Discover the Lessons of a Rich Dad and Poor Dad
“Rich Dad Poor Dad” is a personal finance book written by Robert Kiyosaki. The book tells the story of Kiyosaki’s upbringing, with two fathers who had vastly different attitudes toward money. His “rich dad” was the father of his best friend, who was a successful businessman, while his “poor dad” was his biological father, who struggled with financial problems.
Through anecdotes and stories, Kiyosaki shares the lessons he learned from his “rich dad” and how they differed from the lessons his “poor dad” taught him. The book stresses the importance of financial education and challenges traditional beliefs about money and wealth.
Kiyosaki advocates for building wealth through investing in assets that generate passive income, such as real estate or stocks. He also stresses the importance of taking calculated risks and having a mindset of abundance rather than scarcity.
“Rich Dad Poor Dad” has become a best-selling book and a popular resource for those seeking to improve their financial literacy and achieve long-term financial success. The book’s success has led to a series of follow- up books and other financial education resources from Kiyosaki.
Robert Kiyosaki is an American businessman, investor, motivational speaker, and author of personal finance books. He was born on April 8, 1947, in Hilo, Hawaii, and raised in Hawaii and California.
Kiyosaki served in the United States Marine Corps during the Vietnam War and then worked in sales for Xerox Corporation. He later founded his own company that sold nylon and velcro wallets. However, he experienced financial difficulties and filed for bankruptcy in 1980.
After his bankruptcy, Kiyosaki began to develop his own philosophy on money and investing. He started to teach financial education courses and wrote his first book, “If You Want to Be Rich and Happy, Don’t Go to School?”, which was published in 1992. However, it was his 1997 book “Rich Dad Poor Dad” that made him a well-known personal finance author and speaker.
Kiyosaki is known for his unconventional views on money and wealth-building, which challenge traditional beliefs about financial success. He has written numerous other books on personal finance, investing, and entrepreneurship, and has become a popular motivational speaker, inspiring people to take control of their financial futures.
Rich Dad Poor Dad” has achieved significant commercial success, having sold over 32 million copies in more than 51 languages across 109 countries. The book remained on the New York Times bestsellers list for over six years and has launched a series of related products, including other books. Some critics have given the book positive reviews, and it has been endorsed by notable figures such as Oprah Winfrey and Will Smith. In 2006, PBS Public Television station KOCE aired a 55-minute presentation of Kiyosaki’s financial philosophy, which essentially summarises his book. In 2005, PBS also honored Kiyosaki with an excellence in education award. Additionally, Kiyosaki collaborated with Donald Trump in 2006 on a book called “Why We Want You To Be Rich: Two Men One Message,” and again in 2011 on a book called “Midas Touch: Why Some Entrepreneurs Get Rich — And Why Most Don’t.
Table of Contents
Lesson 1: The Rich Don’t Work For Money
“The poor and middle-class work for money. The rich have money work for them.”
Robert Kiyosaki grew up on the poorer side of the street and attended the same school as the wealthy students, which made him wonder how he could make money. He and his best friend, Mike, tried to make money by casting nickels out of lead, but it was illegal and failed. Robert’s poor dad suggested that they learn from Mike’s dad, who was wealthy and good at making money.
When Robert met with Mike’s dad, the rich dad offered to teach them, but not in a classroom style. Instead, he proposed that they work for him, paying them 10 cents an hour for three hours every Saturday. After a few weeks, Robert was tired of the boring work and wanted to quit, but his poor dad told him to demand a raise to 25 cents an hour or to quit immediately if he didn’t get it. When Robert went to ask for the raise, he was forced to wait and became angry, feeling like he was being exploited.
Rich dad taught Robert that the most effective way to learn is by doing, and that he could either become like his employees, blaming others for his problems, or become wealthy by finding a new way to make money outside of working for someone else. The lesson was that “The poor and middle-class work for money. The rich have money work for them.” Rich dad also said that anger is a big part of the formula, as it combines passion and love, while fear is what controls employees and causes them to exploit themselves.
Rich dad emphasized that fear is what keeps most people working at a job, the fear of not being able to pay their bills, losing their job, not having enough money, or starting over. As a child, Robert Kiyosaki learned about taxes and how the rich don’t let the government take advantage of them, even though they earn more.
In a new deal, Robert and Mike worked for their rich dad for free for three weeks. On the third Saturday, rich dad took them to a park for some ice cream and introduced them to the rat race trap. He offered to pay them twenty-five cents an hour, then a dollar an hour, then two dollars an hour, and then five dollars an hour, but they refused because they were committed to becoming wealthy and knew they couldn’t be bought.
