"Unlock the secrets to building wealth quickly! Discover the 7 rules of money from Robert Kiyosaki's bestselling book "Rich Dad Poor Dad". Learn how to break free from financial struggles and achieve financial freedom. Get a concise summary of the book's key takeaways and start building wealth today!"
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LearningTranscript
00:00In this book, you will find habits identified in the lives of rich people and the responses
00:07they take in a particular situation.
00:10If you can apply these rules in your life, then you can also become wealthy in the future.
00:19In 1997, Robert I. Kiyosaki wrote book Rich Dad Poor Dad, which quickly became a bestseller
00:27and a financial education sensation.
00:31The book depicts the financial philosophies of two important figures in Robert's life,
00:37his real father, whom he calls Poor Dad, and his best friend, Mike's father, whom he refers
00:44to as Rich Dad.
00:47Robert's poor dad was well-educated and worked as a college professor, but he struggled financially
00:54in his entire life.
00:56Rich Dad, on the other hand, had less formal education, but was a highly successful businessman.
01:04When Robert was nine, he saw his wealthy schoolmates and wanted to become rich too.
01:10He asked his poor dad how to achieve this, but Poor Dad had no answers and suggested
01:17him to ask Mike's father, who was the Rich Dad.
01:22Rich Dad then began teaching Robert the principles of wealth creation and maintenance.
01:29In Rich Dad Poor Dad, Robert shares lessons on becoming rich, certain habits that rich
01:36people have, managing money, and avoiding mistakes that keep people poor.
01:42By following these lessons, anyone can achieve financial success.
01:47The last lesson, in particular, is very important, so you must watch the video until the end.
01:56Lesson 1 The rich people don't work for money
02:01Rich people focus on building systems and investments that generate income for them,
02:07rather than working in a traditional job for a salary.
02:12They invest in assets like business, real estate, and stocks that can provide passive
02:18income to them.
02:20This way, they create multiple streams of income that work for them, even when they
02:26are not actively working.
02:29People who only rely on a 9-to-5 job earn a fixed salary and trade their time for money,
02:36but if they stop working, their income will also stop, which creates dependency on their
02:42job for their financial security.
02:45On the other hand, those who invest in assets build wealth that generates income independently
02:52of their time and effort, which gives them financial freedom and security.
02:59So the key lesson is to shift the focus from earning a salary to building and investing
03:05in assets.
03:07By doing so, one can achieve financial independence and enjoy a more secure and prosperous future.
03:17Lesson 2 The importance of financial literacy
03:21If you want to become rich, then you have to understand the basics of finance.
03:27This includes knowing the difference between assets and liabilities.
03:33Assets are things that make you earn money, like investments, rental properties, or a
03:40business.
03:41Whereas, liabilities are things that take money out of your pocket, such as loans, mortgages,
03:48and credit card debt.
03:51For example, a car might seem like an asset, but since its value depreciates over time
03:58and it often comes with loan payments and insurance costs, so it is actually a liability.
04:06On the other hand, assets are things whose value depreciates over time and provide income,
04:13such as dividends or rent.
04:16Being financially literate means having the knowledge to differentiate between assets
04:22and liabilities, and the ability to manage your money effectively, to build and acquire
04:29real assets that enhance your wealth.
04:32Therefore, you must educate yourself about financial literacy.
04:39Lesson 3 Mind your own business
04:42Instead of only working for someone else and helping them build their business, focus on
04:48building your own assets.
04:51People with regular jobs mainly focus on their roles and career growth within a company.
04:58However, those who focus on their own business invest time and resources into creating their
05:04own ventures.
05:06This does not mean you have to quit your job immediately.
05:10It means starting a side business that can grow into a full-time business over time.
05:18For example, you could start a small online business while still working for your regular
05:23job.
05:24This side business can provide you extra income, and as it grows, it can become a substantial
05:31source of money for you, and then you can leave your job and run your business independently.
05:39This way, you can gradually move from being an employee to an entrepreneur, creating more
05:45wealth and opportunities for yourself.
05:49Lesson 4 Take risk in life
05:53People with regular jobs often seek stability and avoid risk.
05:58They focus on the security of regular salary.
06:02Because of this, they might miss out on profitable opportunities due to fear of losing money.
06:09On the other side, wealthy people are not afraid to take risks and find creative ways
06:15to make money.
06:16They see opportunities where others see obstacles and understand that taking calculated risks
06:23is necessary to build wealth.
06:26For example, Robert Ikeosaki once bought a house in America for $20,000 during a recession.
06:35He rented it out for two years and then sold it for $95,000 when the recession ended.
06:43This way, he earned a profit from the sale and also received rental income for two years.
06:51This way, wealthy people are willing to take calculated risks, which can lead to significant
06:57financial rewards and wealth creation.
07:02Lesson 5 Work to learn
07:05Don't work for money.
07:06Focus on jobs or activities that teach you new skills and knowledge, rather than jobs
07:13that pay you the most.
07:14The skills and experience you gain can provide greater long-term benefits and opportunities
07:21than a higher-paying job.
07:23Often people focus on high salaries rather than skill development, which traps them in
07:29a 9-to-5 job for their whole life.
07:33On the other hand, wealthy people work to learn, not just to get paid, and once they
07:38gain the necessary skills, they often start their own business and use their expertise
07:44to develop them, which leads them to become wealthy over time.
07:50For example, you might take a job in sales to learn about customer relations and negotiation,
07:57even if it does not pay as much as another job, the valuable experience you gain there
08:04can be highly beneficial in your future.
08:09Lesson 6 Overcoming Obstacles
08:11When starting a new business, we are bound to face ups and downs, which are a natural
08:18part of the process.
08:20During tough times, many people panic and think negatively.
08:25However, the wealthy ones learn to overcome these obstacles through education, experience,
08:32and a positive mindset.
08:34They understand that fear and self-doubt can be managed and used as motivation.
08:41On the other hand, job earners might avoid risk and new opportunities due to fear of
08:47failure or financial loss.
08:50They prefer the safety of their current income.
08:53The rich ones confront these challenges by continuously educating themselves and taking
08:59manageable steps towards their financial goals and turn potential barriers into growth opportunities.
09:09Lesson 7 The Importance of Taking Action
09:14Knowledge alone is not enough.
09:16You have to take action on what you have learned.
09:20Many people get stuck in the planning phase and never actually implement their ideas.
09:26On the other hand, successful people take calculated risks and act on their plans.
09:33For example, if you learn about a great investment opportunity, don't just think about it.
09:39Take the necessary steps to invest after doing proper research.
09:43The difference between those who succeed and those who don't often lies in the willingness
09:50to take informed actions.
09:51While job earners may fear losing their steady income and avoid opportunities, the wealthy
09:58ones understand that acting on a well-researched plan can turn potential risk into substantial
10:06rewards.
10:07Taking these steps helps achieve financial goals and build confidence and experience
10:14for future ventures.
10:18So friends, these are some of the important rules in the book Rich Dad Poor Dad.
10:23If you can apply these rules and habits in your life, you can also become wealthy and
10:29successful.
10:31If you want to buy the book, you can click on the buy link in description.
10:36In this book, you will find habits identified in the lives of rich people and the responses
10:43they take in a particular situation.
10:46If you can apply these rules in your life, then you can also become wealthy in the future.