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Let's talk about getting rich.
What do the rich teach their kids about money? Today’s book summary and book review: Rich Dad Poor Dad by Robert Kiyosaki.
This book is one of the most successful finance books out there. Robert Kiyosaki's classic wealth income and money making off real estate book, Rich Dad Poor Dad is packed full of actionable ideas and take aways. You might also consider getting the full book or audiobook for this – it’s killer!
Here are the best 10 ideas from “Rich Dad Poor Dad” by Robert T. Kiyosaki
FULL BLOG POST: (coming soon)
GET THE BOOK: http://amzn.to/2ap2EPd
BIG 10 IDEAS
(2:30) 1. MODELS FOR WEALTH
The book focuses mostly on the education and financial learned from his rich dad. We all have models for wealth. Money / Beliefs are LEARNED growing up - most the time not consciously. Become conscious of our beliefs / models in order to change them.
(4:20) 2. YOU’RE BROKE, NOT POOR
“Being broke is temporary - being poor is eternal” -RK
Even if you don't have money now, view yourself as broke, NOT poor.
(5:20) 3. FINICAL FREEDOM
“The poor and middle class work for money. The rich have money work for them.”
We have two options in life:
1. Work hard, pay taxes, save what little is left over, then get taxed on the savings (sounds fun).
2. Invest in our financial IQ and use it to create assets that allow us to achieve finical freedom.
The rich ALL take option 02. The rich don’t work for money.
(7:50) 4. FINICAL IQ
Schools teach how to work in a job. Not how to get rich.
EX: You get more money - spend it all. Money is a “X” multiplier for whatever going in your head already. Athletes who get GIANT contracts (no finical IQ) now bankrupt.
EX: Lap band surgery for fat person - don’t change mindset / habits = gain ALL back.
Solution? NEED to increase our Finical IQ
Finical IQ composed:
ACCOUNTING:understand financial statements.
INVESTING: The science of money making money.
UNDERSTANDING MARKETS: supply and demand; technical (emotion-driven) and fundamental (economic sense) investments
LAW: Understanding taxes / avoiding lawsuits.
(11:10) 5. E.B.S.I.
EBSI: Employee / Business Owner / Self Employed / Investor
Four possible paths for us (can be a mix of all.)
(12:40) 6. ASSETS
"Know what an asset is, acquire them and become rich.”
BIG IDEA: For most people, their profession is their income. For rich people, their assets are their income.
ASSETS ARE: Businesses, Stocks, Bonds, Mutual funds, Income-generating real estate, Royalties, Anything which appreciates in value over time
(15:00) 7. LIABILITIES
and a liability, something which takes money out of your pocket.
Keep your expenses low and reduce your liabilities.
Learn to live off of 75% of your paycheck.
Favorite advice: “Grow your income not your lifestyle.”
(16:10) 8. POWER OF COMPOUNDING
VIDEO SOURECE: https://www.youtube.com/watch?v=immQX...
Why the 1% get richer.
Look into the power of compounding.
Einstein: Compounding is the 8th wonder of world
(16:50) 9. PAY YOURSELF FIRST
Pay yourself first.
Before you pay your bills each month. Save 10%.
MY TIP: If there's ice cream in freezer, it WILL get eaten. Separate bank account for this 10% money. Automatic withdrawal from paycheck.
(19:00) 10. GETTING STARTED: TEN ACTION STEPS
Be VERY clear here: NOT giving personal finical advice - not qualified for that. telling you what I am doing / what is recommended in this book.
1. Learn about investing before you invest.
2. Every dollar is plus one or minus one.
3. Learn to live on 75% of your paycheck.
4. Pay yourself first.
5. Choose friends careful. Who you hang around avg of top 5.
6. Always ask “How fast do I get my money back?”
8. CHARLES SCHWAB INDEX
9. MONEY MASTER THE GAME (read this book)
10. TEACH IT! comment with insights down bellow.
(19:50) YOUR FREE TOOLS!
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