10 Jan Rich Dad Poor Dad Review
I just finished reading Rich Dad Poor Dad. It was a very inspirational read and emphasizes creative ways people can earn money. I thought I would share with you my thoughts and the main points of the book.
1. Find a reason greater than reality: The power of spirit.
– Have a reason better than I WANT TO BE RICH. Ask yourself why you want to be rich and let that be your inspiration. Write down how you envision yourself living if you were rich and start working towards how you can achieve the vision.
2. Make daily choices: The power of choice
– What can you do with your day to help make you more money or achieve your goals? Take classes on subjects you want to learn about, read books containing information that will teach you how to make money, talk to people in industries you want to be in, or look for new avenues for earning money.
3. Choose your friends closely: The power of association
– It’s likely that the people you surround yourself with will influence your life’s decisions. Therefore if you have decided to start saving and investing, connect with people doing the same thing. Share your advice, learn from them and help one another.
4. Master a formula and then learn another one: The power of learning quickly
-Learn a new skill that will help you make money. Take a course or read a book, implement the strategies learned then move onto something else once you have conquered it.
5. Pay yourself first: The power of self discipline
-Remember the power of compounding interest in stocks or investments. The longer the investment sits the more time for your money to grow. Do not let your expenses or debts get out of hand but always pay yourself first, then your debtors. They will wait. Your job pays your income, then invest it into your savings and then pay for your expenses. Eventually your assets and savings will be strong enough to pay off all of your expenses.
6. Pay your Brokers well: The power of good advice
– Rich Brokers are likely rich because they are good at what they do. Therefore don’t hesitate to pay them well. Whats 4-6% to a financial advisor when we tip barista’s or waiters 15% for average service. That being said if your Brokers not doing a good job do not hesitate to let them know what you are paying them for and take your business to another source if need be.
7. Be an Indian Giver: The power of getting something for nothing
– Always put others needs first. Help them out and in the long run it will come back to you. It always does. I’m sure if you think about your own life you can remember a few scenerio’s where you have helped a friend and its come back to your ten fold.
8. Use your Assets to buy luxuries: The power of focus
– Save first, spend second. Plain and simple. Don’t say “I can’t afford that”. Say “how can I afford that”
9. Choose Heroes: The power of Myth
– We all had idles we wanted to be like when we were kids. That desire does not have to change as we get older. Pick someone you inspire to be like and study how they got to where they are. Learn everything about them, work as hard as them then sure enough you will be on your way to getting there.
10. Teach and you shall receive: The power of giving
– Teach people your skills, help them when they need help and I promise the same will happen to you. Before you know it your questions will be answered and the advice you are searching for will be found.
How to use this information in your day to day life.
1. Stop doing what you are doing – Take a moment to look at all aspects of your life, write them down and see how you could use your time and energy better. Remember to be creative.
2. Look for new ideas – There are millions of ways to make money. Find one that fits your skill set.
3. Find someone that has done what you want to do – Take them out for coffee, pick there brain and learn from there experiences.
4. Take classes, read books and attend seminars – Why not! You never know what you could learn. Just remember to implement what you learned.
5. Action always beats inaction – STOP LISTENING TO THE PEOPLE IN YOUR LIFE THAT SAY IT CANT BE DONE
Rich Dad Poor Dad by Robert T. Kiyosaki is a great read for anyone looking for knowledge about investing in Real Estate and stocks and Bonds. Although it is an overview of the topics and not a step by step procedure to riches it is a qucik read and gets you thinking about new ways to make money.
Leave your thoughts, what you thought of the book or any questions you may have.
All the best,