ALL IZZ WELL

A book that will change your perspective on finance- Rich Dad Poor Dad by Robert T. Kiyosaki. Finance is the most important part of a child, adult and old age. It is what motivates, it is a lifestyle, living for most, the need of the hour and many more for everyone. The school doesn’t educate us all about finance and makes us finance literate. The difference between poor, middle class and rich. However, as we come to the job market or business we value it in our lives. If you read till this even if you agree or don’t agree. I recommend everyone to read the real asset book ‘Rich Dad Poor Dad’ by Robert T. Kiyosaki. 

 To Find Out Why? 

Here’s the ‘Rich Dad Poor Dad’ Book Summary in His Quotes-

    Change The Narrative: Put Brain into Work!

• ” I can’t afford it.”The other(poor)dad forbade those words to be used. He insisted I ask,” How can I afford it?” One is a statement, and the other is a question. One puts the brain to stop working other sets the brain to work.

• Thoughts become things.

• Broke is temporary. Poor is eternal.

• My rich dad always said, “Money is Power”.

• The Rich don’t work for money, money works for them.

• Use your head

• If you want something, work for it.

• Opportunities come and go. Being able to know when to make quick decisions is an important skill.

• We learn best through action.

• Life is the best teacher of all.

• Each push is life saying, “Wake up. There’s something I want you to learn.”

• Learning by making mistakes through trial and error is more and more important.

• I’ve learned to focus on what I do have control over myself. And if things must change, first I must change.

• Lack of financial Education.

• People’s lives are forever controlled by two emotions: fear and greed.

• By not giving in to your emotions, you were able to delay your reactions and think that is important. We will always have emotions of fear and greed.

• “Fear pushes you out the door, and desire calls to you. That’s the trap.”

• Choosing what we think rather than reacting to our emotions.

• Keep using your brain, work for free, and soon your mind will show you ways of making money far beyond what I could ever pay you. You will see things that other people never see.

• Imagination thrives.

It’s All About Assets, Not Liabilities!

• Rich people acquire assets.

• The difficulty comes in asking adults to unlearn or become children again.

• An asset puts money in my pocket. A liability takes money out of my pocket.

• The illiterate of the 21st century will be those who cannot learn, unlearn and relearn.

• Taxes.

• Clear off the high-interest consumer debt.

• Japanese were aware of 3 powers: The power of the sword, the jewel and the mirror.

• He who has the gold makes the rules.

• Self-knowledge (The most treasured of the three)

• Occasionally, we all need to look in the mirror and be true to our inner wisdom rather than our fears.

• Rich dad detested the words, ” We have to do it this way everyone else does it.” and can’t.

• ” An intelligent person hires people who are more intelligent than he is.”

• School discouraged creativity.

• The financial statement is your scorecard.

• Once you understand the difference, concentrate your efforts on buying income-generating assets.

• You work for the company owner’s success and retirement.

• Rich focuses on asset columns while everyone else focuses on their income statements.

• The secret is: ” Mind your own business.”

• Your business revolves around your assets.

• Keep your daytime job, but start buying real assets, not liabilities.

• The better I was at understanding accounting and cash management, the better I would be at analyzing investments and eventually starting and building my own company.

Know Little about the Lot! 

• The biggest secret of the rich is through corporations.

• They search for ways to minimize their tax burden.

• Financial smart includes-

1. Accounting to read numbers. To know the strengths and weaknesses of any business.
2. Investing -“money making money”
3. Understanding markets-science of supply and demand.
4. Awareness of tax rules and regulations.

• Rich invent money.

• Self-doubt holds us back.

• Bold is most important -take risks for power and brilliance.

• Play CASHFLOW Classic on the Rich Dad Poor Dad site- learn how money works, personal feedback and creativity.

• Yesterday is Gone.

• Games reflect behaviour. They are instant feedback systems.

• Rich people are often creative and take calculated risks.

• Most people believe- In working hard, saving and borrowing but thinking not about what happens but how it can be solved with solutions(that’s creativity).

• Few people realize that luck is created, just as money is.

• The single most powerful asset we all have is our mind.

• Savers are truly losers.

• Real estate and small-cap stocks for fast growth.

• Secure investments- gains are less.

• Great opportunities are not seen with your eyes, they are seen with your mind.

• Winners are not afraid of losing, But losers are. Failure is part of the process of success. People who avoid failure also avoid success.

• It could be a mutual fund, a REIT, a stock or a bond.

• Three main skills to develop as an investor.

