What The Rich Teach Their Kids About Money -That The Poor And Middle Class Do Not!
By Robert T. Kiyosaki
Chapter-1
➤ The poor and the middle class work for money. The rich have money work for them.
➤ Opportunities come and go. Being able to know when to make quick decisions is an important skill.
➤ Edgar Dale: We learn best through action - doing the real thing or a simulation. Sometimes it’s called experiential learning.
➤ You really wanted to win, but the fear of losing was greater than the excitement of winning.
➤ Boss says: If you think I’m the problem, then you have to change me. If you realise that you’re the problem, then you can change yourself, learn something, and grow wiser.
➤ Robert: I’ve Learned to put my money to work for me and enjoy the tax benefits of generating income that doesn’t come from a paycheck.
➤ You see, true learning takes energy, passion, and a burning desire. Anger is a big part of that formula, for passion is anger and love combined.
➤ “You’re taxed when you earn.
You’re taxed when you spend.
You’re taxed when you save.
You’re taxed when you die.”
➤ Learning how to have money work for you is a lifetime study.
➤ People’s lives are forever controlled by two emotions: Fear and Greed.
First, the fear of being without money motivates us to work hard, and then once we get that paycheck, greed or desire starts us thinking about all the wonderful things money can buy. The pattern is then set.
“The pattern of get up, go to work, pay bills; get up, go to work, pay bills.
People’s lives are forever controlled by two emotions: fear and greed.
Offer them more money, and they continue the cycle by increasing their spending.
➤ This is what I call the Rat Race.”
Their emotions control their brain : Fear , Desire , Greed.
The avoidance of money is just as psychotic as being attached to money.
Not work for money until all traces of fear and greed are gone? No, that would be a waste of time. Emotions are what make us human.
➤ The word ‘emotion’ stands for ‘energy in motion.’ Be truthful about your emotions and use your mind and emotions in your favor, not against yourself.” Just be an observer, not a reactor, to your emotions.
➤ I need to find a job,’ it’s most likely an emotion doing the thinking. Fear of not having money generates that thought.
➤ A job is really a short-term solution to a long-term problem. It’s self-inflicted fear and ignorance that keep people trapped.
➤ This paragraph, Rich Dad, tempted with money, raises the pay conversation with kids, you’ve been talking about the fear of not having money.
➤ How does the desire for money affect our thinking? How did you feel when I tempted you with a pay raise? Did you notice your desires rising? We nodded our heads.
➤ “By not giving in to your emotions, you were able to delay your reactions and think. That is important.
➤ Human life is a struggle between ignorance and illumination.
➤ The rich know that money is an illusion; It’s only out of fear and greed that the illusion of money is held together by billions of people who believe that money is real.
Jan 🦋
Founder
