What Rich Dad & Poor Dad teach their Kids

RICH DAD POOR DAD

• Poor Dad says “The love of money is the root of all evil”, the rich Dad says “The lack of money is the root of all evil”
• Most of us learn about money from our parents.
• Proper physical exercise increases your chances for health and proper mental exercise increases your chances for wealth.
• There is a difference between being poor and being broke. Broke is temporary and poor is eternal.
• Poor Dad says “I’m not interested in money or money doesn’t matter” Rich Dad says “Money is power”
• Rich Dad always says “I don’t work for money, money works for me”
• Money is one form of power, but financial education is more powerful.
• The rich don’t work for money, while the poor and the middle class do. The rich have money to work for them.
• If you want to be rich, you have to learn how to make money.
• If you want something work for it.
• You’re only poor if you give up.
• You want to win, but the fear of losing is greater than the excitement of winning.
• It’s easier to change yourself and to change everyone else.
• The poor and the middle-class work for money, and the rich have money to work for them.
• Most people become a slave to money – – – and get angry at their boss.
• Two emotions control people’s lives fear and greed.
• Money is running their lives, and they refuse to tell the truth about that, money is in control of their emotions and their souls.
• So many people say, oh, I’m not interested in money, yet they’ll work eight hours a day at a job.
• The ’emotion’ stands for “energy in motion”.
• Be truthful about your emotions and use your mind and emotions in your favor, not against yourself.
• The main causes of poverty and financial struggle are fear and ignorance, not the economy, the government, or the rich.
• Schools focus only on teaching people to work for money, not on how to harness money’s power.
• Learn to use your emotions to think, not think with your emotions.
• Let go of the idea of working for money, and instead learn to have money work for you.
• It’s not how much money you make, it’s about how much money you keep.
• Intelligence solves problems and produces money, money without financial intelligence is money soon gone.
• Most people fail to realize that in life it’s not how much money you make, it’s how much money you keep.
• In the long run, it’s not how much money you make, it’s how much money you keep, and how many generations you keep it.
• If you want to be rich, you need to be financially literate.
• Rich people acquire assets, the poor and middle class acquire liabilities that they think are assets.
• KISS – Keep It Simple Stupid
• KISS – Keep It Super Simple
• Asset puts money in my pocket, liability takes money out of my pocket.
• If you want to be rich, you have to read and understand numbers.
• If your pattern is to spend everything you get, most likely an increase in cash will just result in an increase in spending.
• Japanese were aware of three powers, the power of the sword, the jewel, and the mirror.
• A person can be highly educated, professionally successful, and financially illiterate.
• Wealth is a person’s ability to survive so many numbers of days forward, or if I stopped working today, how long could I survive?
• The rich buy assets, the poor only have expenses, the middle class buys liability they think are assets.
• The rich focus on their asset columns while everyone else focuses on their income statements.
• Financial struggle is often the result of people working all their lives for someone else.
• Start minding your own business, and keep your daytime job, but start buying real assets, not liability.
• My rich dad didn’t see Robin Hood as a hero, he called Robin Hood a crook.
• If you work for money, you gave the power to your employer, if money works for you, you keep the power and control it.
• Be smart and you won’t be pushed around any much.
• If you know you are right, you’re not afraid of fighting back.
• Who are you working for, who are you making rich?
• Take from the rich, and give it to the poor!
• Financial intelligence is made up of these four main technical skills: Accounting, investing, understanding the market, and the law.
• It’s not gambling if you know what you are doing, it’s gambling if you’re just throwing money into a deal and praying.
• Great opportunities are not seen with your eyes, they are seen with your mind.
• I found the school so silly, in school we learn that mistakes are bad, and we are punished for making mistakes.
• It’s what you know that is your greatest wealth, it’s what you don’t know that is your greatest risk.
• Learn to manage risks, instead of avoiding them.
• Job security meant everything to my educated dad, learning meant everything to my
• You can’t teach an old dog new tricks unless a person is used to changing it’s hard to change.
• The world is filled with talented poor people.
• The more specialized you become, the more you are trapped and dependent on that specialty.
• The main management skills needed for success are: management of cash flow, management of systems, and management of people.
• Saying in Texas “Everyone wants to go to heaven, but no one wants to die”
• For most people, the reason they don’t win financially is because the pain of losing money is far greater than the joy of being rich.
• Rich dad knew that failure would only make him stronger and smarter.
• He just knew who he was, and how he took a loss.
• Failure inspires winners, failure defeats losers.
• Rockefeller says “I always tried to turn every disaster into an opportunity.”
• Winning means being unafraid to lose.
• Balanced people go nowhere.,they stay in one spot, to make progress, you must first go unbalanced, just look at how you make progress walking.
• If you have any desire to be rich, you must focus, don’t do what poor and middle-class people do, put their few eggs in many baskets, put their few eggs in many baskets.
• Busy people are often the most lazy.
• “I can’t afford it” shuts down the brain, and “How can I afford it” opens up possibilities, excitement, and dreams.
• Eleanor Roosevelt said, “Do what you feel in your heart to be right, for you’ll be criticized anyway, you’ll be damned if you do and damned if you don’t.”
• I pay myself first, I get financially, mentally, and fiscally stronger.
• What I know makes me money, what I don’t know loses me money.
• There is a bar of gold everywhere, the most people are not trained to see it.
