Favorite quote:
One of the reasons the rich get richer, the poor get poorer, and the middle class struggle in debt is that the subject of money is taught at home, not in school.
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Rich Dad Poor Dad Book summary in 3 sentences.
- Don’t work for money; work for skills.
- By reading books, attending seminars, and listening to podcasts, you can advance your financial literacy.
- Don’t just learn one thing; constantly work to broaden and enhance your skill set.
The five key takeaways from Rich Dad Poor Dad.
- You should constantly ask yourself how you can achieve a goal in order to widen your perspective and provide you with multiple options.
- The difference between the wealthy and the poor is that the poor work for money while the money work for the rich.
- Focus on assets, not on liabilities.
- Be patient and only purchase your luxuries from your assets.
- We must take risks and overcome our fear of failure.
Top 10 lessons from Rich Dad Poor Dad book.
- We stumble while learning to walk. We wouldn’t be able to walk if we never fell.
- Winners have no fear of failure, however, Failure is a necessary step in the success process. Success is avoided by those who avoid failure.
- You’re only poor if you give up. The fact that you took action is what matters most. Most people only fantasize and talk about becoming wealthy. You’ve taken action.
- When life pushes you, if you’re the kind of person who lacks guts, you simply give up. If you are that person, you will spend your entire life taking precautions, acting morally, and setting money aside in case something unavoidable occurs. You then pass away as a dull old man.
- Our minds are the most potent tool we all possess. It can produce enormous wealth in what seems like an instant if properly trained.
- Owners pay just enough so that workers won’t resign, and employees put in enough effort to avoid being fired.
- I wish I could say it was easy. It wasn’t, but it also wasn’t difficult. But without a compelling cause or goal, everything in life is challenging.
- I worry that too many people are preoccupied with money rather than their greatest asset, which is education.
- Problems are solved by intelligence, not by money. Without financial expertise, money quickly runs out.
- A LARGE PART OF PEOPLE AVOID SEEKING NEW WAYS TO FIX THEIR PROBLEMS DUE TO THE FEAR OF BEING DIFFERENT.
Action steps from Rich Dad Poor Dad.
Be honest with yourself about your feelings, and use your thoughts and feelings for yourself, not against them.
If you acknowledge that you are the issue, you can take steps to improve yourself, gain new knowledge, and mature. Don’t attribute your problems to other people.
understand a lot of things little.
Give what you want first whenever you feel “short” or “in need,” and it will come back to you in spades.
We all possess tremendous potential and are endowed with talents. But the one thing that prevents us from moving forward is some level of self-doubt. We are held back more by a lack of self-confidence than by a lack of technical knowledge.
There’s a distinction between being underprivileged and being bankrupt. Broken is a transient state. The poor are forever.
The majority of people desire that everyone else change for the better. The author will tell you that changing yourself is simpler than changing other people.
Learn to think through your emotions rather than from them.
Just be aware that the majority of people are employed due to fear. the anxiety of failing to pay their bills. the worry of losing your job. the worry that one will run out of money. the anxiety of beginning again.
The biggest enemies of individual genius were excessive fear and self-doubt.
The majority of people are unaware that in life, what matters is how much money you keep, not how much money you make.
I can’t afford it to shut down your brain. It was relieved of the need to think. In addition, it evokes sadness. a feeling of helplessness that causes melancholy and depression.
‘How can I afford it?’
widening the brain. forced it to ponder and look for solutions. It also creates a stronger mind and a dynamic spirit and opens up possibilities, excitement, and dreams.
The next thing you need to learn is leadership.
An intelligent person seeks out employment with smarter individuals.
Rule #1: Invest in assets and understand the distinction between them. This is all you need to know if you want to be wealthy. It is the first rule. The only rule is this. Liabilities cause you to lose money while assets generate more revenue.
Risk will always exist, so learn to manage it rather than try to avoid it.
Today, knowledge is wealth. And the wealth belongs to whoever has the most up-to-date information.
It is comparable to the difference between someone who regularly exercises at the gym and someone who sits on the couch and watches television. Both proper physical and proper mental exercise increases your chances of being healthy and wealthy. Laziness has a negative impact on wealth and health.
Accounting may be the most difficult and boring subject in the world, but if you want to become wealthy over the long term, it may also be the most crucial.
When you don’t fit the stereotype, life can be difficult.
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