In , Oprah featured the self-proclaimed financial guru on her show, bringing his message of ownership and passive income to even more people. Like his co-author, Kiyosaki has filed for bankruptcy several times, most recently in Much of his advice has come under criticism — and his bankruptcy brings his business acumen into question.
And in his hierarchy, employees are at the bottom. You get rich from owning assets that pull in passive income — and scaling up. Specifically, he recommends real estate assets. At least he did during the housing boom. On the internet, you can find his articles and videos about house-flipping.
Since the housing crash, Kiyosaki has repudiated this money-making practice. What matters is how much you keep. This is an idea you will hear from other financial experts, too, like Chris Hogan. You need to make your money work for you. This is considered insider trading and is a felony.
Kiyosaki argues that there are forms of insider trading that are legal and says that he is not suggesting anyone break any laws. Robert Kiyosaki was born on Hawaii Island, Hawaii, in Later, he joined the Marine Corps and served as a helicopter gunship pilot during the Vietnam War.
Kiyosaki worked in sales for Xerox, where he learned some of the sales and marketing techniques that helped him to become a successful public speaker. After a few years at Xerox, Kiyosaki started a company called Rippers, which sold nylon and Velcro surfer-style wallets. This, in turn, leads them to the world of financial freedom. A successful I quadrant person requires a lot of time, money and many failures, that neither of us has.
To become a successful B quadrant person, learn to identify other good businesses. Staying in the B quadrant requires knowledge of both systems and people. Build a full proof system and hire the best people to run that system. Anyone from the left quadrant can make a transition to the B side in these three ways:. Get involved in network marketing also called multi-level marketing or direct distribution systems.
Thanks to technology, the systems are in place now. So, to become financially successful in the B quadrant is easy. Besides that, the most important part is to develop yourself to lead people, gain self-confidence, and invest in lifelong education. As per the book, many people especially employees or self-employed have overlooked the risk while trying to transition into the I quadrant.
They invest in markets looking for returns from securities, the stock market responds in kind. It is easier than you think. Investing sets you free from the struggle of earning a living and worrying about money. If you invest prudently, you could build a pipeline of cash flow for life — that increases automatically with inflation.
Robert explains out of five levels of investors, level 4 and 5 are crucial for financial freedom. No matter what quadrant any individual is, he can be a level 4 investor. A level 4 investor is a Professional who takes time to educate himself and invests in stable business, real estate, paper, and commodities to earn a return on investment ROI. This ROI helps you to build wealth over the long-term and beat inflation.
A level 4 investor can further become a Capitalist level 5 if he considers Return-On-Information ROI - the more information you have, your returns would be higher and risk lower. He shares information with others to make investments with others money to gain huge profits which he shares with others and keeps a small portion for himself. Robert learned from his rich dad the difference between an asset and liability and that the entire economy works on debt.
If you take on large debt, make sure someone else is paying for it. Remember to distinguish between opinions and facts by conducting due diligence. This will shed light on what are your true assets and liabilities, how much you could gain, and if you are a debtor. The reason many people do not achieve financial freedom is because they do not change their internal core. Fear of losing, failing, loss of security, sadness, anger, love, hate, disappointment, joy, happiness, and other emotions trap us.
What separates the left side from the right is how they handle those emotions. As an adult, if you contemplate moving along the right-hand side, you should be aware and vigilant of your internal dialogue. Change from an emotion-driven thinking to a logical process.
Making prudent decisions based on logic paves a path for your financial freedom. While investing, remember to seek advice from the best and most experienced professionals. Remember there are different advisors for rich, middle, and poor income groups. Be mindful of who you seek the advice from, because plenty of advisors may not be biased. Seek advice from someone who keeps your interest at the core.
In the book, Robert reveals the rich, especially corporations, use tax as per their advantage. They simply earn, spend, and then pay taxes. Hence, invest to build your wealth and not only for tax reasons. An underachiever takes small baby steps to reach where he wants to go. He sets goals, plans, and acts accordingly. A person who has become wealthy over time possess these three qualities:. Understands the impact of the power of compounding.
According to Robert, with these seven steps you can fast track your way to financial freedom:. Mind your own business — Set your own financial goals and act on it to generate passive income. Control your own cashflow — Work on your goals by curbing your expenses, clearing your debts and continue investing.
Understand the difference Between Risk and Risky — Become financially literate and intelligent. Decide the kind of Investor you want to be — Be a problem-solving investor because he looks through tiny details to find opportunities to earn big. Seek advice from mentors — Surround yourself with people having a similar mindset and take advice from the experts. Acceptance of disappointment — Every disappointment teaches a lesson in disguise.
Believe in the Power of Faith — Cultivate positive thoughts to fuel your growth. As the book inspires us to seek the right path towards our journey of financial freedom, I hope even you can develop emotional and mental strength to build wealth for a blissful life. This report tells you about 5 well managed equity funds capable of generating big gains, undiscovered by investors. Surprisingly, almost nobody is talking about them. These are 5 hidden gems carry commendable management qualities, portfolio features, and have superior potential to become category outperformers in the long run.
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This summary of Rich Dad, Poor Dad by Robert Kiyosaki lists the key lessons on how to escape the "rat race" and achieve financial independence. Guide to Investing What the Rich Invest In, That the Poor and Middle Class Do Not! If you purchase this book without a cover, or purchase a PDF, jpg. This text, the follow-up to Rich Dad, Poor Dad reveals why some people work less, earn more, pay less in taxes, and feel more financially secure than others.