Key Lessons On Financial Freedom From ‘Rich Dad, Poor Dad’
Today we will tell you in this article about a book that has changed the mind set of many people in the world till now. The person has understood about money, this book teaches you a lot about money, now let's look at the summary of this book, how and what this book teaches you and who wrote this book.
This book is written by Robert Kiyosaki. In this book, Robert Kiyosaki has mentioned two fathers in which one father is poor and the other father is rich and shows the different mentality of both fathers regarding money and till the end of this book How a poor father leaves the world leaving his child in a lot of debt and the same rich father leaves behind a heap of unsurpassed wealth for his children, in this book by Robert Kiyosaki, how you can make unsurpassed wealth with very little money can stack
Top learnings from rich dad poor dad
1 Financial education is important
Poor spending habits lead to poverty
A person's financial state is the sum of all the financial decisions they've made so far. Someone who has made a lot of good decisions will be in better shape than someone who has made a lot of poor decisions. Being in good financial health means a better material life plus much more flexibility to do what you want with your life (whether that's travelling more, improving the world more, retiring in your forties, or whatever you want).
Financial decisions also depend a lot on habits. People who form good habits when they are children have a much easier time than people who have to change their habits in adulthood.
2 Take up the challenge in the business
There’s always a new challenge to keep you motivated
This is a pertinent question. Innumerable challenges are constantly standing in front of every living being. By the time one challenge is tackled, many more challenges emerge. It is a lifelong continuous process. Some challenges are easily tackled but some are very disturbing. The question arises what to do when faced with a challenge.
Not everyone has the ability to face every challenge. We have to deal with only those challenges which we can conquer otherwise we are afraid to face them.
3 Rich don't work for money , money work for th
Make your savings work for you
Rich people do not work for money i.e. active income, but actually rich people work to build assets, and the wealth they create, from that asset which would have been passive and portfolio income in the form of cash flow. is, by that they become richer,
So simply seen, 'rich' people do not work for money i.e. active income, but rich people work for passive and portfolio income, because they know that the real rich is the one who has twice or more than his expenses. Passive or portfolio income of more than that,
And that's why rich people, to make passive and portfolio income, first of all build such assets, from which they can earn in the form of positive cash flow,
4 Make mistakes and learn from them
When any person tries to learn or do something in the beginning, he makes countless mistakes and repeats them unknowingly. But gradually when he starts learning that task, then the mistakes made by him start decreasing. Similarly, when he becomes proficient in his work, he does not make mistakes, and if he makes mistakes, he recognizes them. Apart from this, while talking, one also needs to be alert while talking with others because during this time most of the mistakes happen unknowingly from the person and he also has to suffer the consequences.
Smart people know they never have all the answers. They see every mistake as a lesson and every learning as an opportunity.
5 Getting rich is a thought
The money you make is a symbol of the value you create
The path to becoming a millionaire starts with thinking. Where I am today, tomorrow I have to be a little higher than that, this thinking makes people become millionaires. First the dream of becoming a millionaire, then the thought of preparing the roadmap and moving forward step by step with concentration, and the thought of working hard.
In today's time, no one becomes rich overnight, it takes years of hard work for this, if there is something called laziness inside you, then remove it from inside you. To earn money, it is very important for you to work hard, the harder you work, the more money you will be able to earn.
6 Increase Your Asset, Decrease Liability.
Increase Your Asset , Decrease Liability . “The first rule is you should know the difference between an asset and a liability, and always buy an asset first. “An asset is something that puts money in your pocket. A liability is something that takes money out of your pocket.
Rich people believe in acquiring wealth. The poor and middle class acquire those liabilities, and they feel that they are buying assets.
7 Reinvest the profit you make
Most startups spend their initial profits on reinvestment, and your company should be no exception. The key to reinvesting is having a good strategy, not necessarily dedicating a certain percentage of your profits. Your reinvestment efforts should be in line with your current strategic plan.
Most business owners choose to reinvest their profits into business improvements - for example, streamlining infrastructure, equipment, business processes, or finding ways to improve customer experience. These are all valuable strategies because they can increase your profits in the long run, allowing you to expand business operations.
According to me, not only the youth of 20 years but every person must read Rich Dad Poor Dad once in his life. This book gives you a new approach to thinking about money (wealth). Many people criticize this book because the truth written in it is not digested by them, but the people from whom this truth is digested, their life changes. Like mine!
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