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3.54 AVERAGE
3.54 AVERAGE
Ik denk dat ik iets te poor-coded ben om dit in de praktijk toe te passen
This was something else than what I expected. It's a very interesting philosophy. Certainly challenged my point of view on what "getting rich" means and worth the read because of that alone.
I heard lots of bad things about this book and about the author but what I got after reading was a really insightful view on cashflow and "the wealthy".
I heard lots of bad things about this book and about the author but what I got after reading was a really insightful view on cashflow and "the wealthy".
informative
medium-paced
Made me want to throw up at times but is also just a solid resource for people looking to change the way they earn, save, spend, invest, and think about money.
fast-paced
informative
medium-paced
This book is a gem. It gives you simple explanations of how money works. It will not give you any trading tips, but it helps you understand the things no one teaches us in the school or at home. The financial insights aid you to take action, and be your boss. Many people don't like this book, but I think every novel is different and written by diverse authors who have distinct experience makes it more interesting to read. Whether you're an experienced financer or a newbie, this book is perfect for you. I highly recommend it.
Read the detailed review here -https://www.bookscharming.com/2020/07/rich-dad-poor-dad-book-review.html
Read the detailed review here -https://www.bookscharming.com/2020/07/rich-dad-poor-dad-book-review.html
I wish I had read this book in my 20s instead of reading Finance for Dummies. Although that Dummies book helped me set up some things for my life, it did not teach me how to be rich and about assets and liabilities, etc. in the way that Robert Kiyosaki talks about them. I would have bought many less work outfits and shoes if I had read this book sooner. Haha. And likely invested a bit differently.
I pushed up this book on my to-read list because I'd been hearing about it and seeing it more often recently, so I took it as a message. I do think that it seems unrealistic for me to do some of the things investment-wise that Kiyosaki talks about. But then I also know it's just the mind chatter telling me why it's too hard and scary to learn how to do it. The fear component is real and will allow us to make many excuses. I learn this often as a coach certified by The Life Coach School. We learn that to succeed a lot, you have to fail a lot. You can feel fear, but still do the scary thing. If you don't want to feel fear and stay safe, then your results will also be safe, instead of great. It definitely helps to see what's possible and this book shows us what's possible with the right mindset and the right actions.
“Because I had two influential fathers, I learned from both of them. I had to think about each dad’s advice and, in doing so, I gained valuable insight into the power and effect of one’s thoughts on one’s life. For example, one dad had a habit of saying, ‘I can’t afford it.’ The other dad forbade those words to be used. He insisted I ask, ‘How can I afford it?’ One is a statement, and the other is a question. One lets you off the hook, and the other forces you to think. My soon-to-be-rich dad would explain that by automatically saying the words ‘I can’t afford it,’ your brain stops working. By asking the question ‘How can I afford it?’ your brain is put to work. He did not mean that you should buy everything you want. He was fanatical about exercising your mind, the most powerful computer in the world. He’d say, ‘My brain gets stronger every day because I exercise it. The stronger it gets, the more money I can make.’ He believed that automatically saying ‘I can’t afford it’ was a sign of mental laziness.” pg. 11
“6. What’s an example from your life when you reacted with your emotions? What’s a time when you were able to observe your emotions instead and choose your thoughts?” pg. 59 [from Ch 1 study session; and what we teach in the Life Coach School that your thoughts create your emotions and that thoughts are optional]
“I am concerned that too many people are too focused on money and not on their greatest wealth, their education. If people are prepared to be flexible, keep an open mind and learn, they will grow richer and richer despite tough changes. If they think money will solve problems, they will have a rough ride. Intelligence solves problems and produces money. Money without financial intelligence is money soon gone.” pg. 64
“Most people fail to realize that in life, it’s not how much money you make. It’s how much money you keep.” pg. 65
“So while I’m not yet rich, I am wealthy. I now have income generated from assets each month that fully cover my monthly expenses. If I want to increase my expenses, I first must increase my cash flow to maintain this level of wealth. Also note that it is at this point that I’m no longer dependent on my wages. I have focused on, and been successful in, building an asset column that has made me financially independent. If I quit my job today, I would be able to cover my monthly expenses with the cash flow from my assets.
