So the first book I read is rich dad poor and I heard about a lot, but never went to buy it, so one time I was talking to my friend who was a bartender with me and he told me that he has the book, and the next day he got for me, so I directly started reading it.
At that time the people in Lebanon were protesting so the work was slow, and I started reading during my shift on the bar and I finished the book in one month. And by the time I finished it, my mindset changed a a lot, I started seeing the world in another way, which made me fall in love with books and financial education.
So let us get
into the insights of this book.
1- The rich don’t work for money:
This phrase really shocked me because how can they get money they are not working for?
Yet it is shocking only because it is our programming in school and the way we are raised affects the way we look at money.
It is not a shame to work for money, but it is not fair to do so for 40 years, so the rich did work for money at some time in their life but they kept a portion of that money, and the more important thing they did is they multiplied that money by putting it into assets or they invested in stocks, or even invested in their own education!
And eventually they grew their assets to a point where they don;t have to work for money anymore!
2- It's not how much money you make that matters — it's how much money you keep.
A lot of people think that if they get more money that all their problems will be solved, unfortunately that is not true because the more money you get, the more money you spend if you have a poor mindset.
If you earn 1000$ and you keep 100$ from it, by compromising and controlling your finances. It is much better than earning 3000$ and not keeping any of it.
Remember that the 100$ should be invested in assets not just saved!!
3- Rich
people acquire assets, not liabilities they think are assets.
This one is a crucial point because everything can be an asset and a liability, a simple explanation of assets is something that puts money in your pocket, a liability is something that gets money out of your pocket.
An example is the internet, it can be a liability if you use it to download games and consume social media content, and it can be an asset if you create content and make money from social media, or even if you are taking courses to develop your skills.
4- Working all your life for someone else can lead to financial struggle.
The best investment you can make is to invest in your mind, nobody can take that from you and its your most important asset.
Being broke
is temporary but being poor is for lifetime, so when you start investing in yourself and in improving the way you think, the way you look at money, you will realise that you must start your own business and build something for your future self, not just to work 40 years building somebody else's fortune!
5- You don’t
need money to create money.
i always thought that I need money to become rich, but that is wrong because you can leverage somebody else's business and be middle man or refer people to a company and make money, and step by step you will be on your way to success.
Examples of making money from nothing is affiliate marketing. network marketing, you can start a channel on youtube, you can make money from social media!!
Even if you do not have money to invest, you can read and learn about investing and start handling people's investing accounts and take a commission on it!
hope you enjoyed my book summary of rich dad poor dad :)