1. Find an opportunity that everyone else missed.
2. Raise money.
3. Organize smart people. Choose your advisor wisely.

• Investing is not buying. It’s more a case of knowing.

• You know that is your greatest wealth. Do not take the greatest risk.

• Job security meant everything to my educated dad. Learning meant everything to my rich dad.

• Financial intelligence is a synergy of accounting, investing, marketing and law.

• Advertising copywriting as well as sales.

• Public relations is an important skill.

• Most teachers lack real-world experience.

• Schools teach us to read and memorize.’ Studying is the key to applying what we learn.

• Illustrates, discussion and cooperation.

• You need to specialize.

• Rich dad explained to me that the hardest part of running a company is managing people.

• Leadership.

• Job is an acronym for “Job Over Broke.”

• Most workers focus on working for pay and benefits that reward them in the short term but are often disastrous in the long run.

• They will learn, more than what they will earn.

• Importance of choosing teachers who have actually DONE what you want to do.

• I suggest they take a second job that will teach them a second skill. Network marketing company. Multilevel Marketing.

• The most painful part is deciding to go.

• Skills in selling and delivering.

• To learn more than to earn

1. Management of cash flow.
2. Management of systems.
3. Management of people.

• Communication skills such as writing, speaking and negotiating.

• Sales=Income. Your ability to sell -to communicate and position your strengths-directly impacts your success.

• …me to know a little about a lot. People smarter than we were and to bring smart people together to work as a team. Synergy of professional specialities.

Finance: Helpers and Roadblocks!

• To be truly rich, we need to be able to give as well as to receive.

• Giving money is the secret to most great wealthy families.

• Teachers with real-world experience.

• “Give, and you shall receive.”

• They manage fear.

• Face roadblocks. The five reasons are Fear, Cynicism, Laziness, Bad Habits and Arrogance.

• ” If you hate risk and worry, start early”.

• ” It’s a Texan’s attitude toward risk, reward and failure. I’m talking about. It’s how they handle life.

• Mindset.

• Failure inspires winners. Failure defeats losers.

• For winners, losing inspires them. For losers, losing defeats them.

• Disaster into an opportunity.

• If you have any desire to be rich, you must focus. 

            FOCUS-Follow One Course Until Successful.

• Attitude. It takes guts, patience, and a great attitude toward failure.

• We play the “What if?” game.

• Mistakes are good things, if we find the lesson is every failure.

• Doubt is expensive.

• Doubts and cynicism that keep most people poor and playing it safe.

• “Cynics criticize, and winners analyze” Criticism blinded while analysis opens eyes.

• Nice, new or exciting things.

• Thus he rarely gave Mike or me anything. “How can you afford it?” Process of attaining the goal.

• Be a little greedy-” What’s in it for me?”

• So whenever you find yourself avoiding something you know you should be doing then the only thing to ask yourself is, “What’s in it for me?” Be a little greedy. It’s the best cure for laziness.

• Rich dad said it differently. ” Guilt is worse than greed, for guilt robs the body of its soul.

• You will be damned if you do and damned if you don’t.

• Our lives are a reflection of our habits more than our education.

• I just pay myself first before I pay even the government.

• Motivation.

• If I pay myself first, I get financially stronger, mentally and physically.

• Forcing myself to think about how to make extra money.

• God-given Powers- You have control.

• Find a strong reason.

• Make daily choices-power of choice.

• Choose friends carefully-power of association.

• Life is like a surfer- one wave then gear up for the next.

• Power of learning quickly.

• Power of self-discipline.

• Management of Cash flow, people and personal time.

• Power of good advice.

• Information is priceless.

• A broker is my eyes and ears in the market.

• Return on investment(ROI) is important.

• “How fast do I get my money back?”

• Be an Indian giver: The power of getting something for nothing.

• Money is a powerful force.

• Choose heroes: Power of myth.

• Teach and receive: Power of giving.

• Your world is only a mirror of you.

• You only need to be generous with what you have.

• Read How to books.

• Track your assets- which works and which does not.

• Find someone who has done what you want to do.

• Make offers. You must go to the market and talk to a lot of people, make a lot of offers, counteroffers, negotiate, reject and accept. These are the parts of everything in life.

• Profits are made in the buying, not in the selling.

• Think Big!

• Action always beats inaction.

• Two great gifts you have: Your Mind and Your Time. 

This amazing book is a life changer. It is worth reading and plays a vital role in money-related issues in life. Great book to start over finance. One who has not grabbed it yet, why wait Go Grab It Now, You Won’t Regret!

What do you take back tell me in the comments section. 

Happy Reading! Happy Blogging!