Short book club: Rich Dad Poor Dad

Why people face scarcity of money in their life because People use their job for the betterment of other people for their whole life. People always work for money for those who do jobs. 

Rich people always focus on creating assets and the middle class or poor people always struggle with their economy. People buy houses, cars, and furniture and pay installments but when they do not have any job to do then these all become their liabilities during the crisis. It is not going to help them. They need to sell at a lower price which does not solve this problem and they need to pay capital tax as well on the sale of the property.

 

Mind your job means keep doing your Job but focus on buying assets. 

Young people suggested by cutting down their Extravagant expenditure, decrease liabilities and through hard work increase property columns. Young people who are eager to get married, buy houses, cars, luxuries, and expand their families always face financial issues. For these all things, they need to pay installments. In case of any crisis if they lose the job then again they are going to be in trouble. They need to sell the property at a low price.

What are real assets in the real meaning

1 You are the owner of the business but you no need to do any work, it managed by other people

2 stock means good company’s share

3 Bond

4 Mutual fund

5 Real estate which generates rent or income

6 Lending money to someone in return for fixed interest

7 Royalty

8 Land

9 Gold,

“The failure chance of any venture 10/9 

Jo tame khare khar business chalu karwa mangata hoy to j karo. Din ki nokari karte rahe aur apne kam se kam rakhe.”

To run a business you need to do so many tedious tasks. Save yourself from creating new liabilities 

Four things everyone should know 1) Accounting, 2) Investing, 3) Understanding the market 4) Laws.