Rich dad taught that poor people often claim they’re not interested in money, but this is just a cover-up. It’s important to not give in to emotions like fear and instead think objectively about a situation. A job is just a short-term solution to a long-term problem. Rich dad’s focus was on teaching the boys how to have a choice of thoughts instead of a knee-jerk reaction. He taught them to keep using their brain, work for free, and soon their mind would show them ways of making money far beyond what he could ever pay them.
The lesson that rich dad taught the boys about the trap of the rat race inspired them to search for a new way to earn money. One Saturday, they observed Mrs. Martin throwing away the covers of comic books into a box, and since they couldn’t resell the comic books, they came up with the idea to start a library where kids could read comic books for a small fee. They charged only 10 cents for unlimited reading between 2:30 p.m. and 4:30 p.m. every day after school. This was a great deal for kids who would have spent 10 cents on buying a comic book. The library made an average of $9.50 each week, and they paid Mike’s sister a dollar a week to manage it. After running the library for three months, a fight broke out, and they were advised to shut down the business. However, the boys learned an important lesson about making money work for them instead of working for money.
Lesson 2: Why Teach Financial Literacy?
“It’s not how much money you make. It’s how much money you keep.”
Robert Kiyosaki, who retired at the age of 47, still chooses to work with his wife Kim, as their wealth grows automatically. In this section of Rich Dad, Poor Dad, Robert Kiyosaki shares a straightforward story about a meeting of the greatest leaders and richest businessmen in Chicago in 1923. Twenty-five years later, nine of them had their lives end in the following ways: four died broke, one went insane, two were released from prison, and two committed suicide. This unfortunate outcome was likely due to their lives being severely affected by the 1929 stock market crash and the Great Depression.
The most important financial lesson to learn is that it’s not about how much money you make, but about how much you keep. And without financial literacy, you’ll lose your money quickly. While poor dad recommended that Robert read books, rich dad recommended that Robert master financial literacy. Robert shares, “If you are going to build the Empire State Building, the first thing you need to do is dig a deep hole and pour a strong foundation. If you are going to build a home in the suburbs, all you need to do is pour a six-inch slab of concrete. Most people, in their drive to get rich, are trying to build an Empire State Building on a six-inch slab.”
Furthermore, Robert and Mike’s entrepreneurial spirit led them to create a library for kids to read comic books between 2:30 p.m. and 4:30 p.m. every day after school for only 10 cents, which earned them an average of $9.50 per week. However, after three months, they had to shut down the business due to a fight that broke out in the library. Nonetheless, they learned a valuable lesson: how to make money work for them instead of working for money.
If your long-term goal is to be rich, it’s essential to learn about accounting, regardless of how uninteresting you may think the topic is.
The first rule is to understand the difference between an asset and a liability and purchase assets.
Rich people acquire assets, while the poor and middle class obtain liabilities that they believe are assets.
The most significant challenge for poor people is distinguishing between an asset and a liability. Recognizing the difference between the two can help you achieve wealth.
So, what distinguishes an asset from a liability?
An asset puts money into your pocket, while a liability takes money out of your pocket.
Assets increase your income, while liabilities increase your expenses. A poor person’s job provides an income that covers their expenses. A middle-class person’s employment pays their income, then pays off their liabilities, and then covers their expenses. On the other hand, a rich person’s assets generate income for them. For instance, their assets may generate rental income, dividends, interest, or royalties.
Here are some liabilities that the middle class possesses:
- Car loans
- Credit card debt
- School loans
Here are a few assets that rich people own:
- Real estate
- Intellectual property
Many people who are poor or middle class say, “I’m in debt, so I need to earn more money.” However, obtaining money isn’t the issue; rather, the lack of financial literacy is. As a result, if they had more money, the problem might exacerbate. That is why individuals who win the lottery or get a raise typically end up in the same financial situation as before. If an individual spends everything they earn, the cycle will repeat each time they receive money.
Academic success is no longer directly related to professional success. Most students graduate with limited financial knowledge and subsequently struggle financially. What they require more than money-making abilities is money management expertise. This ability is known as financial aptitude. Rather than learning how to make money, most individuals learned how to work hard.
In the long term, taxes end up costing the poor and middle class. Individuals frequently purchase larger homes as their families grow, resulting in increased property taxes. Salaries increase over time, resulting in a rise in social security taxes. Before long, their liabilities column is filled with mortgage and credit card debt, trapping them in the rat race.
