11 October 2008

Quotes from the "Rich Dad Poor Dad" Book

In this time of uncertainty I thought it would be a good motivator to remind ourselves of the contents from this well recommended book.

"Financial Literacy = Know your Assets from your Liabilities."
"An asset = something that puts $$$ in your pocket whether you work or not."
"Choosing to be rich starts by choosing your IDEAS."
"Too many middle-class people try to "keep up with the Joneses". The problem is… the Joneses are broke. They may have the big house, the nice car… but if you study their financial statements, you'll find that they own nothing, they have no assets, they are in debt."
"There is no "job security" anymore - you need "financial" security."
"With every $ that comes into your hand, you have a CHOICE. If you're smart, you'll buy an asset with that dollar."
"Most people are afraid of failing and being rejected. Get over these 2 things, and life is easy!"
"Think big! Leverage your ideas! "How can I reach more people with less effort?"
"To get rich, you need to desire it. Do you have the strong reasons why?"
"Do you wish to learn from your mistakes? Get up once you're down?"
"It's not how much you make that matters - it's how much you keep. Check out your saving/earning ratio. Live below your means! How much actually drops to your bottom line?"
"Who you know can make the biggest difference in your financial life. Get out there and meet people! NETWORK!"
"Poor people are afraid of risk, rejection,fear of losing, losing face… Losing is part of the winning!" "Successful people try and try again, they fail over and over again. At school we are taught that losing and failing is bad. At school, if you make mistakes, you are a "failure". People spend their entire lives fearing MISTAKES. And yet mistakes are how we learn. There is a priceless kernel of knowledge in every mistake. Admit it - don't deny or justify it. Learn from it!"
"Only borrow money when you don't need it."
"Just do it once. "How can I do it just once, for it to return money to me forever?
" Creative multiple streams of passive income!"
"The biggest challenge you have, is dealing with your self-doubt. Challenge your self-doubts!"
"More important than the HOW we achieve financial freedom, is the WHY. Find YOUR reasons why you want to be free and wealthy."
"Most people look for the easy road to wealth, because they lack a strong enough why. The easy road ALWAYS leads to a dead end."
"Stop hanging out with some of the people that are holding you back."
"Thinking is the hardest wish you'll ever do."
"There is no security anymore. You can't rely on Social Security or company pensions for retirement. We need new answers."
"No longer can we simply tell our children to "Go to school, get good grades, and look for a safe, secure job." It's some of the most dangerous advice we could give."
"How many millions of people are out there in the real world struggling financially?"
"The world has changed, but education has not changed with it."
"One of the reasons why the rich get richer and the poor get poorer is that most of us learn about money from our parents. So what scan a poor parent tell their child about money?"
"Rich Dad forbade the words "I can't afford it" - instead, "HOW can I afford it." One lets you off the hook, ad the other forces you to think. "My brain gets stronger every day because I exercise it. The stronger it gets, the more money I can make."
"Poor Dad thought that the rich should pay more in taxes to take care of those less fortunate. Rich Dad said: "Taxes punish those who produce and reward those who don't produce."
"I encourage you to study to be rich, to understand how money works, and to have it work for you!"
"Passion is ANGER and LOVE combined. When it comes to money, most people want to play it safe and feel secure. Passion does not direct them - FEAR does."
"To wake up in the middle of the night terrified about paying bills is a horrible way to live."
"In life, it's not how much money you make that counts, but how much you keep."

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