10 Quotes from Robert Kiyosaki. Rich Dad Poor Dad and Cashflow Quadrant book.
Disclaimer: While there might be some contradiction with my choices but I want to remind you guys that these picks are my opinions.
1. The successful people do not need money to make money but they have to be a capitalist in order to raise money using and used other people money to grow your own business.
2. Do you know why debt is tax-free? It is because that is the way the bank can get lots of money easily by lending out loans. Thus, most billionaires and even some millionaires buy rental properties using loans from the bank.
3. Wealth is not defined by how much you make but it is defined by how long can you stay with that much amount of money. For example, if you have $80,000 USD in savings account and your monthly expenditure is $10,000. Your wealth is 8 months
4. While you are uneducated about the topics you are interested and unknown to the subtle things, you should seek for source of information. Well that's what most of the people had done but what is important is that you have to differentiate which is fact and opinion.
5. Differentiate what is assets and liabilities. Assets is what put money in your pockets and liability is what takes money out of your pockets. For example, mortgage is liability unless that mortgage can bring income into your pocket more than the expenditure to the interest and principle.
6. We are living in the basis of believing bank notes are valuable but it is actually a fiat currency, even though it was backed by gold, it can be possibly said that the bank notes can be printed anytime and devalues and once it devalues more and more, it will just be worthless.
7. Find a mentor not an advisor. Advisor is the person who not necessarily passed the experience of what they preached but mentor is the person who passed the experience before. If you can't find one then you might have to find an advisor but you have to differentiate which is fact that can be trusted or which is opinion from himself/herself.
8. Do not work for money. Money is just a malicious and evil that an employers give to employees in order to let the person forget about their dreams and work for money instead.
9. We are in Information age where guaranteed pension plan was actually false because there are many analysts and many statistics shows that money that should have been a guaranteed in return was gone. It was simply a Ponzi scheme or fraudulent scams. We should learn to invest by ourselves
10. Even though most of us are in E quadrant or employees, we should be in I quadrant as well or investors because what will determines the future is the "let money work for us".
I will be writing an doctrine/ philosophy/ teachings/ and quotes from Robert Kiyosaki at least once a week.
Reference:
Rich Dad Poor Dad
Cashflow Quadrant
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