The secret to knowing how to make money is to create assets rather than liabilities.
Golden Rule: “He who has the gold makes the rules.”
The root cause of most financial problems is trying to keep up with others, commonly known as the “Joneses.” It’s common for people to buy a bigger house, work harder, or seek a promotion or pay raise to keep up with others.
In his book “Rich Dad Poor Dad,” Robert Kiyosaki shares how he worked with his rich dad as a teenager and learned the importance of hiring intelligent people. His rich dad, despite leaving school at 13, directed educated people such as bankers, attorneys, and accountants.
Robert realized that he had more financial literacy than his poor dad because he spent time keeping books and listening to experts like bankers, tax accountants, and real estate brokers.
Many people consider their homes as assets, but that’s not always the case. In some situations, a million-dollar house may sell for less, causing financial strain, such as the case with Kim’s parents whose property taxes increased to $1,000 a month.
Robert’s approach to buying a bigger house involves first purchasing assets that generate enough cash flow to pay for the house. As the asset column grows, income will also increase, leading to more significant gains. The rich keep getting richer because their assets keep growing, but the middle-class struggle because taxes increase as their salaries increase.
Employees work for three significant groups, the company, government, and bank, which result in making the owners and shareholders rich, paying taxes, and paying off mortgages and credit card debts.
Wealth is a person’s ability to survive a certain number of days forward without working. To be wealthy, a person needs to have a positive cash flow in their asset column that covers their expenses. Sadly, the average American has less than $400 in savings, and 34% have none.
In summary, the rich buy assets, the poor have only expenses, and the middle-class buy liabilities that they believe are assets.
Lesson 3: Mind Your Own Business
“The rich focus on their asset columns while everyone else focuses on their income statements.”
Ray Kroc, the founder of McDonald’s, once told an MBA class that he is actually in the real estate business, despite people assuming he is in the hamburger business. This is because he carefully selected every location for his franchises, and today, McDonald’s owns more real estate than any other organization in the world, including the Catholic Church.
When someone is asked what their business is, they usually respond with their profession, but they are not the owners of the company they work for. Therefore, it’s essential to mind your own business, or else you’ll spend your life working for someone else and putting money into their pocket.
Working for others makes you dependent on pay raises, second jobs, or overtime, leading to financial hardship. Without a financial foundation, you’ll be stuck in your job and its security for the rest of your life.
Entrepreneurship can be a tricky path, as Robert Kiyosaki experienced when he tried to get a loan. Even though he owned many assets like real estate, the loan committee struggled to understand why he didn’t have a salary or a 9 to 5 job.
To build a base of solid assets, Robert recommends keeping expenses low, reducing liabilities, and acquiring assets such as businesses that don’t require your presence, stocks, bonds, income-generating real estate, notes, royalties from intellectual property, and anything else that has value, produces income, or appreciates and has a ready market.
Rich dad used to say, “If you don’t love it, you won’t take care of it.”
It’s recommended to keep your day job, but it’s also important to start investing in assets like those mentioned earlier.
As 90% of companies fail, Robert Kiyosaki’s strategy is to sell the entire stock of a company within a year of going public.
To achieve wealth, it’s advised to prioritize purchasing luxuries last. Those who buy luxuries first often end up in substantial debt. The key is to focus on building a portfolio of income-generating assets that can eventually afford you the luxuries you desire.
Lesson 4: The History of Taxes And The Power of Corporations
“My rich dad just played the game smart, and he did it through corporations– the biggest secret of the rich.”
The poor often believe that the rich should pay more taxes and contribute to society, but in reality, the wealthy rarely pay taxes. Instead, it is the educated, middle class who bears the burden of taxes. While poor dad understood the importance of education, rich dad understood the history of taxes. Originally introduced as a temporary measure to pay for wars, income taxes were made a permanent requirement of citizens in England in 1874 and in America in 1913. Interestingly, taxes were initially intended to be paid only by the wealthy, but governments convinced the poor and middle class to support the idea, resulting in it becoming law.
Poor dad believed in spending money and creating jobs, and believed that the government gains respect the larger it becomes. In contrast, rich dad believed in spending less and hiring less, which gains the respect of investors. Poor dad saw the rich as greedy crooks, while rich dad viewed the government as lazy thieves.
The rich are able to avoid taxes by taking advantage of tax laws that encourage job creation and housing. Therefore, the government is reliant on the middle class for their tax revenue.
