10 Best Ideas from “Rich Dad Poor Dad” by Robert Kiyosaki | Book Summary

10 Best Ideas from “Rich Dad Poor Dad” by Robert Kiyosaki | Book Summary

10 Best Ideas from “Rich Dad Poor Dad” by Robert Kiyosaki

Let’s talk about getting rich. What do the rich teach their kids about money? Today’s book summary and book review: Rich Dad Poor Dad by Robert Kiyosaki. This book is one of the most successful finance books out there. Robert Kiyosaki’s classic wealth income and money making off real estate book, Rich Dad Poor Dad is packed full of actionable ideas and take aways. You might also consider getting the full book or audiobook for this – it’s killer! Here are the best 10 ideas from “Rich Dad Poor Dad” by Robert T. Kiyosaki

Here are the Big 10 Ideas from “Rich Dad Poor Dad”

(2:30) 1. Models For Wealth
The book focuses mostly on the education and financial learned from his rich dad. We all have models for wealth. Money / Beliefs are LEARNED growing up – most the time not consciously. Become conscious of our beliefs / models in order to change them.

(4:20) 2. You’re Broke, Not Poor
“Being broke is temporary – being poor is eternal” -RK
Even if you don’t have money now, view yourself as broke, not poor.

Grab the book here

(5:20) 3. Finical Freedom 
“The poor and middle class work for money. The rich have money work for them.” We have two options in life:
1. Work hard, pay taxes, save what little is left over, then get taxed on the savings (sounds fun). 2. Invest in our financial IQ and use it to create assets that allow us to achieve finical freedom. The rich ALL take option 02. The rich don’t work for money.

(7:50) 4. Financial IQ
Schools teach how to work in a job. Not how to get rich. EX: You get more money – spend it all. Money is a “X” multiplier for whatever going in your head already. Athletes who get GIANT contracts (no finical IQ) now bankrupt. EX: Lap band surgery for fat person – don’t change mindset / habits = gain ALL back. Solution? NEED to increase our Finical IQ

Finical IQ composed:
ACCOUNTING:understand financial statements.
INVESTING: The science of money making money.
UNDERSTANDING MARKETS: supply and demand; technical (emotion-driven) and fundamental (economic sense) investments
LAW: Understanding taxes / avoiding lawsuits.

Grab the book here

(11:10) 5. E.B.S.I.
EBSI: Employee / Business Owner / Self Employed / Investor. Four possible paths for us (can be a mix of all.)

(12:40) 6. Assets
“Know what an asset is, acquire them and become rich.” Big Idea: For most people, their profession is their income. For rich people, their assets are their income. EX of Assets: Businesses, Stocks, Bonds, Mutual funds, Income-generating real estate, Royalties, Anything which appreciates in value over time.

(15:00) 7. Liabilities
A Liability is something which takes money out of your pocket. Keep your expenses low and reduce your liabilities. Learn to live off of 75% of your paycheck. Favorite advice: “Grow your income not your lifestyle.”

(16:10) 8. Power of Compounding
Compounding is why the rich get richer. This is why we invest in the first place. The sooner you start, the more work compounding does for you in growing your money. Look into the power of compounding. Einstein: Compounding is the 8th wonder of world

Grab the book here

(16:50) 9. Pay Yourself First
Pay yourself first.  Before you pay your bills each month. Save 10%. My personal tip: If there’s ice cream in freezer, it WILL get eaten. Separate bank account for this 10% money. Automatic withdrawal from paycheck.

(19:00) 10. Ten Action Steps to Get Started Today

1. Learn about investing before you invest.
2. Think of every dollar you spend as plus one or minus one.
3. Learn to live on 75% of your paycheck. Invest the rest.
4. Pay yourself first.
5. Choose friends careful. Who you hang around – you are the avg of the top 5 people you spend most time with.
6. Always ask “How fast do I get my money back?”
7. Use a money tracker like mint.com
8. Track your progress in your journal: http://www.mybestjournal.com
9. Read the book “Money! Master the Game” by Tony Robbins
10. Teach this! Leave a comment with your insights down below or share this post with a friend.

10 BEST IDEAS | The 7 Habits of Highly Effective People – Stephen Covey Book Summary

10 BEST IDEAS | The 7 Habits of Highly Effective People – Stephen Covey Book Summary

Today’s book summary and book review: The 7 Habits of Highly Effective People by Stephen Covey.

The 7 Habits of Highly Effective People is one of the best books in self-development. Stephen Covery’s classic book has been influenced leaders for decades. You might also consider getting the full book or audiobook for this – it’s killer!

