📖 Rich Dad Poor Dad by Robert Kiyosaki

Topic: Personal Finance  |  Rating: 5/5

Summary

This is a great investment in your financial future. Just to clarify Robert did not have same sex parents (although that would have been cute 😝). His birth dad was the ‘poor dad’ and his ‘rich dad’ was his friend’s dad who taught him the secrets of the rich. Growing up with two voices allowed him to compare and challenge traditional perspectives on money and wealth.

My three key takeaways/quotes

1. Build your asset column 💰

The first bill you should pay is yourself – invest for your future so you have more options. Understanding this, it prompted so much action for me. I reviewed my cashflow; eliminated unnecessary expenses; doubled down on my investment fund; and made steps to refinance my mortgages.

“Once a dollar goes into your asset column, it becomes your employee. The best thing about money is that it works 24 hours a day and can work for generations.”

2. Get out of the rat race 🐀

Don’t be a slave to your expenses because building wealth is not about how much money you make, it’s about how much you keep.

“Most people, given more money, only get into more debt."

3. Invest in your financial intelligence 🧠

We all know how to make money, but to invest seems daunting simply because we don’t have the education or work experience. Once you bridge that gap it doesn’t seem risky – it makes sense. But this takes initiative, hard work and a willingness to fail. I am fortunate to be an accountant; worked in personal tax (for additional side income); and have even studied mortgage broking (I like to keep busy 😝). So I’ve made some safe educated choices but I know I still need to work on my confidence in taking more calculated risks. 📈

“If I pay myself first, I get financially stronger, mentally and fiscally.”