Make money work

Independence is what everybody desires for very much. Yet only some of us are able to achieve it. Today I will share some of the highlights from a masterpiece¬†book “Rich dad poor dad“.

The book is about financial Independence which still remains an untaught in high school and colleges. We all want to be free from the headache of thinking constantly about money but only a few of us want to take the risk which will make us free from it. The book contains wisdom about personal finance and some takeaway lessons which we never got during out schooling and graduation. Here are some of the excerpts from a book Rich Dad Poor Dad by Robert T. Kiyosaki.

  • The rich don’t work for money.
  • It is not how much money you make. It is how much money you keep with you.
  • An asset put money in your pocket but a liability takes money out of your pocket.
  • If you work for money, you give the power to your employer. If money works for you, you keep the power & control it.
  • Often in the real world, it is not the smartest who get ahead, but the bold one.
  • If you waiting for the right time for doing the right thing. Then you are waiting for all the traffic lights to be green for the most part of the journey before even starting your trip.
  • Workers/Employee work hard enough to not get fired & owner pay enough so that workers/Employee won’t quit.

Mentioned below are the areas will define success in wealth creation and improve your financial IQ

  • Accounting
  • Investing
  • Understanding Market
  • The law
  • Tax advantages
  • Protection from lawsuits

Here is the basic difference between business owner and an employee. This is the reason why rich become more rich and poor remain poor.

Read: Some of the bitter truths about stock market

What does business owner do?

  1. They Earn
  2. Spend
  3. Pay taxes

What does a salaried person do?

  1. Gets Salary
  2. Pay taxes
  3. Spend

Remember Failure inspires winner. Failure also defeats losers.

Now, here are some tips which will get you started in creating wealth for future?

  1. Find a reason greater than reality, the power of spirit.
  2. Make daily choices, the power of choice.
  3. Choose your friends carefully, the power of association.
  4. Master a formula & then learn a new one, the power of learning quickly.
  5. Pay yourself first, the power of self-discipline.
  6. Pay your brokers well, the power of good advice.
  7. Be a giver, the power of getting something for nothing.
  8. Use asset to buy luxuries, the power of focus.
  9. Choose heroes, the power of myth.

Folk, these all are some beautiful pieces from the book Rich Dad Poor Dad by Robert T. Kiyosaki. If you want to get financial independence at an early age, do consider following some of his advice. And if you want to dive deep into his thoughts about creating wealth do give a read to his book.

 

Read: Know all the jargons regarding stocks?

Happy wealth building.

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