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What grade would you give your financial intelligence? You get grades throughout your academic career, and at the end of it, you get a piece of paper. However, the more you improve your financial intelligence the more wealthy you will become. Robert Kiyosaki's final thoughts on Rich Dad Poor Dad will set you on the right path to your dreams and goals.
Final Thoughts
Rich Dad Poor Dad: What the Rich Teach Their Kids About Money - That the Poor and Middle Class Do Not!
Increasing financial intelligence can solve many of life's common problems instead of trying to use old-school formulas that will not work today. Hard work & a 401K will not provide for your retirement or a good education for your children. Now you must learn how to invest for yourself. However, the information is available for you if you seek out people who have experience. Use this book to spark insights into the power of making money work for you. Today, you need financial intelligence to simply survive. Money is only an idea. If you want more money, simply change your thinking. As with every self-made wealthy person before you, start small and turn it into something big. Remember it is easy to chase the big "get rich quick" or settle for the "play it safe" deals but your education and wisdom will encourage you to stay. on the sure-footed path.
The three types of income are ordinary earned, portfolio, and passive. Earned income is income derived primarily from trading your time for money. Passive income is derived from self-sufficient assets such as real estate and businesses. Portfolio income is income derived from paper assets such as stocks and bonds. The key to becoming wealthy is the ability to convert earned income into passive or portfolio income. A real investor knows how to make money in an upmarket and a downmarket. One of the reasons they make more money is simply because education gives them the self-confidence to overcome the fear of losing money and the knowledge to protect themselves from losses. As Warren Buffet said, "Risk comes from not knowing what you're doing". Start today by learning and building on the simple basics of investing. The rich do not work for money, They learn how to have money and work hard for them.
The most used and effective strategy for starting a business is to get a job and build a business on the side. So what should you be doing with that earned income? If you are like most early-stage entrepreneurs, you are considering paying bills and funding your business. Robert Kiyosaki is asking you to look beyond your more immediate desires and build wealth, for which you will be able to fulfill lasting desires. The first thing you must invest in is your financial education, the ability to turn your earned income into passive and portfolio income.
I can't possibly do justice in this review, I urge you to get even more insights from the source. Rich Dad Poor Dad by Robert Kiyosaki was written in 1997 but it's still credited as the inspiration for billionaires today. If you have read it before, are you following the principles outlined? If not, it's time to read it again. Better yet, that your financial education to the next level with Robert Kiyosaki's free quiz which outlines your next step toward financial freedom.
You must develop your financial intelligence. If it seems like this theme has been repeated throughout this book, you would be correct. It is the secret of the wealthy. It is the key to transforming any financial situation you may have found yourself in. No matter if you want to be unbelievably wealthy or just comfortable, it's based on your financial intelligence. Start today, keep it simple, and take action.
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Works Cited
Kiyosaki, Robert. "Final Thoughts" Rich Dad Poor Dad: What the Rich Teach Their Kids About Money - That the Poor and Middle Class Do Not!, 1997. pp. 193 - 201
