Rich Dad, Poor Dad 2022

Takeaways…

Rich dad(dy)

Okay, we know that these “get rich” authors who try to sell solutions to your problems are shady, BUT there are some good points.

1. Surround yourself with rich people and keep investing in financial knowledge — with anything, start with the basics. Don’t build dreams before analyzing yourself and situation. Start with a reason. Then, after you think you can hold a basic conversation about the very basics, find a good accountant and lawyer who own real estate themselves. So…you are paying for their knowledge. I know some people who do this. I guess it saves time and filters out the fake information.
2. If you want to play safe, there is nothing wrong with it. This book is targeted for people who want to believe that they are “different” and meant to do “bigger things.” Overall, lots of ambiguity, but the attitude of trying not to stay in the rat race is impressive. He doesn’t say it will happen immediately and emphasizes the importance of taking care of your personal time and people around you in order to get to your goals. Invest in yourself before paying taxes is a big theme. Still, cheers to all of you working out there to pay your bills and take care of your family. Not everyone has a dad who is a professor and grew up in lovely Hawaii.
3. With just common sense, you know that you get what you work for. This guy was obsessed with making money, so he spent time into gaining financial knowledge and trying different types business and continues to learn. He looks for opportunities, goes to seminars, knows to use sales and marketing techniques to earn more money to reinvest. Before investing any risk, you should invest in knowledge. Don’t just buy things for the sake of investing.
4. Flipping takes time. When you buy a house that is on sale, it will take years for the market to rise again and then also it shouldn’t be your ONLY source of investment. Still, he says take risks and put your eggs in one basket…which….hmm sounds dangerous. Then he says so many people are “scared.” But he will not take responsibility, so be aware!
5. He mentions that the greatest possession is not material goods(depreciating assets) but knowledge. Yet, he does not share any specific knowledge with us…so…again, it’s sketchy. But good sales techniques I guess…like those weight loss videos that try to sound like they will spill the BIG SECRET that never gets said haha
6. Apparently you can find homes to buy for cheap from bankruptcy lawyers?
7. I guess I will look up some seminars and networking events and read some basic financial books…hopefully they are not vague like he is but easy to understand.
8. Everyone wants a lot of money. But the wealthy are really experts of self-control, leadership, time management and balls of ambition backed by knowledge and effort. You live your own life, and pursue your own dreams and values! Of course the bills won’t pay themselves…but it is okay to not to super rich and “successful.” Remember to take care of your mental health and the ones around you. You are enough. Don’t let anyone make you believe in anything else.