Book Review - Rich Dad, Poor Dad
Which is the #1 book credited by successful real estate entrepreneurs?
Rich Dad, Poor Dad (What the Rich teach their kids about money that the Poor and Middle class do not!) written by Robert Kiyosaki.
The Fundamentals:
ASSETS => Put money in your pocket
LIABILITIES => Take money from your pocket
Focus on keeping your money, less on earning your money
Which One Are You - Poor, Middle Class or RICH?
If you only have expenses (i.e. bills), you are poor.
If you buy LIABILITIES (e.g. cars, personal residence) that have expenses, then you are middle class.
If you buy ASSETS (e.g. real estate, paper assets, businesses) that pay your expenses, you are RICH.
How Do The RICH become and stay rich?
Vision - know what they are working hard for
Focus - follow one course until successful
Always acquiring assets
Resilient - not afraid of losses; hard times bring new opportunities so they build experiences to become smarter and better.
The more they give, the more they receive
Hedge their money instead of saving it
Design their business properly - tax write-offs and deferrals
Should everyone create a business?
Nine out of 10 businesses fail, only start it if you love it.
Instead, mind your business by building and keeping your asset column strong on your personal balance sheet.
Additional videos for quick digestion:
Book animation - https://youtu.be/dQnZO8-s8T0 (8 minutes)
Robert Kiyosaki's Top 10 Rules for Success - https://youtu.be/yVfBdFs4_S8 (16 minutes)
Happy investing,
Kevin + Kiri
