Rich Dad Poor Dad

Rich Dad Poor Dad
Do it now
Stop doing what you are doing
Look for new Ideas
Find someone who has done
what you want to do
Take classes, read, attend seminars
Make lots of offers
Jog, walk or drive a certain area
once a month for 10 minutes
Shop for bargains in all markets
Look in the right places
Look for people who want to buy
first, then look for people who want to
sell
Think big
Learn from history
Action always beats inaction
To Do's
1. Find a reason greater than
reality: the power of spirit
Combination of "wants" and "don't wants"
Need a strong reason or it will
seem like too much hard work
2. Make daily choices: The power of choice
First invest in education
Books, CD's
Listen to an investor say
something i disagree with
Re-listen and keep an open mind
Go to seminars
Preferably 2 days so can immerse in topic
Every dollar that comes in, we
have the power to choose our
future
3. Choose friends carefully:
power of association
Friends with money talk about money, not
to brag but because they are interested in
it
Ask someone who has been
success how they did it
4. Master a formula and then learn a
new one: the power of learning
quickly
You become what you study
Search for a faster formula
5. Pay yourself first: the power
of self-discipline
Don't get into large debt positions that
you have to pay for. Keep your expenses
low
Build up assets before you buy car etc
When you come up short, let the pressure
build and don't dip into savings or
investments
Use the pressure to inspire your
financial genius
Be tough
6. Pay your brokers well: the
power of good advice
Their service should make you money
Ask how much property or stocks they
own personally and how much they pay in
taxes
Mind your own business
Work with people in the same business as you
Have your own board of directors
7. Be an Indian giver: the
power of getting something for
nothing
on every investment there must
be something for free
LImited risk or low risk idea
8. Use assets to buy luxuries,
the power of focus
be smarter than your money
be a master not a slave
9. Choose Heros: the power of myth
Find heros who make it look easy
10. Teach and you shall
receive: the power of giving
Give what you want first, and it
will come back in buckets
Overcoming Obstacles
Fear
Pain of losing money greater
than the joy of being rich
Failure inspires winners. Failure defeats losers.
If you hate losing, play it safe. Start early
Cynicism
Sky is falling
Noise
Self doubt
We all hear it
Worst of times are actually the best of times
Watch out for buyers remorse
Laziness
Too busy to take care of own wealth
A little greed is good
How can I afford it?
Bad habits
Pay Yourself First
Arrogance
Lesson 6: Work to Learn -
Don't work for Money
Learn to sell
Give books obnoxious titles
Know a little about a lot
Learn constantly
"Workers work just hard enough to not get fired.
Owners pay just enough that workers wont
quit."
Management skills for success
Cashflow
Systems
People
Marketing & Comms
Most important specialised skills
writing, speaking, negotiating
Attend courses
Can always learn more
Be Good Learner, seller,
marketer and teacher
Lesson 5: The Rich Invent Money
self doubt and lack of
confidence hold us back
inside everyone of us is brave,
brilliant and daring
its not the smart that get ahead but the bold
play Cashflow to increase understanding
"I don't know how to do that
here yet"
Great opportunities are seen
with your mind not your eyes
Learn to recognise opportunities
Professional Investor puts deals together
Find an opportunity everyone
else has missed
Raise money
Organise smart people
Have great advisors
Lesson 4: The History of Taxes
and The Power of
Corporations
Knowledge is power
With money comes great power and the
right knowledge to keep it and multiply
it
If you work for money, you give
power to your employer.
If money works for you, you
keep the power and control it.
The tax man will take more if you let him
Financial IQ
Accounting
Ability to read and understand
financial statements
Investing
Science of making money from money
Understanding Markets
Science of supply and demand
Does the investment make sense
based on current market
conditions?
The Law
Tax advantages
Companies can spend first and pay
tax on whats left (opposite to
employees)
protection from law suits
Control but not own
Lesson 3: Mind
Your Own
Business
Start buying assets,
not liabilities or
personal effects with
no real value
Business' that do not require my presence
Stocks
Bonds
Income-generating real estate
Notes (IOUs)
Royalties from IP
Anything that has value, produces
income or appreciates, and has a ready
market
Be Active in your asset column
Once a dollar goes into that
account, dont let it come out
Lesson 2: Why
Teach Financial
Literacy?
Rule 1: Know the
difference between
assets and liabilities and
buy assets
Rich people acquire assets, poor/middle
class acquire liabilities and think they are
assets
An asset puts money in my
pocket, a liability takes money
out
Who are you working for?
The company
The bank
Mortgage/Credit cards
The government
Taxes
Lesson 1: The
rich don't work
for money
The poor and middle class work for
money. The rich have money work for
them.
People's are controlled by two
emotions: fear and greed.
Money is in control of their
emotions and souls
Many people are ignorant about money
See what others miss
Created a comic book library
14 1