“Rich dad poor dad” by Robert kiyosaki is a personal financial book that has impacted millions of readers worldwide. In this blog, we will cover the rich dad poor dad lesson.
“The rich don’t work for money. Money works for them.” – Robert Kiyosaki
“Rich dad poor dad” by Robert kiyosaki is a bestselling personal finance book that provides a unique perspective on wealth creation and financial education. This book explores the differences in mindset and perspective towards money between his two fathers – one of them is his biological father (a poor dad) and the other is his best friend’s father (a rich dad).
This book provides valuable insights on how to attain financial freedom and build wealth. Many young people today find themselves in a financial trap, struggling with debt and living paycheck to paycheck. This book provides a much-needed roadmap for breaking free from that cycle and building real wealth. By sharing his own experiences and challenging common myths about money, the author empowers readers to take control of their own financial destiny and create a life with a brighter financial future.
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Best 10 lessons from rich dad poor dad:
- The Rich don’t work for money: One of the most important takeaways from the book is the idea that you should strive to make money work for you rather than simply trading your time for money. Rich don’t work for money. If you work for money, your mind will start thinking like an employee. If you start thinking differently, like a rich man, you will see things differently from another perspective.
- Focus on assets, not liabilities: He emphasises the importance of understanding the difference between assets (things that generate income for you) and liabilities (things that take money out of your pocket). To build wealth, you need to focus on acquiring assets and minimising your liabilities.
- The importance of being financially literate: He believes that traditional education does not provide sufficient financial education, leaving many people ill-prepared for managing their money. Without a financial education, it will be difficult to hold on to any money over the long term. He encourages individuals to seek out financial education and take control of their own financial future.
- The power of passive income: Passive income is money that you earn without actively working for it. He said that relying only on salaried income from a job is not enough to build true wealth. He suggests acquiring income-generating assets like rental properties, dividend-paying stocks, and businesses that can generate passive income.
- Pay yourself first: Pay yourself first each month before you pay your bills, first invest a certain amount of money into income-generating assets.
- Find opportunities: Great opportunities are not seen with your eyes. They are seen with your mind. With the right mindset, you can spot opportunities that others may overlook. It simply requires a shift in perspective and a willingness to think differently.
- Habit of saying: Instead of saying, “I can’t afford it” say, “How can I afford it?” One is a statement, and the other is a question. One option allows your brain to stop thinking, while the other puts your brain to work figuring out how to achieve that. Rich Dad believed that the words “I can’t afford it” shut down your brain. “How can I afford it?” opens up possibilities, excitement, and dreams. Your words have the power to shape your reality. Use them wisely and carefully.
- The Power of giving: “God does not need to receive, but humans need to give.” If you want something, you first need to give. If you give, then it comes back to you in multiples.
- Mind your own business: The rich focus on their asset columns while everyone else focuses on their income statement. To become financially secure, a person needs to mind their own business. Your business revolves around your asset column, not your income column.
- Take calculated risks: He encourages readers to step outside of their comfort zones and embrace opportunities for growth. Taking informed and calculated risks is necessary for building wealth and achieving financial success.
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Conclusion
“Rich dad poor dad” is not just a book –it’s a game changer. Its eye-opening lessons and unconventional wisdom can help you get out of the rat race and transform your financial future. Its practical advice, inspiring stories, and actionable steps can help you create a roadmap to achieving your financial goals.
If you’re ready to take your finances to the next level and achieve financial freedom early (retire early), don’t wait – read this book and start applying its rich dad poor dad lesson to your life asap.
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