Lessons From Chapter 7 Rich Dad, Poor Dad

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Chapter 7 – Overcoming Obstacles

Obstacles are defined as something that impedes progress or achievement. Chapter 7 of Rich Dad, Poor Dad begins with an overview of the main things which Robert Kiyosaki indicates will create obstacles to wealth generation.

He provides examples and anecdotes from his Rich Dad as to how these these obstacles may be overcome. As with other chapters, your mind must be solution-focused and not afraid of risk.

Risk is one of those four letter words that seem to coincide with fear. But it is something that everyone has overcome as least a few times in their lives. As Robert Kiyosaki states:

“Before I finally learned to ride a bike, I first fell down many times. I’ve never met a golfer who has never lost a golf ball. I’ve never met people who have fallen in love who have never had their heart broken. And I’ve never met someone rich who has never lost money.”

Without further commentary, here are lessons from Chapter 7 of Rich Dad, Poor Dad. All quotes belong to Robert Kiyosaki unless indicated otherwise.

The five things which impede the wealth of financially literate people:

• Fear
• Cynicism
• Laziness
• Bad Habits
• Arrogance

1. Overcoming Fear

“The fear of losing money is real. Everyone has it. Even the rich. But it’s not having fear that is the problem. It’s how you handle fear. It’s how you handle losing. It’s how you handle failure that makes the difference in one’s life. The primary difference between a rich person and a poor person is how they manage that fear.”

“But building your asset column is a game in which attitude plays a major role. It takes guts, patience, and a great attitude toward failure. Losers avoid failing. And failure turns losers into winners. Just remember the Alamo.”

2. Overcoming Cynicism

“Our doubts often paralyze us. We play the “What if?” game.”

“It often takes great courage to not let rumors and talk of doom and gloom affect your doubts and fears. But a savvy investor knows that the seemingly worst of times is actually the best of times to make money.”

3. Overcoming Laziness

“Busy people are often the most lazy.”

“Yet deep down they know they are avoiding something important. That’s the most common form of laziness: laziness by staying busy. So what is the cure for laziness? The answer is—a little greed.”

“So whenever you find yourself avoiding something you know you should be doing, then the only thing to ask yourself is, “What’s in it for me?””

4. Overcoming Bad Habits

“Our lives are a reflection of our habits more than our education.”

“Forcing myself to think about how to make extra money is like going to the gym and working out with weights. The more I work my mental money muscles out, the stronger I get.”

5. Overcoming Arrogance

“What I know makes me money. What I don’t know loses me money. Every time I have been arrogant, I have lost money. Because when I’m arrogant, I truly believe that what I don’t know is not important,” rich dad would often tell me.

“When you know you are ignorant in a subject, start educating yourself by finding an expert in the field or a book on the subject.”

Til next time,

“I always tried to turn every disaster into an opportunity.” – John D. Rockefeller