My next goal would be to have the excess cash flow from my assets reinvested into the asset column. the more money that goes into my asset column, the more my asset column grows. The more my assets grow, the more my cash flow grows. And as long as I keep my expenses less than the cash flow from these assets, I grow richer with more and more income from sources other than my physical labor.
As this reinvestment process continues, I am well on my way to becoming rich. Just remember this simple observation:
- The rich buy assets.
- The poor only have expenses.
- The middle class buy liabilities they think are assets.” pg. 91-92
“In my world, real assets fall into the following categories:
- Businesses that do not require my presence - I own them, but they are managed or run by other people. If I have to work there, it’s not a business. It becomes my job.
- Stocks
- Bonds
- Income-generating real estate
- Notes (IOUs)
- Royalties from intellectual property such as music, scripts, and patents
- Anything else that has value, produces income or appreciates, and has a ready market” pg. 111-112
“The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth seemingly instantaneously. An untrained mind can also create extreme poverty that can crush a family for generations.” pg. 152
“Great opportunities are not seen with your eyes. They are seen with your mind. Most people never get wealthy simply because they are not trained financially to recognize opportunities right in front of them.” pg. 165
“Most people never win because they’re more afraid of losing. That is why I found school so silly. In school we learn that mistakes are bad, and we are punished for making them. Yet if you look at the way humans are designed to learn, we learn by making mistakes. We learn to walk by falling down. If we never fell down, we would never walk. . . Unfortunately, the main reason most people are not rich is because they are terrified of losing. Winners are not afraid of losing. But losers are. Failure is part of the process of success. People who avoid failure also avoid success.” pg. 165-166
“Unfortunately, there is some truth to the old statement, ‘You can’t teach an old dog new tricks.’ Unless a person is used to changing, it’s hard to change.” pg. 188
“Sales = Income. Rich Dad Advisor and great friend Blair Singer—our team specialist on Sales—has been beating this into my head for 30 years: Sales = Income. Your ability to sell—to communicate and position your strengths—directly impacts your success.” pg. 191
“In addition to being good learners, sellers, and marketers, we need to be good teachers as well as good students. To be truly rich, we need to be able to give as well as to receive. In cases of financial or professional struggle, there is often a lack of giving and receiving. I know many people who are poor because they are neither good students nor good teachers.” pg. 192
“Failure inspires winners. And failure defeats losers. It is the biggest secret of winners. It’s the secret that losers do not know. The greatest secret of winners is that failure inspires winning; thus, they’re not afraid of losing. Repeating Fran Tarkenton’s quote, ‘Winning means being unafraid to lose.’ People like Fran Tarkenton are not afraid of losing, because they know who they are. They hate losing, so they know that losing will only inspire them to become better. There is a big difference between hating losing and being afraid to lose. Most people are so afraid of losing money that they lose. They go broke over a duplex. Financially, they play life too safe and too small. They buy big houses and big cars, but not big investments. The main reason that over 90 percent of the American public struggles financially is because they play not to lose. They don’t play to win.” pg. 209
“Mistakes are opportunities to learn. School has conditioned us to avoid mistakes—and punishes students for making them. In the real world, I’ve learned that mistakes—if acknowledged and evaluated and used as a tool to make better decisions in the future—are invaluable. A little fear can be a healthy thing, but we shouldn’t live in fear of making mistakes. Mistakes are good things, if we find the lesson in every failure.” pg. 211
“As I said, I wish I could say it was easy. It wasn’t. But it wasn’t that hard either. I’ve learned that, without a strong reason or purpose, anything in life is hard.” pg. 235
“As a habit, I use my desire to consume to inspire and motivate my financial genius to invest.” pg. 251
“Search, offer, reject, negotiate, and accept are all parts of the process of almost everything in life.” pg. 271
“When criticized for making 1,014 mistakes before creating the electric light bulb, Thomas Edison said, ‘I did to fail 1,014 times. I successfully found out what did not work 1,014 times.’
