“Rich Dad Poor Dad” by Robert Kiyosaki

“Money can’t buy happiness.” This is a common phrase we’ve all heard. But money can sure make things much more comfortable. Financial security, not being rich, can eliminate much of the stress in one’s life. This book had numerous lessons on how to enhance that financial security. In doing so, one could hopefully relieve the resources used in worrying about finances, and apply them to other endeavors.

  1. The rich don’t work for money, it works for them.
  2. “How you’re feeling.” You don’t have to say it to anyone else. Just yourself.
  3. You must know the difference between an asset and a liability. If you want to be rich, buy assets. An asset is something that puts money in my pocket.
  4. Financial struggle is often directly the result of people working all their life for someone else.
  5. Acquire assets that you love.
  6. Accounting is a vital skill if you want to build an empire. The #1 skill.
  7. Investing is the science of making money. The #2 skill.
  8. The #3 skill is understanding markets and the science of supply and demand.
  9. The #4 skill is knowing the law and having it work for you.
  10. Consider the benefits of incorporation if you own any legitimate assets.
  11. Losers avoid failing. Failure turns losers into winners.
  12. “Do what you feel in your heart to be right—for you’ll be criticized anyway. You’ll be damned if you do, and damned if you don’t.”
  13. Need a reason greater than reality.
  14. Use the power of choice daily.
  15. We all make daily, the choice of what we do with our time, our money, and what we put in our heads.
  16. Choose friends carefully.
  17. Consciously make an effort to learn from your friends.
  18. Smart investors don’t time markets. If they miss a wave, the search for another one.
  19. Be careful what you study and learn, because your mind is so powerful that you become what you put in your head.
  20. Pay yourself first.
  21. Management skills necessary to start your own business:
    1. Manage cash flow.
    2. Manage people.
    3. Manager personal time.
  22. Pay your brokers well and see the power of good advice.
  23. When interviewing paid professionals, first find out how much property or stocks they personally own and what percentage they pay in taxes.
  24. Invest in the assets you get for free once you get your money back.
  25. Whenever you feel “short” or “in need” of something, give what you want first and it will come back in buckets. This is true for money, a smile, love, and friendship.
  26. Find someone who has done what you want to do. Take them to lunch and ask them for tips.
  27. You don’t know what the right price is until you have a second party who wants a deal.
  28. For there to be profit in a deal, there must be two elements: a bargain and change.
  29. Make an offer with “subject to approval of business partner” in a contract.

Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!

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