Wednesday, January 9, 2008
Book 1: Rich Dad, Poor Dad
Title: Rich Dad Poor Dad --
What the Rich Teach Their Kids about Money -
That the Poor and Middle Class Do Not!
Who wrote it: Robert T. Kiyosaki / Sharon L. Lechter C.P.A.
Whom I borrowed it from: Man Ho
What is it about:
A) Poor Dad: Education -> Specialized Career
-> Work Hard -> Job Security
Rich Dad: Education -> Diversified Career
-> Invest -> Be Your Own Boss
B) Asset = Money working for you;
Whatever you don't have to pay a penny for
Liability = Anything you have to pay for;
including your apt/house, car, luxuries...
C) Watch how you spend!
Spend every penny the minute you earn it = Poor;
Spend half of what you earn & save the rest = Middle Class;
Spend the minimum & invest the rest -> become Rich!
D) Pay yourself first, not your debts
-> Motivate your mind to work harder
on finding new ways to earn $$.
What went through my mind:
Avoid thinking about money is not 'innocent.'
Thinking about money is not 'evil.'
Planning well & investing wisely is biblical,
as Parable of the Talents (Matthew 25:14-30) illustrated.
I want to be called good & faithful,
but not wicked & lazy, of which i have been : /
What came out of this:
* Goal: Learn about trading / investments.
* Dream: Open up my own business -- Bakery? : )
* Caution: Curb poor/middle-class spending mentality.
Why Should you read it, too?
To be inspired by a financial genie,
and forsake that blinded veil of "I can't do math" fear.