Rich Dad Poor Dad

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The title Rich Dad, Poor Dad refers to the two main male influences that Robert had as a child. His own father, the figurative “poor dad,” worked at a steady job for a living, while the “rich dad” …

The title Rich Dad, Poor Dad refers to the two main male influences that Robert had as a child. His own father, the figurative “poor dad,” worked at a steady job for a living, while the “rich dad” (the father of a friend) ran a multitude of businesses. Most of this book is told from the perspective of Robert learning from his “rich dad” about how to make money – and seeing how his “poor dad” made huge money mistakes. The first two thirds of the book covers six lessons taught to Robert by his rich dad.

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  • 1. Recipe to BecomeRichBook Review of Rich Dad Poor DadWritten By Robert KiyoskiPresented By Pratibha Mishra
  • 2. Some Books and Stuff by RobertKiyosaki and Sharon Lechter• Rich Dad. Poor Dad.• Cash-flow Quadrant• Cash-flow Game• Cash-flow, The E-Game• Rich Dad’s Guide to Investing• Retire Young. Retire Rich.• Rich Kid. Smart Kid.
  • 3. Rich Don’t work formoney• The poor and themiddle class workfor money• The rich think ofways to makemoney work forthem
  • 4. Why Teach Financial Literacy?• Money cannot work for you unless youunderstand how money works• The current education system does notteach how money works• Most “educated” people do not know ordo not understand the basics of moneymanagement
  • 5. Assets vs. Liabilities• Asset: Puts money in your pocket• Liability: Takes money away from you
  • 6. Types of Assets• Paper: Stocks, Bonds, Mutual Funds, andInsurance (Portfolio Income)• Real Estate: Residential and Commericalproperties (Passive Income)• Businesses: (Passive Income)
  • 7. Types of Income• Portfolio Income: Derived from paper assets –easiest to manage• Passive Income: Derived from real estate orroyalties from patents• Earned Income: Paycheck – highest taxed typeof income
  • 8. Cashflow
  • 9. Cashflow Patterns• The Poor: Spend every penny, no assets andonly liabilities• The Middle Class: As income increases so doesthe amount of debt• The Rich: Assets that pay for themselves, havecontrol over expenses and little or no personalliability
  • 10. How The Poor LiveThey only have small incomes and small expensesIncomeStatementBalanceSheetIncomeExpensesAssets = Zero Liabilities = Zero$TheWealthy
  • 11. How The Middle Class LiveThey buy expenses and liabilities they think areassetsIncomeStatementBalanceSheetIncomeExpensesAssetsLiabilitiesAssets$TheWealthy
  • 12. How The Wealthy LiveIncomeStatementBalanceSheetIncomeExpensesAssetsLiabilities$ Poor andmiddle classincome
  • 13. Mind your own business.• Business that do not require my presence.I own them, but they are managed or run byother people. If I have to work there it is a nota business.“It becomes my job.”
  • 14. The Rich Invent MoneyAccounting. HOW?!!!1. Financial Literacy2. Investment Strategies3. The Market - Supply and Demand (Learnhow to exploit the market)4. The Law
  • 15. Financial strategyRich and Poor DadThe Rich withcorporationPeople who workfor corporation1.Earn Earn2.Spend Pay taxes3. Pay taxes Spend
  • 16. Two main vehicles to achievefinancial growthReal EstateSmall StocksSmall Stocks
  • 17. How???• Inspire people to learn more.• Let people know it is easy if foundation is strong• Show that anyone can achieve great wealth• Show that there are millions of way to achieveyour goals.• Show that it’s not rocket science.
  • 18. **WORK TO LEARNDON’T WORK FOR MONEYLearn the management skills of success:• Manage Cash-flow.• The Management of system(including Work Life balance)• Manage People.
  • 19. Overcoming Obstacles
  • 20. Obstacles like…Cont….
  • 21. Cont….
  • 22. LazinessCont….
  • 23. Cont….
  • 24. Keys to become wealthy….1. Don’t work for money**2. Become financially literate3. Mind you own business4. Understand the tax laws and the use ofcorporations as a tax shelter5. Invent money6. Work to learn – Don’t work for money**