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Assets versus liabilities
- The book’s most notable and revolutionary concept was Kiyosaki’s explanation of assets versus liabilities. He explained that assets bring in money while liabilities drain money. Many people think of homes or cars as assets, but they’re liabilities. Investment and rental properties that generate income are the real assets.
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- Money Is A Tool. “So many people say, ‘Oh, I’m not interested in money.’ Yet they’ll work at a job for eight hours a day.” Unfortunately, in today’s society, most people are only working so they can get by.
- Never Stop Learning. “Don’t be addicted to money. Work to learn, don’t work for money. Work for knowledge.” In the book, Kiyosaki talks about money not being your greatest asset.
- Liabilities Will Slow You Down. “Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.” Liabilities are things that cost you money.
- Don’t Let Emotion Get In The Way. “To be a successful business owner and investor, you have to be emotionally neutral to winning and losing. Winning and losing are just a part of the game.”
Rich Dad Poor Dad Review. “Rich Dad Poor Dad” is not just a book; it’s a paradigm-shifting guide that challenges conventional wisdom about finance, work, and wealth. Robert Kiyosaki’s narrative, based on lessons from his own life, juxtaposes the financial philosophies of two father figures: his biological father, the ‘Poor Dad,’ and ...
With Rosalind Russell, Robert Morse, Barbara Harris, Hugh Griffith. A domineering mother and her sheltered son fly face first into love, murder, and the meaning of family in this black comedy based on Arthur Kopit's Broadway play.
- Richard Quine, Alexander Mackendrick
- 3 min
PDF Cite Share. Oh Dad was adapted to film in 1967 under the play’s full title. Directed by Richard Quine, it starred Rosalind Russell, Robert Morse, Barbara Harris, Hugh Griffith, Jonathan ...
- Lesson 1: The Rich Don’T Work For Money
- Great Quotes
- Lesson 2: Why Teach Financial Literacy
- Lesson 3: Mind Your Own Business
- Lesson 4: The History of Taxes and The Power of Corporations
- Lesson 5: The Rich Invent Money
- Lesson 6: Work to Learn – Don’T Work For Money
- Lesson 7: Overcoming Obstacles
- Overcoming Fear
- Overcoming Cynicism
Life pushes everyone around. Some people figure out how to learn from being pushed around. Other people fight back and blame other people for their problems. The first group succeeds. The second group does not. Most people have a price because they’re afraid of not having money. So they settle for a deal, work hard, and then get excited about all t...
“Life pushes all of us around. Some people give up and others fight. A few learn the lesson and move on. They welcome life pushing them around.”“A job is really a short-term solution to a long-term problem.”“It’s fear that keeps most people working at a job: the fear of not paying the bills, the fear of being fired, the fear of not having enough money, and the fear of starting over. That’s the price o...Financial literacy is the education you need to learn how to make, grow, and keep your money over time. Without being financially literate, you can end up making a lot of money and still being broke. With it, you can learn smart ways to make money work for you over time. Formal schooling does not teach financial literacy. The result is that most pe...
Most people spend their lives working for other people. That can include their employer, the government via taxes, and banks via their mortgages. Most people stay trapped in this cycle of working for other people and making those people rich instead of themselves. You don’t have to start your own company to break this cycle. In fact, all you have t...
While it’s commonly believed that the rich should pay more in taxes than the poor, it’s often the middle class and upper-middle class who pay the most taxes. While taxes were originally levied only on the rich, the need to expand the tax base grew as the government grew and needed to fund itself. That leads to income tax being a larger burden on pe...
Avoiding financial struggle and acquiring financial intelligence requires knowledge, but it also requires the courage to act in the face of uncertainty and to avoid “playing it safe.” Those who are willing to act boldly are the ones who see opportunities and seize them, instead of sitting on the sidelines wondering how things may have played out. O...
Many people live opportunities and money on the table by specializing too much and failing to learn one more skill. Most people focus simply on working hard, but that’s often not enough. If you’re a great writer and write a great book, you still not be a best-selling author. But if you learn how to sell and become a good marketer as well, you may e...
There are 5 core reasons why financially literate people may still not have good cash flow: 1. Fear 2. Cynicism 3. Laziness 4. Bad habits 5. Arrogance
Everyone has a fear of losing money. It’s how you respond to that fear that differentiates a rich person from a poor person. When you inevitably lose money, the important thing is to learn from the experience and remain in the game. Instead of being down about your failures, learn to be inspired by them. Figure out how you can turn the obstacle int...
Doubt – whether it’s self-doubt or doubts of people in our lives – often stops us from acting. But often the best opportunities are found when everyone is fearful, including you, and you find the courage to act anyway. When you learn to work through self-doubt, you start to see more opportunities and to be less influenced by other cynical people wh...
Contents. Chapter 1: Rich Dad, Poor Dad. Chapter 2: The Rich Don’t Work for Money. Chapter 3: Why Teach Financial Literacy. Chapter 4: Mind Your Own Business. Chapter 5: The History of Taxes and the Power of Corporations. Chapter 6: The Rich Invent Money. Chapter 7: Work to Learn, Don’t Work for Money. Chapter 8: Overcoming Obstacles.
Mar 8, 2024 · The most important lesson from Rich Dad, Poor Dad is that financial literacy is crucial to financial success. He argues that school education fails in this regard and needs to effectively teach financial literacy, including the basics of financial management and wealth building.
