Rich dad poor dad
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I read rich dad poor dad recently and I find it quite interesting. Below is a summary of what it is written
Differences between a rich person and a poor person
The poor person has a habit of putting his brain to sleep when it comes to money matters, the rich person had a habit of exercising his brain when it comes to money matters.
The poor person thought that the rich should pay more in taxes to take care of the poor.
The rich person say taxes punish those who produce and reward those who don't produce.
The poor say study hard so you can find a good company to work for.
The rich say study hard so you can find a good company to buy.
The poor say when it comes to money, play it safe, don't take risk.
The rich say learn to manage risk.
The poor is concerned about pay rises, retirement plans, medical benefits, sick leave, vacation leave and other peaks. the idea of job protection and job benefits seems more important than the job.
The rich person believe in total financial self-reliance.
The poor struggle to save a few dollars.
The rich simply created investments.
The poor is always thinking about how to write a better resume so that he can find a good job.
The rich thinks about how to write strong business and financial plans so he could create jobs.
The poor say he is not interested in money.
The rich say money is power.
If you are a person with no guts, you will live all your life playing it safe, doing the right things, saving yourself for some events that never happen. You die a boring man. You will have lots of friends who really like you because you are such a nice hardworking person. You spend a life playing it safe, doing the right things but you know in your heart that you let life push you into submission. Deep down you were terrified of taking risks. You really wanted to win but your fear of losing was greater than the excitement of winning.. deep inside you will know you didn't go for it. You chose to play it safe.
Its fear that keeps people working at work. The fear of not paying bills. The fear of being fired. the fear of having not enough money. The fear of staring over. That is the price of studying to learn a professional or trade and than working for money. Most people become a slave to money and than become angry with their boss.
An asset is something that puts money in my pocket.
A liability is something that takes money out of my pocket.
A intelligent person hires person more intelligent than him.
The middle class find itself in a constant state of financial struggle. Their primary income is through wages and as their wages increase so do their taxes. Their expenses tent to increase in equal increments as their wages and hence the term "the rat race".
Wealth is a person's ability to survive so many days forward or if I stop working today, how long could i survive?
The rich buy assets. The poor only have expenses. The middle class buy liabilities that they think are assets.
The mistake in becoming what you study is that too many people forgot to mind their own business.They spend their lives minding someone else business and making that person rich.
The rich focus on their asset column while everyone else focus on their income statement.
The ideas of "I need a increment. I need a promotion. I am going to study more so I can get a better job. I am going to work overtime. I need a second job" focus on the income column and will only help a person become more financially secure if the additional money is used to purchase income generating assets.
Keep your expenses low, reduce your liabilities and build a base of solid assets. Start building a solid asset column before getting married, buying a house, having kids etc and getting stuck in a risky financial position, clinging on to a job and buying everything on a credit.
Real assets fall into these categories:
Business that do not need my presence. I own them but they are managed by other people. If I have to work there, its not a business. It is my job.
Stocks.
Bonds.
Mutual funds.
Income generating real assets.
Keep your daytime job, be a hardworking employee but keep on building your asset column.
Rich person buy luxuries last while poor and middle class person buy luxuries first. -
I have the book.
read halfway den lost it. -
came across this before. interesting.
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at the end of the day how many rich ppl can there be...the sums must add up
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From what I see it is just playing with words..
I think this thread will become a featured topic -
bunch of very general statements...
but a lot of 'self-help' books are liddat lar...
at least that's my opinion ok...
and after reading this thread, i most certainly wun bother to get that book. pls, i know a lot of rich pple. but everything i've read so far from the first post isnt true... -
there are a lot of other better books than mr robert's book, this is more of a commercialised book like harry potter.Originally posted by constancebay:From what I see it is just playing with words..
I think this thread will become a featured topic
understanding the book and reading it is 2 different thing. -
these writers are the real smarties coming up with all these ideas making them sound so nice and earning deep pocket behind the sales...
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Yup. But the writers of these self help books are all very rich and successful. They are a living testimony to the principles that they writeOriginally posted by udontknowme:bunch of very general statements...
but a lot of 'self-help' books are liddat lar...
at least that's my opinion ok...
and after reading this thread, i most certainly wun bother to get that book. pls, i know a lot of rich pple. but everything i've read so far from the first post isnt true... -
Yeap it was a good book... Open up view about how money work. Beside that, it dun offer much or any real good way to achieve what it promote. Still, it is a book that i would recommend to kid to let them learn more on how to handle their money.
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that book's in my cabinet
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if you are rich anything you say is correct.
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hmm i don't know how to buy assets
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You give me $ I help you buyOriginally posted by dumbdumb!:hmm i don't know how to buy assets -
i think after reading the stuff you have written, even if you have a rich dad, everyone will be shaking their heads at him going "poor dad"
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quite a nice book
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neber read and not interested to pick it up anytime.......
if u bother to observe and have some common sense, u will be able to see all that... no need to spend money to buy a book and then oh! i see the light!!!
self-help books are for the authors to help themselves to ur money -
yar i agree...Originally posted by FireIce:neber read and not interested to pick it up anytime.......
if u bother to observe and have some common sense, u will be able to see all that... no need to spend money to buy a book and then oh! i see the light!!!
self-help books are for the authors to help themselves to ur money -
i would rec Andrew Matthews.
not so commercialised. -
what topic he specialises in?Originally posted by FireIce:i would rec Andrew Matthews.
not so commercialised. -
Nothing new. Dale Carnegie wrote that before. Napolean Hill wrote that before. Anthony Robbins wrote that too. Only difference is they phrase it differently but meanings boil down to same same
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HappyOriginally posted by kengkia:what topic he specialises in? -
ah... any book where the author's name has "Andrew" in it, you should read...Originally posted by FireIce:i would rec Andrew Matthews.
not so commercialised.
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y got so many new books u dunwan to read.