you want to know how to get rich ?
Rich Dad Poor Dad is the story of Robert
Kiyosaki he had two dads one had a PhD
while the other had only finished eighth
grade although both dads are in a
significant amount of money poor dad
always struggled while rich dad was on
his way to becoming one of the richest
men in Hawaii if you weren't born with
rich parents you can learn from Kiyosaki
to become wealthy you can use the
principles from this book the first
principle is the rich don't work for
money let's look at John over here he
spends every hour of every day working
for money he's really mad at life and
can't understand why he can never seem
to get ahead over here we have been he
makes the same amount of money as John
but bin spends most of his time looking
for assets to add to his collection
both of these guys make the same amount
of money but John trades his time for
money while Ben gets his money from
assets the lesson here is that the rich
don't trade their time for money instead
they acquire assets to make money for
them one of my favorite quotes goes a
little something like this most of the
time life does not talk to you it just
sort of pushes you around and each push
is life saying wake up if you want to
become wealthy you must know that
people's lives are controlled by two
emotions fear and greed I've had a lot
of people tell me that they're not
interested in money but yet don't work a
job for eight hours a day trying to get
more of it we're not controlled properly
fear and desire can lead you into life's
biggest trap the second principle from
the book is called financial literacy if
you want to get rich it's not about how
much money you make it's about how much
money you keep intelligence solves
problems and produces money but money
without intelligence is money soon gone
did you know that rich people acquire
assets while the poor in the middle
class of our liabilities that they think
are assets to become wealthy you must
understand the difference between a
liability and an asset all you have to
remember is that assets put money into
your pocket and liabilities take money
out of it
this is one of the only rules you'll
ever need to know if you want to become
rich a lack of financial knowledge is
the number one reason why the rich get
richer and the poor get poorer
the third principle from the book is
mind your own business to sum this
principle up the book is telling you
that the rich focus on their assets
while everyone else focuses on their
income statements to follow this
principle you need to build and maintain
a strong group of assets an asset might
be a piece of real estate a website or
anything that produces positive cash
flow for you every single month the
fourth principle from the book is the
power of corporations if you're watching
this video you probably don't know that
corporations are one of the biggest
secrets of the rich and they serve as a
smarter way to play the game of life the
rich used corporations to take advantage
of legal tax loopholes and protect their
money if you own a business and make a
decent amount of money you need to
consider setting up a cooperation to get
rich the book says that you need to
train your financial IQ which is
comprised of your knowledge across
several broad subjects to increase your
financial IQ you must increase your
knowledge in the areas of accounting
investing understanding markets and the
law accounting is for reading and
understanding numbers and investing is
for using your money to make more money
understanding markets is the science of
supply and demand and the law is
understanding tax laws on how to keep
more of your own money once again a
corporation is one of the biggest legal
tax loopholes used by the rich to make
and keep more of their money your
financial IQ is a synergy of all of
these skills and talents combined now
the fifth principle from the book is the
rich invent money this principle can be
summed up as the rich sees opportunities
to invent money remember that great
opportunities are not seen with your
eyes they are seen with your mind the
single most powerful asset you have is
your mind and if trained well it can
create enormous wealth for you
another important point from the book is
in the real world it is not the smart
who get ahead but the bold this means
that the bold or risk takers tend to
make the most financial progress even if
they're not as smart as others the sixth
principle from the book says to work to
learn don't work for money
this means that rich people work to
learn and not for job security if you
want to get rich you should show know a
little bit about a lot of subjects one
of my favorite quotes is Jo B is an
acronym for just over broke it means
that focusing only on a job will prevent
you from becoming truly wealthy now the
seventh principle from the book is
overcoming obstacles the primary
difference between a rich person and a
poor person is how they manage fear even
if you have an excellent financial IQ
there are a few major obstacles that
will hold you back from becoming rich
these obstacles are fear cynicism
laziness bad habits and arrogance some
people are so afraid of losing that they
lose cynicism is the kind of like
another word for self-doubt and for many
it's a major obstacle laziness is
another obstacle that we all struggle
with I remember after I first started
getting results in the gym and once I'd
achieved what I considered to be a
decent accomplishment I started to get
lazy and I didn't want to go to the gym
as much the same laziness that prevented
me from going to the gym can hold you
back from becoming rich bad habits can
have the same effect stop watching so
much television and going out to drink
on the weekends the final obstacle that
everyone must face is arrogance Robert
Kiyosaki said every time I've been
arrogant I've lost money because I
believed that what I didn't know wasn't
important don't let arrogance steal your
money now let's look at the ten steps to
awaken your financial genius step number
one find a reason greater than reality
the power of spirit have a strong reason
to pursue financial independence
step number two make daily choices
choose your daily activities wisely to
invest in your mind and goals step
number three choose your friends
carefully be careful who you choose to
associate with step number four master a
formula then quickly move on to the next
financial success is closely linked to
how quickly you can learn new formulas
for making money step number five always
pay yourself first to enhance your
self-discipline if you can't control
yourself don't try to get rich step
number six pay your broker as well it's
hard to measure the power of good advice
step number seven be an Indian giver
with the right deal it is possible to
get something for nothing try to make
investments that offer you something for
free such as a piece of land and step
number eight use assets to buy luxuries
you should always buy luxuries with
income from assets and not loans step
number nine
choose heroes by having heroes it
becomes much easier to tap into your raw
genius and finally step number ten teach
and you shall receive when you need
something give what you want first and
it will come back to you in buckets
these are the main principles from Rich
Dad Poor Dad by Robert Kiyosaki
