Rich Dad Poor Dad
Some lessons from Robert Kiyosaki's lovely book
- It's not about how much money you make its about how much money you keep. Rich people acquire assets. The poor and middle class acquire liabilities, that they think are assets. You must know the difference between assets and liabilities and buy assets. Learn to use your emotions to think, not think with your emotions
- A person can be highly educated, professionally successful but financially illiterate. Be true to your inner wisdom than to your fears. The real tragedy is the lack of financial education is what creates the risk faced by average middle class. The reason they have to play safe is because their financial positions are tenous at their best. The most important thing is to know the difference between asset and liability and thats the best way yo get started on path to becoming rich.
- The rich focus on their asset columns while everyone else focuses on their income statements. Financial struggle is often the result of people working all their lives for someone else. Start minding your own business. Keep your daytime job but start buying real assets.
- If you work for money you give power to your employer.If money works for you, you keep the power and control it. In the real world, its not the smart who get ahead, but the bold. The single most powerful asset we have is our mind. If it is trained well, it can create enormous wealth. Take time to develop your financial intelligence. Harness the power of your brain and the asset column. Great opportunities are never seen with your eyes. They are seen with your mind.
- The primary difference between a rich person and poor person is how they manage fear. Job security should not mean everything to you but learning should mean everything. We often get trapped by two emotions fear and desire. If we don't learn to first handle fear and desire, even though we get rich, it will be nothing more than a highly paid slave.
- To spend your life living in fear, never exploring your dreams is cruel. To work hard for money, thinking that it will buy you things that will make you happy is cruel. To live a life dictated by size of paycheck is not really living a life. Thinking that a job makes you secure is lying to yourself because job is just over broke
- Winning means being unafraid to lose. For most people, the reason they don't win financially is because the pain of losing money is far greater than the joy of being rich. Overcome cynicism cynics never win.Unchecked doubt and fear creates cynics.Cynics criticise and winners analyze.
- Overcome laziness and the cure for it is greed kept in control. A little greed is not harmful. How can I afford it opens up possibilities, excitement and dreams. Do what you feel in your heart is right as you will be criticised anyway.
- Chose friends carefully, don't listen to frightened people they will always tell you why something wont work. Teach and you shall receive. Whenever you feel short or in need of something give what you want first and it will come back in buckets. It is true even for love friendship and money. When you teach someone lots of new ideas and finer distinctions will come in. Be generous with what you have. All of us have two gifts: our mind and our time. It is upto us what to do with it. Spend it foolishly and you choose to be poor. Spend it on liabilities you will be middle class and invest in your mind and learn how to acquire assets you will be rich. The choice is ours and only ours.
- Find a reason greater than reality that is the power of spirit. It's love which will get you over hurdles and sacrifices.