20 lesssons:From the book Rich DAD Poor DAD, by Robert Kiyosaki.
1. Don't work for money: Rich people don't work for money. If you work for money, your mind will think like an employee. If you think differently, like a rich person, you will see different things. Rich people work in their wealth column; every penny in their wealth column is a hard worker.
2. Do not be controlled by emotions:Somepeople's lives are always controlled by two emotions: fear and greed. Fear keeps people in this trap of working hard, making money, and hoping to alleviate the fear. Second, most of us are greedy for quick riches. Yes, many become rich overnight but lack financial knowledge. So teach yourself not to be greedy and not to be afraid.
3. Get rich: Don't buy debt on your way to financial freedom. People buy debt thinking it's an asset, but it's not. Most buy luxury items first, such as big cars, heavy bikes, or big houses to live in. The poor and middle class buy luxury goods first, and the rich buy luxury goods at the end of time.
4. Remember the KISS motto: KISS stands for Keep It Simple and Stupid. If you want to start your road to financial freedom, don't beat yourself up. Keep things simple and easy. An easy thing to remember is that assets put money in your pocket, and liabilities take money out of your pocket. Buy real estate every now and then to put money in your pocket.
5. Know the difference between assets and liabilities: Assets are anything that puts money in your pocket, such as stocks, bonds, real estate, mutual funds, rental properties, etc., cars, loans, etc. People think that their home is their greatest asset, but it is not. A house is an asset that generates income, just like renting a house generates income. When you live in that house, it becomes a liability.
6. Don't be financially literate: A person can be very educated and successful in his career, but he is not financially literate. Financial literacy is important for everyone. Our schools and colleges did not give us financial education. Many financial problems arise from a lack of financial knowledge. Start learning finance, and I suggest you read the book "Rich Dad, Poor Dad.
7. Think about your business: If you have a job, keep it and start and run a business part-time. Use the time you spend on your iPhone, at parties, or in other activities to build your business. Quit your job before you build your own business. Don't spend your whole life with someone else. Start your business and grow your business.
8. Train your mind: Your greatest asset is your mind. Many people see opportunities with their eyes, but if you train your mind, you will see opportunities with your mind. If you train your mind well, it can create great wealth.
9. Learn Technical Skills: Increase your financial literacy by learning these four technical skills:
10. Develop a financial plan: Create a clear financial plan with clear goals, strategies, and timelines to guide your financial decisions.
11. "Maximise your investments": Diversification helps spread risk and makes returns stronger over time.
12. Be Aware of Market Changes: Be aware that the markets are going through changes and be prepared to adjust your strategies accordingly.
13. Build a strong team: Surround yourself with a team of advisors, including accountants, lawyers, and financial planners, who can provide expert advice and support.
14. Continue Learning: Stay informed about financial trends, market changes, and new investment opportunities.
15. Be Smart: Track your spending, savings, and investment habits to stay on track with your financial goals.
16. Take responsibility for your finances:Take responsibility for your decisions and results. Avoid blaming others for your financial problems.
17. "Think big": Set big financial goals and think beyond short-term gains.
18. Be patient: Building wealth takes time and patience. Avoid the temptation to find quick and easy money.
19.Be Flexible: Be willing to adjust your strategies and plans as needed based on new information and changing circumstances.
20.The Importance of Financial Education: Understanding how money works is crucial. Traditional education often lacks teaching financial literacy, which is essential for making informed ecisions about money.
21.The Power of Entrepreneurship: Owning your own business or investing in income-generating assets can lead to financial independence. This is in contrast to the traditional path of relying solely on a salary.
22.Mindset and Beliefs About Money:
Your mindset towards money can significantly impact your financial success.
23. The Importance of Risk Management: Taking calculated risks is necessary for wealth creation. Learning to manage and mitigate risks through education and smart investing is key.
24. Working to Learn, Not to Earn: Focus on gaining skills and knowledge rather than just earning a paycheck. Skills in areas such as sales, marketing, communication, and financial literacy can open up more opportunities for wealth creation.
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