He advises on keeping the learning curve alive, taking courses, buying tapes, attending seminars. Getting Started This chapter serves as a section on tips to create and build personal wealth.
If I want to buy something, I must first generate enough cash flow from my assets to cover these expenses. In looking for real estate investment opportunities, the author recommends looking in the right places. If you pay yourself last, you would feel no pressure, but you would probably not come up with new sources of income either.
I thought it might be insightful to immediately mention the first two times I read the book and my reactions following the reading. His first tip is, find a reason greater than reality to motivate you. Playing not to lose money means you will never make money. Find people who are the best in their field.
The Rich Invent Money The author develops the concept of self-doubt. For example, your home is an asset because it is something you own that has value. In essence, this is a chapter on personal productivity with a touch of the same rule of attraction nonsense found in The Secret.
When something does not work out the way you planned, let it inspire you to try a different approach.
I want to have control over how I decide to spend my time. What he means by this is to wake up the financial genius in oneself by empowering the mind.
I also created a video for you which explain some of these lessons in a more visual way: It is essential to know the difference between assets and liabilities.
Overcoming Obstacles The opinion of the author is that five personality traits hamper human beings: It has since sold over 32 million copies and become a household name. The author also believes that true luxuries are experienced when they are the outward manifestations of intelligent investing and asset building.
Have a clear purpose in mind. People never get ahead financially even if they have plenty of money because they have opportunities that they fail to tap, he stresses.
According to Kiyosaki, there is one rule, and only rule that can help a person to build a strong foundation; know the difference between an asset and a liability, and make sure that you only control assets.
It gives readers additional tips to help them reach for financial rewards. He was the type who encouraged money talk at the dinner table and was portrayed by the author as someone who learned to manage risk, instead of not taking risks.
This is accomplished by gaining knowledge of accounting, investing, understanding the markets, and the law. The author stresses that there is obviously something confining about being an employee; it shuts the mind to other possibilities and it stunts initiative.
The author encourages readers to look for new ideas, to pick the brains of individuals who have the experience and who have already done what one aspires to do.We would like to show you a description here but the site won’t allow us.
Rich Dad Poor Dad is a book written by Robert Kiyosaki and Sharon Lechter. It advocates the importance of financial literacy (financial education), financial independence and building wealth through investing in assets. “Rich Dad Poor Dad is a starting point for anyone looking to gain control of their financial future.” - USA TODAY RICH DAD POOR DAD What.
Reaction Paper About the Story RICH DAD - Download as Word Doc .doc /.docx), PDF File .pdf), Text File .txt) or read online.4/4(16). This summary of Rich Dad, Poor Dad by Robert Kiyosaki lists the key lessons on how to escape the "rat race" and achieve financial independence.
The first being his Poor dad, his biological father who was a well-educated, highly paid government official and the other being his Rich dad, a close mentor who owned a successful business.Download