|PDF Name||Rich Dad Poor Dad PDF|
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|PDF Category||eBooks & Novels|
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Three Sentences: The Rich Dad Poor Dad pdf
- Rich Dad Poor Dad is about Robert Kiyosaki (a boy) and his fathers-his real father (poor dad) and his best friend’s father (rich father). This article will explain how each man has influenced your views regarding money and investing.
- You don’t need to be rich to be successful.
- Rich people work to make their money. They make money for themselves.
rich dad poor dad pdf download free
#1: The Rich Don’t Work Hard for MoneyA company may be a quick-term solution to a long-term problem. Wealthy people know that income-generating assets can help them make their money work for them.
#2: Your house doesn’t count towards your asset.While a liability can cause expenses, an asset can generate income. Your home is not an asset. The wealthy realize this early on and begin to build a portfolio instead of committing all their income to mortgages.rich dad poor dad pdf free download
#3: The rich outsmart the governmentIt is often not possible for the richest to pay taxes. It is a fact that the middle class has the highest tax burden while the wealthiest use corporations to dodge taxes.
#4: The rich invent money.More important than university grades is self-confidence. Financial intelligence is key to success. They also have the courage and determination to take advantage of the best opportunities.
#5: Wealthy people use fear and desire to their advantageEven the most well-educated can’t become rich. Wealth can be achieved when the wealthy conquer fear, laziness, and cynicism.
Summary of each section/chapterOf rich dad, poor dad
Rich Dad has 10 chapters and an introduction. The book’s first six lessons, or parts, make up the majority of the book.
We will be covering both the introduction and all of the remaining lessons.
- Introduction: Rich Dad
- Chapter 1: The Rich Don’t Work for Money
- Chapter 2: Why Teach Financial Literacy
- Chapter 3: Mind Your Own Business
- Chapter 4: The History and Taxes of Corporations
- Chapter 5: How the Rich Invent Money
- Chapter 6: Learn to work – don’t work for money
- Chapter 7: Overcoming Obstacles
- Chapter 8:Getting Started
- Chapter 9: Want more information? These are some To Dos
Robert Kiyosaki’s story of his father (poor dad) and his best friend (rich dad) is Rich Dad Poor Dad. It tells the story of how these men influenced his views about money and investing. To be rich, you don’t need to have a lot of wealth. Wealthy people make money work for them.
Two young boys learn valuable lessons from their rich father about money. It is important to understand how to make money through business and investments.
There are ways to get out of this rat race. You can identify opportunities, find solutions and manage your investments. And, most importantly, you can make money work for you and not its slaves.
According to the author, traditional schools do not provide adequate financial education. Schools are more focused on financial skills than professional skills. This is a sign of how poor students can be in managing their finances.
Mike’s Dad, ‘Rich Dad’, is his father. He taught him valuable lessons about finance and money throughout his life. Mike and his father were both hard workers. However, when it came to money, Mike’s dad didn’t use his brain for financial rewards. He is sometimes called “Poor Dad“.
- According to the father of the poor, if an author studies hard in school, it will be easier to find work and a company that suits him. However, the Rich father said that the author should work hard to find the right company.
- The father who was poor considered the house to be the most important investment and the most valuable asset, while the dad who was wealthy considered it a liability.
- Poor dads were known to pay their bills first while rich dads preferred to wait to pay the bills.
- His father, a poor man, taught him how to write great resumes that would get him good job interviews. The rich father also taught him how to make great financial plans in order to create new jobs.
He was once broke due to financial setbacks but he still considered himself a rich man. He stated that it was different to be poor or broke. “Broke is temporary, while poor is eternal.”
His father, a wealthy man, inspired the author to learn more about “Money” and make it work.
Chapter 1: The Rich Don’t Work for Money(rich dad, poor dad pdf
Many people mistakenly believe that the title of this chapter implies that only the wealthy work. It is actually the opposite.
Instead of reading “The Rich Don’t”, For Money, Kiyosaki says that “The Rich don’t work for money”.Money. __S.76__When you emphasize the word “money”, this section takes on a whole new meaning.
