Robert Kiyosaki's Rich Dad Poor Dad (financial literacy condensed, recommended for collection) (1)

Lesson 1: The rich do not work for money

"If you give up, you will only be poor. The most important thing is that you have tried. Most people just boast and dream of becoming rich and wealthy, while you have already given action. I am so proud of you and I will say it again: keep trying and don't give up."

Knowing when to make a decision quickly is a very important skill.

The quicker you make a decision, the more likely you are to take advantage of an opportunity

But that's not what life teaches you. I would have to say that life is the best teacher. Most of the time, life doesn't say anything to you, it just pushes you around and every time it pushes, it's like saying, 'Hey, wake up, I'm going to make you learn something.'

"Life pushes all of us, some of us give up, some of us fight. A few learn the lesson and make progress, they welcome life to push them, and for them that push means they need and are willing to learn something. They learn and then make progress. But most give up, and there are others like you who are fighting it."

"If you're the kind of person who doesn't have the courage, every time life pushes you, you'll choose to give up. If you're that kind of person, you'll live your life steadily, not doing anything wrong, hypothetically saving yourself when something happens, and then grow old and die of boredom. You'll have lots of friends who like you a lot because you're really a good person who works hard. But the truth is that you give in to life and are afraid to take risks. You do want to win, but the fear of failure outweighs the excitement of success. Only you know that deep down you always thought you couldn't win, so you chose to be stable."

They spend the best years of their lives earning money without understanding exactly what they are working for.

There are many things in life that we can't control. I've learned to focus on what I can control: myself. If things have to change, the first thing that has to change is me.

Buying or creating assets that provide cash flow can make your money work for you. A high-paying job means only two things: you are working for money, and the taxes you pay may go up. I have learnt to make money work for me by allowing tax benefits to generate income rather than a salary.

They exploit themselves and the culprit is their fear, not me.

For most people, the more money they are given, the more debt they owe.

It is out of fear that people want to find a secure job. These fears are: the fear of not being able to pay their bills, the fear of being fired, the fear of not having enough money, the fear of starting over. In search of security, they will study a certain profession or go into business and work desperately for money. Most people become slaves to their money and then take out their anger on their bosses.

People's lives are forever dominated by these two feelings: fear and greed.

Every day they wake up to find that fear has woken up with them again. Fear keeps thousands of people awake at night, worried. So they get up and go to work again, hoping that the paycheck will take away the fear that eats away at their souls. Money dominates their lives, they refuse to discern the truth, and it controls their emotions and their souls.

The richer they get, the stronger this feeling becomes. The weak and poor side of their soul is always screaming out that they don't want to lose their big house, their car and the good life that money brings them. They even fear that if they run out of money, their friends will look down on them. Many become desperate and neurotic, even though they are rich.

Not talking about money is as much of a mental illness as being dependent on it.

I have met many people who say, 'I'm not interested in money', yet they work eight hours a day," says Rich Dad. This only shows that they are not telling the truth. If they are not interested in money, why do they need to work? Such people are more sick than those who enrich themselves."

Fear pushes you out the door and desire starts calling you again. This is the trap.

Life is actually a struggle between ignorance and awakening.

Ignorance of money leads to fear and greed

Learn to think with your head instead of letting your feelings control you. This is the first step.

Discussion Learning Session

The poor and the middle class work for money. The rich man makes money work for him.

Life pushes all of us, some give up, some fight. A few learn the lesson and make progress, they welcome life to push them.

Stop blaming me and don't think it's my problem. If you think it's my problem, you'll want to change me; if you think the problem is with you, you'll change yourself and learn something to make yourself smarter.

When it comes to money, most people want to earn it steadily and securely so they feel safe. There is no passion about money, all they have is fear.

For most people, the more money they are given, the more debt they owe.

It is out of fear that people want to find a secure job. These fears are: the fear of not being able to pay their bills, the fear of being fired, the fear of not having enough money, the fear of starting over. In search of security, they will study a certain profession or go into business and work desperately for money. Most people become slaves to money and then take out their anger on their boss.

Most people don't realise that it is their feelings that do the thinking instead.

Work is just an attempt to solve a long-term problem with a temporary solution.

It's like a painting shows: a donkey pulling a cart because its owner has hung a carrot in front of it. The master knows exactly where he wants to go, while the donkey is just chasing a phantom. But the next day the donkey still goes to pull the cart because there is another carrot in front of it.

Lesson 2: Why teach financial literacy

I think too many people focus too much on money rather than on their greatest asset - the education they have received. If people were more flexible and kept an open mind to keep learning, they would be richer by the day as times change. If people think that money will solve all their problems, I am afraid they will not fare too well. Only knowledge can solve problems and create wealth, and money that is not earned through financial knowledge will not last.

In the long run, it's not how much money you make that matters, it's how much money you can keep and for how long.

If you're going to build an Empire State Building, the first thing you're going to do is dig a deep hole and lay a firm foundation. If you just want to build a hut in the suburbs, you only have to build a 15cm thick foundation with concrete. Most people, when trying to get rich, always try to build empire buildings on 15 cm thick concrete.

An asset is something that puts money in my pocket. Debt is something that takes money out of my pocket.

Psychiatry believes that the fear of speaking in public is due to the fear of being excluded, of taking the lead, of being criticised, of being ridiculed, of being unacceptable to others. In short, it is the fear of being different from others. This psychology prevents people from thinking of new ways to solve their problems.

He said to us over and over again, "A wise man always hires people smarter than him." So Mike and I are always willing to spend hours listening to and learning from the smart people.

Discussing the learning sessions

It's not how much money you make that matters, it's how much you can leave behind.

Only knowledge can solve problems and create wealth, and money that isn't earned through financial knowledge doesn't last.

If you're going to build the Empire State Building, the first thing you're going to do is dig a deep hole and lay a firm foundation. If you just want to build a hut in the suburbs, you only need to build a 15cm thick foundation with concrete. Most people, in their efforts to get rich, always try to build empire buildings on 15 cm thick concrete.

The rich get assets, while the poor and middle class get liabilities, except they think those liabilities are assets.

If your pattern is to spend all your income, then the most likely outcome is to increase your income while also increasing your expenditure.

The financial statements of 80% of households present a picture of working hard and striving to get ahead, yet their efforts are wasted because they are buying liabilities rather than assets.

Most people don't really understand the meaning of money and are therefore left to be controlled by it.

Lesson 3: Focus on your business

An important difference between the rich and the poor is that the rich buy luxuries last, while the poor and middle class buy luxuries such as big houses, jewellery, leather clothes, gems, yachts etc. first because they want to look rich.

Discussion Learning Session

In order to be financially secure, people need to focus on their careers.

The rich focus on assets while others are concerned with income.

People with financial problems often spend their lives working for others, and many of them become destitute when they are unable to work.

Net worth is not a sure thing, mainly because you have to pay taxes on the income you receive when you start selling assets.

Once you have put $1 into an asset item, don't let it out. You should think of it this way: that dollar goes into your asset line and it becomes your employee. The best thing about money is that you can make it work 24 hours a day and still serve your children and grandchildren.

An important difference is that the rich buy luxuries last, while the poor and middle class will buy them first.

The poor and middle class use their hard-earned money and the inheritance they should have left to their children and grandchildren to buy luxury goods.