Reading one book a week is my New year 2020 resolution. My first choice was "Rich Dad Poor Dad" by Robert Kiyosaki. This book creates lot of positive vibes on you and also gives self confidence to build your own wealth.
There are millions of people who already wrote review on this book. What am going to explain here is, how this book may help for typical salaried Indian.
Everyone in this world needs money (except god). This book teaches how to become wealthy from zero. This book may helpful for generating your passive income.
IMHO everyone needs passive income no doubt, however the author explained how he achieved the goal. This might not work for everyone across the world and don't take author's experience as an example and jump in. Every individual has their own strengths/ weakness first identify that and apply the same to achieve your dream.
Let me explain my take away from this book,
Before You Drink Fill Your Cup:
This world is for everyone and nothing is impossible in this world. If you need something say for example Rs.5 Lakh worth car and your wallet is empty. You should Never Give Up with your dreams. You should first think how you can make/earn that money man-oeuvre your thoughts to chase that dream instead of saying this car its not for me.
Keep this in you mind ‘Can’T Do’ always remove the letter 'T' (You Can Do It)
Keep this in you mind ‘Can’T Do’ always remove the letter 'T' (You Can Do It)
Opportunities Everywhere:
This world is full of opportunities, but every individual who is in comfort zone always wearing a mask on their eyes. If you want to get rich, first remove that mask and try to see the opportunities around you. Robert explains one of his childhood example, where he built a lending comic library in his home by collecting old comic books from his neighborhood and hired his friend's sister as in charge. This is just an example, you need to think how you can utilize your full strength and opportunities around you to make money.
No Risk No Gain:
Robert says in many time in his life the he took risk and gained a lot. Psychologically people can utilize their full strength during critical time, nobody wants to take any risk when they are in comfort zone. If you want to become rich the first thing you have to do is break your comfort zone and be ready to take calculated risk.
"Measure twice and cut once"
Financial Freedom:
Robert says our education system teaches how to work for money. However if you have financial intelligence then you can make the money work for you.
"Do the right investment at right time to be financially independent"
Know Your Goal:
Focused mind can get you anything in this world. If you want to become rich, you need to know your end goal and stay focused to achieve that goal. Build your own assets and make that assets work for you. Use your brain to know which option works better for you, don't blindly follow anyone.
Save Your Tax:
Salaried people pay their taxes first and take the rest, however business people pay their debts first then pay their taxes. Be smart and try to save the maximum possible money from taxes.
Invest:
Invest, invest and invest in the right place at right time. Make sure your investment grows to beat the inflation. If you don't have any idea on your asset/ liabilities. Pay and take consultation from financial experts. Free advice come from everywhere, take the right one that suits for you. Be familiarize with all investment strategies that takes you to achieve your end goal.
Don't Work Just for Money:
Time is money, invest your time in the right place. Make sure you are continuously learning and building your skills from your work. If you are not learning anything from your work then move on asap. For your financial freedom life skills like (Communication, Management, Peoples etc.) are very important.
Donate:
The best thing we see from rich peoples is "Donation" from Bill gates, W.buffet, Azim premji all are sharing their wealth to the needy people. When you start sharing your wealth to the needy people you will get the real satisfaction in your life. The key factor that helps you to multiply your wealth.
Many people say why are you taking risk, why didn't you be happy with what you have. The answer to this question is simple, When god gave some gift like your special skills, why don't you use it to make more wealth and share it to the society to built better world.
I disagree when someone says money cant buy happiness. Simple example just give some food to the hungry man in your neighborhood you will realize what is the real happiness. If you want to help someone for a good cause then you need to build your wealth first.
Conclusion:
This book is must read for all who wants to know why they need to earn more and build their wealth. However use your own intelligence and strengths to build your wealth, don't just follow the author or anyone.