Although the majority of wealthy people work hard and are very successful, their approach to wealth is different from most. Rich people and those who wish to become rich work hard to learn how money works for them. Rich Dad once said that “The middle and the poor work for money.” Wealthy people have money to work for them.
Kiyosaki also stated that a job is not a permanent solution to the long-term problem (or challenge) of creating wealth or financial freedom. rich dad poor dad pdf
Fear is what keeps most people at work. Fear of not being able pay their bills, fear about being fired, and fear of losing enough. The fear of starting over. This is the price of learning a trade and then working for money. People are slaves to money, and then they get mad at their bosses.
Chapter 2: Why Teach Financial Literacy
rich dad poor dad pdf
The second chapter of Rich Dad Poor Dad explains the difference between an asset and a liability. Chapter 2 shows that it’s not about how much money you make, but how much you keep.
Assets are items that have value, generate income, or increase in value. They can easily be bought and sold on a market.
- Assets generate income
- Assets appreciate
- Assets do both
On the other hand, liabilities take money out of your pocket as they have costs. This statement was controversial when Rich Dad first appeared back in 1997.rich dad poor dad pdf
A personal home is not considered an asset if it isn’t worth enough to cover its expenses. If the rental property generates passive income, it is an asset.
Chapter 2 of Poor Dad Kiyosaki stated, “Want to grow rich?” Invest your time in income-producing assets. Only then can you understand what assets are. Reduce your expenses and liabilities. You’ll deepen your asset column.”
Chapter 3: Mind Your Own Business
rich dad poor dad pdf
Two important messages are contained in this chapter.
- First, pay off all debts and then invest in income-producing assets.
- You can also keep your finances in good shape by investing your money into assets and spending your time rather than your paycheck.
Chapter 3 of Rich Dad explains how many people mistakenly consider their profession to be their business. They work their entire lives for another business, making other people rich.
This section contains one my favorite quotes:
“The main reason the majority of middle-class and poor people are financially conservative is that they lack a financial foundation. They need to keep their jobs and be secure. They can’t afford to take risks.”
Chapter 4: The History and Taxes of Corporations
Remember that Rich Father, Poor Dad was written in motivational style by Kiyosaki and is not intended to be tax or financial advice.
Kiyosaki writes, for instance, about buying a Porsche that was treated as a business expense with pre-tax dollars. A luxury, high-end vehicle could help an investor avoid being audited by the IRS.
These points are not about the Porsche, but smart investment strategies. The wealth understand the power and importance of tax codes and company structure, and they take all legal steps to reduce their tax burden.
Compare the tax paid by investors and business owners in corporations such as C Corps, S Corps, or LLCs to that of most people
For business owners:
- Pay taxes
Employers who hire employees:
- Pay taxes
It will be obvious that employees who work for another person spend their money after taxes, while business owners spend and make their money before taxes.
Chapter 4 of the book also contains the four components of financial intelligence as Kiyosaki calls them: accounting, investment strategy and market law.
Rich Dad Poor Dad reminds us that understanding tax and legal benefits is an important factor in building long-term wealth.
“For instance, a corporation might pay expenses before it pays taxes. An employee, however, is subject to tax first and must then pay any remaining expenses. . . Corporations provide legal protection from lawsuits. A lawsuit against a wealthy individual is often met by legal protection. The wealthy person often discovers that they don’t own any property in their name. Although they have full control of everything, they don’t own it.
Chapter 5: How the Rich Invent Money
Inventing money means finding deals and opportunities that no one else can make.
Chapter 5 Rich Father describes the differences between these two types of investors.
- Investment packagesFund managers or developers can buy the funds of people who entrust them. This is the most common way to invest. This is how most people invest in real estate.
- Professional investorsInvestors need to look after their investments, and search the market for good deals. They should then hire professionals to manage the day-today operations. Professional investors share three common traits:
- Look for opportunities that others may have missed
- Investment funds raising
- Work with other intelligent people
Here’s one of my favorite closing thoughts for this chapter.
Many people think there aren’t any real estate deals in the area. There are plenty of prime opportunities that go unnoticed. Most people don’t have enough financial skills to see these opportunities.
