“Rich Dad, Poor Dad”, is a book talking about Robert Kiyosaki and his two dads, one poor and the other rich. His real father is the poor dad and the father is best friend is the rich dad. The story explore on how the two dads shaped Robert Kiyosaki about investing and money. The main idea in the book is that you don’t need an high income to become rich.
If you are an entrepreneur who would like to get financial advice the book is one of the recommended. Taking your time to read the book can help you improve you economic control and make you fincancially literate and in turn increase your financial freedoms. After reading the book some of the financial advice I learnt are:
Don’t work for money
Making money in the current world is necessary but, that doesn’t have to mean it should be your top priority. The rich don’t work for the money. Working for money makes you mind starting thinking like an employee. Having a rich person mindset will help you see things differently. If you want to get rich you should work on your asset column.
Learn to control your emotions
Don’t ever let your emotions control you.. Some of the common emotions that control a lot of people lives are fear and greed. Fear will keep you in the trap for working hard , earning money and hoping that it will decrease the fear. Then, greed makes most people want to get rich quickly. Just educate yourself finacially and avoid fear and greed, and you will be able to take control of things.
An asset is anything that puts mney in your pocket, like stocks, bonds, real estate, mutual funds, rental properties e.t.c. A liability is anything that pulls money out of your pocket like a car, debt.
On you way to financial freedom don’t buy liabilities. Most, people tend to buy liabilities and think they’re assets. The rich buy assets first and then their assets will fuel the luxurious life. The poor and middle class tend to buy luxuries first , and the rich buy luxuries last.
Double your wealth
By, definition wealth is a persons’s ability to survive for a certain period of time in the future, or how long one could survive if they stopped working. Doubling your wealth will enable your last for a long period of time without going btoke. Wealth can even go for generations and your lineage will enjoy it.