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a book review of the book rich dad poor dad


  • 1.Rich Dad Poor DadBook Review by, Ebin k. Jose

2. Author; Robert Toru Kiyosaki (born April 8, 1947) was born and raised in Hilo,Hawaii. A fourth-generation Japanese American, He is an American investor, businessman, self-help author, motivationalspeaker, financial literacy activist, and occasional financial commentator. Robert Kiyosaki, is a multi billionaire by all standards Kiyosaki also operates his own blog and writing about his latest thoughts on global economics, investing, business, world financial markets. Rich Dad Poor Dad book review by Ebin K. Jose 3. Co- authorSharon L. Lechter Born in January 12, 1954,An American accountant, author, businesswoman, investor,international speaker, and philanthropist. Lechter is best known as the co-author of the internationalbest-selling book Rich Dad, Poor DadRich Dad Poor Dad book review by Ebin K. Jose 4. Introduction Rich Dad, Poor Dad for Teens: The Secrets About MoneyThat You Dont Learn in School! The book basically is about what people must learn andpractice in order to become financially independent. Two different points of view about attaining financialindependence. Rich dad Vs. Poor dad Rich Dad Poor Dad book review by Ebin K. Jose 5. The rich dont work for money Dont work for money i.e. dont depend your boss to make you rich Learn how to make money work for you cutting your expenses moderately, investing wisely andcreating opportunities to earn passive incomes outside of salaries Seek to be a business owner and/or an investor, ratherthan an employeeRich Dad Poor Dad book review by Ebin K. Jose 6. Master Financial Literacy Financial intelligence equips you with the what is required tomake money that will last for generations, while money withoutfinancial intelligence is soon gone It does not matter how much money you make, but how muchmoney you keep. Differentiate between an asset and liability, and invest in assets Assets generate income, while liabilities generate expenses;i.e. your GSM mobile phone could be an asset or liabilitydepending on what it is used for..Rich Dad Poor Dad book review by Ebin K. Jose 7. Mind Your Business Mind your own business.i.e. while excelling with your qualifications and keepingyour day time job, also look for other opportunities elsewhereto accumulate wealth Do not depend only on a salaried job. Some sources of unearned income: Dividends Interest Payments Rent Royalties Rich Dad Poor Dad book review by Ebin K. Jose 8. Learn to minimize the taxes you pay Where the cash flows make sense, you are better offmanaging your finances through a corporation rather thanas an employee, because of the different tax advantagesyou can get As an individual, your income is taxed, and what you have left isyour disposable income As a corporation, you first make your money, then you take outyour expenses. The profit is what is taxed, hence you pay less taxRich Dad Poor Dad book review by Ebin K. Jose 9. The rich invent money It takes money for you to make money, but you dontnecessarily have to use yours For you to be wealthy, the earnings from your assets(investments) should be enough to fund your expenses. Seek to attain a point where if you resigned from your job,you could fund your lifestyle using unearned income fromyour investments Rich Dad Poor Dad book review by Ebin K. Jose 10. Work to learn, dont work formoney Dont grab a job for what you can earn, pick a job to learnabout business systems, about managing people and otherskills that would prepare you to run your own business, ormanage your own investment Money can be illusion that clouds good judgment. Fearand greed do not allow people make rational decisionsRich Dad Poor Dad book review by Ebin K. Jose 11. Quotesfrom the book Skills make you rich, not theories. In school we learn that mistakes are bad, and we are punished formaking them. Yet, if you look at the way humans are designed tolearn, we learn by making mistakes. We learn to walk by fallingdown. If we never fell down, we would never walk.Business is like a wheel barrow. Nothing happens until you startpushing. Starting a business is like jumping out of an airplane without aparachute. In mid air, the entrepreneur begins building a parachuteand hopes it opens before hitting the ground. Rich Dad Poor Dad book review by Ebin K. Jose 12. Conti If you own a butcher shop, dont hire vegetarians. To hirethe right people, you have to let the wrong people go. Start small and dream big. The most life destroying word of all is the word tomorrow The ability to sell is the number one skill in business. Ifyou cannot sell, dont bother thinking about becoming abusiness owner.Rich Dad Poor Dad book review by Ebin K. Jose 13. Conclusion The author concluded by stating that parents should teachthese lessons to their children early enough, in order toguarantee their childrens financial future It is never too late to start building your financial empire.You could start right now, with your next pay check, or bylooking around you, to see which need you can fulfill Rich Dad Poor Dad book review by Ebin K. Jose


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