Wednesday, October 15, 2008

3 Key Lessons From Rich Dad Poor Dad

A lot of reviews have probably been written about Robert Kiyosaki's Rich Dad Poor Dad book. So I will spare the reader the details of the Rich Dad Poor Dad Book and just focus on the key lessons that I have learnt from Robert Kiyosaki and which I am now trying to apply to my financial life so as to be financially free.

Lesson #1 - Pay Yourself First

The first lesson I learnt from the Rich Dad Poor Dad series is to always pay myself first. That means that investments, regular savings, etc are the top priority in my budget. I pay these things first before I start spending on any luxury items.

Lesson #2 - Acquire Assets

An asset is something that puts money into your pocket. A liability is something that takes money out of your pocket (e.g. your car). Acquire assets.

Lesson #3 - Increase Your Income

Increase your income (both earned and passive income) such that it exceeds your expenses. Do not solely rely on earned income to be rich. Always explore multiple streams of income.

There you have it, a short and simple review of the 3 key lessons I have learnt from the Rich Dad Poor Dad series. Hopefully, this will help you in your financial freedom goal.

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