Thursday, 9 April 2015

Day 11: 10 Do's - Don't On How To Be Successful

Here are 10 lessons I picked up reading Chapter 1 in Rich Dad Poor Dad.

• The Poor Dad says rich should pay more taxes to take care of the less fortunate. But the RICH Dad says that taxes punish those who produce and reward those who don't produce.

• The Poor Dad says to study hard to get the good job in a good company. On the contact the RICH DAD says find a good company and buy it.

• The Poor Dad blames his kids for being poor. The RICH Dad says that the reason why he must be rich is because of the kids.

• The RICH Dad encourages money talk at the table. The Poor Dad forbade topics of money at the dining table.

• Now the Poor Dad looked at money being risky. He played safe. On the other hand the RICH Dad shared how managing risk around money could make you more money.

• Interestingly the Poor Dad looked at the family home as the largest investment and greatest asset. While the RICH Dad looked at the family home as a liability. Interesting!

• What surprised me is that the Poor Dad paid always paid his bills first just like my dear old mother did. But the RICH Dad even though he paid his bills on time always settled bills last.

• Now the Poor Dad looked to the government to take care of his needs. He felt secure if he had his pension in place, his medical security, sick leave and vacations on time. On the contrary the RICH Dad wanted to self-reliant.

• The Poor Dad struggled to save yet the RICH Dad found creating investments easy.

• Finally the Poor Dad was great to help you write the best resume to find the best job. But the RICH Dad was an genius in helping you create the best business plan to help create jobs for others.

Isn't this interesting.

I can relate to so many of these above points as my poor parents were so much part of the Poor Dad school of thought.

Today I am so lucky to be mentored by Robert Kiyosaki through his books that I am so much ahead in my financial literacy than I have ever been before.

Claude Fullinfaw