In other words, the reason so many people fail to achieve success is because they fail to fail enough times.” pg. xxvi from the preface of the book CASHFLOW Quadrant (bonus excerpt)
Book: borrowed from SSF Main Library.
I pushed up this book on my to-read list because I'd been hearing about it and seeing it more often recently, so I took it as a message. I do think that it seems unrealistic for me to do some of the things investment-wise that Kiyosaki talks about. But then I also know it's just the mind chatter telling me why it's too hard and scary to learn how to do it. The fear component is real and will allow us to make many excuses. I learn this often as a coach certified by The Life Coach School. We learn that to succeed a lot, you have to fail a lot. You can feel fear, but still do the scary thing. If you don't want to feel fear and stay safe, then your results will also be safe, instead of great. It definitely helps to see what's possible and this book shows us what's possible with the right mindset and the right actions.
“Because I had two influential fathers, I learned from both of them. I had to think about each dad’s advice and, in doing so, I gained valuable insight into the power and effect of one’s thoughts on one’s life. For example, one dad had a habit of saying, ‘I can’t afford it.’ The other dad forbade those words to be used. He insisted I ask, ‘How can I afford it?’ One is a statement, and the other is a question. One lets you off the hook, and the other forces you to think. My soon-to-be-rich dad would explain that by automatically saying the words ‘I can’t afford it,’ your brain stops working. By asking the question ‘How can I afford it?’ your brain is put to work. He did not mean that you should buy everything you want. He was fanatical about exercising your mind, the most powerful computer in the world. He’d say, ‘My brain gets stronger every day because I exercise it. The stronger it gets, the more money I can make.’ He believed that automatically saying ‘I can’t afford it’ was a sign of mental laziness.” pg. 11
“6. What’s an example from your life when you reacted with your emotions? What’s a time when you were able to observe your emotions instead and choose your thoughts?” pg. 59 [from Ch 1 study session; and what we teach in the Life Coach School that your thoughts create your emotions and that thoughts are optional]
“I am concerned that too many people are too focused on money and not on their greatest wealth, their education. If people are prepared to be flexible, keep an open mind and learn, they will grow richer and richer despite tough changes. If they think money will solve problems, they will have a rough ride. Intelligence solves problems and produces money. Money without financial intelligence is money soon gone.” pg. 64
“Most people fail to realize that in life, it’s not how much money you make. It’s how much money you keep.” pg. 65
“So while I’m not yet rich, I am wealthy. I now have income generated from assets each month that fully cover my monthly expenses. If I want to increase my expenses, I first must increase my cash flow to maintain this level of wealth. Also note that it is at this point that I’m no longer dependent on my wages. I have focused on, and been successful in, building an asset column that has made me financially independent. If I quit my job today, I would be able to cover my monthly expenses with the cash flow from my assets.
My next goal would be to have the excess cash flow from my assets reinvested into the asset column. the more money that goes into my asset column, the more my asset column grows. The more my assets grow, the more my cash flow grows. And as long as I keep my expenses less than the cash flow from these assets, I grow richer with more and more income from sources other than my physical labor.
As this reinvestment process continues, I am well on my way to becoming rich. Just remember this simple observation:
- The rich buy assets.
- The poor only have expenses.
- The middle class buy liabilities they think are assets.” pg. 91-92
“In my world, real assets fall into the following categories:
- Businesses that do not require my presence - I own them, but they are managed or run by other people. If I have to work there, it’s not a business. It becomes my job.
