The book Rich Dad Poor Dad written by Robert T. Kiyosaki explains how to manage money very well. The book "Rich Dad Poor Dad" - What do rich people and poor people teach their children about money.
This thing about money is put in our mind since childhood, if you study well, bring good marks then you will get a good job in the future. And you will earn a lot of money. But there are many people in our country who are very educated and, despite being in good jobs, are not financially strong.
On the other hand, there are people who are neither well educated, nor do they work under anyone, yet they are at the forefront of the rich people.
That why, we can say that no person can be poor and rich only on the basis of studies and jobs. For this, it is very important to understand Financial Managment. Let us explain this finance management to you from the summary of the book Rich Dad Poor Dad, written by Robert Kiyoski.
Summary of Rich Dad Poor Dad
Robert T. Kiyosaki has two dad, one of them is rich and one is poor. Now you will think how he have two dads? One is his real dad, who was poor. And the other dad was the dad of his best friend. Whom Robert considered his rich dad. A dad who is poor is very educated and his other dad who is rich has not even completed his schooling. Both had worked very hard in their lives both also gained success in their fields. They both had different opinions about money.
We can understand this with the help of a few points.
1. Think-
Robert Kiyoski's first dad believed that he could not buy anything, while the other dad was irritated by it. The other dad always used to explain to Robert that think about how you can buy something.
First the dad's thinking is negative. At the same time, the thinking of the other dad is questionable. Negative thinking ends the matter right there. Whereas questioning thinking makes us think how we can achieve something.
When a person thinks in his mind that he cannot buy something, his mind also stops working. But when a person questions his mind, his mind starts working. The brain starts looking for answers to the questions.
that means keep the mind away from negative things and let the brain do its work, this will keep the brain active and gradually become stronger.
2. Risk-
Robert's first dad believed that you should not take risk. study well, bring good marks and do a safe and secure job. On the other hand, Robert's other Rich dad taught how to manage risk. Do studies and put your money to work.
3. To know the difference between property and liability-
We should have full knowledge of our property and our obligation. Wealth increases wealth. Liability leads to loss of money or wealth.
If you want to be rich, you buy property (land, bonds, share investment) and if you want to be poor, then you buy liabilities (furniture, car, luxury products taken on loan). Now do not be confused by looking at the liability, if you buy furniture or car, then you will not have any kind of income from it.
4. Paying yourself first.
Robert's Rich dad explained to the robot that first of all you should keep a part of your earnings for yourself. And buy a property for yourself with that money which provides you income.
5. Learning from mistakes-
Both of Robert's dad had taught him that if you make a mistake once, do not repeat the mistake again. Rather, learn from it and move forward in your life.
6. Work for money -
Robert's rich dad believed that we should not work for money. That means we should not run after money, but money should work for us. At the same time, Robert's poor dad pressured Robert to earn money.
7. Identifying the opportunity-
Everyone should kown how to identify the right opportunity. If you are unable to recognize the right opportunity then you can never become rich.
Example: A man was passing through a road and there was a board in front of some house, on which was written "House for sale". At that time there was a recession. But the man does not let this opportunity go away with his hands without being nervous, and buys a nice house for a very low price. After a few days, the recession ended, now it sells that house at twice the price.
8. Having an understanding of how to save money -
Although all people save money, but saving here does not mean keeping your money in your cupboard or piggy bank. Saving here means investing your money in such a place where money generatesmore money. At the same time, also keep in mind that money should not be spent where there is no income of any kind.
It does not matter how much money you are making, but it does matter how and where you spend those money.
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