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The most important idea shared in the book for me was getting started. Most people mistakenly view wealth in terms of net worth or assets minus liabilities, true wealth is measured in the number of days you could continue to live your lifestyle should you have to stop working today. Compared to a Doctor at the same hospital who makes $300K a year, but has student loans of $250K, a mortgage payment of $10K a month, drives an expensive car to “keep up with the joneses”, you get the idea. Imagine this, who makes more money, a Nurse with a modest but comfortable living arrangement who makes $100K a year with no debt, and is able to invest 20% of her income, and keeps over $40K after taxes. Robert mentions that the amount of money you make is not as important as how you spend (and keep). Further, it comes at an opportunity cost where you are not able to invest the money into a new business or rental property that creates cash flow and enhances the velocity of your portfolio’s growth. As Rich Dad explains, “An asset puts money in your pocket, a liability takes money out of your pocket.” As your mortgage has principal, interest, property tax, insurance payments going out each month and not creating cash flow, by definition, it is a liability. This may be the case of people assuming that their primary house is an asset. There is so much information out there that sometimes the danger is what we may think we know, that just isn't true. This allows Robert and his friend to realize that they have created a cash flowing business, where they are not working harder, but smarter for more income. After working weeks for limited pay, Robert and his friend end up buying used comic books and create a reading library business for other kids to pay and enjoy.

#Cashflow rich dad poor dad bgg full

They are taking full advantage of what Einstein dubbed the “eighth wonder of the world”, compound interest.Ī story in the book tells of young Robert and his best friend working hard to make their “income” and buys comic books to read. The Rich on the other hand, use their income to pay themselves first, buy assets/investments that create cash flow and repeat the cycle to generate even more income each month. They work to make their business owners wealthy, pay the government taxes, and pay off student loans and mortgage debts. Rich Dad explains to Robert that the poor and middle class struggle financially because as they work harder to increase their income, their expenses also increase. Rich Dad, however, had a different perspective and encouraged his son and Robert to both educate themselves financially, create assets/businesses that create cash flow as early as possible. Poor Dad would encourage Robert to take the traditional path of go to college, get a good education, get a job and if you save throughout, one day you can retire and live on the beach. The key difference is their understanding of assets and liabilities. One of the early lessons taught by Robert’s Rich Dad is that the Rich have money work for them, while the poor and middle works for money. Robert Kiyosaki talks about key principles that will change your life forever: These two dads had a stark contrast when it came to dealing with finances which is evident all throughout the book. This book written by Robert tells of a story of his two Dads: his biological father (Poor Dad) and his best friend’s father (Rich Dad). I can honestly say that it was the catalyst for changing my perception on finance, wealth, and even accounting basics such as an asset and liability. One of my all time favorite books on personal finance is Rich Dad Poor Dad.

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#Cashflow rich dad poor dad bgg free

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#Cashflow rich dad poor dad bgg how to

Get Started Buying Your First Rental Property #1 of 7 - Goal Setting Buying Your First Rental Property #2 of 7 - Market Analysis Buying Your First Rental Property #3 of 7 - How to find a Contractor and PM Buying Your First Rental Property #4 of 7 - Financing Your First Rental Property Buying Your First Rental Property #5 of 7 - Property Underwriting & Analysis Buying Your First Rental Property #6 of 7 - Due Diligence Process Buying Your First Rental Property #7 of 7 - Managing and Scaling Your Portfolio Bonus: Cash Flow Deal Analyzer (Calculator) Bonus: Analyzing Rental Properties in Under 15 Minutes (Tutorial).Book Review 002: Rich Dad Poor Dad - Robert Kiyosaki - BIGGER CASH FLOW BIGGER CASH FLOW