Summary: Rich Dad Poor Dad by Robert T. Kiyosaki
Summary: Rich Dad Poor Dad by Robert T. Kiyosaki

Summary: Rich Dad Poor Dad by Robert T. Kiyosaki

Stop working for people.

Working your life for someone means putting little money in your pocket and lots in others.

 

Rich don’t work for money.

Rich don’t play it safe. Rich takes risks. Poor and middle-class exchange lots of their time for little money and some security.

 

Learn the difference between Assets and Liabilities.

Asset puts money in your pocket. Liability takes it away.

You buy a house with mortgage means you have a liability. You buy a house and rent it, and the rent itself pays the mortgage plus puts some in your pocket, you have an asset.

Only buy a house if it makes sense from a cash-flow perspective today (not future). Don’t buy it because of the potential appreciation in the future.

 

Know your assets well.

Assets are anything from stocks, bonds, notes, income-generating real estate, royalties, intellectual property (software, music, patents) and anything that produces income or appreciates).

 

Rich pay taxes last.

Poor pay it first. Rich knows the systems and use loopholes to pay as little as possible.

 

Work to learn, not to earn.

Learn management, business acumen, sales and marketing. Hire those smarter than you are. Remember you might just be one skill away from revolutionizing your life.

 

Learn to sell well.

Most know how to make a better burger than MacDonalds, yet MacDonald worth much more because they know how to sell well.

 

Financial IQ is the 3rd IQ.

Increase yours by understanding, accounting, markets, investing and laws.