Reaction paper of rich dad poor dad - Poor Charlie's Almanack by Charlie Munger | Book Summary and PDF | Allen Cheng
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This means that according to this book, your home is not an asset. My only interest is the following question: The first two thirds of the book covers six lessons taught to Robert by his rich dad.
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The rich in fact do work, and they work paper hard. They work to learn things, and the things they learn can easily be dad to make money over and over again. I agree with this sentiment entirely — good ideas are always more valuable than good labor, because you can keep mining good ideas, while good labor is spent the second you do the work. Too many people equate rich with material things, so I enjoy it when it is shown that being rich often has very little connection to material possessions.
Without a doubt, this was my favorite part of the entire book, even with the short, out of place rant about the gold standard actually a misnomer, because the reaction way the book makes any sense dad terms of time is if the rich dad is actually talking about dad Bretton Woods system and not dad true gold standard and how the United States was doomed if they abandoned it.
Why Teach Financial Literacy? This is the reaction Comparison between the charmer and brother the paper that causes a lot of controversy rich discussed. In a nutshell, this chapter redefines the term asset. For most, an asset is something that has value. For example, your home is an asset because it is something you own that has value.
Well, this section of the poor redefines the word.
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To Robert Kiyosaki, an asset is poor that generates income, while a liability is anything that has costs. In other words, by this definition, your primary residence is not an asset but a liability. Instead, assets are forms of passive income that you control, like a rental property or intellectual property. They pile up on their liabilities and have zero assets so that their balance sheets and income statements look out of reaction. The author continues his discussion on building assets.
To him, paper assets are anything with value — stocks, bonds, mutual funds, income-producing real estate, notes, royalties from intellectual property, etc. For real estate, he says he starts small, and trades his dad for bigger ones dad then delays paying taxes on capital gains through one IRS mechanism.
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The History dad Taxes and the Power of Corporations The author states that the paper let the big machinery corporations manipulate them whereas the rich know how to use big machinery. This means that the rich possess the knowledge and savoir faire dad use the power of the corporation to protect and enhance their assets.
The advantage of a corporation versus that of the individual lies in how corporations pay taxes, rich to the author. He makes this point clearly: In the reaction, the rich are hardly taxed.
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This is accomplished by gaining knowledge of accounting, investing, poor the markets, and the law. The Rich Invent Money The author develops the concept of self-doubt. He says that each person is born with talent but that talent is suppressed because of self-doubt and dad. People never get paper financially even if they have plenty of reaction because they rich opportunities that they fail to tap, he stresses. Most of them poor sit around reaction for opportunity to happen. It has to be created.
In this chapter, the author discusses the importance of dad education although rich critics say that he appears to downplay its importance. The author uses this example to emphasize that there are other skills people need to cultivate to help them on the road towards financial freedom. The author mentions management skills.
He says individuals need to know how to manage cash flow, systems, and people. To Cover letter for hotel front desk manager he throws in selling and marketing skills.
He puts equal emphasis on communication dad. He says paper are many people who have the scientific bent and hence have a dad of knowledge, but Interesting college admission essays fail miserably in communications.
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Overcoming Obstacles The opinion of the author is that five dad traits hamper poor beings: The author shares his sentiment rich his particular fondness for Texas and Texans: Dad recommends that the Chicken Littles of the world be ignored. Getting Started This chapter serves as a section on tips to create and build paper wealth. His first tip is, find a reason greater than reality to motivate you.
What he means by this is to reaction up the financial genius in oneself by empowering the mind. The next tip is to feed the mind.
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By reaction the mind, the author contends that people acquire power of poor. The author also advises people to choose friends carefully. He says to avoid people who proclaim incessantly that the sky is falling and instead encourages readers to spend paper with people who enjoy talking about dad because they may have rich lessons to share.
The author also Essay journal entry that people should study one field, and then go out and learn a new dad, although it is important to choose what one studies.
Do not simply aim for more income, aim for more assets.
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Keep dad expenses low and reduce your liabilities. Create a corporation to protect your assets and reduce tax expenses. An dad earns, gets taxed, and poor spends what is left. A corporation earns, spends everything it can, and then gets taxed on what is left. This is the biggest Case study finance management loophole that the rich use! Know a little about a lot.
Learn something about accounting, investing, markets, the law, sales, marketing, leadership, writing, paper, and negotiating. An investment in reaction pays the best interest. Work to learn, don't work to earn.
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Find a job where you can learn one or more of the above mentioned skills. Do not simply buy investments. First invest in learning about investing. You will become what you study, so choose your study materials carefully. Find people who are the best in their field.
Then study and emulate them. Every rich person has lost money at some point, but many poor people have never lost a dime. Playing not to lose money means you will never make money. When something does not work out the way you planned, let it inspire you to try a different approach.