Watch the video below:




 

BIG 10 IDEAS:

NOTE: These are only my skeleton outline notes. For the full content, please watch the video or listen to the podcast :)

(1:20) HABIT 1: Be Proactive

Close the stimulus response gap
Focus on what do you WANT (not what you don’t want)
Remember, where focus goes energy flows.
Being proactive is placing your focus on your goal, not the problem.

(3:00) HABIT 2: Begin With The End In Mind

See the video to see if you pass the “Funeral Test”
Neil Gamen’s Ted Talk on “Make Good Art” + climb the mountain

Envision your end goal, then focus on climbing the mountain.

(6:20) HABIT 3: Put First Things First

“Things that matter most must never be at the mercy of things that matter least” -Gothe
Think about making a “Not to do list”
Each day, focus on your M.I.T (M.ost I.mportant T.ask)
When in doubt, ask yourself: “Am I being busy or being productive?”

(7:30) HABIT 4: Think Win-Win

There is 5 Potential outcomes: w/w w/l l/l l/w or W.
The best outcome: 6th WIN WIN OR NO DEAL
Negotiating salary? Selling car on craigslist? Compromises in Relationships?
Think Win / win or no deal.

(9:15) HABIT 5: Seek First to Understand, Then Be Understood

When speaking with someone, they may be too busy in their own head to listen to you!
Seek first to understand the other person’s point of view, before trying to communicate your own.

When you understand their point of view first, you can communicate with them even better!
This is also called “empathetic listing”

(11:30) HABIT 6: Synergize

The sum total is far greater than its parts
EXAMPLE: You want to pick Apples on tree. They are too high for you to grab. If you sit on shoulders of someone else, both of you get the apples.
This is where it is better to corporate than compete (most of the time).

(12:30) HABIT 7: Sharpen The Saw

Abraham Linclion said: “Give me six hours to chop down a tree and I will spend the first four sharpening the axe”

Whatever our metaphorical tree is in life, we need to make sure our axe is sharp!

Most people are too busy chopping to sharpen saw! This is the equivelent of saying we are too busy driving to stop and fill up for gas.
How do you sharpen the axe? My number one favorite way is to ask questions. These are the best 11 questions to sharpen your saw!

(14:20) THE 8th HABIT

The secret to living is giving.
Depression / anxiety / stress is a “ME” focus.
Need a “WE” focus to feel better – the 8th habit is helping others find their inner voice.

(15:20) THE 4-QUADRANTS

covey4quadrants

 

 

 

 

 

 

(16:20) BLUEPRINT
Everything is created twice

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TOP 5 LESSONS FROM “THE WAR OF ART” BY STEVEN PRESSFIELD

TOP 5 LESSONS FROM “THE WAR OF ART” BY STEVEN PRESSFIELD

1. EMBRACE FEAR

Resistance is fueled by fear. Learn to use fear as a sign of which way to go. The greater your fear is, the grater something means to you. Greater something means to you = greater change you will have by achieving goal = to evolve must conquer fear. In this way resistance acts as true north. Seth Godin says “The riskiest thing we can do in life is to be safe” and “If it scares you it might be a good idea to try”.


2. BURNOUTS & PROCRASTINATION 

BURNOUTS: Resistance knows that we tend to overestimate what we can do in a month, and under estimate what we can do in a year. It gets us to plunge into creative work with overambitious expectations. Resistance uses our own enthusiasm against us – hoping that we quit when things get hard.

PROCRASTINATION: This is resistance’s oldest trick in the book. We don’t say we’re never going to write the screenplay, we just say we’re going to do it tomorrow.

3. CRITICISM & JEALOUSY  

Resistance get’s us to view others success as “lucky”. Rule of thumb: the more critical we are of others, the less you we are working towards our calling. Successful people don’t have time to worry about what others are doing. They’re too busy doing what makes them successful.

4. AMATEUR VS. PROFESSIONAL

 We must treat creative work like professionals, not amateurs. Professionals: show up everyday, show up no matter what, stay on the job, commit over the long haul, master the technique of job, accept compensation for labour, don’t over identify with jobs, ask for help when needed, don’t get overly cocky, have a sense of humor about jobs.

5. GIVE YOUR GIFTS

“It may help to think of it this way. If you were meant to cure cancer or write a symphony or crack cold fusion and you don’t do it, you not only hurt yourself, even destroy yourself. You hurt your children. You hurt me. You hurt the planet.” … Creative work is not a selfish act of bid for attention on the part of the actor. It’s a gift to the world and every being in it. Don’t cheat us of your contribution. Give us what you’ve got.” (pg. 165)