Robert Kiyosaki

Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!

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Anastasia Bendukidzehas quoted5 years ago
“The poor and the middle class work for money.” “The rich have money work for them.”
blanchehas quoted3 years ago
Buy the pie and cut it in pieces
blanchehas quoted3 years ago
The process is always the same. You need to know what you’re looking for and then go look for it!
blanchehas quoted3 years ago
The definition of insanity is doing the same thing and expecting a different result
blanchehas quoted3 years ago
1. I NEED A REASON GREATER THAN REALITY
blanchehas quoted3 years ago
When you know you are ignorant in a subject, start educating yourself by finding an expert in the field or find a book on the subject
blanchehas quoted3 years ago
what you feel in your heart to be right—for you’ll be criticized anyway. You’ll be damned if you do, and damned if you don’t.”
blanchehas quoted3 years ago
So whenever you find yourself avoiding something you know you should be doing, then the only thing to ask yourself is “What’s in it for me?” Be a little greedy. It’s the best cure for laziness.
blanchehas quoted3 years ago
finding what people miss is key to any success
blanchehas quoted3 years ago
The real world is simply waiting for you to get rich. Only a person’s doubts keep them poor. As I said, getting out of the rat race is technically easy. It doesn’t take much education, but those doubts are cripplers for most people.
Olga Zinkohas quoted4 years ago
the KISS principle—“Keep It Simple Stupid”
Olga Zinkohas quoted4 years ago
“Emotions are what make us human. Make us real. The word ‘emotion’ stands for energy in motion. Be truthful about your emotions, and use your mind and emotions in your favor, not against yourself.”
Guntis Apkalnshas quoted4 years ago
Management of cash flow.
Management of people.
Management of personal time
Guntis Apkalnshas quoted4 years ago
How to find an opportunity that everyone else has missed. You see with your mind what others miss with their eyes. For example, a friend bought this rundown old house. It was spooky to look at. Everyone wondered why he bought it. What he saw that we did not was that the house came with four extra empty lots. He realized that by going to the title company. After buying the house, he tore it down and sold the five lots to a builder for three times what he paid for the entire package. He made $75,000 for two months’ work. It’s not a lot of money, but it sure beats minimum wage, and it’s not technically difficult.
How to raise money. The average person only goes to the bank. This second type of investor needs to know how to raise capital, and there are many ways that don’t require a bank. To get started, I learned how to buy houses without a bank. It was not so much the houses, but the learned skill of raising money that is priceless.
All too often I hear people say, “The bank won’t lend me money.” Or “I don’t have the money to buy it.” If you want to be a Type 2 investor, you need to learn how to do that which stops most people. In other words, a majority of people let their lack of money stop them from making a deal. If you can avoid that obstacle, you will be millions ahead of those who don’t learn those skills. There have been many times I have bought a house, a stock or an apartment building without a penny in the bank. I once bought an apartment house for $1.2 million. I did what is called “Tying it up,” with a written contract between seller and buyer. I then raised the $100,000 deposit, which bought me 90 days to raise the rest of the money. Why did I do it? Simply because I knew it was worth $2 million. I never raised the money. Instead, the person who put up the $100,000 gave me $50,000 for finding the deal, he took over my position, and I walked away. Total working time: three days. Again, it’s what you know more than what you buy. Investing is not buying. It’s more a case of knowing.
How to organize smart people. Intelligent people are those who work with or hire a person who is more intelligent than they are. When you need advice, make sure you choose your advisor wisely.
Guntis Apkalnshas quoted4 years ago
The first and most common type are people who buy a packaged investment. They call a retail outlet, such as a real estate company or a stockbroker or a financial planner, and they buy something. It could be a mutual fund, a REIT, a stock or a bond. It is a good clean and simple way of investing. An example would be a shopper who goes to a computer store and buys a computer right off the shelf.
The second type are investors who create investments. This investor usually assembles a deal, much like there are people who buy components of computers and put it together. It’s like customizing. I do not know the first thing about putting components of a computer together. But I do know how to put pieces of opportunities together, or know people who do.
Guntis Apkalnshas quoted4 years ago
Businesses that do not require my presence. I own them, but they are managed or run by other people. If I have to work there, it’s not a business. It becomes my job.
Stocks.
Bonds.
Mutual funds.
Income-generating real estate.
Notes (IOUs).
Royalties from intellectual property such as music, scripts, patents.
And anything else that has value, produces income or appreciates and has a ready market
Guntis Apkalnshas quoted4 years ago
“If you find you have dug yourself into a hole… stop digging.”
As a child, my dad often told us that the Japanese were aware of three powers: “The power of the sword, the jewel and the mirror.”
The sword symbolizes the power of weapons. America has spent trillions of dollars on weapons and, because of this, is the supreme military presence in the world.
The jewel symbolizes the power of money. There is some degree of truth to the saying, “Remember the golden rule. He who has the gold makes the rules.”
The mirror symbolizes the power of self-knowledge. This self-knowledge, according to Japanese legend, was the most treasured of the three.
Guntis Apkalnshas quoted4 years ago
The poor and the middle class work for money.” “The rich have money work for them.
Anastasia Bendukidzehas quoted5 years ago
one dad had a habit of saying, “I can’t afford it.” The other dad forbade those words to be used. He insisted I say, “How can I afford it?” One is a statement, and the other is a question. One lets you off the hook, and the other forces you to think. My soon-to-be-rich dad would explain that by automatically saying the words “I can’t afford it,” your brain stops working. By asking the question “How can I afford it?” your brain is put to work. He did not mean buy everything you wanted. He was fanatical about exercising your mind, the most powerful computer in the world. “My brain gets stronger every day because I exercise it. The stronger it gets, the more money I can make.”
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