Rich Dad Poor Dad - Notes

I was sifting through my old notes and then found the notes I had written from the book 'Rich Dad Poor Dad.' That was dated February 2006, so 17 years ago.

This book is a must-read for everyone.

Here are the notes...

• A 'useless person' is someone who lacks the courage to persist and gives up whenever life presents challenges. They live their entire lives playing it safe, doing the right things, but never taking risks or seizing opportunities.
• It's often easier to change yourself than to try to change everyone else around you.
• The happiness that money brings is often short-lived, and people often find themselves constantly chasing more money in search of more joy, pleasure, security, and comfort.
• Human life is a continuous struggle between ignorance and enlightenment.
• As the saying goes, 'A fool and his money are soon parted.'
• If you find that you've dug yourself into a hole, the best course of action is to stop digging.
• The golden rule applies: those who possess gold make the rules.
• The wealthy invest in assets, the poor only accumulate expenses, and the middle class often confuses liabilities with assets.
• Robin Hood, as the book suggests, may not be as noble as we once thought.
• Taxes, which were initially intended to penalize the rich, often end up burdening the very poor who supported them.
• Financial intelligence consists of knowledge in four broad areas: accounting, investing, understanding markets, and law.
• Holding onto old, outdated ideas can be a significant liability.
• Many people miss the opportunity of a lifetime, even when it's right in front of them.
• It's not just about how much money you make, but how much you manage to keep that truly matters.
• Understanding the distinction between assets and liabilities is crucial.
• A job can provide a short-term solution to a long-term problem.
• The book advises paying yourself first, and then addressing your creditors and taxes.
• Don't let the pessimism of others affect your decision-making.
• Three crucial management skills include cash flow management, people management, and personal time management.
• Combining intelligence with arrogance often results in ignorance."