Rich dad poor dad summary in brief
Robert Kiyosaki says we are in Rat race game(income statement and balance sheet and cash flow) study hard, risky for children to say get good marks and look for a good and secure job. Teach accounting and investing as scholastic skill important as same financial and communication skills. The author has two father one who is poor say work for corporation another rich dad says owns the corporation. One Be smart people another say know how to hire smart people. financial intelligence is a mental process to solve our financial problem. One says u can't afford (statement)sleep mind it other say how can I afford it( question)exercise mind
Chapter one ( poor dad own PhD and rich dad is an eight-class pass(richest man in Hawaii(dead leaving 10 million ).one say the love of money is the root of a problem other say lack of money is the root of the problem.
6 lesson
1) The poor and the middle-class work for money.” “The rich have money work for them. An emotion of fear and desire or greed control your mind so we chasing paychecks, pay raises, job security just like donkey dragging carrot (32page ).
To spend your life living in fear, never exploring your dreams, is cruel. To work hard for money,
thinking that money will buy you things that will make you happy is also cruel. To wake up in
the middle of the night terrified about paying bills is a horrible way to live. To live a life dictated
by the size of a paycheck is not really a life. Thinking that a job will make you feel secure is lying
to yourself. That's cruel, and that's the trap I want you to avoid.
Chapter 3
Rich know money is an illusion. At 1990 his father dies and 1994 he retired at age of 47 assets like planting a tree you water it for a year and one day it doesn't need u it's root have gone down deep, provide shade for enjoyment.
It's not how much u make it's how much money u keep. different between assets and liabilities kiss-reading comprehensive financial literacy in both word and number
Wealth is a person's ability to survive so many numbers of days forward or if I stopped working today if I don't work to satisfy my expenses n enough money from asset column .like 50 k and 50 k from asset
Chapter 4 mind your own business
1)Businesses that do not require my presence. I own them, but they are managed or run by
other people. If I have to work there, it's not a business. It becomes my job.
2. Stocks.
3. Bonds.
4. Mutual funds.
5. Income-generating real estate.
6. Notes (lOUs).
7. Royalties from intellectual property such as music, scripts, patents.
8. And anything else that has value, produces income or appreciates and has a ready market
Chapter -8( avoid an obstacle)
Cynics criticize, and winners analyze”
Spirit and lazy mind saying different. How can I afford to never work
again?”..beat laziness? The answer is a little greed..but not much.
Arrogance is ego plus ignorance many people use arrogance to try to hide their own ignorance you ignorant in a subject, start educating yourself by finding an expert in the field or find a book on the subject.
Getting started (10 steps )
1) reasons vs reality
A reason or a purpose is a combination of “wants” and “don't want.” without a strong
reason or purpose, anything in life is hard
Most people simply buy investments rather than first, invest in learning about investing. The world will push you around. financial literacy allows one to read numbers and numbers tell the story.
Book link
Everyone has the question in mind that, why only a few people get really rich and why most of the people die living a poor or middle-class life.
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