wawai
I am reading Rich Dad Poor Dad by Robert Kiyosaki, will share keypoints from his idea✌🏼
Nov 13, 2022 at 2:12amWeb
Show threadwawaiNov 13, 2022

1) The poor and the middle class work for money. The rich have money work for them.

When you become ignorance and greed towards money, it will only solve short term problem - monthly bills. Instead, if you can create passive incomes, having control of your financial, portioned out for investment etc, over time, you gonna let your money produce even more money for you without you managing it.

Show threadwawaiNov 13, 2022

2) Financial literacy

it’s not how much money you make. It’s how much money you keep. Rich people acquire assets (puts money into your pocket). The poor and middle class acquire liabilities (takes out money from your pocket), that they think are assets. more money will often not solve the problem. In fact, it may compound the problem as their incomes go up, their expenses go up as well. Wealth is the ability to live without working - the measure of the cash flow from assets vs expenses

Show threadwawaiNov 13, 2022
3) Mind your own business

-McD didn't sell hamburgers, they sell franchises.
-Keep your daytime job, but Start buying real assets, Reduce liabilities & Keep expenses low. 
-Businesses do not require your presence when you own them, but they are managed or run by other people. If you have to work there, it’s not a business, it's a job. 
-Once a dollar goes into your asset, it becomes your employee. The best thing is money works 24 hours a day and can work for generations.
Show threadwawaiNov 14, 2022
4) History of Taxes and Power of Corporations
-tax was originally for war, now it become permanent.
-the rich are not taxed, upper middle class does simply because the rich don't play by the same rules
-wealth of the rich was protected by corporation (a file folder of legal document that create legal body). the tax rate is lesser than individual
-knowledge is power. master these areas, you can get out of the Rat Race.
i) Accounting
ii) Investing
iii) Understanding market
iv) LAW
Show threadwawaiNov 14, 2022
5) The Rich Invent Money
-It's not due to lack of technical information that holds us back, but self confidence. The bold get ahead, not the smart
-Financial intelligence is simply having more options - how many different solutions you can think to turn a lemon to millions
-Inventing money is the concept of buy cheap supply, create/find demand, & sell higher
-Market/Economy goes up and down - Seek opportunities & develop financial intelligence
-Be sensible and simple in investment
Show threadwawaiNov 15, 2022
-The problem with “secure” investments is they are often sanitized, it become so safe that the gains are less.
-The greater your financial intelligence, the easier it is to tell whether a deal is good
-It is not gambling if you know what you’re doing - throwing money into deals and praying are gambling
-To become an investor who creates investments:
i) Find an opportunity that everyone else missed
ii) Learn how to raise capital
iii) work with people who are more intelligent than you
Show threadwawaiNov 19, 2022
6) Work to Learn-Don't Work for Money
-If you are good at produce something, learn to sell it
-Learn more than what your school taught you - finance, management, sales & marketing, etc
-Acquire new skills
-If you want to be highly specialized in your field, make sure your industry is unionize - otherwise, you are worthless outside the sector
-Success consisted of management of Cash Flow, Systems and People
-Give, and you shall receive
Show threadwawaiNov 20, 2022
7) Overcome the Obstacles
i) FEAR
-Poor people afraid of losing money, that's why they never risk it.
-Whenever you lose, practice harder, study more & be better- take it as inspirations
-Imbalance at first is totally fine-Focus on lesser investment tools
ii) CYNICISM
-Doubt kills before you even start
-unchecked doubt and fear creates a cynic-analyze, not complain
-Focus on what you what, not the noises
Show threadwawaiNov 20, 2022
iii) LAZY
-Laziness by staying busy- most people deny to take care important aspects of their lives because they are 'busy'
-Be a little greed, desire a better life
-instead of "I can't afford it", think more of "how can I afford it"
iv) BAD HABIT
-Pay yourself first, not the debt collector- your are going to be financially stronger, mentally & fiscally
v) ARROGANCE
-Not knowing will cost you-the arrogants lose money by thinking that it's not important
-Educate yourself with the experts or books
Show threadwawaiNov 25, 2022
8) How to Start?
i) Find reasons of what you 'want' & 'don't want' - you want to work until your 60's and retire leaving nothing? you don't want cashflow that pass onto generations?
ii) Power of Choice - choose to be rich, be humble to listen to new idea and educate yourself
iii) Choose your friends carefully - be open to listen to both sides. Don't time the market - Get in the position for next wave
iv) Master a formula and learn a new one - it's not how much you know, it's how fast you learn
Show threadwawaiNov 25, 2022
v) Discipline - master the management of cash flow, people & personal time. Pay yourself first - invest & pay the gov last. Don't get into large debt, keep your expense low & get yourself nice car and big house. When short, use the pressure to come up with new ways to make more money. Do not dip into your saving to pay bill, use it to create more money
vi) Pay the professionals - their advices are priceless because it make you more money.
Show threadwawaiNov 25, 2022
vii) Get Something for Nothing - Invest, once it achieve a level of return (profit), take your capital out. You now has your profit rolling as your asset, and your initial money ready for other investments
viii) Power of focus - Use what you have now to gain more instead of wasting. Focus on creating not borrowing
ix) By having heroes, we tap into a tremendous source of raw genius. Find a hero who make it look easy
x) Teach and you shall receive - if you want something, you first need to give
Show threadwawaiNov 25, 2022
9) Extra
i) Stop, Assess what is working and what is not
ii) Read - look for new ideas
iii) Find your guru - has done what you want to do
iv) Make offers in the buy & sell game
v) Shop for bargains - profits are made in the buying, not in the selling
vi) Look for buyer (demand), then look for seller (supply) - buy cheap bulk & sell expensive pieces
vii) Think big on how you can spend less to gain more
viii) Learn from histories of the successful
ix) Act. Now.
Show threadwawaiNov 26, 2022
Can refer to this slide by T. Krushi Kumar https://www.slideshare.net/krushikumar/rich-dad-poor-dad-presentation
Rich dad poor dad presentation

Rich dad poor dad presentation - Download as a PDF or view online for free

SlideShare
Show threadalanstatenerFeb 16, 2025
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