13
Aug
Rich Dad Poor Dad – Book Summary & Actionable Takeaways
24
Jul
About This Book
Do you want to learn how to build wealth and make money work for you? Do you want to know the secrets of the rich that the poor and middle class don’t know? Then read Rich Dad Poor Dad by Robert T. Kiyosaki. It’s a book that tells the story of two dads with different mindsets and behaviors about money, wealth, and investing, and how they influenced the author’s financial education and choices.
Table of Contents
Rich Dad Poor Dad
What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
Author : Robert T. Kiyosaki
Publisher : Plata Publishing; 25th Anniversary edition (April 5, 2022)
Language : English
Hardcover : 336pages
3 Sentenses
5 Quotes
Who Is It For
Actionable Takeaways
🧑🏫 Learn Lessons
- Don't work for money; make money work for you
- Get out of the vicious circle of working for money, paying bills, and living paycheck to paycheck
- Buy assets that puts money in your pocket, such as stocks, bonds, real estate
- Increase your passive income until it exceeds your expenses
- Develop financial intelligence, or financial IQ
- Study accounting to read and understand numbers
- Learn investing, the science of money making money
- Understanding markets, the science of supply and demand
- Study the Law for tax advantages and protection from lawsuits
- Mind your own business
- Focus on your asset column, not your income column
- Keep your daytime job, but start buying real assets
- Reduce liabilities that takes money out of your pocket
- Use corporations to
- Pay lower tax rates than individuals
- Deduct expenses before paying taxes
- Defer taxes by reinvesting profits
- Protect assets from creditors
- Play it smart, don't play it safe
- Don't be afraid of losing money or making mistakes
- Find an opportunity that everyone else missed
- Have fun
- Work to learn
- Seek work that challenges you and makes you grow personally and professionally
- Acquire skills and knowledge that make you versatile and adaptable
- Learn sales, marketing, and communication skills
🏃 Take Actions
- Overcome obstacles
- Let losing inspire you, not defeat you
- Analyze, don't criticize
- Be a little greedy, don't be lazy
- Pay yourself first; others can wait
- Educate yourself, don't be arrogant
- Get started
- Find your wants and don't wants to keep you motivated
- Be careful what your learn because you become what you study
- Make friends who have more information about making money
- Learn as fast as possible and keep learning new things
- Build up assets first and come up with new ways of making more money
- Pay professionals well because they can provide you with information
- Look at not only ROI but also what you can get for free
- Use your desire to concume to invest
- Copy your heroes to make things look easy
- Be generous with what you have
- Do more with real estate (and other investments)
- Stop doing what is not working
- Look for new investment ideas
- Find someone who has done what you want to do
- Read, take classes, and attend seminars
- Make lots of offers because someone might say yes
- Search, offer, reject, negotiate, and accept
- Jog, walk, or drive a certain area once a month for 10 minutes
- Shop for bargains in all markets; profits are made in buying, not in selling
- Buy the pie, and cut it in pieces
- Start small with an idea and then turn it into something big
- Learn from history
- Act now
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