Rich Dad, Poor Dad - Robert Kiyosaki

Poor Dad- Love of money is root of evil / Rich Dad - Lack of money is root of evil.
Losers: Fear of losing was greater than the excitement of winning.

Lesson #1 The Rich Don't Work for MoneyMoney works for them.
Fear drives many people to jobs / work hard, then greed takes over and drives people - Expenses grow with incomes -Rat Race.
People react to these emotions and these emotions control them, Don't get trapped in these emotions - instead use your brains.

Lesson #2 Become Financial Literate.
Assets: Puts money into my pocket. Invest in assets that generate incomes.
Liabilities: Takes money away from my pocket
Poor: Job-income-expenses (poor have only expenses)
Middle class: Job-income-build liabilities-expenses (middle class buy liabilities that they think are assets)
Rich: Assets-income-expenses-assets (rich get richer) (rich buy assets)
People work for:
Owner /Shares holders of their company (making them rich)
Government (paying taxes)
Banks (servicing debts)
Wealth: person's ability to survive - say how many months one can sustain lifestyle without working.If our monthly expenses can be generated by our assets then one is wealthy.

Lesson #3 Mind Your Own Business
Keep your day job but focus on building assets that generate incomes.eg: Business that do not require my presence, stocks, bonds, Mutual funds, IOU, Income generating Real estates, Royalty, anything that generates income or appreciates with time.

Lesson #4 Taxes and the Power of Corporations
Rich can form corporations and expenses are taken care by pre-tax money. Individuals spend post tax money, corporations spend pre tax money.
Have a high Financial IQ. which consist of: Fin Literacy (Accounting) + Investing (money making money) + Understanding markets (demand/supply etc) + Law.

Lesson #5 The Rich Invent Money
It is not the degrees or grades that count in the real world what counts is Guts, balls, bravdo, auadcity, cunning, daring, brillance, tenacity.
In real world it is not the smart that get ahead it is the bold.
Don't get scared with money, people who play it safe will never make it big.
Luck is created.
Money is not real. Mind is real, train your mind to create Money.
Simple math and common sense is what is needed to do well financially.

Lesson #6 Work to Learn— Don't Work for Money
Just Over Broke - JOB!
Workers work hard enough to not be fired & owners pay just enough so that workers wouldn't quit.
Seek work to learn not to earn, look at long term.
Important skills to run business: Managment of Cash flow, systems (self and work life balance), people
Important specialised skills to run business: Sales and understanding marketing. Communciation is key to sales skills.

Getting started:
1. I need a reason greater than reality. Why do you want to be rich?
2. I choose daily. I choose to be rich.
3. Choose friends carefully. Learn from them. Learn what to do or what not to do?
4. Master a formula and then begin to learn a new one.
5. Pay yourself first. Have self discipline and have self control. Keep expenses low.
6. Pay your brokers well.
7. Be an Indian giver. RoI. Buy an stock, hold for some time and sell it to the extent of your cost, let the profit be there earining for you.
8. Assets should luxury, not loans. If you are smart you can rule money, if not money will rule you.
9. Need for heros. eg: Warren Buffet is my hero.
10.Teach and you will receive. Give before you will receive, like give a smile and you will get it back and give money and you will get it back.

Take action:
Your mind and your time are great assets.
Spend each Rupee wisely, build assets. You choose to be rich/poor/Middle class.