19/10/2022
10 LESSONS FROM RICH DAD, POOR DAD
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 their investments often in learning, so they have to pay fewer taxes.
You need to have 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 better position even if you face some financial crisis if you multiple income streams.
6. you become smarter by taking risk:
Unless you take a risk, you cannot grow, grow as in grow really big.
You should take a risk because some opportunities in life have the potential to 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 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 f