Chapter 6: Learn to Workn– Do not work for money
Poor Dad was intelligent and well educated. Because he believed job security was the most important, he worked hard to earn his money. Rich Dad worked hard to learn, and he became a millionaire.
As Kiyosaki writes:
Young people should look for work that will give them the skills they want, not the money. Consider what skills you would like to have before they become trapped in the Rat Race.
This is actually what Kiyosaki did. After graduating from college, he joined Marines to learn the business skills needed to manage and lead people. Kiyosaki enlisted in the Marines after his service and was able to overcome fear of rejection to be one of the top five salespeople at Xerox. After his service, he started his own company.
Chapter 6 of Poor Father discusses how to combine management skills in order to succeed in business.
- Cash flow management
- System management
- People management
Chapter 7 of Rich Dad begins by noting fear management as the main difference between rich and poor.
Robert Kiyosaki does not refer to the fear people feel when going to the dentist or watching The Exorcist. The book is about the fear of losing your money. This book will show you how to overcome that fear.
It is one of the five main obstacles to financial independence.
- Bad habits
These are the reasons why even financially-educated people are not able create assets that generate large amounts of cash flow.
It’s inevitable that you will lose money when investing. Kiyosaki claims that he has never met a wealthy person who hasn’t lost their money. He has also met many people from the poor who have not lost one cent since they haven’t invested.
Real estate investors who focus on one “sure thing” only are paralysed by fear disguised as fear. People who fail to see the big picture and think big are almost certain not to succeed in investing or in life.
Everybody has doubts. People can easily lose self-confidence.
Real estate investors are well-versed in common “what-if” concerns like the economy collapsing and rising interest rates. Tenants not paying rent can also be concerns. These are important issues to consider, but you must not allow the cynicism or opinions of others to overtake your ability control. If you miss opportunities, you could get stuck.
It is easy to confuse being busy with actually doing the important things in today’s connected world. Rich Dad says that the most lazy people tend to be those who are always busy.
People who are always busy arrive early and leave late at work. They bring work home to complete on weekends or nights. They lose touch and feel disconnected from the people and things that they love.
Real estate investors who are successful take action, and don’t succumb to the pressures of the rat race or mistake success for failure.
Habits can influence behavior. People are more likely to pay their bills first than they are to themselves. This means that most people don’t have enough money at the end each month to invest.
Financial security will increase if you take care of yourself first, even though it may mean you don’t have enough money to pay others. It’s reverse psychology.
If you are a good steward of your money, you will be more motivated to pay your creditors. Start looking for income sources other than investment real estate.
Investors know what makes it money. What they don’t know can cause them to lose money. Arrogant people believe the things they don’t know don’t matter.
Learn from others about investing and money. Get more information or speak with an expert.
These are the five biggest obstacles to overcome when you want to be a successful real estate investor. It takes focus and balance. Many people today are “Chicken Littles”, who live with cynicism and pessimism, and have victim mentalities.
Rich Dad suggests removing negative people from your life and their fear. Instead, look at the bigger picture and ask yourself “What’s in it for me?”
Getting StartedRich dad, poor dad
Chapter 8 Rich Dad explains how there is always gold, but that most people don’t have the training or experience to find it.
Our lack of clarity and vision is evident in the world we live. We are taught from a young age to borrow more, work for others and spend what we earn.
People who want to be part the majority don’t have the time or patience to learn financial skills.
One great example is real estate investing. The average person could spend a week looking for something. An investor who is trained can find four to five deals in a matter of days.
These are the ten steps to increase your financial intelligence and locate the gold that is already there.
- A deep emotional motivation or purpose drives you to do what you do. This could include a mix of wants and needs.
- The power of the spirit can be used to find a reason beyond reality.
- Young girls dreaming of the Olympics would swim for three hours each morning before going to school. She studied weekends to maintain her high grades. She replied, “I do it because of how much I love myself and those I love.” Love is what keeps me going through all the challenges and makes me smile.
2.Every day you have the ability to decide what you do. This includes learning new skills and choosing the right habits.
