Critical Analysis of Rich Dad Poor Dad: Summary of Chapters

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Chapter 1:

The rich do not work for money. Many people mistakenly believe that this means that the rich do not work. In fact, the situation is quite the opposite. The truth is that most wealthy people work hard, but their way of doing things is different from most people. The rich and those who want to get rich are working and learning to make money every day. As Father Rich said: ‘The poor and the middle-class work for money.’ The rich give them money. Having a permanent job is only a short-term solution to the long-term problems (or challenges) of wealth creation and financial freedom: Fear keeps most people working: Worrying about not being able to pay bills, worry

Chapter 2:

Why teach financial literacy? During this process, Dad explained the difference between assets and liabilities. Chapter 2 does not tell you how much money you made. Assets are valuable things that can generate income or increase in value, and they have a market that is easy to buy and sell. Assets that can generate income. Valuable assets. Content that is useful to you because of cost. This is because, by definition, a home is not an asset unless the home is of sufficient value to cover the cost of ownership. On the contrary, a leased property is an asset because it can generate enough passive income to exceed the financial and operating costs of the property. When you really understand what property is. Keep liabilities and expenses low. You will examine the columns of the article in more depth.

Chapter 3:

Taking Care of Your Business. This lesson has two pieces of information. First, pay off debts and start investing in income-generating assets as soon as possible. Next, spend some time (not salary) and invest as much as possible to maintain a good financial situation. Most people confuse professionalism with business. Most of the poor and middle class are economically conservative, mainly because they lack a financial foundation. They must continue to work and work safely. They are not capable of taking risks.

Chapter 4:

Fiscal History and Business Strength VIN In this chapter, it should be noted that Rich Dad Poor Dad is a very instructive book, not the advice of tax or finance experts. For example, Kiyosaki wrote that he once bought a Porsche at a time and used it as a business expense in pre-tax dollars. Buying a luxury car when the make and model are much cheaper will be a start, allowing investors to get on the quick appraisal track. In addition to Porsche, the main points in this chapter also present how to invest wisely in the game. The wealthy understand the power of corporate structure and tax laws, and they go to every legal means possible to minimize their tax burden. Compare how business owners and investors of companies such as C Corps, S Corps or LLC pay taxes to understand how most people pay taxes: Business owners with a corporate structure: Make money. Expenses. Pay taxes. Employees are located in the following locations: Working in a company: Earn money and pay taxes and expenses. Please note that employees who work for others spend their own money after taxes, while business owners spend their money before taxes. The chapters of the book also cover the four main components of Kiyosaki’s so-called financial IQ: accounting, investment strategy, market law, and law. As rich dad and poor dad remind us, understanding the law and tax benefits will greatly promote long-term wealth creation: Businesses also provide legal protection against lawsuits. When someone sues a rich person, they often receive various levels of legal protection and often find that the rich person does not actually own any property in their own name. They control everything, but [individuals] have nothing.

Chapter 5:

Abundant Money Inventing money means seeking opportunities or deals when others lack skills, knowledge, resources, or connections. This chapter introduces two types of investors. Stakeholders who purchase portfolios. Most investorsu2019 investment methods, such as buying ETF stocks or investing in real estate crowdfunding companies. Professional investors take care of their investments and research the market to find out offer meaningful things and then hire professionals for daily monitoring. Professional investors have three things in common: Find opportunities that no one can see. Raise mutual funds. Cooperate with other smart and talented people. Some people think they are Real estate, cheap prices do not exist anywhere, but there are good opportunities everywhere. Ignore it. Most people do not receive financial education, nor are they aware of the opportunities available to them.

Chapter 6:

Study, don’t work for money. Poor father is smart, well-educated and works for money because of what work means to him. My rich dad became a learning millionaire. As Kiyosaki said, the reason I advise young people to look for work is what they will learn, not the money they earn. Search the streets to see what skills they want to acquire before choosing a particular industry and running into trouble â in fact, this is exactly what Kiyosaki does. After graduating from college, he joined the Marine Corps and learned the business skills necessary for leadership and management. After serving the country, Kiyosaki joined Xerox, overcoming fear of being rejected as one of the company’s top five salespeople, then left the corporate world to start a business. Your own company. ‘Rich Dad and Poor Dad’ This chapter focuses on the synergy of management skills necessary for business success: cash flow management, system management, personnel management, rich dad poor dad