- Stocks
- Bonds
- Income-generating real estate
- Notes (IOUs)
- Royalties from intellectual property such as music, scripts, and patents
- Anything else that has value, produces income or appreciates, and has a ready market” pg. 111-112
“The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth seemingly instantaneously. An untrained mind can also create extreme poverty that can crush a family for generations.” pg. 152
“Great opportunities are not seen with your eyes. They are seen with your mind. Most people never get wealthy simply because they are not trained financially to recognize opportunities right in front of them.” pg. 165
“Most people never win because they’re more afraid of losing. That is why I found school so silly. In school we learn that mistakes are bad, and we are punished for making them. Yet if you look at the way humans are designed to learn, we learn by making mistakes. We learn to walk by falling down. If we never fell down, we would never walk. . . Unfortunately, the main reason most people are not rich is because they are terrified of losing. Winners are not afraid of losing. But losers are. Failure is part of the process of success. People who avoid failure also avoid success.” pg. 165-166
“Unfortunately, there is some truth to the old statement, ‘You can’t teach an old dog new tricks.’ Unless a person is used to changing, it’s hard to change.” pg. 188
“Sales = Income. Rich Dad Advisor and great friend Blair Singer—our team specialist on Sales—has been beating this into my head for 30 years: Sales = Income. Your ability to sell—to communicate and position your strengths—directly impacts your success.” pg. 191
“In addition to being good learners, sellers, and marketers, we need to be good teachers as well as good students. To be truly rich, we need to be able to give as well as to receive. In cases of financial or professional struggle, there is often a lack of giving and receiving. I know many people who are poor because they are neither good students nor good teachers.” pg. 192
“Failure inspires winners. And failure defeats losers. It is the biggest secret of winners. It’s the secret that losers do not know. The greatest secret of winners is that failure inspires winning; thus, they’re not afraid of losing. Repeating Fran Tarkenton’s quote, ‘Winning means being unafraid to lose.’ People like Fran Tarkenton are not afraid of losing, because they know who they are. They hate losing, so they know that losing will only inspire them to become better. There is a big difference between hating losing and being afraid to lose. Most people are so afraid of losing money that they lose. They go broke over a duplex. Financially, they play life too safe and too small. They buy big houses and big cars, but not big investments. The main reason that over 90 percent of the American public struggles financially is because they play not to lose. They don’t play to win.” pg. 209
“Mistakes are opportunities to learn. School has conditioned us to avoid mistakes—and punishes students for making them. In the real world, I’ve learned that mistakes—if acknowledged and evaluated and used as a tool to make better decisions in the future—are invaluable. A little fear can be a healthy thing, but we shouldn’t live in fear of making mistakes. Mistakes are good things, if we find the lesson in every failure.” pg. 211
“As I said, I wish I could say it was easy. It wasn’t. But it wasn’t that hard either. I’ve learned that, without a strong reason or purpose, anything in life is hard.” pg. 235
“As a habit, I use my desire to consume to inspire and motivate my financial genius to invest.” pg. 251
“Search, offer, reject, negotiate, and accept are all parts of the process of almost everything in life.” pg. 271
“When criticized for making 1,014 mistakes before creating the electric light bulb, Thomas Edison said, ‘I did to fail 1,014 times. I successfully found out what did not work 1,014 times.’
In other words, the reason so many people fail to achieve success is because they fail to fail enough times.” pg. xxvi from the preface of the book CASHFLOW Quadrant (bonus excerpt)
Book: borrowed from SSF Main Library.
I’ve just started getting into investing and looked up a list of the best books to read. That led me to download a pdf of this book for free online and I binge-read it over two days. The book challenged my thinking in a number of areas and while it has some guiding principals that ring true and may ultimately prove helpful (build up assets and minimize expenses) and gives some entertaining (if unverifiable) anecdotes, the lack of a guiding moral or ethical code behind what Kiyosaki claims to be the “best” game in the world, that of putting money to work for you, is telling.
