I read "Rich Dad Poor Dad" in 2 days

 

Why Even read this book "RICH DAD POOR DAD"? What does it contain related to me and this is the only question I asked when I was buying this.

The only reason I have was that I want to become rich with assets and that's why I bought this book. After reading this book, I think I am qualified to give you some review over this.

10 Lessons To Learn From "Rich Dad Poor Dad":

1. Never live on a single income. Learn to become financially free. Your life will be difficult and full of excuses if you never understand about finance and how the taxes works because this will keep you poor and what you don't know is that the employed people are taxed more round about 40% of their income. But you know how much Business and Big Corporations pays in taxes around 15%. And the 15% is after expenses.

2. Pay yourself first. That will make your rich for your whole life. Rich Dad always said that pay yourself first and the government and the other things last. Why? Because when you pay yourself first, their you have to worry about paying bills and other things and these things will give you motivation to work hard and earn for your bills otherwise your electricity will be cut-off and the big inspector will be in front of your house. Big Corporation pay themselves first, they pay their employees, expenses. And the the income remaining one is taxed and you know that the income remaining is very less.

3. Types of Income. Earned, Passive and Portfolio Income. Bill Gates was the richest man of the world due to the portfolio income he has not the earned income. Earned Income is the one you earn by giving a service, having a job. Passive Income that comes without your working effort like Real Estate. And Portfolio Income is the one with stocks, mutual funds and Partnerships.

4. Assets and Liabilities. Always know the difference between assets and liabilities and you will never confuse your financial education. Assets puts money into your pocket. And Liabilities takes money out of your pocket. Work your daytime, part-time only to focus on your assets.

5. Mind your Own Business. This means that whether you are having a small business or you are working on a job always work on making some assets. Assets will help you retire earlier.

6. Always give what you want. This really happens, if you give you really want you will get that thing much quicker. Don't wait to give when you have more. Because in that case, you will never have more and will always work for money. Make your money do some work. Let your money do the labor work, you just use your mind and get some more education through books, seminars and courses.

7. Managing Risks. Rich people always invest in what they know about. And that's why that investment is not risky because they know about it and have their financial education about that. They always have calculated risks. Successful people of the world always manage risk all time of their life and that's why they are rich. Because they know how to overcome fear and manage risk. We only make money for two reasons in our life. Fear and Greed. Fear is what force us to do our daily job and greed is to have more money to spend more. But why you earn more if the government is printing more. That's what include in financial education. You will surely regret if you didn't read this book earlier in your life.

8. Work to Learn. Robert Kiyosaki worked to learn. He doesn't worked to earn. If he worked to earn then he would also become a part of the rat race. And that's what this book teaches your. Never work for money. Work for making more assets. If you want to buy a nice car. First invest in something that will pay for your nice car. And that's what rich people do. Their money gets double. And bear with me the hardest truth I learned from the life of rich people is that they know how much they spend in their life and they never spend their own money. They always spend the money came out of their assets and that's why they don't have to work for their whole life because their money is their employee and their employee is working hard to get them new car, house and any luxury.

9. Start Young. If you will start young you will know more at the age when people will just be starting. And don't wait for a million dollars to invest. You can even start from some dollars. Because money make money. And if you understand the whole diagram of cashflow and income, expenses, assets and liabilities. You know the whole game of Money.

10. Don't fear failure. You will never be successful in your life if you avoid failure. Because failure is just a part of process. And Winning always given to those who are unafraid of failure. Failure is temporary if you know how to manage it. I didn't see a man making more money who have never loses some money. We have to lose something to get something and that's how life rewards us and the one's always looking to avoid failures are the ones looking to avoid success. Don't be a slave to money otherwise money will become your boss and will rule you like a boss. Enslave your money and order your money to do your task for making money. It's not that easy and not that different. You will always have choices in your life but remember to use your brain and time at the right time and these two things will get you ahead that most of the world and that's the time where millionaires and billionaires are made. Because a real investor makes money when he buy something not when he sells. Never be afraid to take risk. Even crossing road is a risk, getting married a risk, having a baby is a risk. So stop looking for an advice and follow your guts and if you fail. Welcome, you are entered into the top 1% who is trying.