rich dad poor dad robert kiyosaki
success formula:
real estate investment buy with loan pay loan with rent (if loss bankers)
finding lowest houses and selling /renting value investing
Top 3/5/10 personal development books you must read
- rich dad poor dad kiyosaki
- how to win people by dale carnegie (leadership people skill not liked early but those are facts)
- Think and grow rich napoleon hills (read & forgot)
The 7 Habits of Highly Effective People: by Stephen. R. Covey (goals daily,weekly, yaar ultimate goal)
my top 3 ticks
- rich dad getting richer is very easy than you think (go for luxuries when you generate income from passive assest, 1st create asset rather than luxury lifestyle at career beginning)
- 2.stop worrying start living by dale carnegie(if i not read this book(after business failure ) i mental condition may be worse indirectly ulcer,obesity, arthritis, immune deficiency, diabetes, heart stroke, kidney failure etc)
- 7 Habits of Highly Effective People: by Stephen. R. Covey (boring at beginning but works practically)
Carnegie writing style: simple pints to remember explanation for imagination.
turnpoint: 2008 recession
banks given loan at low rate without surety & sudden hike (floating rate) credit (interesting story)
land value very less than loan payment.
borrowers escaped,
that time kiyosaki borrowed large amount and bought apartments huge income through rents
followed same formula.
8 April 1947 (age 72 years) in Hilo, Hawaii, U.S.
career:
study, job in navy /airforce after vietnam war came back to business married struggled slept in car no home.
present: running rich dad channel yt, writes & sell book recently fake..(controversial)
popular rich dad poor dad book (remaining books mix from this cauz one man /one brain /one through at a time one field expert)
books:
- rich dad poor dad
- 21st century business (mlm boring)
- fake (school system not teaching what you need london real interview 2019)
- Rich Dad Poor Dad 1997
- Rich Dad’s Cashflow Quadrant: Guide to Financial Freedom (1998)
- The Business of the 21st Century (2010)
- Rich Dad’s Guide to Investing: What the Rich Invest in, That the Poor and the Middle Class Do Not! (2000)
- Fake: Fake Money, Fake Teachers, Fake Assets: How Lies Are Making the Poor and Middle Class Poorer (2019)
8 Lessons in Military Leadership for Entrepreneurs: How Military Values and Experience Can Shape Business and Life (2015) - rich people (have military background or martial arts indirectly there are discipline they follow schedules or daily goals >>weekly>>monthly >> yearly goal>> ultimate goals (ex: 20% saving per day = 20% entire of life)
13+ more
friends & business partners donald trump (also real estate man)
Early life
1974 discharged from the Marine Corps .
1974-1978 job as a sales associate for Xerox .
In 1974, Kiyosaki attended the Erhard EST seminars, which he says changed his life.
In 1977, he started a company called “Rippers”.nylon and velcro surfer wallets. eventually went bankrupt.
retail business that made T-shirts, hats, wallets, and bags for heavy metal rock bands. bankrupt in 1980.
In 1985, Kiyosaki co founded the Accelerated Learning Institute, a business education company teaching entrepreneurship, investing, and social responsibility. (sold later)
married his second wife, Kim, who had already invested in some real estate in Phoenix. In 1994,
In 1992, Kiyosaki published his first book, If You Want to Be Rich and Happy, Don’t Go To School. instead to enter the real estate business
In 1997, Cashflow Technologies, Inc., a business and financial education company with Amway to promote his book.
1998 rich dad poor dad (got famous world wide because of the book title, sold many)
rich dad book summary:
before i read:
becoming a rich impossible, is it possible
how we became a rich man (not even dare to think to be a rich man)
after reading book:
its very easy to become a rich, just we need to make assets every year/month /day.
1+1 =11 9 (after long time with compounded growth)
diffrence between good assest bad asssest home /car
car= insurance 10% car value every year, depreciation 20% every year, taxes, (unnecessary item) maintenance rent vs buy.
home: appreciation 10-20% a year, recurring income through rent, buy without money by loan, pay through rent check your profit.
ex: loan 8%, rent at 6%, at starting
appreciation + rent increase rent 10% loan at 8%.
the book explains financial literacy
balance sheet / income sheet
assets vs liabilities
your net worth = assets-liabilities
changes mindset
employee: i just need money, to pay bills, weekend aortie, credit card debt (90% people hypnotized) he also doing business with high salary low output bman losses. (if he save /invest money he can create assets directly goes to 4 investor stage.)
self employee: greedy man has to grow by delegating tasks to stage 3 as businessman, pays high tax (self employment tax in us.)
business man: focus on profit margin if earns 1 lakh from an employee he pays (10% pm 10K per month)
investor: king by risking money (investing on right race horse)
business monopoly one red hotel 2 blue hotel
entry barrier is the key to success for big companies.
ex: 1 android platform (developer, google>> users)
ex 2: search engine: users. google>> websites
windows no developer, no users, bought nokia launch windows os, but failed
ex 3: online making money:
youtube<website<mobile app (greater entry barrier less competition = more customers) (2 governments/(revenue,police,municipal) just like pvt banks)
demand & supply.
robert kiyosaki quotes
style: indirectly hitting your values /belief system.
ex: cheap cheap cheap people never get rich.
poor people are lazy because rich provide value in the market to get rich ex: he makes book etc.
(you can get through google images /web)
another person to follow dan pena 0-to 50 billion dollar man (health care industry)