Chapter 7

first introduces the rich and the rich The difference between the poor is the way they deal with fear. Robert Kiyosaki didn’t talk about how some people feel when they are scared. Go to the dentist or find an exorcist. In this book, ‘Fear’ talks about the fear of losing money and how to deal with this fear. This is one of the five obstacles people face when they become financially independent: fear, absurdity, laziness, bad habits, arrogance, these barriers – and insurmountable – that is why educated and economically intelligent people still cannot develop a great deal. A number of obstacles to cash flow from income-generating assets. Fear The act of investing in life, like the fear that accompanies life. Kiyosaki noted that he has never met a rich man who has never lost money, but he has met many poor people who have never lost money on investments. V. Real estate investors who choose to act only under certain uncertainty will be paralyzed by fear. Those who don’t see the big picture and want to be are those who are rarely successful in investment or life. Absurd. Everyone has doubts that it will affect their self-confidence, so it is easy to fall into the ‘what if this happens?’ trap. Play. Especially when your friends and family members keep reminding you of possible shortcomings. Fifth, the economic collapse, rising interest rates and the non-payment of rent by tenants are common concerns of all real estate investors. Although these are important things to consider, it is important not to let other people’s jokes get out of control. Otherwise, if there is a possibility, you can freeze. Laziness. In today’s interconnected world, it’s easy to get confused with busy work. In fact, according to rich parents of rich parents, busy people are often the laziest. Busy people come to the office sooner or later. They take work home and finish work in the evenings and on weekends. Before they knew it, the people and things that were most important to them disappeared. Fifth, successful real estate investors will not give up or make mistakes to achieve success. They must be aggressive and, first, take care of themselves and their wealth. Bad habits, Behavior control habits. For example, most people pay their bills before they pay. As a result, there is generally very little investment left at the end of the month. Even if you don’t have enough money to pay others, this will make you stronger financially, mentally, and physically. In a way, it is a form of reverse psychology. When you develop the habit of paying first, you will be motivated to worry about not being able to pay your creditors. In turn, you start looking for other forms of income, such as investment property. Arrogance. Investors know what makes them profitable. But this is something they don’t know, and they don’t know, what cost them money. When people are truly arrogant, they honestly believe that what they don’t know is not important. Practice listening to the opinions of others, especially opinions about money and investments. If you are missing a topic, do your own research or find an expert on the topic. V. Overcoming the five biggest obstacles to real estate success requires balance and focus. Today, there are many ‘chicken flocks’ in the world who are victims of cynicism and pessimism. Rich dad and poor dad suggest eliminating negative people and their fears from life. Instead, please look at the big picture and always ask: What good is this for me?

The first step

In Chapter 8, our rich fathers and our poor fathers told us that gold is everywhere, and most people can see it without training. Part of the reason for the lack of vision and clarity comes from the world we live in. Since childhood, we’ve been training ourselves to work hard for others, spend hard-earned money, and borrow more when we need it. Unfortunately, people choose not to spend time developing their financial genius. Fifth, real estate investing is a good example. The average person can go a week with nothing in the field, while a well-trained investor can easily find four to five major deals in one day. You can take the following ten steps to develop your financial genius and discover the gold that already exists, and affirm that you have discovered it: There is a deep emotional reason or purpose to do something, which is a combination of desire and reluctance. understand the ability to choose what to do every day, including choosing the right habits and self-education. Use the power of bonds to carefully choose your friends, and be careful not to listen to the voice of the poor or the feared. Use the ability to quickly learn and formulate income formulas. When you use self-discipline to manage your cash flow, staff and personal time, you must pay first. choose excellent talents for your team and give them wise advice, because the more they make, the more money you make. asked, ‘How long can I get my money back?’ Focus on ROI first, then focus on ROI. uses money earned from his own property to buy luxury items and emphasizes self-discipline to attract more money. becomes a role model and provides you with great service. Know that if you want something, you must first provide something. Do you want more? You can perform the following operations. In the final episode of Chapter 9 of ‘Rich Dad and Poor Dad,’ Kiyosaki compiled the main lessons of the book into a list of actions you can start to take today: Avoid doing this. Take a snapshot and evaluate what works and which does not work. Find new ideas by searching for information on different and unique topics. Find mentors who have been to your home, invite them to lunch, and move your brain. Make sure you can learn by attending classes, attending seminars, and reading books.makes a lot of suggestions (always with an exit clause) because eventually someone will say ‘yes’. For the next 12 months, spend 10 minutes a month walking, running, or driving in an area, looking for changes that can produce good business. Buy real estate when the market corrects because the profit comes from the purchase rather than the sale. Learn how, when and where to buy through investment training. Fifth, we must have lofty ambitions and be rich, because few thinkers have made great progress. Most people are just looking for something affordable, so to buy a larger cake and cut it into pieces, first find the buyer and then the seller. uses bold ideas to gather people together and buy in large quantities to negotiate volume discounts. read the story and learn from it because history is always repeating itself. action is always better than action.

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