The wealthy often utilize legal strategies to minimize their tax burden. One common tactic is to invest their money in a corporation, which allows them to use corporate income as personal income while also deducting personal expenses as corporate expenses. Despite efforts by the masses to increase taxes on the rich, they continue to outsmart them with the help of skilled accountants and lawyers.
Entrepreneurs prioritize financial efficiency, while the government is not incentivized to spend efficiently. In fact, they risk losing funding if they do not spend their allotted budget. In contrast, individuals who understand the law can use legal loopholes to save money and build their asset column.
For example, Robert Kiyosaki utilizes section 1031 of the Internal Revenue Code to delay paying taxes on real estate sales by purchasing a more expensive piece of real estate. This allows him to continue building his asset column while deferring taxes until he liquidates.
Robert’s realization while working at Xerox that climbing the corporate ladder would not lead to financial freedom led him to follow in his rich dad’s footsteps by building his asset column and investing in real estate. He worked harder at selling Xerox machines to fund his investments, knowing he was building something greater than himself.
Robert Kiyosaki’s success in real estate showed him the importance of financial IQ, which he believes comprises four key areas: accounting, investing, understanding markets, and the law. The rich use legal tax advantages to avoid paying taxes and protect their assets from creditors, which is why they often create corporations. By putting their money into a corporation, the rich can use corporate income as income for their personal income statement, and the expenses from their personal income statement can go into the expenses for the corporation. This legal loophole allows them to delay paying taxes when selling real estate and continue building their asset column.
Meanwhile, the poor and middle class rely on climbing the corporate ladder, earning income, paying taxes, and spending what’s left. The government isn’t rewarded for being efficient spenders, but entrepreneurs are rewarded for financial efficiency. Robert Kiyosaki himself turned to minding his business and building his asset column, which led him to invest in Hawaii’s real estate market and eventually surpass his income at Xerox.
Financial IQ includes the ability to read numbers, the concept of money making money, knowing supply and demand, and understanding the tax advantages and protections that corporations can provide. For example, corporations can pay expenses before taxes, which employees cannot do. The rich use corporations to protect their assets from creditors, whereas the poor and middle class try to own everything themselves.
Lesson 5: The Rich Invent Money
“Often in the real world, it’s not the smart who get ahead, but the bold.”
Companies downsize for various reasons, but employees often blame the owners for being unfair. In a news story, Robert Kiyosaki shared an example of a terminated manager who begged the guards to let him talk to the owners to reconsider his termination. The man was afraid of losing his house, having just bought it with his wife and two babies. Inside of us, there is both someone brave and someone who will beg.
However, when we are so afraid that we start doubting ourselves, we fail to move forward. Instead, it is the bold who get ahead. Therefore, aim to convert your fear into power.
Gaining financial literacy and taking risks result in having more options. In the future, we will see a rise in successful companies being created but also a surge in companies failing – downsizing and laying off employees. It is better to be making millions from the assets you build than aiming to get a raise. This period is a great era to be building assets.
Wealth has evolved over the years. 300 years ago, the person who owned land was considered wealthy. Later, it was the person who owned factories and production. Today, it is the person with the most timely information. “The players who get out of the Rat Race the quickest are the people who understand numbers and have creative financial minds.”
Despite having money, some people may still struggle to achieve financial progress. While some may lack the necessary funds to seize a great opportunity, others may miss out on recognizing such opportunities altogether. The common strategy of the average person is to work hard, save, and borrow, but this approach may not necessarily lead to financial success. Instead, individuals should aim to improve their financial intelligence to increase their earning potential. Robert Kiyosaki emphasizes the importance of training one’s mind, stating that it is the most powerful asset we possess.
Saving money is no longer as effective as it once was, with low-interest rates and banks charging fees for holding money. During the stock market crash, Robert Kiyosaki faced a cash shortage, but he knew it was a good time to invest. He shopped for houses at the bankruptcy attorney’s office and used a $2,000 loan from a friend to purchase a $20,000 house, which he sold for $60,000 within minutes. By asking for a $2,500 processing fee, he was able to return the loan and earn a profit of $40,000 using no personal funds in just five hours.
Robert Kiyosaki believes that all stock market crashes represent investment opportunities, as seen in the crashes of 1989-1990, 2001-2002, and 2008-2009. Therefore, it is essential to have financial literacy and a creative financial mind to take advantage of such opportunities and build wealth.
Which option would you choose?
Option A: Work hard, pay 50% in taxes, save what’s left, and earn 5% on your savings which is also taxed.
