3 Things 'Rich Dad, Poor Dad' Taught Us about FInanceAug 15, 2021 | 0 Votes by Justo - rate Rich Dad, Poor Dad it’s a best seller book from Robert Kiyosaki that illuminated the entire world with its teaching about how to become financially free. Do you know its most important lessons? Check them out!
Rich Dad, Poor Dad it’s a best seller book from Robert Kiyosaki that illuminated the entire world with its teaching about how to become financially free. In a nutshell, the book is about how the author got conflicting financial advice while growing up, as the Rich Dad told him to take risks and be bold, while the Poor Dad told him to play safe and that he should find a steady job instead of being and an entrepreneur. In this article, we are going to resume some teachings of this great book.
You should buy assets instead of liabilities
Buying assets means investing your money into something that eventually provides a profit or increases its value. This is a major problem in today’s society, as we are driven by our constant need to spend money because the media tells us every day we need that expensive new TV, expensive clothing, expensive cars, among other stuff like that. But what the media doesn’t tell us is that most of those things will lose their value at the moment we bought them.
Thinking like a rich man is planning ahead and buying smart. But how to buy smart? Well, it’s all about the long-term game as you need to ask yourself what are you actually when you are buying an item, besides the item itself. An example of smart buying could be getting into the real state’s business, as properties tend to go up in value and you can make money out of them by renting them.
You can only learn to be financially independent through your own experience
You can read tons of books and watch videos of stories about how other people got rich, but there is no way you are going to learn how to apply those skills to your own scenario unless you actually do it. You need to build your skillset and start failing, as failure will be your best teacher and will help you build a foundation for success.
Success comes with the ability to be able to multi-task and develop management skills. You don’t need to know it all but you must understand how money works to make actual money, therefore, learning about the law, to manage your accounts, how to invest, and how the markets behave is an absolute must.
You need to be able to sell
Running your own business will demand that you have a compelling set of selling skills. Your business, it’s what you are commercially in the world and the only way to be successful is by convincing people that your idea it’s only good, it’s great. If you are good at selling, you won’t be poor ever, as this is a powerful skill to have and it’s crucial to run any business.
People often think that anybody can run a business and this it’s partially the truth, as everybody can do it but to be successful while doing it, it's a completely different game. What do you think about these teachings? Let us know in the comment section below.