10 LESSONS FROM THE BOOK RICH, DAD POOR DAD

10 Lessons from the book Rich Dad, Poor Dad
1. Overcome Obstacles:
All opportunities lie across the risk.
Broke people are always afraid of risk.
There is no rich person who has never lost Money.
Rich people are willing to take more risks.
4 Reasons why people stay broke:
- Fear
- Laziness
- Arrogance
- Bad habits
2. Work to Learn, Don't work for Money:
Focus on something other than the Money as much as you
should focus on learning and developing your skills.
You don't earn for the luxuries; you achieve for the necessities.
Learn as if you were to teach it to someone else.
It is the best method to learn.
3. 3. Pay yourself FIRST:
You will only begin building wealth when you
start to realize that a part of all the Money
you earn yours to keep.
Pay yourself first. You always pay others for goods and services.
Pay yourself as much as you can, and then pay the bills.
4. Financial literacy is the key:
You must learn how to manage your Money.
Making Money is good, but handling Money is more important.
It is essential to know the difference between an asset and a liability.
An asset puts Money in your pocket, and a liability takes it.
5. Buy Real Estate:
It is an Asset with minimal risk to build a fortune.
You own a physical asset that is
the safest investment in the world.
Even on a microscopic scale,
real estate investing remains a tried and true means of building cash flow and wealth.
6. Learn Sales & Persuasion:
One must spend time and Money improving their
selling and communication skills to become rich fast.
Improve your selling skills. After all,
everything around you has been sold once.
The ability to sell is the number one skill in business.
7. Teach, Give back to society:
When you give a smile, you get a smile in return,
when you teach, and you get life lessons,
same with the Money, give Money and get the same back.
Expect little in return significant. Just Give.
Law of Money: "Give, and you shall receive."
8. Learn Specialized Knowledge:
Four areas to Master to retire financially free:
- Investing
- Accounting
- Understanding Laws
- Understanding Markets
Rich people earn, spend as much money as possible, and then get taxed on the rest.
Poor people get taxed and then spend & save.
9. Develop your Mindset:
Intelligent minds don't always get ahead, but brave minds do.
If fear is too intense, the genius will be suppressed.
Money has got no power, and your mind does.
Feed it with the correct information and choose your friends wisely.
It's all about the Mindset.
10. Buy Appreciating assets:
Wealth is the cash flow from the assets
and covers your expenses. Assets can be stocks,
bonds, real estate that makes Money,
units of mutual funds, royalties, etc.,
Rich people stay rich by labouring all their Money. #books #business

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