{"id":4491,"date":"2021-02-20T09:32:54","date_gmt":"2021-02-20T09:32:54","guid":{"rendered":"http:\/\/lifeclasses.fountainheadschools.org\/?p=4491"},"modified":"2021-02-20T09:32:54","modified_gmt":"2021-02-20T09:32:54","slug":"short-books-club-rich-dad-poor-dad-book","status":"publish","type":"post","link":"https:\/\/lifeclasses.fountainheadschools.org\/?p=4491","title":{"rendered":"Short books club: Rich Dad Poor Dad book"},"content":{"rendered":"

The key takeaways from Chapter 3 to 7 of the book “Rich Dad Poor Dad” are and I enjoyed the Cashflow game on the website too.\u00a0<\/span><\/p>\n

Takeaways:\u00a0<\/strong><\/p>\n

Chapter 3 focuses on the title “Mind your own business” which is basically says that you should own your own business even if you are working for someone else.
\nA few claims made in this chapter which I liked are:<\/p>\n

1. The rich focus on their asset columns while everyone else focuses on their income statements.<\/p>\n

2. I liked the example quoted in the book about McDonald’s.” While most people assume that Ray Kroc, the founder of McDonald\u2019s, is in the hamburger business, Kroc once told an MBA class that he\u2019s actually in the real estate business. That\u2019s why he carefully chose every location for his franchises.”<\/p>\n

3.To become rich, you\u2019ll need to buy luxuries last. People who buy luxuries first are often in much debt. The aim is to build income-generating assets that can buy luxuries.<\/p>\n

Chapter 4: The History of Taxes And The Power of Corporations<\/p>\n

Robert uses his own case study of “Xerox” to make us understand a few important things about assets and financial intelligence.<\/p>\n

Financial IQ is made up of four key areas which everyone should learn.<\/p>\n

Accounting: ability to read numbers
\nInvesting: the concept of money making money
\nUnderstanding markets: knowing supply and demand
\nThe law<\/p>\n

Chapter 5: The Rich Invent Money<\/p>\n

Three skills of an investor:<\/p>\n

Find an opportunity that everyone else missed: see with your mind instead of your eyes
\nRaise money: know how to raise capital outside of a bank
\nOrganize smart people: hire people more intelligent than you<\/p>\n

Chapter 6: Work to Learn \u2013 Don\u2019t Work For Money<\/p>\n

Robert Kiyosaki recommends taking on jobs where you can learn new skills instead of jobs that pay the most.<\/p>\n

Management Skills Needed for Success and one can pay for this to learn it better and it will help in the long run.<\/p>\n

Management of cash flow
\nManagement of systems
\nManagement of people<\/p>\n

Law of Money: \u201cGive, and you shall receive.\u201d is what Rich dad always advised for.<\/p>\n

Chapter 7: Overcoming Obstacles<\/p>\n

There are five core reasons why even the financially literate don\u2019t become financially independent:<\/p>\n

Fear
\nCynicism
\nLaziness
\nBad habits
\nArrogance<\/p>\n

I liked the line Laziness by staying busy. We don’t want to do or learn or work upon something and therefore we try to remain busy. This is one type of laziness.
\n<\/span><\/p>\n

Introscpection:\u00a0<\/strong><\/span><\/p>\n


\nChapter 3 to 7 were discussed in detail with all participants with real-life examples. A few questions were raised after reading and discussing.<\/span><\/p>\n


\n1. Why are we not taught Financial basics in school?
\n2. Why is it that females need to think about the family first before taking a risk?
\n3. Why there is so much fear when it comes to money?
\n4. Is real estate the way to earn money as described by the author?
\n5. Why there are many clubs in society but no financial club to discuss finances?
\n6. What if we want to learn now? Where do we learn it?<\/p>\n

There is no end to questions that have arisen after reading these chapters. One thing which I have realized is don’t wait more but start walking on the way towards financial freedom. We cannot procrastinate now. \ud83d\ude42<\/p>\n

Regards,
\nBhargavi.<\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The key takeaways from Chapter 3 to 7 of the book “Rich Dad Poor Dad” are and I enjoyed the Cashflow game on the website too.\u00a0 Takeaways:\u00a0 Chapter 3 focuses on the title “Mind your own business” which is basically says that you should own your own business even if you are working for someone else. A few claims made<\/p>\n","protected":false},"author":107,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-4491","post","type-post","status-publish","format-standard","hentry","category-book-club-big-books-short-books"],"_links":{"self":[{"href":"https:\/\/lifeclasses.fountainheadschools.org\/index.php?rest_route=\/wp\/v2\/posts\/4491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeclasses.fountainheadschools.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeclasses.fountainheadschools.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeclasses.fountainheadschools.org\/index.php?rest_route=\/wp\/v2\/users\/107"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeclasses.fountainheadschools.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4491"}],"version-history":[{"count":1,"href":"https:\/\/lifeclasses.fountainheadschools.org\/index.php?rest_route=\/wp\/v2\/posts\/4491\/revisions"}],"predecessor-version":[{"id":4493,"href":"https:\/\/lifeclasses.fountainheadschools.org\/index.php?rest_route=\/wp\/v2\/posts\/4491\/revisions\/4493"}],"wp:attachment":[{"href":"https:\/\/lifeclasses.fountainheadschools.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeclasses.fountainheadschools.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeclasses.fountainheadschools.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}