let’s try to understand why the rich are rich the poor poor and the middle class
rich the poor poor and the middle class
rich the poor poor and the middle class well middle class as explained by Robert
well middle class as explained by Robert
well middle class as explained by Robert Kiyosaki in his book Rich Dad Poor Dad
Kiyosaki in his book Rich Dad Poor Dad
Kiyosaki in his book Rich Dad Poor Dad now this book is the story of Robert
now this book is the story of Robert
now this book is the story of Robert Kiyosaki’s life in some ways because he
Kiyosaki’s life in some ways because he
Kiyosaki’s life in some ways because he talks about the two most influential
talks about the two most influential
talks about the two most influential figures in his life his poor dad who is
figures in his life his poor dad who is
figures in his life his poor dad who is his biological father a highly
his biological father a highly
his biological father a highly intelligent educated man who has a PhD
intelligent educated man who has a PhD
intelligent educated man who has a PhD and has a well-paying job but struggled
and has a well-paying job but struggled
and has a well-paying job but struggled financially throughout his life on the
financially throughout his life on the
financially throughout his life on the other hand was his rich dad who was his
other hand was his rich dad who was his
other hand was his rich dad who was his friend’s father and he had only eighth
friend’s father and he had only eighth
friend’s father and he had only eighth grade education but he went on to become
grade education but he went on to become
grade education but he went on to become one of the richest men in Hawaii so
one of the richest men in Hawaii so
one of the richest men in Hawaii so let’s try to understand how did these
let’s try to understand how did these
let’s try to understand how did these two dads how did these two guys do what
two dads how did these two guys do what
two dads how did these two guys do what they did and we’ll dive into the three
they did and we’ll dive into the three
they did and we’ll dive into the three most important lessons learned from his
most important lessons learned from his
most important lessons learned from his poor dad Anna’s from mr. H tan but
poor dad Anna’s from mr. H tan but
poor dad Anna’s from mr. H tan but before we do that let’s talk a little
before we do that let’s talk a little
before we do that let’s talk a little bit about financial statements because
bit about financial statements because
bit about financial statements because most people understand the difference
most people understand the difference
most people understand the difference between income and expense it’s very
between income and expense it’s very
between income and expense it’s very straightforward but they do not
straightforward but they do not
straightforward but they do not understand the difference between assets
understand the difference between assets
understand the difference between assets and liabilities now assets are something
and liabilities now assets are something
and liabilities now assets are something that works for you and generate income
that works for you and generate income
that works for you and generate income for you even when you are not working
for you even when you are not working
for you even when you are not working for example a cash flow positive real
for example a cash flow positive real
for example a cash flow positive real estate investment that produces $1,000 a
estate investment that produces $1,000 a
estate investment that produces $1,000 a month of income is assets a business
month of income is assets a business
month of income is assets a business that produces income for you is an asset
that produces income for you is an asset
that produces income for you is an asset on the other hand a liability is always
on the other hand a liability is always
on the other hand a liability is always taking money out of your pocket even
taking money out of your pocket even
taking money out of your pocket even when it is sitting idle when you’re not
when it is sitting idle when you’re not
when it is sitting idle when you’re not using it so for example a large house
using it so for example a large house
using it so for example a large house apart for personal use for which you’re
apart for personal use for which you’re
apart for personal use for which you’re paying a lot of mortgage every day but
paying a lot of mortgage every day but
paying a lot of mortgage every day but it’s not really putting any money in
it’s not really putting any money in
it’s not really putting any money in your pocket now that is a liability
your pocket now that is a liability
your pocket now that is a liability a big luxury car you bought for your
a big luxury car you bought for your
a big luxury car you bought for your personal use again that’s liability it’s
personal use again that’s liability it’s
personal use again that’s liability it’s losing value every day so now that we
losing value every day so now that we
losing value every day so now that we understand what assets and liabilities
understand what assets and liabilities
understand what assets and liabilities are let’s understand the three key most
are let’s understand the three key most
are let’s understand the three key most important lessons that we’ve learned
important lessons that we’ve learned
important lessons that we’ve learned from this book and the first lesson is
from this book and the first lesson is
from this book and the first lesson is what we teach most kids when we start
what we teach most kids when we start
what we teach most kids when we start off what kind of education to get and
off what kind of education to get and
off what kind of education to get and the poor dad always told Robert well go
the poor dad always told Robert well go
the poor dad always told Robert well go ahead and get the best possible
