Motivation article #16 Rich dad Vs. Poor dad Summary
This book is based upon someone who grew up with a rich dad and poor dad and here is a quick summary.
One dad spends every hour working for money and is mad that he can't make more. On the other hand, they both make the same amount but he buys assets. Those asses create money so it makes it easier for him to go one step forward.
The rich don’t trade their time for money. They acquire assets that make them money, “ Most of the time life doesn’t talk to you it just pushes you around and each push is life is saying wake up. Most people are controlled by fear and greed. People say they're not interested in money yet work 8 hours a day trying to get more of it.
Financial Literacy. It's not about how much money you make, but how much money you keep. Intelligence solves problems and produces money, but money without intelligence is soon gone. Rich people acquire assets (homes) and the middle class acquires liabilities(cars). One puts money in one puts money out.
The rich focus on their assets while everyone else focuses on their income statements. Build and maintain a strong group of assets.
Real Estate
Website
Anything that produces positive cash flow every month.The power of corporations. One of the biggest secrets of the rich. Take advantage of the legal tax loopholes. Increase your financial IQ.
Accounting
Investing
Understanding the market
Tax laws.In the real world, it’s not he smart who get ahead, but the bold. Risk takers tend to make the most financial progress despite a lack of intelligence
Work to learn. Learn a little bit of a lot of subjects. JOB = Just over broke.
Overcoming Obstacles
Fear
Cynicism = self-doubt
Laziness
Bad Habits
Arrogance
Step 1 Find a reason greater than reality. Have a strong reason to pursue financial independence.
Step 2 Make daily choices. choose your daily activities wisely to invest in your mind and goals.
Step 3 Choose your friends carefully. Be careful who you choose to associate with
Step 4 Master a formula then quickly move to the next. Finacail success is closely linked to how quickly you can learn new formulas for making money.
Step 5 Always pay yourself first to enhance your self-discipline. If you can’t control yourself, Don’t try to get rich.
Stage 6 Pay your brokers well. It’s had to measure the power of good advice.
Step 7 Be and Indian giver. Make investments that net free land or goodies.
Step 8 Use assets to buy luxuries. Always buy luxuries with income from assets and not loans.
Step 9 Choose heroes. By having heroes, it be ones much easier to tap into your raw genius.
Step 10 Teach and you shall receive. When you need something, Give what you want first, and it will come back to you in buckets.
Faucets I reccomend/Mining online
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Moon Litecoin Moon Dash
Bit Fun
Hashflare
Coinbase
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I think you need to read the book again. Your home is NOT an asset. Rental houses, if they have cash flow, are assets. Kiyosaki is a genius. You can't read his books too many times. The cashflow Quadrant is probably the best.
Thanks for correcting me! That's correct unless you rent it out it doesn't create cash flow, with appreciation would be amazing too. Do you know any other books similiar to this?
eScape by Anik Singal is a new book about being or becoming an entrepreneur. It's another book that I will read more than once. Also read this article and the one it refers to. https://steemit.com/steemit/@lahvista/being-in-the-zone-how-to-get-there-how-to-stay-there-how-to-know-where-you-are-part-2
You got a 100.00% upvote worth $0.122 from @upvotewhale courtesy of @jason7282!