TSI #29: 5 lessons from the book Rich Dad, Poor Dad

Hello Stoic Investors,

Today I want to focus on something very important. Your mindset. 

Building wealth doesn’t mean you need to learn 50 complex subjects. You just need to understand a few core concepts.

I’m sure you have heard of the famous “Rich Dad, Poor Dad” book. It’s one of the best-selling finance books of all time. And for a good reason. It clearly shows you what you need to do in order to reach the promised land. 

Financial freedom.

What most are doing wrong

Prepare yourself. This section shocks most individuals.

You have probably been taught to study hard, get a good job and work for 40+ years. 

That may have been the dream back then. And most people still think that is the only option.

But if you want more out of life you have be smarter than that. You have to be bold.

It all starts with accepting the fact that finding wealth is attainable. So, stop looking for excuses. It’s time we learn how to get to your first million dollars.

What you need to do

It all starts with you. Are you ready to attract more money?

Here are some key lessons from “Rich Dad, Poor Dad” that I find most important:

Make your money work for you: Savers are losers. Money can’t grow in a bank account. Instead, invest it so that it can multiply.

Your house is your biggest liability: An asset is something that brings you money. Does your house bring you any cash? I don’t think so. Furthermore, you have to pay when something breaks. That makes it a liability.

Taxes reward those who produce: People with businesses or assets (things that produce value) pay less tax. They can utilize various tax breaks or deductions.

Assets, assets, assets: Assets are designed to scale your wealth. You can only work for roughly 8 hours at your job. But there is no limit to the number of cash-generating assets you can own.

Build financial intelligence: Without the proper foundation, you can’t reach financial freedom. The more you learn, the more you earn.

Follow these five points and you’ll do better than 99% of people. Trust me. 

Before you go

I’d like to point out one more thing. Trust me, you need to read this.

It takes a lot of effort to get the ball moving. But once it’s in motion, nothing can stop you.

The legendary investor Charlie Munger has said that accumulating the first $100,000 from a standing start, with no seed money, is the most difficult part of building wealth. 

“The first $100,000 is a b*tch, but you gotta do it.”

I don’t want this to bring you down. On the contrary. I want it to inspire you. 

It’s time you act and build the life you want.

.

So, note down these points and start investing today: 

-Finding wealth is attainable 

-Make your money work for you 

-The first $100,000 is a b