ahead and get the best possible
ahead and get the best possible education so that you can get a great
education so that you can get a great
education so that you can get a great job and he believed in conventional
job and he believed in conventional
job and he believed in conventional education his Poor Dad was constantly
education his Poor Dad was constantly
education his Poor Dad was constantly educating himself
educating himself
educating himself teacher himself but he never really
teacher himself but he never really
teacher himself but he never really learned about money and finances he was
learned about money and finances he was
learned about money and finances he was an educated intelligent man he had a PhD
an educated intelligent man he had a PhD
an educated intelligent man he had a PhD but he was ignorant when it came to
but he was ignorant when it came to
but he was ignorant when it came to finances and how money worked on the
finances and how money worked on the
finances and how money worked on the other hand his rich dad who had an
other hand his rich dad who had an
other hand his rich dad who had an eighth grade education
eighth grade education
eighth grade education he always said go and get the best
he always said go and get the best
he always said go and get the best possible education so that you can start
possible education so that you can start
possible education so that you can start your own business or buy a business and
your own business or buy a business and
your own business or buy a business and give other people jobs a huge difference
give other people jobs a huge difference
give other people jobs a huge difference in mindset his Poor Dad was saying go
in mindset his Poor Dad was saying go
in mindset his Poor Dad was saying go get a job go get an education so you can
get a job go get an education so you can
get a job go get an education so you can get a job while as rich dad was saying
get a job while as rich dad was saying
get a job while as rich dad was saying go get the best education so you can
go get the best education so you can
go get the best education so you can start a business or buy a business and
start a business or buy a business and
start a business or buy a business and give other people jobs so his rich dad
give other people jobs so his rich dad
give other people jobs so his rich dad believed in the kind of education where
believed in the kind of education where
believed in the kind of education where he was constantly feeding his mind about
he was constantly feeding his mind about
he was constantly feeding his mind about business about finances and there were
business about finances and there were
business about finances and there were four key areas of financial education
four key areas of financial education
four key areas of financial education that he always emphasized on which were
that he always emphasized on which were
that he always emphasized on which were accounting investing markets and the
accounting investing markets and the
accounting investing markets and the laws that surround financing and money
laws that surround financing and money
laws that surround financing and money so really important lesson to understand
so really important lesson to understand
so really important lesson to understand that instead of focusing our education
that instead of focusing our education
that instead of focusing our education on the conventional education we need to
on the conventional education we need to
on the conventional education we need to think about educating ourselves
think about educating ourselves
think about educating ourselves financially educating ourselves with
financially educating ourselves with
financially educating ourselves with accounting investing markets law and
accounting investing markets law and
accounting investing markets law and everything else that goes around to
everything else that goes around to
everything else that goes around to building a financial portfolio to
building a financial portfolio to
building a financial portfolio to building a business the second lesson
building a business the second lesson
building a business the second lesson one of the most important lessons is
one of the most important lessons is
one of the most important lessons is once let’s say you’ve gone to college
once let’s say you’ve gone to college
once let’s say you’ve gone to college and you graduate from college what do
and you graduate from college what do
and you graduate from college what do you do next
you do next
you do next what kind of work should you do and
what kind of work should you do and
what kind of work should you do and here’s the key the rich don’t work for
here’s the key the rich don’t work for
here’s the key the rich don’t work for money
money
money what do poor and middle-class people do
what do poor and middle-class people do
what do poor and middle-class people do this is what his poor dad said go get a
this is what his poor dad said go get a
this is what his poor dad said go get a degree and get a job his mantra was go
degree and get a job his mantra was go
degree and get a job his mantra was go work for money for the rest of your life
work for money for the rest of your life
work for money for the rest of your life and that’s what poor and middle-class
and that’s what poor and middle-class
and that’s what poor and middle-class people do they learn how to work for
people do they learn how to work for
people do they learn how to work for money they work for others all their
money they work for others all their
money they work for others all their lights the first person they work for is
lights the first person they work for is
lights the first person they work for is their employer then they work for the
their employer then they work for the
their employer then they work for the government because the government takes
