Top highlights from Rich Dad, Poor Dad
In school we learn that mistakes are bad, and we are punished for making them. Yet, if you look at the way humans are designed to learn, we learn by making mistakes. We learn to walk by falling down. If we never fell down, we would never walk.
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Winners are not afraid of losing. But losers are. Failure is part of the process of success. People who avoid failure also avoid success.
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Youre only poor if you give up. The most important thing is that you did something. Most people only talk and dream of getting rich. Youve done something.
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If youre the kind of person who has no guts, you just give up every time life pushes you. If youre that kind of person, youll live all your life playing it safe, doing the right things, saving yourself for something that never happens. Then, you die a boring old man.
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The love of money is the root of all evil."The lack of money is the root of all evil.
Robert Kiyosaki,
Rich Dad, Poor Dad: What the Rich Teach Their Children About Money That the Poor and Middle Class Don't
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Emotions are what make us human. Make us real. The word 'emotion' stands for energy in motion. Be truthful about your emotions, and use your mind and emotions in your favor, not against yourself.
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Id rather welcome change than cling to the past.
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The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth in what seems to be an instant.
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If you realize that you're the problem, then you can change yourself, learn something and grow wiser. Don't blame other people for your problems.
Robert Kiyosaki,
Rich Dad, Poor Dad
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Workers work hard enough to not be fired, and owners pay just enough so that workers won't quit.
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I like Texas and Texans. In Texas, everything is bigger. When Texans win, they win big. And when they lose, it's spectacular.If you really want to learn the attitude of how to handle risk, losing and failure, go to San Antonio and visit the Alamo. The Alamo is a great story of brave people who chose to fight, knowing there was no hope of success against overwhelming odds. They chose to die instead of surrendering. It's an inspiring story worthy of study; nonetheless, it's still a tragic military defeat. They got their butts kicked. A failure if you will. They lost. So how do Texans handle failure? They still shout, "Remember the Alamo!"That's why I like Texans so much. They took a great failure and turned it into a tourist destination that makes them millions.Texans don't bury their failures. They get inspired by them. They take their failures and turn them into rallying cries. Failure inspires Texans to become winners. But that formula is not just the formula for Texans. It is formula for all winners.
Robert Kiyosaki,
Rich Dad, Poor Dad: What the Rich Teach Their Children About Money That the Poor and Middle Class Don't
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As I said, I wish I could say it was easy. It wasn't, but it wasn't hard either. But without a strong reason or purpose, anything in life is hard.
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I am concerned that too many people are focused too much on money and not on their greatest wealth, which is their education. If people are prepared to be flexible, keep an open mind and learn, they will grow richer and richer through the changes. If they think money will solve the problems, I am afraid those people will have a rough ride. Intelligence solves problems and produces money. Money without financial intelligence is money soon gone.
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To know a little about a lot.
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Whenever you feel short or in need of something, give what you want first and it will come back in buckets. That is true for money, a smile, love, friendship. I know it is often the last thing a person may want to do, but it has always worked for me. I just trust that the principle of reciprocity is true, and I give what I want.
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It is said that the fear of public speaking is a fear greater than death for most people. According to psychiatrists, the fear of public speaking is caused by the fear of ostracism, the fear of standing out, the fear of criticism, the fear of ridicule, the fear of being an outcast. THE FEAR OF BEING DIFFERENT PREVENTS MOST PEOPLE FROM SEEKING NEW WAYS TO SOLVE THEIR PROBLEMS.
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I find so many people struggling, often working harder, simply because they cling to old ideas. They want things to be the way they were; they resist change. I know people who are losing their jobs or their houses, and they blame technology or theeconomy or their boss. Sadly they fail to realize that they might be the problem. Old ideas are their biggest liability. It is a liability simply because they fail to realize that while that idea or way of doing something was an asset yesterday, yesterday is gone.
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We all have tremendous potential, and we all are blessed with gifts. Yet, the one thing that holds all of us back is some degree of self-doubt. It is not so much the lack of technical information that holds us back, but more the lack of self-confidence.
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There is a difference between being poor and being broke. Broke is temporary. Poor is eternal.
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Stop blaming me, thinking I'm the problem. If you think I'm the problem, then you have to change me. If you realize that you're the problem, then you can change yourself, learn something and grow wiser. Most people want everyone else in the world to change themselves. Let me tell you, it's easier to change yourself than everyone else.
Robert Kiyosaki,
Rich Dad, Poor Dad
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Learn to use your emotions to think, not think with your emotions.
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In the real world outside of academics, something more than just grades isrequired. I have heard it called "guts," "chutzpah," "balls," "audacity," "bravado," "cunning," "daring," "tenacity" and"brilliance." This factor, whatever it is labeled, ultimately decidesone's future much more than school grades.
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Just know that its fear that keeps most people working at a job. The fear of not paying their bills. The fear of being fired. The fear of not having enough money. the fear of starting over.Thats the price of studying to learn a profession or trade, and then working for money. Most people become a slave to money and then get angry at their boss.
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Excessive fear and self-doubt that were the greatest detractors of personal genius.
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I can't afford it' shut down your brain. it didn't have to think anymore. besides, it also brings up sadness. a helplessness that leads to despondency and often depression. 'How can I afford it?' opened up the brain. forced it to think and search fro answers. it also opens up possibilities, excitement and dreams and created a stronger mind and dynamic spirit.
