assets. They have the capacity to increase in value over time and produce passive income. These could be stocks, bonds, royalties, real estate, or any other kind of investment that produces a positive cash flow.
•Things that require money out of your pocket are called liabilities. These are commitments or costs that demand ongoing financial support. These can include any expenses that don't go toward building wealth, such as credit card debt, auto loans, or mortgages.
2. Financial Education:
- The importance of self-education in personal finance, including insights on investing, taxes, and money management.
-For those who want to achieve stability, growth, and financial independence, financial education is a crucial first step. Comprehending money management, investments, and financial planning is not only beneficial but also necessary for maneuvering through the intricacies of personal finance in a constantly changing economic environment.
3. Entrepreneurial Mindset:
- How cultivating an entrepreneurial mindset, irrespective of career choices, can lead to financial independence.
4. Work to Learn, Not to Earn:
- Delving into the idea of viewing employment as a learning opportunity and a stepping stone to broader financial endeavors.
5. The Rat Race:
- Analysis of the "rat race" concept and strategies to escape it by creating passive income streams.
-14 years of school and 6 years of collage.get a job work until? It's not a life this is rat race.
6. Real Estate Investing:
- Exploring Kiyosaki's emphasis on real estate as a powerful wealth-building tool and strategies for successful property investment.
7. The Importance of Taking Risks:
- Discussion on calculated risks and stepping out of the comfort zone for financial growth.
8. The Mindset of the Rich:
- Examination of the mindset habits and attitudes that differentiate the wealthy from the financially struggling.
9. Financial Independence Retire Early (FIRE) Movement:
- Connecting Kiyosaki's principles with the popular FIRE movement and early retirement strategies.
10. The Role of Debt:
- Insight into Kiyosaki's unconventional views on debt and how it can be leveraged for wealth creation.
11. Building Multiple Income Streams:
- Guidance on diversifying income sources to reduce financial vulnerability and increase stability.
12. Overcoming Fear and Failure:
- Addressing the fear of failure and learning from setbacks on the journey to financial success.
Summary
Robert is a boy and his father is a teacher but the mindset of his dad is poor mindset.The name of Robert friend is Gimmy and his father is business man. Robert wants to become rich so Robert decide his second dad(Rich dad) Robert learn following lessons from his rich dad
Lessons
1.Rich people don't work for money.
2.Why should money understanding be taught?
3.Mind your own business.
4.The History of Taxes and the Power of Corporations.
5.Rich People Invent money.
6.work to learn not earn.
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