Thank you for joining me on this Read With Me Journey. The responsibility of posting each week allowed me to hold myself accountable to stay focused as I read each week.
If this is your first time here, you can review a few posts from the series below:
What I find helpful as I read is the way each chapter gives continuous references to assets and liabilities which force the reader to keep these as priorities associated with financial literacy.
Here are 8 additional lessons from Robert Kiyosaki:
1. You are more than your profession.
“But there is a big difference between your profession and your business.”
“Ladies and gentlemen, I’m not in the hamburger business. My business is real estate.” – Ray Kroc, Founder of McDonald’s
2. What will you have at the end of your working days?
“Financial struggle is often directly the result of people working all their lives for someone else. Many people will simply have nothing at the end of their working days to show for their efforts.”
“The mistake in becoming what you study is that too many people forget to mind their own business. They spend their lives minding someone else’s business and making that person rich.”
3. Focus on increasing your assets
“To become financially secure, a person needs to mind their own business. Your business revolves around your asset column, not your income column.”
4. Mind your own business.
“Start minding your own business. Keep your daytime job, but start buying real assets, not liabilities or personal effects that have no real value once you get them home.”
“When I say mind your own business, I mean to build and keep your asset column strong. Once a dollar goes into it, never let it come out.“
5. Re-evaluate your purchases.
“When downsizing became the “in” thing to do, millions of workers found out their largest so-called asset, their home, was eating them alive. Their “asset” was costing them money every month. Their car, another “asset,” was eating them alive. The golf clubs in the garage that cost $1,000 were not worth $1,000 anymore.”
6. Will your assets help you in a crisis?
“Without job security, they had nothing to fall back on. What they thought were assets could not help them survive in a time of financial crisis.”
7. Maintain a simple life strategy.
“Keep expenses low, reduce liabilities, and diligently build a base of solid assets.”
“As a young boy, my educated dad encouraged me to find a safe job. But my rich dad encouraged me to begin acquiring assets that I loved. “If you don’t love it, you won’t take care of it.”
8. Don’t forget why you are increasing your financial literacy.
“The better I was at understanding the accounting and cash management, the better I would be at analyzing investments and eventually starting and building my own company.”
Six chapters to go before we complete this read with me. If you have suggestions for the next book, leave a comment.
Til next time,
“Start minding your own business. Keep your daytime job, but start buying real assets, not liabilities.” – Robert Kiyosaki