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| Image Credit: edelweiss.in |
10 Lessons from RICH DAD, POOR DAD Book: A must read Piece
1. Manage your money:
Many people are able to make money, but
not everyone learns how to manage it properly.
Financial intelligence starts with
learning the difference between assets and liabilities.
ensure that you have more money coming in
than going out, which is what will make you richer.
2. Pay Yourself First:
Most people earn and spend their salary
paying bills.
A rich person always pays himself.
Invest in
- Courses
- Books
- Experiences
3. Saving and investing are different:
Saving is considered a must and a good
habit.
You need to invest your money instead
where it grows at a higher rate than inflation.
Saving weaken the purchasing power while
investment will increase the value of your money.
4. Learn taxes:
If you are rich and lack financial
literacy, you will end up paying a lot of taxes.
The rich have investments often in
learning, so they have to pay fewer taxes.
You need to have a financial IQ in different
areas like accounting, investing, market forces, and the law.
5. Do not rely on a single source of
income:
Most people rely on a single source of
income.
You can never become rich and financially
secure if you are one of those.
You should have 2 to 3 streams from where
you earn money.
You will be in a better position even if you
face some financial crisis if you have multiple income streams.
6. you become smarter by taking risks:
Unless you take a risk, you cannot grow,
grow as in grow really big.
You should take a risk because some
opportunities in life can change the course of your life.
7. Everyone needs to be a financially
literate:
Intelligence solves problems and produces
money.
Money without financial intelligence is
money soon gone.
The sad part about the education system
around the world is that it teaches us to work for money.
The system never teaches how to make,
manage, and keep the money.
You should learn how to create wealth and
make a plan to achieve financial freedom.
8. Mindset is everything:
Poor dad always used to say” we can’t
afford this “whereas rich dad teaches him to replace it with “how you can
afford it?”.
This way, replace your negative attitude with a positive one and you will find ways to achieve that
target.
Your attitude and mindset matter the most.
The first and foremost thing to do anything
is you must believe in yourself.
9. Surround yourself with people smarter
than you:
There is a very popular saying ‘If you are
the smartest person in the room, then you are in the wrong room.’
If you want to be wise, surround yourself
with people smarter than you.
10. Control emotions:
The situation only gets worse for you when
you are not able to control your emotions.
The statement holds good for both personal
and professional life situations.
You should learn to control your emotional
balance and be focused on accomplishing your financial goals.
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