Thread by @Musings_QuietG

7 Things Rich Dad Taught Me That Poor Dad Never Did

Rich Dad Poor Dad by Robert Kiyosaki focuses on the importance of financial intelligence & making money work for you instead of working for money.

Titled from Kiyosaki’s two fathers:
- A school dropout - the rich dad &
- A highly educated dad - the poor dad; his birth father.

Lesson 1: Don’t say "I can't afford it."

•Challenge yourself by asking yourself how you can afford it

•Change your words to strengthen your mind & build a dynamic spirit - it’ll change your life for the better

Lesson 2: The importance of financial literacy and investing in your mind

•“Money without financial intelligence is money soon gone”

•“It's not how much money you make, it's how much money you keep.” – your spending habits are more important than how much you make

Lesson 2 (continued)

•“The only real asset you have is your mind” – invest in your learning/ education

•Have a broad overall knowledge of accounting, investing, the markets, and the law

Lesson 3: Difference between an asset and a liability

•An asset is something that puts money in your pocket i.e., stocks and income-generating properties

•A liability is something that takes money out of your pocket i.e., cars or houses for personal use

Lesson 4: Focus on growing your assets not increasing your income

•Assets are more important over the long run

•Invest in income-producing assets & cover your expenses through this cash flow

Lesson 4 (continued)

•Reinvest the balance into the asset column - the asset column continues to grow therefore income it produces grows with it

•Use assets to buy luxuries by increasing this cash flow

Lesson 5: Work to learn not for money

•Use jobs as learning opportunities – take a 2nd job to learn another skill

•Ability to sell, communicate & negotiate are crucial

•Take a long view on life – “Life is much like going to the gym. The most painful part is deciding to go.”

Lesson 6: Paying for yourself first

•Pay yourself first even if you are short on money

•Pressure to pay other expenses would act as motivation to make yourself think – the more you do it, the stronger your financial skills will become

Lesson 7: Use your hatred for losing as inspiration to win

•It’s how you respond/ handle failure that makes the difference

•Don’t be afraid to lose/ fail – failure turns losers into winners

•Overcome cynicism – we all have doubts but listening to the noise is expensive

This is for entertainment purposes only & not all information will be accurate.

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