Mind Map Gallery Rich Dad Poor Dad
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Rich Dad Poor Dad
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Edited at 2020-10-08 12:20:27
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Rich Dad Poor Dad
Do it now
Stop doing what you are doing
Look for new Ideas
Find someone who has donewhat you want to do
Take classes, read, attend seminars
Make lots of offers
Jog, walk or drive a certain areaonce a month for 10 minutes
Shop for bargains in all markets
Look in the right places
Look for people who want to buyfirst, then look for people who want tosell
Think big
Learn from history
Action always beats inaction
To Do's
1. Find a reason greater thanreality: the power of spirit
Combination of "wants" and "don't wants"
Need a strong reason or it willseem like too much hard work
2. Make daily choices: The power of choice
First invest in education
Books, CD's
Listen to an investor saysomething 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, wehave the power to choose ourfuture
3. Choose friends carefully:power of association
Friends with money talk about money, notto brag but because they are interested init
Ask someone who has beensuccess how they did it
4. Master a formula and then learn anew one: the power of learningquickly
You become what you study
Search for a faster formula
5. Pay yourself first: the powerof self-discipline
Don't get into large debt positions thatyou have to pay for. Keep your expenseslow
Build up assets before you buy car etc
When you come up short, let the pressurebuild and don't dip into savings orinvestments
Use the pressure to inspire yourfinancial genius
Be tough
6. Pay your brokers well: thepower of good advice
Their service should make you money
Ask how much property or stocks theyown personally and how much they pay intaxes
Mind your own business
Work with people in the same business as you
Have your own board of directors
7. Be an Indian giver: thepower of getting something fornothing
on every investment there mustbe 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 shallreceive: the power of giving
Give what you want first, and itwill come back in buckets
Overcoming Obstacles
Fear
Pain of losing money greaterthan 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 wontquit."
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 ofconfidence 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 thathere yet"
Great opportunities are seenwith your mind not your eyes
Learn to recognise opportunities
Professional Investor puts deals together
Find an opportunity everyoneelse has missed
Raise money
Organise smart people
Have great advisors
Lesson 4: The History of Taxesand The Power ofCorporations
Knowledge is power
With money comes great power and theright knowledge to keep it and multiplyit
If you work for money, you givepower to your employer.
If money works for you, youkeep the power and control it.
The tax man will take more if you let him
Financial IQ
Accounting
Ability to read and understandfinancial statements
Investing
Science of making money from money
Understanding Markets
Science of supply and demand
Does the investment make sensebased on current marketconditions?
The Law
Tax advantages
Companies can spend first and paytax on whats left (opposite toemployees)
protection from law suits
Control but not own
Lesson 3: MindYour OwnBusiness
Start buying assets,not liabilities orpersonal effects withno real value
Business' that do not require my presence
Stocks
Bonds
Income-generating real estate
Notes (IOUs)
Royalties from IP
Anything that has value, producesincome or appreciates, and has a readymarket
Be Active in your asset column
Once a dollar goes into thataccount, dont let it come out
Lesson 2: WhyTeach FinancialLiteracy?
Rule 1: Know thedifference betweenassets and liabilities andbuy assets
Rich people acquire assets, poor/middleclass acquire liabilities and think they areassets
An asset puts money in mypocket, a liability takes moneyout
Who are you working for?
The company
The bank
Mortgage/Credit cards
The government
Taxes
Lesson 1: Therich don't workfor money
The poor and middle class work formoney. The rich have money work forthem.
People's are controlled by twoemotions: fear and greed.
Money is in control of theiremotions and souls
Many people are ignorant about money
See what others miss
Created a comic book library