Final Summary – Rich Dad, Poor Dad
The key message in this book is:
Because we’re not trained in financial intelligence in school, it’s up to us as individuals to develop this trait by ourselves. We are only likely to become rich or financially independent once we have both a strong financial IQ and a firm, ambitious mindset to support it. In the end, what you invest in your mind is what brings you success, because your mind is your most important asset in any financial situation.
If you want to see results, start right now.
Although this book lays out the paths to financial independence and wealth, these ambitions can only be fully realized if you start moving toward them now.
This means researching to find the best books on your area of interest (e.g. real estate, or the stock market). Where can you pick them up locally? Which ones are best for beginners? Also, try to discover the “who’s who” of the markets you want to join. Do they have websites you can follow? When is their next publication coming out? Other general websites, like Investopedia.com, have great information for beginners who aren’t sure where they should start putting their money. In any case, staying actively informed will help keep you afloat and give you a better understanding of your markets.
Make a column sheet that tracks your monthly expenses and income, as well as your current assets and liabilities.
One of Kiyosaki’s main points throughout the book is to ensure you have an income greater than your expenses.
The only way to do this is to keep an eye on your money. Use a program like Microsoft Excel to create a worksheet you can update on a monthly basis. Chart your income, which includes any money coming your way each month, and compare it with your expenses, which include bills, rent, lifestyle expenses and taxes taken out of your paycheck, as well as any other costs. Also, start keeping track of how much your current assets are generating for you each month as well as how much your liabilities are taking away. This will help you gauge what you can afford to cut out from your life in order to start widening the gap (in a good way) between your income and expenses.
Introduce yourself to people who do what you want to do.
By networking with people who are already active in the markets you’re interested in, you can form valuable connections that will benefit you in the long run.
For example, find someone in a local tax office who knows a lot about tax lien certificates. Offer to take them out to lunch – your treat. Make sure, though, that they understand you want to learn from their experience and knowledge, and that you aren’t just asking for help to get rich. If you’re honest about your intentions and willing to listen, chances are most experts will be glad to give you a few pointers.
Suggested further reading: The Millionaire Fastlane by MJ DeMarco
The world is full of people working hard with dreams of getting rich – but only a handful succeed. As The Millionaire Fastlane shows, there’s a simple reason for this; conventional roads to wealth don’t work. But thankfully, there is one way that works, and if you’re eager and willing to put in some effort and make some sacrifices, it’s far quicker than you might think.