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Rich Dad Poor Dad opened my eyes to how wealth is truly created. Robert tells the story of lessons he learned from his poor father and compares them to lessons learned from his friend’s father. This book will get you started on a path towards building wealth.
- Acquire assets. Limit liabilities.
- A house or a fancy car is not an asset.
- Start now.
The key to becoming rich is by acquiring assets.
Asset = an activity, company, or project which creates money for you without much maintenance
The money you have should be used to create additional assets. Excess money that comes from your assets can be used as you please. The example that Robert gives is that his wife saved for four years with money from her assets to purchase a fancy car.
Examples of assets:
- Rental property
- Stocks or index funds
- A company
- Employees - they work to make you become richer
It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.
How do the rich become richer?
The rich view money as employees that can work for them.
- They build corporations.
- They have to pay fewer taxes because the money used in the business can be written off.
- They continue purchasing assets while others buy fancy cars & homes using all of the excess cash that they have. Oftentimes, people become trapped in a mortgage payment or loan payments so they can’t use their money wisely.
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Robert and I are friends. Highly recommend Rich Dad Poor Dad book. We disagree on debt. https://t.co/dBBQukh2Br— Dave Ramsey (@DaveRamsey) October 25, 2016
A list of my favourite personal finance books. The earlier one reads such books, the more useful they can be.— The Irrational Investor (@position_trader) February 6, 2020
1. Rich Dad Poor Dad
2. The Millionaire Next Door
3. The Richest Man in Babylon
4. Your Money or Your Life
5. Dollars and Sense
My top 6 greatest books:— Seth Rowlands Coaching (@srowlands) February 4, 2020
• Think and Grow Rich
• How to Win Friends and Influence People
• Rich Dad Poor Dad
• The 4 Hour Work Week
• The 7 Habits of Highly Successful People
• The Power of the Subconscious Mind
Read these books this year and watch your life transform!