Rich Dad Poor Dad (English & Telugu)

 

• The Rich dad unlike Roberts original father whom he called The poor Dad had a lot of contrasting point of views when it came to making money
• At the age of 9, he decided he will follow his Rich dad's ideas and suggestions and not listen to his original dad. the poor dad
• As his first lesson the Rich dad revealed that " the poor and middle class work for money, where as the rich have money work for them" and this is what is the prime difference between the rich and the poor.
• He explained that people's lives are forever controlled by two emotions "fear and greed", fear of being without money motivates us to work hard and once we get the paycheck greeds starts us thinking about all the wonderful things that money can buy, the pattern is then set.
• How to break the pattern? Well through the most important subject "Financial Literacy"
• Most people fail to realise in life it's not how much money you make, it's how much money you keep.
• First rule of financial literacy is to know the difference between ASSET and LIABILITY, Rich dad always said the rich acquire asset, poor and middle class acquire liabilities they think are assets, hence our first duty is to know the difference and buy only assets
• Rich dad defined the difference by saying " An asset puts money in my pocket, A liability takes money out of my pocket"
• Rich dad used to say, a person can be highly educated, professionally successful and financially illiterate, for eg Poor dad one day told Robert that his house was his greatest investment, Rich dad however used to regard that if u think that your home is your greatest investment then you are in trouble, the bigger the home, the larger the expenses on property taxes, loans and maintenance
• The Rich buys luxury at the end whereas the middle class buys them at first because they want to look rich
• Apart from asset and liability, rich dad also has his own definition for wealth, he used to recite a quote "wealth is a person ability to survive so many numbers of days forward or if i stopped working today, how long could i survive
• The other important lesson Rich dad taught robert was to "Minding your own business", which means to maintain a side income, be it in the form of business or through buying assets
• The problem with school is you often become what you study, so if you study cooking, you become chef, if you study law you become attorney, similarly a doctor, engineer which is good and needed but the mistake what most people do is they go so busy that they forget to mind their own business, they spend their lives minding someone else's business and making that person rich, What if you loose your job day?
• the assets for your passive income can be
• business that doesn't require your presence ( ex income from real estate
• bonds
• mutual funds
• stocks
• intellectual property like music, art, script, patents
• As part of financial literacy, Rich dad used to say "The single most powerful asset we all have is our mind, if it is trained well you can create enormous wealth"
• The final lesson from the Rich dad was to manage your emotions, and specially the fear of failures, He said "the primary difference between rich and poor person is how they manage fear"

i have also given link below of the Book “Rich Dad Poor Dad” in Telugu and English, you can buy if you are interested