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Business News/ Money / Personal Finance/  How to become rich: Ten powerful money lessons from ‘Rich Dad Poor Dad’ that you should implement from today
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How to become rich: Ten powerful money lessons from ‘Rich Dad Poor Dad’ that you should implement from today

'Rich Dad, Poor Dad' by Robert Kiyosaki offers powerful money lessons on financial education, passive income, risk-taking, leveraging resources, controlling spending, handling debt, and personal growth

Here are ten powerful money lessons from Robert Kiyosaki's ‘Rich Dad, Poor Dad’. (Pixabay)Premium
Here are ten powerful money lessons from Robert Kiyosaki's ‘Rich Dad, Poor Dad’. (Pixabay)

Robert Kiyosaki's ‘Rich Dad, Poor Dad’ is a personal finance book offering powerful money lessons that can change your life. The beauty of these lessons are easy to learn and implement in daily life. The author in his book advocates the importance of financial education, prioritising needs over wants, creating passive income, continuing financial education, taking calculated risks, leveraging resources, controlling spending, handling debt wisely, focusing on practical financial education, developing an abundance mindset, learning from failure, and investing in personal growth.

Here are ten powerful money lessons from Robert Kiyosaki's ‘Rich Dad, Poor Dad’

1)The rich don’t work for money

When rich people are not working, they put their money to work to earn money.  People belonging to the wealthy class create passive income. Ultimately one can achieve financial freedom with passive income only.

2) Improve your financial intelligence

The book emphasises the importance of continuing to educate oneself about money, investment, and personal finance. Financial knowledge is very essential for making healthy financial decisions.

3) Don't be scared to take risks

In order to acquire wealth, Robert Kiyosaki recommends taking calculated risks and moving beyond one's comfort zone. 

4) Understand the power of leverage 

‘Rich Dad Poor Dad’ demonstrates how to produce riches by leveraging other people's time, money, or resources. Learning how to apply leverage correctly can help you build your money faster.

5) Control your spending 

The book emphasises the significance of living within your means and keeping your expenses under control. Being conscious of one's spending patterns frees up resources for investment and wealth growth.

6) Learn how to handle debt

‘Rich Dad Poor Dad’ shows you how to use debt wisely. It emphasises the distinction between good debt, which provides revenue, and bad debt, which drains wealth.

7) How to achieve financial success

Kiyosaki recommends focusing on financial education that offers actual wealth-generating techniques. Viplav Majumdar, Founder and Director of Planyourworld.com said the book questions the conventional wisdom that a high degree of formal education is required to achieve financial success. 

8) Develop an abundant mindset

This book advocates for moving from a scarcity attitude to an abundance mentality. Positivity and belief in one's potential to produce riches might attract possibilities.

9) Accept and learn from failure

Kiyosaki emphasises the necessity of learning from mistakes and setbacks. Failing may be an advantageous educational experience that results in personal and financial development.

10) Invest in yourself

According to Viplav Majumdar, the book promotes personal growth and the constant improvement of one's talents. Investing in oneself can boost one's potential for earnings and financial success.

Rich Dad Poor Dad is a 1997 book written by Robert T. Kiyosaki and Sharon Lechter. In the book, Kiyosaki talks about his two dads—his real father (poor dad) and the father of his best friend (rich dad)—and the ways in which both men shaped his thoughts about money and investing. 

 

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ABOUT THE AUTHOR
Sangeeta Ojha
A business media enthusiast. Writes on personal finance, business and banking.
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 12 Jul 2023, 01:46 PM IST
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