A THREAD on key takeaways from the book
"Rich Dad, Poor Dad" by Robert Kiyosaki (@theRealKiyosaki):
1/
The key to financial freedom and great wealth is a person’s ability to convert earned income into passive and/or portfolio income.
2/
You must know the difference between an asset and a liability, and buy assets.
If you want to be rich, this is all you need to know.
An asset is something that puts money in my pocket.
A liability is something that takes money out of my pocket.
3/
Accounting is possibly the most confusing, boring subject in the world, but if you want to be rich long-term, it could be the most important subject.
4/
The single most powerful asset we all have is our mind.
If it is trained well, it can create enormous wealth in what seems to be an instant.
5/
If you realize that you're the problem, then you can change yourself, learn something and grow wiser.
Don't blame other people for your problems.
6/
Winners are not afraid of losing.
But losers are.
Failure is part of the process of success.
People who avoid failure also avoid success.
7/
In school we learn that mistakes are bad, and we are punished for making them.
Yet, if you look at the way humans are designed to learn, we learn by making mistakes.
We learn to walk by falling down.
If we never fell down, we would never walk.
8/
If you’re the kind of person who has no guts, you just give up every time life pushes you.
If you’re that kind of person, you’ll live all your life playing it safe, doing the right things, saving yourself for something that never happens.
Then, you die a boring old man.
9/
Most people have a price. And they have a price because of human emotions named fear and greed. First, the fear of being without money motivates us to work hard, and then once we get that paycheck, greed or desire starts us thinking about all the wonderful things money can...
...buy. A pattern is then set: get up, go to work, pay bills, get up, go to work, pay bills... Their lives are then run forever by two emotions, fear and greed. Offer them more money, and they continue the cycle by also increasing their spending. This is what I call the Rat Race.
10/
I recommend to young people to seek work for what they will learn, more than what they will earn.
Look down the road at what skills they want to acquire before choosing a specific profession and before getting trapped in the Rat Race.
11/
If people are prepared to be flexible, keep an open mind and learn, they will grow richer and richer through the changes.
12/
I find so many people struggling, often working harder, simply because they cling to old ideas.
They want things to be the way they were; they resist change.
I know people who are losing their jobs or their houses, and they blame technology or the economy or their boss..
..Sadly they fail to realize that they might be the problem.
Old ideas are their biggest liability.
It is a liability simply because they fail to realize that while that idea or way of doing something was an asset yesterday, yesterday is gone.
13/
In today’s fast-changing world, it’s not so much what you know anymore that counts, because often what you know is old.
It is how fast you learn.
14/
The fear of being different prevents most people from seeking new ways to solve their problems.
15/
We all have tremendous potential, and we all are blessed with gifts.
Yet, the one thing that holds all of us back is some degree of self-doubt.
It is not so much the lack of technical information that holds us back, but more the lack of self-confidence.
16/
Going into our fear and confronting our greed, our weaknesses, our neediness is the way out.
And the way out is through the mind, by choosing our thoughts.
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