- Every day is your chance to make choices.
- You have the option to choose whether you want to be wealthy, poor, or middle-class. Your children must learn how to manage their wealth. They will lose their inheritance in the next generation.
- It is crucial to learn how to invest before you make an investment.
3.Choose your friends carefully. You can use the power of association as a tool to make connections.
- Be careful when selecting friends. The power of friendship is immense
- Friends may not have the financial records necessary to make their decision.
- Find friends who are open-minded and willing to discuss money.
- Many people who have money say that friends with it don’t ask them how they get it. They will ask for a loan or a job.
4.You can learn quickly how to master the art and formulas for making money.
- Quickly learn a formula and master it.
- Study what interests you. If you want to be a chef, then study cooking.
- If you don’t feel like working, don’t do it.
- Even though they know a lot, many people don’t take the critical step of taking action.
- It’s not about how much you know but how fast you learn.
5.Learn how to manage your money flow, people, and personal time to become the first to pay you.
- Success is only possible if you are self-disciplined
- If you don’t have self-discipline, you won’t be able manage a million dollars.
- You will be driven around in your life if you lack self-control.
- These are the most important skills to start your own business.
- Cash flow
- Time for you
- Paying your own bills first allows you to purchase assets, then generate income. Paying all expenses first means that you lose your entire money.
- Even if your cash flow is smaller than your bills, it’s important to ensure that you pay yourself first.
- Robert Kiyosaki has more debt than the majority of the country. He relies on tenants to repay his debts.
- Tips for paying yourself first
- Don’t get into debt you can’t afford to repay. Keep your expenses low.”
- Don’t panic if you feel under pressure. The pressure can be used to help you find more ways to make your money.
- To have more money, you should save.
6.Great people should be part of your team. You should pay them well for their services. You’ll get more if they earn more.
- You must pay your brokers fairly. Good advice can be very powerful
- You should not pay too much for professional services. You should be able to afford your services. You will earn more if you are a professional.
- Many people tip servers between 15-20% to seven percent, even if they receive poor service. They get furious when they have to tip a broker three to seven percent.
- It is vital to have a board of directors. It is important to have people with more intelligence than you.
7.Then, ask yourself: “How fast can I get my money back?” And then focus on the return on investment.
- Indian giving: The ability to get something for nothing
- “The first question a sophisticated investor asks is how quickly they can get their money back. They want to know what they get for free. The ROI (return-on-investment) is therefore so important.
- Robert Kiyosaki offered $10,000 less than the asking price for a small condo that was being foreclosed. Because he presented a cashier’s check with the full amount, the bank accepted the deal. Robert Kiyosaki, who rented it for three years now owns the property. He continues to earn income from this asset.
- When you invest in property, it is important to aim for something free. This could be a condo or piece of land, stock shares, real estate, or a condo.
- Ray Kroc, founder of McDonald’s and McDonald’s, wanted the land under every McDonald’s to be free.
8.You can spend the money you have on assets to buy luxuries. Instead of focusing on how you can direct money to make more, think about your self-discipline.
- When you are looking to buy luxury items, focus on the power and potential of your assets.
- The father wanted to teach his son how to make money. The father wanted to show his son how to make money. The father wanted to teach his son how to make money. His son asked for a car but he did not want him spending college money on it. His father gave $3,000 to him to help him buy a vehicle. He was unable to spend the money on a vehicle. His son started to learn how to invest stocks. He devoured every book and publication. He was curious, even though he had lost $2,000 in the stock market.
- Avoid buying luxury items with credit obligations. Instead, buy them from your assets.
- If 100 people had $10,000 at year’s beginning, they would have $10,000 at year’s end.
- 80 would have used the whole amount or taken on more debt.
- 16 would have increased it by 5-10%
- It would have been multiplied four times, or doubled. This would have made it million-fold more valuable.
9.Look for role models and follow their advice.
- The power of myth: Choose heroes
- Robert Kiyosaki names Warren Buffett and Peter Lynch as his heroes.
