Book Challenge Day 18 📚
As I mentioned earlier I’ll be summarizing 28 books every single day. Let’s go! 🙌
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Book 18: Rich Dad Poor Dad by Robert Kiyosaki
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✅ Big idea of the book:
The biggest takeaway from Rich Dad Poor Dad is that the rich don’t work for money, they make money work for them. Pretty neat, huh?
10 Big takeaways from the book:
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1) Your house is not an asset, it’s a liability. Stop buying liabilities and start buying assets that make you money.
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2) Don’t be afraid to take calculated risks. Investing in yourself and your financial education is the best investment you can make.
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3) Learn to differentiate between good debt and bad debt. Good debt puts money in your pocket, while bad debt takes money out.
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4) The power of cash flow. Focus on generating passive income streams that cover your expenses so you’re not reliant on a paycheck.
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5) Embrace failure as part of the learning process. Every successful person has failed many times, it’s what you learn from those failures that counts.
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6) Surround yourself with successful, financially savvy people. You are the average of the five people you spend the most time with.
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7) Learn to think outside the box. Don’t limit yourself to traditional forms of income or investment.
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8) Understand the difference between being rich and being wealthy. Being wealthy is having assets that generate cash flow, while being rich is having a lot of money in the bank.
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9) Don’t let fear hold you back. Take control of your financial future and start making smart decisions that will benefit you in the long run.
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10) Finally, always keep learning. Financial education is a lifelong journey, and the more you learn, the more successful you’ll become.
✅ Here are 3 more tips I’ve learned from the book
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- Start thinking like an investor, not a consumer. Instead of buying things that lose value, invest in things that appreciate in value and generate cash flow.
- Automate your finances. Set up automatic savings and investment plans so that your money is working for you even when you’re not thinking about it.
- Create a plan for achieving financial freedom. Set specific goals and create a roadmap for how you will achieve them.
If you have any questions or suggestions let me know. 😍
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Gene Adam