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I'm Gene Adam
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Book Challenge Day 18 π
As I mentioned earlier Iβll be summarizing 28 books every single day. Letβs go! π
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Book 18: Rich Dad Poor Dad by Robert Kiyosaki
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Big idea of the book:
The biggest takeaway from Rich Dad Poor Dad is that the rich donβt work for money, they make money work for them. Pretty neat, huh?
10 Big takeaways from the book:
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1) Your house is not an asset, itβs a liability. Stop buying liabilities and start buying assets that make you money.
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2) Donβt be afraid to take calculated risks. Investing in yourself and your financial education is the best investment you can make.
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3) Learn to differentiate between good debt and bad debt. Good debt puts money in your pocket, while bad debt takes money out.
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4) The power of cash flow. Focus on generating passive income streams that cover your expenses so youβre not reliant on a paycheck.
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5) Embrace failure as part of the learning process. Every successful person has failed many times, itβs what you learn from those failures that counts.
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6) Surround yourself with successful, financially savvy people. You are the average of the five people you spend the most time with.
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7) Learn to think outside the box. Donβt limit yourself to traditional forms of income or investment.
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8) Understand the difference between being rich and being wealthy. Being wealthy is having assets that generate cash flow, while being rich is having a lot of money in the bank.
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9) Donβt let fear hold you back. Take control of your financial future and start making smart decisions that will benefit you in the long run.
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10) Finally, always keep learning. Financial education is a lifelong journey, and the more you learn, the more successful youβll become.
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Here are 3 more tips Iβve learned from the book
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- Start thinking like an investor, not a consumer. Instead of buying things that lose value, invest in things that appreciate in value and generate cash flow.
- Automate your finances. Set up automatic savings and investment plans so that your money is working for you even when youβre not thinking about it.
- Create a plan for achieving financial freedom. Set specific goals and create a roadmap for how you will achieve them.
If you have any questions or suggestions let me know. π
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Gene Adam