Rich Dad Poor Dad Lessons Learned Notes Part 2

⦁ Money is an illusion, the government can make money by printing it, but rich people can make money by creating other things/jobs.
⦁ Being rich is not about how much money you make, its about how much money you keep and how many generations you keep it for.
⦁ To be rich you must be financially literate.
⦁ Accounting may be super boring but to be rich long term the lessons it teaches are important.
⦁ you must understand the difference between an asset and a liability.
⦁ The difference between an asset and a liability iis not words but what the numbers are telling you.
⦁ An increase in cash doen't make you rich if you just increase your spending.
⦁ A good mindset can be the one who always pushes to do things that others don't think possible.
⦁ Owning a home is a liability not an asset.
⦁ The greatest losses are those from missed oportunities.
⦁ Start an investment portfolio as early as possible.
⦁ You'll never be rich if your only source of income is your paycheck.
⦁ Wealth is how much money your money is making.
⦁ Always reinvest your excess cash into the assests.
⦁ Mind your own business. Basically when you work all your lives for a job, you're actually working for your boss, the company, the government, and the bank before you work for yourself.
⦁ Buy real assets not personal effects that lose value as soon as you get home.
⦁ Keep expenses low, reduce liabilities, and build a solid asset base.
⦁ Start collecting assets by using something you love. ( I love tech, so tech stocks will be more valuable to me then other things.)
⦁ Once a dollar goes into your asset columb it becomes your employee, and you should never let it out.
⦁ The rich buy luxuries last while the poor and middle class buy luxuries first.
⦁ Buying a luxury on credit often causes people to regret a luxury because the cost becomes a burden.