(A selection of highlights i made throughout reading the book)
- A question which acted upon can make people millionaires even billionaires, 'How can i do what i do for more people with less work and for a better price?'
- "No. Learning to build a business is like learning anything else. I think clinging to job security all your life is a lot risker than taking the risk to learn to build a business. One risk is short-term and one risk lasts a lifetime."
- "When you get a raise, so does the government." (About pay rises for a job)
- Employee Business Owners
Earns Earns
Taxed Spends
Spends whats left Pays taxes on whats left
- Earned Income 50 percent money
Portfolio Income 25 percent money
Passive Income 0 percent money
- SIGHT is what you see with your eyes.
VISION is what you see with your mind.
- "Your profit is made when you buy, not when you sell.'
- Responsible Society or Victim Society.
- We all know that it is difficult to put more water into a glass that is already full of water; it is also difficult to teach something new to someone whose mind is closed or already filled with other content.
- "The moment you make passive income and portfolio income a part of your life, your life will change."
- "I have never seen a tomorrow. All i have are todays. Today is the word for winners and tomorrow is the word for losers."
- Leverage of assets rather than the leverage of my labor.
- "The trouble with selling your labor for money is that there is only so much you can do. If you learn to acquire or build assets to generate money, you can slowly but surely increase your income."
- It is only a loser who stays at the wrong table forever, losing everything, hoping to prove that they are not a loser.
- "You don't want to own anything. All you want to do is control it."
- "An entrepreneur sees an opportunity, puts together a team, builds a business that profits from the opportunity."
- "Leaders do the right things and managers do things right."
- "Bill Gates is Not the Highest Paid Man in the World." The article went on to day that there are many executives in the world of business who are paid much more than Bill Gates, yet Gates was the richest man in the world. The article stated that at that time, Gates was only paid about $500,000 a year but his asset base was in the billions and growing.
- 1 - Earned
2 - Portfolio
3 - Passive
4 - Residual Income (income from a business, such as a network marketing business or a franchise business you own but someone else runs.)
5 - Dividend Income (income from stocks)
6 - Intrest income (Income from saving or bonds)
7 - Royalty income (Income from songs or books you have written, and trademarks and inventions (whether or not patentable) that you have created.)
8 - Financial instrument income (Income from trust deeds from real estate)
- The path to financial freedom is simply to: BUY ASSETS
"Buy assets that generate cash flow- NOW, not sometime in the future!" Remember how rich dad defines assets: "Assets put money in your pocket, liabilities take money from your pocket." It is just that simple. The more assets you can buy, the more your money will be working for you. - Sharon Lechter
- The point is that your future is yet to be made. You may as well make it up today and make it up the way you want it to be, rather than what you're afraid it might not be.
- Always remember that words are free. If you want to get rich quickly, you need a rich vocabulary. Always remember that there are three basic classes of assets. They are businesses, paper assets, and real estate. Each of these assets uses different words. Each of these assets is like a foreign country with a foreign language. If you are interested in real estate, begin to learn the vocabulary or the jargon. Once you learn the words, you will be better able to communicate to yourself and others in that asset class.
- "The problem is most people live only one reality and tend to think that their reality is the only reality."
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