Rich Dad Poor Dad
Key Takeaways
Classic book. Almost everyone I've met had read this book. Puts you in the mindset of wanting to become more productive. This book inspired me to finally start investing.
- Know the differences between an asset and a liabilities
- Reduce expenses and liabilities
- Your house is not an asset, it's a liability
- Examples of assets include: real estate, stocks, bonds, notes, and intellectual properties
- Rich people acquire assets. The poor and middle class acquire liabilities they think are assets
- Don't work for money, have money work for you. Learn how money works and how to make it work
- Pay yourself first
- Be in control over your emotions
- You become what you study, so start reading
- Surround yourself with people smarter than you
- Saying "I can't afford it" shuts down your brain. "How can I afford it" opens up possibilities, excitment, and dreams.
- For most people, their profession is their income. For rich people, their assets are their income
- Learn to manage risks
- Work to acquire life skills, not for money
- The rich don't work for money. They make money work for them
- There is gold everywhere. Most people are not trained to see it
- Study taxes and the power of corporations
- Work to learn, don't work for money
- Your money is your business
- Your profession is NOT your business
- It's not about how much money you make. It's how much money you keep
- Own businesses that do not require your presence. If you have to work there, it's not a business. It's a job
