In order to become wealthy, you have to understand what a rich mindset is. Rich Dad Poor Dad teaches that a rich mindset is being willing to pay yourself first, and avoiding obstacles that would deter you from building wealth. The key is to stick it out when things get tough, and to always value experience over money.
Pay yourself before paying others
Rich Dad Poor Dad by Robert Kiyosaki is a book about financial freedom and wealth building. It was published in 1997 and has been translated into dozens of languages. The book outlines a series of steps for becoming financially independent.
Firstly, the book explains the difference between an asset and a liability. There are many different types of assets, such as stocks, real estate, and company ownership. But not every type of asset is right for every person.
The book focuses on six key lessons from Rich Dad. These lessons include:
One of the biggest differences between the poor and rich mindset is how they approach money. People with a rich mindset tend to make money work for them. They take advantage of opportunities, and overcome fear. That’s why they’re able to earn more than they consume.
People with a poor mindset are usually taught to be dependent on others for their income. This can be dangerous, as it can lead to a loss if things go south.
Stick it out when the going gets tough
Rich Dad Poor Dad is one of the best personal finance books of all time. This book focuses on the mindset differences between the rich and the poor. It is written by author Robert Kiyosaki. The book was inspired by a story from his own life. He had a biological father and a best friend’s dad.
The author of the book says that his biological father was extremely intelligent. He was also very hard working. In fact, Kiyosaki’s best friend’s dad was a millionaire. But, in 2007, the subprime mortgage crisis began. Subprime borrowers began defaulting on their mortgages.
His other books are Wealth Mindset and Cashflow. These are all about helping people develop a wealth mindset. Unlike Kiyosaki’s previous books, this book does not provide a step-by-step plan for becoming rich. Instead, it gives people the power to think differently about money. For instance, most employees feel disappointed with their paychecks, after taxes.