government because the government takes
government because the government takes taxes as soon as they receive an income
taxes as soon as they receive an income
taxes as soon as they receive an income and then they work for the bank because
and then they work for the bank because
and then they work for the bank because they buy a big house they have a big car
they buy a big house they have a big car
they buy a big house they have a big car so they’re paying mortgage they’re
so they’re paying mortgage they’re
so they’re paying mortgage they’re paying interest to the bank and so only
paying interest to the bank and so only
paying interest to the bank and so only after they have paid they have worked
after they have paid they have worked
after they have paid they have worked for the employer and the government and
for the employer and the government and
for the employer and the government and the bank
the bank
the bank do they really start to work for
do they really start to work for
do they really start to work for themselves and then they wonder why
themselves and then they wonder why
themselves and then they wonder why they’re not rich and here’s the
they’re not rich and here’s the
they’re not rich and here’s the challenge
challenge
challenge the for poor and middle-class people
the for poor and middle-class people
the for poor and middle-class people it’s fear and greed that run their lives
it’s fear and greed that run their lives
it’s fear and greed that run their lives because they’re stuck in a
because they’re stuck in a
because they’re stuck in a trés they have this fear of not having
trés they have this fear of not having
trés they have this fear of not having enough money so they keep on working
enough money so they keep on working
enough money so they keep on working hard on their job and keep on trying to
hard on their job and keep on trying to
hard on their job and keep on trying to make more and more money and then they
make more and more money and then they
make more and more money and then they have this greed on the other hand of the
have this greed on the other hand of the
have this greed on the other hand of the next paycheck of a higher paycheck so
next paycheck of a higher paycheck so
next paycheck of a higher paycheck so they’re constantly stuck between fear
they’re constantly stuck between fear
they’re constantly stuck between fear and greed
and greed
and greed that’s what runs their lives they’re
that’s what runs their lives they’re
that’s what runs their lives they’re fearful of starting their own business
fearful of starting their own business
fearful of starting their own business their own venture and that’s where the
their own venture and that’s where the
their own venture and that’s where the rich differ Rich Dad said the rich don’t
rich differ Rich Dad said the rich don’t
rich differ Rich Dad said the rich don’t work for money money works for us
work for money money works for us
work for money money works for us so his mantra his rich dad’s mantra was
so his mantra his rich dad’s mantra was
so his mantra his rich dad’s mantra was the rich worked to acquire and improve
the rich worked to acquire and improve
the rich worked to acquire and improve on their assets and these assets produce
on their assets and these assets produce
on their assets and these assets produce income so rich dad was always acquiring
income so rich dad was always acquiring
income so rich dad was always acquiring and growing his assets like businesses
and growing his assets like businesses
and growing his assets like businesses and cashflow positive real estate and
and cashflow positive real estate and
and cashflow positive real estate and stock and all that stuff and that’s what
stock and all that stuff and that’s what
stock and all that stuff and that’s what rich people do rich people own their
rich people do rich people own their
rich people do rich people own their businesses and then they leverage
businesses and then they leverage
businesses and then they leverage business structures corporation
business structures corporation
business structures corporation structures and taxation to their
structures and taxation to their
structures and taxation to their advantage and the third key lesson
advantage and the third key lesson
advantage and the third key lesson really important lesson is once let’s
really important lesson is once let’s
really important lesson is once let’s say you have your education and you are
say you have your education and you are
say you have your education and you are doing something you have a job or a
doing something you have a job or a
doing something you have a job or a business how do you invest or spend your
business how do you invest or spend your
business how do you invest or spend your money and the key the really important
money and the key the really important
money and the key the really important key is to pay yourself first now let me
key is to pay yourself first now let me
key is to pay yourself first now let me ask you a question you probably know a
ask you a question you probably know a
ask you a question you probably know a lot of people who are making a lot of
lot of people who are making a lot of
lot of people who are making a lot of money but are still broke in the sense
money but are still broke in the sense
money but are still broke in the sense they have almost no real tangible assets
they have almost no real tangible assets
they have almost no real tangible assets what happened what is the key to these
what happened what is the key to these
what happened what is the key to these people going broke while some people who
people going broke while some people who
people going broke while some people who are not even making as much money on
are not even making as much money on
are not even making as much money on them they are rich well here is the key
them they are rich well here is the key
