The 'educated dad' advises to work for a corporation. The 'rich dad' advises to OWN the corporation.
Rich dad attitude in thought :
Study hard so you can find a good company to buy.
Learn to manage risk.
Total financial self-reliance.
Instead of struggling to save, create investments.
Learn how to write strong business and financial plans so you can create jobs.
Broke is temporary, and poor is eternal - it's all about your mindset.
People shape their life through their thoughts.
I don't work for money, money works for me!
Money is one form of power. But what is more powerful is financial education.
The main cause of poverty or financial struggle is fear and ignorance.
The assets are large enough to grow by themselves. It's like planting a tree. You water it for years and then one day it doesn't need you anymore. It's roots have gone down deep enough. Then, the tree provides shade for your enjoyment.
If you want to be rich, you need to be financially literate.
Assets : stocks, bonds, notes, real estate, intellectual property
Income off assets : dividends, interest, rental income, royalties
Financial struggle is often directly the result of people working all their life for someone else.
Financial IQ is made up of knowledge from four broad areas of expertise :
1. accounting
2. investing
3. understanding markets
4. the law
a. tax advantages
b. protection from lawsuits
We all have tremendous potential, and we all are blessed with gifts. Yet, one thing that holds all of us back is some degree of self-doubt. It is not so much the lack of technical information that holds us back, but more of the lack of self-confidence.
Inside each one of us is a brave, brilliant, and daring character!
There is always risk, so learn to manage risk instead of avoid it.
'Rich dad' suggested, "you want to know a little about a lot."
Giving money is the secret to most great wealthy families. Teaching is another way of giving.
To make progress, you must first go unbalanced. Just look at how you make progress walking. If you have any desire of being rich, you must focus. Put a lot of your eggs in a few baskets. Do not do what the poor and middle class people do: put their few eggs in many baskets.
You must overcome these 5 obstacles :
1. fear
2. cynicism
3. laziness
4. bad habits
5. arrogance
Choose your friends carefully as there is power in association.
You become what you study.
