Rich dad poor dad notes
1. If we think that accountant brokers knows better than why they are not rich as compared to owners? there are few things owner knows that employees don't and that's the reason why they work for him.
2. rich people don't work for money, they make money to work for them.
3. There is no point in talking emotionally such as 'i will change the job, the company owner does not care about us, i want more wages'. Instead think about 'am i missing something or some other opportunity by working here?
4. do job only to learn things, not for earning money
5. By doing a job, you are missing opportunities that will make you rich.
6. Running behind knowledge about money is better than running behind money.
7. Doing anything without knowledge is like building empire state building on a shallow foundation
8. Learn accounting
9. Rich people get property. Others think loan as property.
10.KISS - keep it simple stupid
11. Genius people makes more genius people to work for them
12. Wealth is holding capacity of an individual after losing his job or after termination of income
13. Net value means difference between debt and property
14. Rich focuses on property and investment, others focus on income
15.Types of property:
i. Any kind of income where your presence is not required and could be managed by others but owned by you
ii. stocks, shares, bond
iii. mutual fund
iv. stable properties that would provide rent etc
v. other banking instruments such as notes etc
vi. intellectual property (book, patents)
vii, anything which has value which increases and has market value
16. Always focus on handling property sections. keep it strong. once amount goes in that section, it shall become your employee that will give you benefits through out lifetime.
17. Rich people buys luxury stuff after everything else, poors buys it first.
18. Learn Taxes
19. If you know what you are doing is right, then you can fight with whole world.
20. Things to learn mandatory-
i. accounting - to determine actually meaning of numbers
ii. investment - science of earning money with money
iii. market study- demand and supply
iv. law
iv.a. taxation law
iv.b. protection from lawsuits
21. remember,
Corporates earn,spend and then pay taxes. Individuals earn, pay taxes and then spend
22. Why is it important to be economical literate? to gain power to choose.
23. Economic intelligence means to have multiple options
24. I want to learn things because i want to participate in this fastest and largest race in the world of becoming Rock and powerful. I want participate in this incredible evolution process by my own way. Here people work with brains and not body.
25. Find there median between real value and your own invested value. And that would be the opportunity to gain profit within that range.
20000--60000--75000
26. Risky but rewarding investors should focus on:
i. Find opportunities that others cant see.
ii. how to assemble money for investment
iii. Collect smart people
27. We work as much as required to keep us in job, we are paid a much as required for us not to leave this job.
28.Management skills:
i. Cash flow management
ii. system management
iii. work life balance Management
iv. human resource management
v. people management
29. any kind of doubt taken without any confirmation leads towards development of a tendency, that person only criticises nothing else
30. Kill this:
fear
doubt
lazyness
bad habbits
arrogant
31. remember wii - whats in it for me? always ask before you act. be selfish
32. Greedy is better than lazy
33. Arrogance - I can earn money only from those thing which i am aware about. thing that i don't know, i will loose money
34. You have to seek for opportunity
35. find a strong reason
33. Always align your wishes in two segments: i want, i don't want
34. gain power to choose
35. anyways keep mind open
36. be like surfer and surf on the wave of opportunities, if one goes then another shall come
37. whatever you study, you become that
38. self decipline is the only thing that is responsible first the difference between Rico and poor
39. payv well to brokers
40. try to gain complete property free in investment
41. give before take
42. you always make profit while buying, not while selling