Option B: Invest in developing your financial intelligence and leveraging your assets.
Robert Kiyosaki, who has achieved financial success, primarily attributes it to investing in real estate and small-cap stocks. He believes that the downside of “secure” investments is that they often come with limited gains.
For instance, Robert purchased a $65,000 house for $45,000 from an owner who was struggling to sell it. After renting it out to a local professor, he earned a net income of $40 a month. One year later, he sold the property for $95,000 after the market picked up. Using the profits, he bought a 12-unit apartment building for $300,000, which he sold two years later for $495,000. With the proceeds, he purchased a 30-unit apartment building with a monthly cash flow of $5,000, which he eventually sold for $1.2 million.
While the best deals are typically reserved for the wealthy, Robert Kiyosaki suggests that anyone can get started with as little as $5,000 or $10,000. He has invested in companies before they went public, buying 100,000 shares at 25 cents each and then selling them after the public offering for a substantial profit.
According to Kiyosaki, “It’s not gambling if you know what you’re doing. It’s gambling if you’re just throwing money into a deal and praying.” He believes that people’s fear of losing prevents them from becoming wealthy, as they avoid taking risks and making mistakes. However, mistakes are a natural part of learning, and avoiding them also means avoiding success.
According to Robert Kiyosaki, there are three important skills that an investor must have:
- The ability to identify opportunities that others may have missed: This requires looking beyond what is immediately visible and using your imagination and creativity to see potential where others cannot.
- The skill to raise money: An investor must be able to source capital outside of traditional banking channels. This involves understanding various financing options and building relationships with investors who are interested in funding new ventures.
- The capability to attract and organize smart people: An investor must be able to assemble a team of talented individuals who possess the skills and expertise needed to turn the investment opportunity into a profitable venture. This requires the ability to recognize talent and inspire individuals to work towards a common goal. It also means being able to delegate responsibilities effectively and allowing team members to take ownership of their areas of expertise.
Lesson 6: Work to Learn – Don’t Work For Money
“Job security meant everything to my educated dad. Learning meant everything to my rich dad.”
In an interview with a journalist, Robert Kiyosaki discovered her desire to become a best-selling author. Despite her impressive writing skills, she expressed difficulty in gaining attention for her work. When Robert suggested taking a sales course to promote herself, she became defensive, citing her master’s degree in English literature and disdain for salespeople. The interview ended abruptly, with the journalist missing an opportunity to pair her writing skills with financial intelligence, accounting, investing, marketing, or law to achieve great wealth.
Robert Kiyosaki’s rich dad emphasized the importance of being a generalist rather than a specialist, encouraging Robert to gain knowledge in various areas of his company, such as law, banking, and accounting. This approach allows individuals to develop a wide range of skills and increase their chances of financial success.
When Robert Kiyosaki quit his high-paying job, his poor dad didn’t understand his mindset for quitting and valued job security, while his rich dad valued learning. Robert’s poor dad assumed he went to school to learn how to be a ship’s officer, while his rich dad knew he went to study international trade. Robert quit his job to learn how to lead people, as his rich dad believed that if he wasn’t a good leader, he would get shot in the back, just like in business.
Robert Kiyosaki recommends taking on jobs where you can learn new skills, rather than just jobs that pay the most. The biggest fear for aging Americans is running out of money before they die, as health costs and long-term nursing home care can easily eat up their retirement savings. Robert wonders if workers are looking into the future or just until their next paycheck, never questioning where they are headed.
To earn more money, Robert’s best advice is to pick up a second job that teaches a second skill, even if you’re not passionate about it. He compares it to going to the gym for your health, rather than because you enjoy it. Robert tells the story of an artist in Hawaii who inherited $35,000 and lost it all by running ads in an expensive magazine without any advertising experience. The artist didn’t want to take a course to learn how to sell his product, instead focusing on improving the product itself.
Skills required for successful management:
- Effective cash flow management
- Efficient systems management
- People management skills
According to Robert Kiyosaki’s friend Blair Singer, the most important specialized skills are sales and marketing. “Sales = Income,” he says. Your ability to sell, communicate, and position your strengths directly impacts your success. However, most people fear rejection, which is why they are often intimidated by sales and marketing.
The Law of Money states, “Give, and you shall receive.” In conclusion, Robert Kiyosaki embodies both his poor dad and rich dad. One part of him is a hardcore capitalist who loves making money, while the other part is a socially responsible teacher who is deeply concerned about the growing gap between the rich and poor. He primarily blames the outdated education system for this issue.
