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Rich Dad, Poor Dad has some advice that can be interpreted irresponsibly and lead to disaster.

And the faster you can iterate your knowledge, the faster the returns compound. Making yourself 1% better each day will pay off huge returns compared to someone who stays static. Keep Learningįinancial intelligence consists of knowledge in accounting, investing, markets, and law.įinancial intelligence allows you to construct creative ways to solve financial problems, vet the ones that are more likely to work, then have the technical ability to execute them. Lesson 5: Develop Financial Intelligence. Some people have an allergy to learning sales techniques, without realizing that much of the world runs on sales of some sort.

Intelligent people welcome new ideas, since new ideas add synergy with other ideas.

When you’re ignorant in a subject, recognize this, then educate yourself.

Money is empowering, and you have the right to design the future life that will make you happiest. Even though secretly I would love to be rich.” It’s easy to imagine parents feeling this, then teaching it to their kids. So I’m just going to try to believe being rich is bad, and there’s valor in not wanting to be rich.

Condemning greed might be a trained defense, learned helplessness.

Consider someone who’s moving all the time and brushes off investment opportunities as, “I’m working hard enough as it is, and my boss wants me to do more work.

They stay busy as a way of avoiding something they don’t want to face.

Counterintuitively, busy people are often the most lazy.

Focus on yourself and your personal goals, regardless of what other people think. As it relates to finance, it’s in 1) not bucking the consensus traditional way of handling your career and money, 2) keeping up with the Joneses and matching their irresponsible spending.

Fear of ostracism prevents people from having nonconsensus opinions.

Use this thinking to lower the perceived cost of failing. Use your failure to inspire yourself to become a winner.

Remember that failure will only make you stronger and smarter.

Fear of losing makes you play it safe and avoid opportunities that can have huge upsides and relatively low downsides.

When you recognize a great opportunity, you must have the courage to chase it.

Guts, chutzpah, balls, daring, tenacity, grit are different names for the factor that plays a huge role in success.

In the real world, more than just intelligence and grades is required.

Several common mental obstacles get in the way. Lesson 4: Overcome Your Mental ObstaclesĮven if you have Rich Dad goals, you still need to execute your plan. The major thing worth noting here is that corporations let you deduct legitimate business expenses pre-tax, instead of paying from post-tax dollars. (Shortform note: This is a controversial suggestion because it can easily go wrong if you don’t follow tax guidelines.) Kiyosaki advises that people set up corporations to deduct expenses without paying taxes. Lesson 3: Reduce Taxes through Corporations

Every dollar you spend today is a dollar that does not work for you again, in perpetuity. The tradeoff between today’s expenses and future income should be clear. Think about each dollar as your employee that works 24 hours a day tirelessly to make you more money. Real assets are businesses that don’t require your active management stocks, bonds, and other securities income-generating real estate and intellectual property generating royalties. A more costly house vacuums up money with high monthly expenses - money that could have been put more profitably elsewhere. This viewpoint is problematic because it gets people to buy more house than they really need. Example: buying a house as your primary investment.