Rich Dad, Poor Dad
Because we’re not trained in financial intelligence in school, it’s up to us as individuals to develop this trait by ourselves. We are only likely to become rich or financially independent once we have both a strong financial IQ and a firm, ambitious mindset to support it. In the end, what you invest in your mind is what brings you success, because your mind is your most important asset in any financial situation.
Key insights
Fear of society’s disapproval prevents us from leaving the “rat race” and growing wealthy.
Fear and greed can drive financially ignorant people to make irrational decisions.
Despite being vital for both personal and societal prosperity, we receive no training in financial intelligence.
Financial self-education and a realistic appraisal of your finances are the building blocks of growing wealthy.
To become wealthy, you must learn to take risks.
The road to wealth is long, so you must keep yourself motivated.
Laziness and arrogance can drive even financially knowledgeable people to poverty.
Only invest in assets, which put money in your pocket; and avoid liabilities, which take money out.
Your profession pays the bills, but your business is what will make you wealthy.
Understand the tax code to help you minimize your taxes.
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