How to Be Rich - Lessons from Rich Dad Poor Dad | Part 2
Being Rich is not a destination but a journey. Learn to enjoy the journey and remain Rich forever.
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| Lessons from Rich Dad Poor Dad - part 2 |
In many ways, the messages of Rich Dad Poor Dad, that were criticized and challenged two decades ago, are more meaningful, relevant and important today than they were 20 years ago.
It's Time to Begin to Teach Your Kids Early About Money for Their Future in Financial Success
ACTIONABLE: WHY TEACH FINANCIAL LITERACY?
1. Remember - Retirement doesn't mean NOT WORKING! So plan to retire from your present business responsibility but not before you have chalked out your next chapter in life after retirement.
2. Having money without financial intelligence is money soon gone. In the long run of life, it's not how much money you make, it's how much money you keep and for how many generations you keep it.
3. The number one rule to becoming rich is - Know the difference between an asset and a liability and buy assets. Do not get into the trap of poor and middle class who buy liabilities and think it is their asset.
4. In handling money don't just focus on the amount that is coming in your account or moving away. Instead, focus on the story that the amount of money in your account is trying to tell you.
5. Before you Buy anything Remember these Two Simple Definitions -
ASSETS
An asset is something that puts money in my pocket.
LIABILITIES
A liability is something that takes money out of my pocket.
Then ask yourself - What am I buying, an Asset or a Liability?
There is nothing wrong with buying a liability. It is just that you must know that you are buying a liability.
6. Develop your FINANCIAL APTITUDE -
What you do with the money once you make it.
How to keep people from taking it from you.
How long you keep it.
How hard that money works for you.
The financial woes and trouble start when people choose how to spend their money.
7. Do you want to be intelligent? Then hire or be in the company of people who are more intelligent than you are.
8. Wealth - if I stopped working starting today how long will I be able to survive by maintaining my current lifestyle, this decides how wealthy I am!
9. Remember these Simple Observation -
A] The Rich Buys Assets
B] The Poor only have expenses
C] The Middle Class buys liabilities they think are assets
In Conclusion
The best way to learn is to practice the knowledge that you have acquired. This is how one becomes wise. Do not believe in these simple observations. You observe on your own and verify it.
Click here to read the 1st Part of Lessons that you can learn from Rich Dad Poor Dad
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