- Robert Kiyosaki tries to see a deal in the same way Warren Buffett would, by analyzing it. This strategy allows him access to his raw genius.
10.It is important to realize that you must first give it.
- Teach and you’ll receive: The power to give
- Robert’s wealthy father taught him to be generous. Robert learned from his poor father to share his knowledge and his time, but not his money.
- Rich father said that “If it is your desire, you must first give it.”
- If you want money, give it.
Still Want More? These are just a few of the things you should do.
The last section of Rich Dad Chapter 9 contains the key lessons of the book and a list to help you take action today.
- Take a step back from your current activities and assess what is working and what isn’t.
- To get new ideas, find resources that cover different topics.
- Ask your mentors to join you for lunch and answer any questions.
- Take classes and seminars to learn.
- Make lots of offers and always include escape clauses. Because eventually, someone will say yes.
- Spend ten minutes running, walking or driving in one area for the next twelve-months, and then look for bargains.
- When the market is right, real estate deals should only be pursued. Profits can be made when you buy and not when you are selling.
- Make sure you invest in your education so that you learn how, when, and where to buy.
- Small thinkers won’t be successful so it is important that you think bigger to make more money.
- People will only buy what they can afford. Find a buyer first if you are looking to buy more.
- Volume discounts can be achieved by pooling together people and thinking big.
- Take inspiration from history, it’s always the same.
- It is better to be inaction than to act.
Rich Dad‘s goal to encourage you to make your own way to financial freedom is to show you how.
The book is not meant to be a guideline, but it can help you set your goals and make money through real estate investing.
- This article offers a contrarian perspective, which isn’t common knowledge in personal financial education.
- Your goal is to convert the income you earn into more income-generating assets.
- Encourages spending control, and expense reduction
- This article will explain why real estate is more valuable than other assets as an investment.
- It emphasizes the importance of thinking and continuous education.
- It’s about taking action and not thinking about it.
- The success stories in the book are unique to Kiyosaki and may not be replicated.
- Some parts of the book are not complete, which makes it harder to apply the concepts.
- People who think more for the group than they do for themselves are often demeaning.
- Rich Dad This book does not contain financial advice. It is motivational.
Rich Dad would tell you that not all people who are rich are born wealthy. To make money in the United States, one doesn’t have to work for another person.
While Rich Dad was published almost 25 years ago by Kiyosaki you can still use the lessons he taught back then. To start your journey towards financial freedom and long-term financial wealth, you should first learn about financial education.
Robert’s friend tried once to save money for college tuitions for his four children. Only $12,000. With only $12,000. But with only $12,000. It was clear that this was unlikely to happen in the near future. Because of the slump in Phoenix’s market, a friend suggested that he purchase a Phoenix property. After two weeks, they found a house with three bedrooms and two baths in a prime location. The homeowner wanted to sell. They paid $79,000 to purchase the property from the homeowner who wanted $102,000. His friend needed a $7900 down payment. After all expenses were paid, his friend took $125 per month. He planned to keep the house for twelve more years. He used $125 of his earnings to pay down the mortgage even faster. Three years later, he was offered $156,000 to buy his house. Robert suggested that Robert sell his house through a 1031 tax-deferred exchange. Then he bought a small storage unit. After three months, he was earning $1,000 per month. He put this money into his college fund. A few years later, he sold the mini-warehouse at $330,000. He made his next investment, which brought him $3,000 per monthly in income. Then he went back to the college fund. He is now confident that he will be able to pay for his children’s college education. All started with $7,900.
There are three types of income
- Earned ordinary
Poor dad: Find a safe and secure job that pays an average wage with a regular salary
Rich Dad: Portfolio and passive income work for you.
“Converting earned income to passive or portfolio income is key to financial freedom and great wealth.”
Warren Buffett said that risk is when you don’t know what you are doing.
A rich father would tell you that you must learn how to keep your income safe from loss. This is key to great wealth. You will spend your whole life working harder and earning less if you don’t know the difference between these incomes.
Your destiny will be determined by how you spend your money and time. Your family’s future will depend on your choices today.
So what are you waiting? Order it now from Amazon. It’s well worth the effort.
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