8 Best Rich Dad Lessons for Poor Dad for Your Business in 2022
Discovering a way out of your financial difficulties is the beginning of your financial freedom.
You work very hard, sometimes more than ten hours a day, yet you cannot save or get rich. It may make you feel like the universe is playing tricks on you, but hey! don't be depressed: a revelation is what you need.
Have you read the book called "Rich Dad Poor Dad" written by Robert Kiyosaki? It is such an influential publication that has helped many people get rich.
The “Rich Dad Poor Dad” identifies smart ways to avoid working unlimited hours while struggling to make ends meet. You can't read this book and your financial stories stay the same. He definitely needs to improve.
In this article, we have summarized the book into 8 great lessons for your quick and better understanding. As you read, you will learn great lessons that will change your life for the better.
CONTENTS
Best Rich Dad Lessons for Poor Dad for Your Business
#1. Make your money work for you
#2. Manage your money
#3. Become financially smart and literate
#4. Pay yourself first
#5. work to learn
#6. Train your mind to look for opportunities
#7. Focus on assets rather than income
#8. Be brave and don't be afraid to fail
Conclusion
Best Rich Dad Lessons for Poor Dad for Your Business
Consider your problems half-solved as we dive into eight fundamental financial lessons from the book that can help you build wealth and retire comfortably.
#1. Make your money work for you
Many people consider this lesson a myth, but it is very true. In fact, the difference between the rich and the lower/middle class is that the former have money to work for them while the latter work for their money.
The wealthy don't stay very long in the employment phase. They realize early on that to get rich; they must become the people who hire other people, not the holders of a job.
To overcome financial difficulties, be very strategic on this employee journey to be able to retire because your passive income is greater than your expenses.
Discover 8 ways to make your money work for you .
#2. Manage your money
One behavior that most separates the rich from the rest is the emphasis on savings.
Many people can make money, but not everyone learns how to manage it properly. Financial intelligence begins with learning the difference between assets and liabilities.
By improving your savings and tracking your spending, you can understand your spending habits and ensure that you have more money than you take out, which will make you richer.
#3. Become financially smart and literate
"Financial struggle is often the direct result of people working their whole lives for someone else."
The main cause of financial struggle is ignorance, as this is not taught in many educational systems or societies.
Financial terms can be complex and intimidating, but you can develop financial intelligence by reading about accounting and investing and keeping up to date with the markets. Courage and technical knowledge will take you far.
#4. Pay yourself first
One of the main differences between Rich Dad and Poor Dad was that Poor Dad would get his monthly salary, pay the bills, and use the rest. In contrast, rich dad would pay himself first, even if it meant his bills exceeded the remaining amount.
The idea behind it, according to Rich Dad, is that when you don't have enough money to cover an essential thing like paying the bills, that pressure pushes your creative genius to inspire ways that will ensure you cover the money. of the bill this month.
However, if you pay for the essentials with ease first, your genius won't be inspired because you'll just be paying yourself for what's left rather than being forced to find more.
Kiyosaki said it was a great idea, but the purpose behind giving you that push is solid to inspire some business creativity that might just lead to a new business idea or other revenue-generating proposition.
This is why you often find that entrepreneurs come from financially unstable backgrounds – the pressure inspired them.
#5. work to learn
This is a particularly helpful chapter in which Kiyosaki points out that the value of being an employee is not in the money, but in harnessing the resources of a particular company in order to improve. He advocates learning a little about a lot.
For example, he took a position at Xerox simply because he knew he was a shy person and that Xerox was known to have the best sales training program.
He ended up becoming one of the top salesmen in the business and, having gotten what he wanted from his job, he left soon after.
Kiyosaki has also held positions as a construction worker, busboy, reservations, marketing, and attended meetings (with Rich Dad) with lawyers, bankers, accountants, and more.
It was all part of learning a few things so he could run his businesses in the most efficient way.
#6. Train your mind to look for opportunities
Look for creative solutions to all money problems. Maximize your options and figure out what you can do to improve your financial situation if opportunities don't fall from the sky.
It's not so much about what happens to you, but about the different financial solutions you can think of to turn things into opportunities.
#7. Focus on assets rather than income
Focus on your net worth rather than your monthly salary. Start acquiring assets like stocks, bonds, or your own business to earn money, as opposed to debts like mortgages, loans, or credit cards that cost you money.
Build up your asset column first, then buy luxuries with the income generated from them. According to Kiyosaki, you can measure your wealth by the number of days you can live on income from your assets.
And you can consider yourself financially independent if the monthly income from your assets exceeds your monthly expenses.
#8. Be brave and don't be afraid to fail
Most people never win because they are afraid of losing or failing. However, we often learn and improve by making mistakes, and failure is often part of success.
You don't have to be ridiculously smart to be financially successful. While Kiyosaki's father had multiple qualifications, his best friend didn't have a good education.
Generating wealth sometimes involves taking risks and dealing with a level of uncertainty. The trick is knowing when and how to take risks, being wise and learning from your experiences to assess a situation, rather than diving in blindly.
The path to wealth often requires you to raise money to mitigate your risk and maximize your profits.
Conclusion
The lessons you can take from the book "Rich Dad, Poor Dad" are timeless. Don't just read, but follow the principles and unlock your financial freedom.
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