rich dad poor dad
TRANSCRIPT
Way to become wealthier than richer
who controls the past controls the future, who controls the present controls the past.
What should be the Goal ?•Getting rich with intelligence Not With hard work
• "Study hard and get good grades and you will find a high-paying job with great benefits,"
•"Get with the times! Look around; the richest people didn't get rich because of their educations .( Bill Gates , pitcher )
Change with world
•World change, Technology Change and many more but what about advice which we receive ?
•No guarantee of success with good education and good grade.
•Hard working leads to success ( yes / no)
•Hard work , more money , more tax
•Fear of downsizing and rightsizing
New Arena
•Not to depend on social security , Job security , company pensions for retirement
• Search for new answers.
• New system of education .
• Aware of financial need , education etc.
Financial Literacy (Knowledge)•Accounting standard
•Investment
•Interest Calculation
•Return of investment
•Compound Interest
Contd..
•How money works
•Savings
•Debts
•Financial Product
•Knowing own your own or Hiring of professional for services is the right decision or acquiring technology
Game of Common Man
Rat Race ( hard work to be rich)People who look for safe job , does hard work , earn more , spend more , buy luxury , pay more tax .Try to get promotion to increase cash flow and again same .Try to save but able to save little .Not ready for retirement .Pass the same culture to next generation.
Game of Rich Man
Fast Race Knowledge of how money works and
how to invest Become entrepreneur Most dangerous advice – Go to School
, get good grade and look for secure job
( Too risky to follow)
What Happen in Down sizing•Reason
AutomationConsolidation of Labour force
•Unemployment Increase •Company does well in terms of Profit •Stock price go up ( When linked)•Share holder get richer.•Different Rule – Employees lose , owners & Investors win .
Learn new things
•Which help to make own destiny.•Play smart •Learn how to create money •Decide one goal in advance•Hire smart people ( For Taking advice ) •Key to success ( Education , financial skills , communication skills )•Learn to own co operation. •Mental process ( Learn financial technique)
What to choose and implement?•Struggle full life for finance or leaving money for family ,for charities etc.
•Learn what to accept an what to reject
•The love of money is the root of evil or Lack of money is the root of evil.
•Listen and think on all advice , be curious and intrigued your self.
•Ask question to yourself “why somebody say this ?”
Where we learn Money?
•At School - Yes / No
•At Home – Yes / No
•Any where else – Yes / No
•No where – If yes then ??
•Result : Rich get richer , Poor get poorer and middle class struggles in debts
What school focus
•Focus on scholastic & Professional Skill
•How to get good grade ?
•But never – Financial Skills
•Result – Earned Excellent grade , still struggle financially all of their lives.
Look other way
•Bad Habit – “I can’t afford it “
•Good Habit – “How can I afford it ?”
•1st habit – Brain stop working
•2nd habit – Brain is put to work
•1st habit - sign of mental laziness
•2nd habit – Brain exercise
Way of thinking•Rich should pay more tax to take care of those less fortunate .
•Taxes punish those who produce and reward those who don’t produce .
•Study hard to get good company to work for .
•Study hard so you can find good company to buy.
Contd..
•When comes to money , play it safe ,don’t take risk
•Learn to manage risk
•Decide what you want .
•Don’t work for money
•Money works for me
What is powerful?
•Money - comes and goes
•Financial education - How money work and help to create wealth?
7 steps to learn• The Rich Don’t work for Money
• Why Learn financial Literacy ?
• Mind your own business
• The history of taxes and the power of co operations
• The rich Invent Money
• Work to learn Don’t work for money
How to be come Rich?• “Don’t work for Money “• “Learn to manage the risk “• Believe in total financial self reliance • Write Strong business and financial plan
and create jobs• Be broke but don’t be poor • Think money is power • Money works for us
• Pay less tax
Learn Finance• Don’t be emotional ( Use emotion on
right way)
• Use your head and think
• Prefer Desire ( Be greedy )
• Don’t lie yourself
• Learn Movement of finance
• Learn Not to earn money and create wealth
Assets / Liabilities• Liability (Something that takes money
out of pocket )
• Assets ( Something that put money in my pocket)
• Buy always assets
• Never buy liabilities
• Assets > Liability
• Buy Income generate Assets
Key to Success • Set Goal
• How to measure the extent of their success.
• Financial Term : How long one can survive without working?
• Increase expenses when Income increase
• Not to depend only on pay check
Mind your own business
• Think in which business you are.
• Do only that business which you know and establish the brand
• Generate Assets for business
• Understand difference between business and profession
• Manage business without your presence
• Take risk with proper knowledge
• Don’t afraid if you know
• Be Accurate
• Understand Law of Demand and supply
• How to Sell us ?
• Understand the business well
• Learn to manage the people
• Learn to sell yourself
Skill needed for Success• The management of cash flow
• The management of System
• The management of people
• Understanding of sales and understanding marketing
• Build synergy of professional specialities
• Give and you shall receive
Overcoming Obstacles• Fear - Don’t afraid , learn to handle fear
– Turn every disaster into an opportunity
– Not Balanced but be focus
• Cynicism – Cynics criticize , and winner analyze
• Laziness – Have little greed
• Bad habits –
• Arrogance – Ego plus ignorance ( Never hide ignorance )
• Reason greater than Reality
• Power of choice – Habit of choice every day
• Power of association - Learn what you have to ( friend )
• Master of Formula and make new one – walk different apart
• Pay yourself first – Power of self discipline
• Pay your broker well – Pay nice who provide perfect information
• Be an Indian Giver – Power of getting something for nothing
• Assets buy Luxuries – Power of focus • Need for Heroes – Choose your hero &
try to become like
• Teach and you shall receive – The power of giving – Principle of reciprocity