Book Byte #185 "Rich Dad, Poor Dad" by Robert T. Kiyosaki

What the Rich Teach Their Kids about Money – That the Poor and the Middle Class Do Not!

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?? Curious Quotes from the Author

“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.”

“Winners are not afraid of losing. But losers are. Failure is part of the process of success. People who avoid failure also avoid success.”

“You’re only poor if you give up. The most important thing is that you did something. Most people only talk and dream of getting rich. You’ve done something.”

“If you’re the kind of person who has no guts, you just give up every time life pushes you. If you’re that kind of person, you’ll 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.”

“The love of money is the root of all evil." The lack of money is the root of all evil.”

“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.”

“I’d rather welcome change than cling to the past.”

“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.”

“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.”

“Workers work hard enough to not be fired, and owners pay just enough so that workers won't quit.”

“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.”

“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. ”

“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.”

“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.”

“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.”

?? Cognition of the Book’s Big Idea

The first lesson was that wealthier people are not required to labor for pay. If you simply spend your entire life in the rat race, someone will benefit, but it won't be you; instead, it will be your boss, whose pocket you'll be genuinely filling. What then is the substitute?

This takes us to the second lesson. Learn about money, recognize true assets, and make investments in them.

To do this, adhere to the third lesson's advice: maintain your day job, cut costs, and start a side business that will bring in money for you.

The fourth rule was to understand the tax code inside and out since wealthy people do so and are able to keep their wealth longer.

The fifth rule states that although it requires guts to create money, if you have it, you can take advantage of life's opportunities and "invent" money in practically any circumstance. The sixth and last rule is to labor in order to learn and study broadly. Let doctors and PhD candidates handle specialization.

??Collaborative Insight for Techies

This Book was a huge eye opener for me. Not exactly for the content inside, but because it made me ask myself and society as a whole, “Why don’t we give adequate financial education to the masses?” After reading some of the brilliant concepts of this book, I realized growing up in the American School System, I was never taught any of this. Why in the world was that case. Even now, I believe it’s because they didn’t want us to know. They make money off us paying increased rent, paying interest on credit cards and off us refinancing our home every 10 years. Financial Education gets in the way of us not paying a premium for what we don’t know. Don’t let it. Learn how to live financially free.

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Try out the "Think and Grow Rich Challenge" by Russell Brunson and Learn more about the First Self Help Author Napoleon Hill