5 Key Takeaways from ' RICH DAD POOR DAD'

💰1. Make your money work for you and not the other way around

Whenever you discuss ways to make money with anyone, the topic of employment will undoubtedly arise. Rich people don't stay in the job phase for very long, which is how they differ from everyone else. The advantages of starting a business young are emphasized to the wealthy. And more than anything else, owning a business is about figuring out how to use people and resources to make more money than you ever could by exchanging your own labour for a salary.

💰2. Stay Focused

According to Robert Kiyosaki, one should work toward their final objective (which can lead to financial freedom) and maintain focus on it (mind your own business).

Therefore, to increase your assets and create a steady stream of income, come up with different legitimate methods to accumulate wealth. You ought to be making money actually work for you.

💰3. Be Financially Literate

This is the most crucial piece of advice, in Kiyosaki's opinion, for laying a solid foundation is “Intelligence solves problems and produces money. Money without financial intelligence is money soon gone.”

While teaching us to work for money, our educational system does not educate us how to make, maintain, or manage money. We should educate ourselves on wealth creation, which includes financial independence advocacy.

💰4. Better Skills = Money

According to Robert, everyone is "one skill away from great wealth." Life skills, which are not taught in schools but are just as crucial for financial success, like communication, handling systems and managing people, etc. Developing these life skills can aid you in your journey for financial freedom.

💰5. Focus on Income generating assets

Income-producing assets will increase in value over time, produce income, or both. They will therefore produce more money, making it simpler for you to become wealthy and have a more pleasant life.

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Sumit Poddar

Chief Investment Officer & Smallcase Portfolio Manager

Tikona Capital

www.tikonacapital.com