Robert Kiyosaki explains it all as simply as possible in his book Why the Rich Are Getting Richer. How come the rich get richer while you’re trying to survive every day?
Kiyosaki lists numerous reasons the wealthy gain bigger pockets no matter what happens in the world economy. The book further presents the idea our current public education system is basically a financial trap. Kiyosaki repeats throughout his book school only teaches us how to work for money. If you don’t know any better, you’re doomed. It is up to you to learn your way out of the rat race.
Is Why the Rich are Getting Richer worth reading?
Robert Kiyosaki, author of Rich Dad Poor Dad, the international runaway bestseller, is an investor, entrepreneur, and educator whose perspectives on money and investing fly in the face of conventional wisdom. He has, virtually single-handedly, challenged and changed the way tens of millions, around the world, think about money. In communicating his point of view on why ‘old’ advice—get a good job, save money, get out of debt, invest for the long term, and diversify—is ‘bad’ (both obsolete and flawed) advice, Robert has earned a reputation for straight talk, irreverence, and courage.
Born and raised in Hawaii, Robert Kiyosaki is a fourth-generation Japanese-American. After graduating from college in New York, Robert joined the Marine Corps and served in Vietnam as an officer and helicopter gunship pilot. Following the war, Robert went to work in sales for Xerox Corporation and, in 1977, started a company that brought the first nylon and Velcro ‘surfer wallets’ to market. He founded an international education company in 1985 that taught business and investing to tens of thousands of students throughout the world. In 1994 Robert sold his business and, through his investments, was able to retire at the age of 47.
“The single biggest difference between the financial elite and the average person is not what they know, but how they behave.” – Robert T. Kiyosaki, “Why the Rich Are Getting Richer“
Related Post: Rich Dad’s CASHFLOW Quadrant by Robert T. Kiyosaki (PDF)
7 Powerful Lessons on Why the Rich Are Getting Richer by Robert T. Kiyosaki
1. The power of compound interest: Compound interest is the magical force that allows the rich to get richer. It’s the idea that when you earn interest on your money, you also earn interest on the interest you’ve already earned. This means that your money has the potential to grow exponentially over time.
2. The rich invest in assets: The rich don’t just hoard their money; they invest it in assets that appreciate in value. This could include stocks, bonds, real estate, or other investments. irreverence, their money wisely, the rich can grow their wealth much faster than if they simply kept it in a bank account.
3. The rich live below their means: Contrary to popular belief, the rich aren’t constantly spending money on luxury items. In fact, many of the richest people in the world live relatively modest lifestyles. They spend less than they earn and invest the rest, which allows their wealth to compound over time.
4. The rich take advantage of tax breaks: The rich have access to tax breaks and loopholes that the average person doesn’t. They can use these advantages to reduce their tax liability and keep more of their money.
5. The rich have multiple streams of income: The rich don’t rely on a single source of income. They often have multiple streams, such as a job, investments, or a business. This diversification can provide them with a safety net and help them weather financial storms.
6. The rich are risk-takers: The rich are not afraid to take risks. They understand that risk is often associated with great rewards. They’re willing to put their money into new ventures, invest in emerging markets, and even start their own businesses.
7. The rich never give up: The rich are never satisfied with their current level of success. They’re constantly striving to improve and grow their wealth. They’re also very persistent and resilient, never giving up on their goals even in the face of setbacks.
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