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Let's talk about getting rich.
What do the rich teach their kids about money? Today’s book summary and a 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 takeaways. 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
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1. FEEL RICH
Want to become rich? Switch that mindset! FEEL rich.“Being broke is temporary - being poor is eternal” -RK
"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.
Businesses (that do not require your presence)
Income-generating real estate
A liability, something which takes money out of your pocket.
Keep your expenses low and reduce your liabilities.
“If you own a $700 iPhone but not $700 in Apple Stock what’s wrong” —Tony Robbins. You’re a consumer, not an owner. Do you want to make Apple rich or yourself rich? YOU CAN’T SAIL WITH MASSIVE HOLES IN YOUR BOAT Learn to live off of 75% of your paycheck.“Grow your income, not your lifestyle.”
4. PAY YOURSELF FIRST
My favorite way to hack this? An app called Quapital. Get a FREE $5 with Qapital Here: https://goo.gl/FRuXC4 This has been my secret weapon. Remember that becoming rich is not about the money you make - it's about the money you KEEP. I use that app to save portions of every check I earn online. It does it automatically for me so I don't see it happening! I set to freelancer rule - save 30%.
5. Earn more money
sounds stupid? obvious? But ask yourself this: what’s stopping my RIGHT now from making an extra $1,000 per month? $12k/ yr significant lifestyle change. or Invest $10k/yr! Well on your way. Ask Simplest way: ask for a raise! Time: $10/hr job - 3 hr per day. Most spend that playing video gamesConnections: Download Uber App or Amazon Fresh or DOZENS of other App jobs
Passion: Why can’t you make money off you passion? What I did. YouTube channels reviewing my favorite books! It’s POSSIBLE. Now full-time income. Launch courses/marketing — made over $15,000 last month. Video check it out — https://youtu.be/OWDDXmZCCRI
Journal Question: What do I pay to do? How can I get Paid to do what I love?
6. The Hidden Power of Compounding
COMPOUNDING 8TH WONDER OF WORLD — WHY RICH 1% GET RICHER! “HOW COMPOUNDING MAKES YOU RICH”
TONY ROBBINS GOLF:Golf — make it interesting, bet a dime a hole. How many holes? 18. Only $1.80 — not much fun. Let’s double the bet every hole.
Hole 1: $0.10
Hole 2: $0.20
Hole 3: $0.40
Hole 4: $0.80
Hole 5: $1.60
Hole 6: $3.20 — NOT BAD 1/3 WAY THROUGH
Hole 7: $6.40
Hole 8: $12.80
Hole 9: $25.60
Hole 10: $51.20
Hole 11: $102.40
Hole 12: $204.80
Hole 13: $409.60
Hole 14: $819.20
Hole 15: $1,638.40
Hole 16: $3,276.80
Hole 17: $6,553.60
Hole 18: $13,107.20
That IS compounding. The sooner you start in life investing, the more time you have to get ahead (and the payouts get much bigger as the holes increase).
“The poor and middle-class work for money. The rich have money work for them.”
8. Check your WEALTH Models
Money/Beliefs are LEARNED - most the time not consciously. — Ask yourself: “What do I believe about money that I learned from X”?
9. Financial IQ
Schools teach people how to work for money, but they do not teach them how money can work for them.
10. GETTING STARTED: ACTION STEPS
Stop settling start living
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