Rich dad
What is the 1 thing it takes to create wealth ?
Aquiring assets
What is the 1 thing it takes to create wealth?
Aquiring assets
Income statement & balance sheet
-Income goes towards assets -Liability goes towards expense
What were the first lessons rich dad taught 9 yr old Robert about making money in his office & throughout chapter 1?
-The poor and the middle class work for money . The rich have money work for them !
What is the rat race & what 2 emotions keep people in it ?
-fear and greet Patterns of getting up , going to work & paying bills .
What is R. Buchmister Fullers definition of "wealth" and "finanacial survibility"
-wealth - a person ability to survive so many numbers of days forward , -financial survability- the measurement of cash flow from asset column compares with expenses column .
Why is a second job a losing proposition
A second job means more income , more income means more liabilities , because of the greed that comes with having extra income .
Jobs vs. assets vs. liability
Jobs - you have to be physically present to make money Assets - something that puts money into your pocket in you work or not Liability - something that takes money out your pocket .
The number one rule?
Know the difference between assets & liability and buy assets
What do rich people squire than middle class & poor do ?
Rich aquir assets & the poor & middle class liability
How do you respond to failure ?
Take the loss and put it as a win .
What two "historical" battles did rich dad love and why in chapter 7?
The alamo , he respected the alamo because it shows a story of people who chose to fight knowing there was no successful. People who chose to die instead of surrendering . As well at pearl harbord
What is important of chapter 6?
he worked at xerox for 4 years to learn sales and marketing to get over his fear of rejection. He also learns the skill pf selling and marketing and looking at a job as a learning opportunity . Understanding that we all must learn to be good teachers as well as good students to be truly rich, and we must also be able to give as well as receive .