Robert Kiyosaki,
Rich Dad Poor Dad: What the Rich Teach Their Kids about Moneythat the Poor and the Middle Class Do Not!
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Most people fail to realize that in life, its not how much money you make, its how much money you keep.
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An intelligent person hires people who are more intelligent than he is.
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People who avoid failure also avoid success.
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Leadership is what you need to learn next
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Rule #1: You must know the difference between an asset and a liability, and buy assets. If you want to be rich, this is all you need to know. It is rule number one. It is the only rule. This may sound absurdly simple, but most people have no idea how profound this rule is. Most people struggle financially because they do not know the difference between an asset and a liability. Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets, said rich dad.
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The poor and the middle class work for money. The rich have money work for them.
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If fear is too strong, the genius is suppressed
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There is always risk, so learn to manage risk instead of avoiding it.
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Going into our fear and confronting our greed, our weaknesses, our neediness is the way out. And the way out is through the mind, by choosing our thoughts.
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Today, wealth is in information. And the person who has the most timely information owns the wealth.
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It is not much different from a person who goes to the gym to exercise on a regular basis versus someone who sits on the couch watching television. Proper physical exercise increases your chances of health, and proper mental exercise increases your chances for wealth. Laziness decreases both health and wealth.
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They get up every day and go work for money, not taking the time to ask the question, Is there another way?
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The idea that it takes money to make money is the thinking of financially unsophisticated people. It does not mean that theyre not intelligent. They have simply not learned the science of money making money. Money is only an idea. If you want more money, simply change your thinking. Every self-made person started small with an idea, and then turned it into something big. The same applies to investing. It takes only a few dollars to start and grow it into something big. I meet so many people who spend their lives chasing the big deal, or trying to amass a lot of money to get into a big deal, but to me that is foolish. Too often I have seen unsophisticated investors put their large nest egg into one deal and lose most of it rapidly. They may have been good workers, but they were not good investors. Education and wisdom about money are important. Start early. Buy a book. Go to a seminar. Practice. Start small. I turned $5,000 cash into a one-million-dollar asset producing $5,000 a month cash flow in less than six years. But I started learning as a kid. I encourage you to learn, because its not that hard. In fact, its pretty easy once you get the hang of it. I think I have made my message clear. Its what is in your head that determines what is in your hands. Money is only an idea. There is a great book called Think and Grow Rich. The title is not Work Hard and Grow Rich. Learn to have money work hard for you, and your life will be easier and happier. Today, dont play it safe. Play it smart.
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Know a little about a lot.
Robert Kiyosaki,
Rich Dad, Poor Dad
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Balanced people go nowhere. They stay in one spot.
Robert Kiyosaki,
Rich Dad, Poor Dad
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We only memorize historical dates and names, not the lesson.
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In todays fast-changing world, its not so much what you know anymore that counts, because often what you know is old. It is how fast you learn.
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Accounting is possibly the most confusing, boring subject in the world, but if you want to be rich long-term, it could be the most important subject.
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Life is sometimes tough when you do not fit the standard profile.
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Its not how much money you make. Its how much money you keep.
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There is an old clich that goes: Job is an acronym for Just Over Broke.
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Cynics criticize, and winners analyze
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An asset is something that puts money in my pocket. A liability is something that takes money out of my pocket.
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Life is much like going to the gym. The most painful part is deciding to go. Once you get past that, its easy.
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Wealth is a persons ability to survive so many number of days forward or, if I stopped working today, how long could I survive?
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Most people have a price. And they have a price because of human emotions named fear and greed. First, the fear of being without money motivates us to work hard, and then once we get that paycheck, greed or desire starts us thinking about all the wonderful things money can buy. A pattern is then set: get up, go to work, pay bills, get up, go to work, pay bills... Their lives are then run forever by two emotions, fear and greed. Offer them more money, and they continue the cycle by also increasing their spending. This is what I call the Rat Race.
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Whenever you feel short or need of something, give what you want first, and it will come back in buckets. That is true for money, a smile, love or friendship. I know it is often the last thing a person may do, but it has always worked for me. I trust that the principle of prosperity is true, and I give what I want. I want money, so I give money, and it comes back in multiples. I want sales, so I help someone else sell something, so sales come to me. I want contacts, and I help someone else get contacts. Like magic, contacts come to me. I heard a saying years ago that went: god does not need to receive, but humans need to give. My rich dad would often say: poor people are more greedy than rich people. He would explain that if a person is rich, that person is providing something that other people wanted...whenever I think people aren't smiling at me, I simply began smiling and saying hello. Like magic, the next thing I know: I'm surrounded by smiling people. It is true that you world is only a mirror of you. So that's why I say, teach and you shall receive.
Robert T Kiyosaki,
Rich Dad Poor Dad
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How can I afford it? opened up the brain and forced it to think and search for answers.
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I recommend to young people to seek work for what they will learn, more than what they will earn. Look down the road at what skills they want to acquire before choosing a specific profession and before getting trapped in the Rat Race.
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Th e three most important management skills necessary to start your own business are management of:1. Cash flow2. People3. Personal time
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Sometimes you win and sometimes you learn. But have fun. Most people never win because theyre more afraid of losing.
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