After finishing the book I came to find out he’s written books with Trump and it began to make sense. Kiyosaki is undeniably correct about one thing: money is not real. However, it’s impact on people and their lives is very real, and no amount of tithing or charitable donations can make up for the damage done to exploited workers by many corporations (which he admits are soulless), the poor who do not in fact receive the same benefits of taxation that the rich do, and so on. In fact, his friend, President Trump, has doomed thousands of people in our country simply by refusing to listen to scientists (often people who have chosen to be highly specialized in a single field, something Kiyosaki recommends against becoming). Rather than recognizing the lack of equity, equality, and justice in “the game” and seeking to dismantle it in some fashion or to change the broken rules, he encourages the reader to exploit these rules to their own benefit. Kiyosaki can only conceive of the “game of life” as a competitive game of winners and losers, rather than a cooperative game where everyone might win. To me, this shows a failure of imagination.
For the author, acquisition of money as a means of being free of the dread and drudgery of work is an end in and of itself. At first I found this admirable as a kind of skillful “not-clinging” to one’s job, to the idea of job security, and to even money itself. Still, the book never really satisfied
my curiosity about what good it does someone to acquire vast amounts of wealth. Kiyosaki suggests it allows for greater freedom, but never takes a look at what the cost might be to others in the process. He claims that the wealthy create jobs, provide opportunities, etc... Still, what is freedom acquired at the expense of others worth? He talks about never needing to work again due to his wealth, but still choosing to and acquiring more. Again, I ask, what good is it then? Simply the joy of playing the game? But what about when the game is the very thing widening the gap between the haves and the have-nots that he decries?
So why two stars and not one? The book does have me thinking of ways I might ethically acquire more assets and minimize my expenses, with an eye on creating sources of passive income over time. The prospect is exciting and gives me hope, which is worth something. I’m just gonna need to find other books to guide me on how to actually do it.
After finishing the book I came to find out he’s written books with Trump and it began to make sense. Kiyosaki is undeniably correct about one thing: money is not real. However, it’s impact on people and their lives is very real, and no amount of tithing or charitable donations can make up for the damage done to exploited workers by many corporations (which he admits are soulless), the poor who do not in fact receive the same benefits of taxation that the rich do, and so on. In fact, his friend, President Trump, has doomed thousands of people in our country simply by refusing to listen to scientists (often people who have chosen to be highly specialized in a single field, something Kiyosaki recommends against becoming). Rather than recognizing the lack of equity, equality, and justice in “the game” and seeking to dismantle it in some fashion or to change the broken rules, he encourages the reader to exploit these rules to their own benefit. Kiyosaki can only conceive of the “game of life” as a competitive game of winners and losers, rather than a cooperative game where everyone might win. To me, this shows a failure of imagination.
For the author, acquisition of money as a means of being free of the dread and drudgery of work is an end in and of itself. At first I found this admirable as a kind of skillful “not-clinging” to one’s job, to the idea of job security, and to even money itself. Still, the book never really satisfied
my curiosity about what good it does someone to acquire vast amounts of wealth. Kiyosaki suggests it allows for greater freedom, but never takes a look at what the cost might be to others in the process. He claims that the wealthy create jobs, provide opportunities, etc... Still, what is freedom acquired at the expense of others worth? He talks about never needing to work again due to his wealth, but still choosing to and acquiring more. Again, I ask, what good is it then? Simply the joy of playing the game? But what about when the game is the very thing widening the gap between the haves and the have-nots that he decries?
So why two stars and not one? The book does have me thinking of ways I might ethically acquire more assets and minimize my expenses, with an eye on creating sources of passive income over time. The prospect is exciting and gives me hope, which is worth something. I’m just gonna need to find other books to guide me on how to actually do it.
I read a review of this book and decided to pick it up. It started out very interesting, but I completely lost interest about half way through. He goes from talking about his life and general financial principles to basically saying that money is everything and education is nothing.
I do not want to spend my life in a meaningless job just because it makes money, so I put down the book. I don't agree with his philosophy.
I do not want to spend my life in a meaningless job just because it makes money, so I put down the book. I don't agree with his philosophy.