Rich dad, Poor dad
Robert Kiyosaki

Summary

A personal finance bestseller that teaches you the difference between working for money vs. money working for you

For more info, see here

Notes

Learn the rules of the 5% that keep you rich

Lessons:

• Rich don’t work for money
• Financial literacy
• Mind your own business
• History of taxes
• Rich invent money
• Work to learn, not for money

Most people talk about being rich but you have to do something

Life pushes us all around but you have to be willing to push back

It’s easier to change yourself than everyone else. Stop blaming people

Poor and middle class work for money and the rich make money work for them

Fear is what keeps people from pursuing their dreams

Face the fear of earning money and don’t let greed control your emotions

Emotions stands for energy in motion and use it for yourself

Don’t fall into the trap of fear & desire: use them to work for you

Learn to use your emotions to think, not think with your emotions

Know the difference b/w an asset and liability

An asset puts money in my pocket, a liability takes it out

Continuously re-invest the money you make from assets

Buy real assets that make you money, not liabilities

Real assets:

• Businesses that other people run
• Stocks
• Bonds
• Mutual funds
• Income generating real estate
• Notes
• Royalties from IP like music, scripts, patents

Create a personal corporation because you will pay less taxes

With a corporation, you can pay for expenses before taxes

You want to know a little about a lot

Seek to learn more than you earn

Become a good learner, teacher, seller and marketer

If you hate risk and worry, start investing early

The greatest secret of winners is that failure inspires winning

Always pay yourself first before anyone else and it will give you motivation to find additional streams of income

Need a reason greater than reality: the power of spirit and belief

Choose daily and remember the power of choice

Invest first in education and learning

Choose friends carefully: the power of association

Master a formula and then learn a new one: learn quickly

Pay yourself first: the power of self-discipline

When you come up short, let pressure build up and don’t dip into your savings/investment

Pay your brokers well: the power of good advice

Be an ‘Indian giver’: giving something for nothing

Assets buy luxuries, the power of focus

Find heros who make life look easy

Teach and you shall receive: the power of giving

Find people who are doing what you want and learn from them

Make offers for everything

Look for people who want to buy first, then look for someone who wants to sell

Start early, buy a book, keep reading