Lesson 7 : Overcoming Obstacles
“The primary difference between a rich person and a poor person is how they manage fear.”
According to Robert Kiyosaki, even those who are financially literate may still struggle to achieve financial independence for five core reasons :
- Bad habits
Rich dad also emphasizes that no one likes to lose money, just like how some people are terrified of snakes. Both are phobias. That’s why it’s important to learn how to take calculated risks from a young age, as the younger you are, the easier it is to become wealthy.
Approaching risk with the mindset of a Texan can be game-changing. Texans are known for both winning big and losing big, but their attitude is what sets them apart. They take pride in their wins, but even when they lose, they still brag about it. They don’t fear loss; instead, it inspires them.
As with learning how to ride a bicycle, before you can win, you must be willing to lose. Most people are more afraid of losing money than they are excited about becoming rich.
Rich dad understood that failure can make you stronger and smarter, and winning often requires taking risks.
While losers are defeated by loss, winners are inspired by it. It’s possible to hate losing without being afraid of it.
Many people play it safe by investing in low-yield mutual funds, but that’s not a winning portfolio. To be successful, you need to be focused on a single course until you achieve success.
Don’t let doubt stop you from taking action. Don’t be deterred by negative comments from friends and family like, “What makes you think you can do that?”, “If it’s such a good idea, how come someone else hasn’t done it?”, or “That will never work. You don’t know what you’re talking about.”
Experienced investors know that periods of economic downturns can be an opportunity to make money.
Robert’s friend Richard once had an opportunity to buy a two-bedroom townhouse for only $42,000, while others were selling for $65,000. However, he backed out due to doubt after talking to a neighbor. A few years later, the same property was worth $95,000. Richard’s small investment of $5,000 could have helped him escape the Rat Race. Doubt can be a deal breaker.
To be financially literate, it is crucial to understand the difference between good debt and bad debt. Instead of criticizing, analyze.
Many people use busyness as an excuse to avoid focusing on their wealth and health.
Rich dad believed that saying “I can’t afford it” shuts down your brain, while asking “How can I afford it?” opens up possibilities, excitement, and dreams. Instead of buying everything his kids wanted, rich dad asked them to think about how they could afford it. He never gave Robert or Mike anything; they had to pay for college on their own.
Financial struggles often stem from bad habits. Paying yourself first can motivate you to find ways to earn more money to pay your bills.
“What I know makes me money. What I don’t know loses me money.”
Lesson 8 : Getting Started
”A gold miner in Peru once told Robert Kiyosaki, “There is gold everywhere. Most people are not trained to see it.”
Robert also shared that in real estate, he could find four to five excellent properties a day, while others may not find any.
10 Steps to Develop Your God-given Powers
Find a reason greater than reality: the power of spirit
- Make daily choices: the power of choice
- Choose friends carefully: the power of association
- Master a formula and then learn a new one: the power of learning quickly
- Pay yourself first: the power of self-discipline
- Pay your brokers well: the power of good advice
- Have a board of directors: the power of smart people
- Be an Indian giver: the power of getting something for nothing
- Use assets to buy luxuries: the power of focus
- Choose heroes: the power of myth
Robert Kiyosaki’s tips for paying yourself first:
- Keep expenses low and avoid large debts
- Use pressure to find new ways of making more money instead of dipping into savings
- Use savings to make more money instead of paying bills
Robert Kiyosaki’s heroes include Warren Buffett, Peter Lynch, and George Soros. He also advises giving back and being charitable, as well as giving time and knowledge to others.
If what you’re doing isn’t working, it’s time to try something new. Look for fresh ideas and seek out knowledge on topics you want to learn more about by reading how-to books or other resources. For example, you could check out “The 16 Percent Solution” by Joel Moskowitz.
Find someone who has already achieved what you want to accomplish, and learn from them by picking their brain. Attend classes, read books, and go to seminars to gain additional knowledge and skills. There are many free or low-cost options available if you search for them online.
Make offers on multiple properties if you’re in the real estate business. Leave the negotiation up to the experts, but be willing to make offers until you find the right deal. Many sellers ask for too much money initially, so it’s important to keep trying until you find a good deal.
Take a few minutes each month to jog, walk, or drive around an area you’re interested in to get a feel for the neighborhood. Talk to postal workers, moving truck workers, retailers, and others to gain insights into the community.
Finally, remember that profits are made when you buy, not when you sell. Always look for bargains in all markets, and be willing to put in the effort to find the best deals.