• I do it for myself, and the people I love. It’s love that gets me over the hurdles and sacrifice.
• Wanting to be rich is a combination of deep emotional “wants” and “don’t wants”
• 10 Steps as a process to develop your God-given powers, powers over which only you have control.
• 1. Find a reason greater than reality: the power of spirit.
• 2. Make daily choices: the power of choice.
• Our spending habits reflect who we are. Poor people simply have poor spending habits.
• I just to be rich and I make that choice every day.
• If you read this far, arrogance is not your problem.
• Arrogant people rarely read or listen to the experts.
• Listening is more important than talking.
• Too many people think with their mouths instead of listening in order to absorb new ideas and possibilities. They argue instead of asking questions.
• 3. Choose friends carefully: the power of association.
• Don’t listen to poor or frightened people.
• Birds of a feather flock together.
• The sky is falling, the sky is falling.
• You want to hear the next boom, get in, and get out before the next bust.
• 4. Master a formula and then learn a new one: the power of learning quickly.
• You are what you eat.
• I say “You become what you study”
• 5. Pay yourself first: the power of self-discipline.
• People who have low self-esteem and a low tolerance for financial pressure can never be rich.
• The three most important management skills necessary to start your own business are management of 1 Cash flow, 2 people, and 3 personal time.
• Financial literacy allows one to read numbers, and numbers tell the story.
• A picture worth a thousand words.
• PEOPLE WHO PAY THEMSELVES FIRST
• Job —Income (salary) – – – Asset (save, invest) – – – Expenses (taxes, rent, food)
• PEOPLE WHO PAY EVERYONE FIRST
• Job – – – Income (salary) – – – Expenses (taxes, rent, food)
• The rich know that savings are only to create more money, not to pay bills.
• 6. Pay your broker well: the power of good advice.
• A good broker saves me time.
• A broker is my eyes and ears in the market. They’re there every day.
• 7. Be an Indian giver: the power of getting something for nothing.
• 8. Use assets to buy luxuries: the power of focus.
• We’ll cross that bridge when we get to it, I’d rather have him lose everything now than wait till he’s our age to risk losing everything.
• The easy road becomes hard, and the hard road becomes easy.
• 9. Choose heroes: the power of myth.
• 10. Teach and you shall receive: the power of giving
• If you want something you first need to give.
• God doesn’t need to receive, but humans need to give.
• Rich dad often says “Poor people are much greedy than rich people”
• The game of buying and selling is fun. Keep in mind, that it’s fun and only a game.
• Profits are made in buying, not in selling.
• If you want to get richer think bigger.
• Don’t play it safe, play it smarter.
• The three income 1, earned 2, portfolio 3, passive
• Stop what you’re doing, take a break, and assess what is working and what is not working.
• Look for new ideas.
• Find someone who has done what you want to do, take them to lunch, and ask them for tips and tricks of trade.
• Take classes, read, and attend seminars.
• Make lots of offers.
• Finding a good deal, the right business, the right people, the right investors, or what is just dating.
• Go to the market and talk to a lot of people, make offers, counteroffers, negotiate, reject, and accept.
• Search, offer, reject, negotiate, and accept are all parts of the process of almost everything in life.
• Jog, walk or drive a certain area once a month for 10 minutes.
• Shop for the bargain in all markets.
• Look in the right place.
• Look for people who want to buy first, then look for someone who wants to sell.
• Think big. Even if you’re small, you can think big.
• Learn from history. All the big companies on the stock exchange started as small companies.
• Action always beats inaction.
• Poor dad says “Go to school, get good grades, and find a safe secure job,” recommended me for earned income.
• Rich dad says “The rich don’t work for money, they have their money work for them,” about passive income.
• Passive income derived from real estate investment.
• Portfolio income derived from paper assets such as stocks and bonds.
• Portfolio income makes Bill Gates the richest man in the world.
• The key to becoming wealthy is the ability to convert earned income into passive income or portfolio income as quickly as possible.
• The taxes are highest on earned income.
• The least taxed income is passive.
• If you know what you’re doing, investing is not risky, it’s just common sense.
• The key to financial freedom and great wealth is a person’s ability to convert earned income into a passive, or portfolio.
• A real investor makes money in and up market and a down market, that’s why they make so much money.
• Warren Buffett says “Risk comes from not knowing what you’re doing.”
• Rich dad says “If you want to be rich, you must know what kind of income to work hard for, how to keep it, and how to protect it from loss, that’s the key to great wealth”
• If you don’t understand the difference between those three incomes and don’t learn the skills on how to acquire and protect those incomes, you’ll probably spend the rest of your life earning less than you could and working harder than you should.
• Rich dad says “Ordinary earned income is money you work for, passive and portfolio incomes are money working for you.”
• Robert Forest Peom says “And that has made all the difference”
• All of you have given great gifts: your mind and your time.
• You and your children’s future will be determined by the choices you make today, not tomorrow.
• I wish you great wealth and much happiness with this fabulous gift called life.
• The path is your goal, finding your path in life is your life.
• To develop into a whole human being, we need mental, physical, emotional, and spiritual education.
• I loved learning but hated school.
• To be successful in the information age, a person needs information from all four quadrants (ESBI), unfortunately, our schools are still in the industrial age and still prepare students for only the left side of the CASHFLOW quadrant.
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