wawaiNov 13, 2022
I am reading Rich Dad Poor Dad by Robert Kiyosaki, will share keypoints from his idea✌🏼
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 threadalanstatener
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