them they are rich well here is the key the key is when do people pay themselves
the key is when do people pay themselves
the key is when do people pay themselves when are you paying yourself now here’s
when are you paying yourself now here’s
when are you paying yourself now here’s what the poor people do they have income
what the poor people do they have income
what the poor people do they have income coming in and then as soon as income
coming in and then as soon as income
coming in and then as soon as income comes in it goes out into expenses they
comes in it goes out into expenses they
comes in it goes out into expenses they never put the income into an asset they
never put the income into an asset they
never put the income into an asset they never pay themselves they’re ignorant
never pay themselves they’re ignorant
never pay themselves they’re ignorant about how money works so the income
about how money works so the income
about how money works so the income comes in and goes out as an expense and
comes in and goes out as an expense and
comes in and goes out as an expense and they never get around to paying
they never get around to paying
they never get around to paying themselves at all on the other hand the
themselves at all on the other hand the
themselves at all on the other hand the middle class they start with a certain
middle class they start with a certain
middle class they start with a certain amount of income they spend up that
amount of income they spend up that
amount of income they spend up that income on liabilities and the
income on liabilities and the
income on liabilities and the liabilities are just become expenses and
liabilities are just become expenses and
liabilities are just become expenses and the money goes out of their expense
the money goes out of their expense
the money goes out of their expense column and they have very limited assets
column and they have very limited assets
column and they have very limited assets they have maybe retirement savings or
they have maybe retirement savings or
they have maybe retirement savings or banks savings or some sort of housing
banks savings or some sort of housing
banks savings or some sort of housing but that’s about it they might have
but that’s about it they might have
but that’s about it they might have higher-income but then they also have
higher-income but then they also have
higher-income but then they also have higher liabilities which in the end keep
higher liabilities which in the end keep
higher liabilities which in the end keep taking money out of their pockets so
taking money out of their pockets so
taking money out of their pockets so these people the middle-class people are
these people the middle-class people are
these people the middle-class people are paying themselves last the first thing
paying themselves last the first thing
paying themselves last the first thing to do is pay their liabilities and
to do is pay their liabilities and
to do is pay their liabilities and expenses and then they pay themselves
expenses and then they pay themselves
expenses and then they pay themselves then they acquire limited assets and
then they acquire limited assets and
then they acquire limited assets and they almost get no income from these
they almost get no income from these
they almost get no income from these assets because these assets are very
assets because these assets are very
assets because these assets are very limited or they are in retirement
limited or they are in retirement
limited or they are in retirement savings or stuff like that
savings or stuff like that
savings or stuff like that however the rich pay themselves first
however the rich pay themselves first
however the rich pay themselves first now what that means is that as soon as
now what that means is that as soon as
now what that means is that as soon as any income comes in the first invest a
any income comes in the first invest a
any income comes in the first invest a portion of it into their assets their
portion of it into their assets their
portion of it into their assets their money is employed right way the
money is employed right way the
money is employed right way the remainder of their income is then used
remainder of their income is then used
remainder of their income is then used for expenses and liabilities so while
for expenses and liabilities so while
for expenses and liabilities so while the poor and the middle class prioritize
the poor and the middle class prioritize
the poor and the middle class prioritize expenses and liabilities the rich
expenses and liabilities the rich
expenses and liabilities the rich prioritize assets the rich ensure that
prioritize assets the rich ensure that
prioritize assets the rich ensure that their expenses are much lower than their
their expenses are much lower than their
their expenses are much lower than their income and that their liabilities are
income and that their liabilities are
income and that their liabilities are much lower than their assets and paying
much lower than their assets and paying
much lower than their assets and paying themselves first by investing in assets
themselves first by investing in assets
themselves first by investing in assets is a big step in that direction so there
is a big step in that direction so there
is a big step in that direction so there we have it the three most important
we have it the three most important
we have it the three most important lessons from rich dot product now if you
lessons from rich dot product now if you
lessons from rich dot product now if you would like to watch a lot more of such
would like to watch a lot more of such
would like to watch a lot more of such book summaries of world’s greatest books
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ambitious entrepreneurs books like Think and Grow Rich how to win friends and
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