Oct '23 • 📚 Books, Podcasts, YouTube
Takeaways from ‘Rich Dad’s Guide to Investing’
I do not want this post or future possible posts to seem like what I share is just remembered and used to boost our egos about how smart we are. Nor do I want any other book to do the same. Michael puts emphasis on taking action, but also encourages us to read non fiction books and become smarter.
I thought of posting this because the above book is not present in the mandatory book reading list, but I found it to be valuable in certain unique ways. If you guys want me to post similar takeaways for other books, please let me know in the comments.
This is an extension of Robert Kiyosaki’s Rich Dad Poor Dad. He mentioned this as the third book to read after his main best selling book above in a recent podcast, the second one being Rich Dad’s Cashflow Quadrant. I skipped the second book, thinking I might not learn much. Maybe I made a mistake doing so, but I’ll read the book sometime later.
I wanted to read this book because of what Robert said in that interview. He gave a large importance to mindset, basically ‘roasting’ the interviewer on the question, ‘What is the best road to financial success?’ …. It made me think twice about why Robert put such weightage on mindset. So I read that book out of curiosity.
And indeed, I was able to learn things that were new to me. I want you guys to remember this is me reading this book after having read a book like ‘$100m offer’ and having watched multiple videos of Alex Hormozi. The book wasn’t like any other self help book and certainly had more concepts than his first book.
So the takeaways in my opinion are
1) What is risky is not the investment, but the investor, meaning, the person doing the deal or managing the fund or running the business.
2) The most important tool for financial success is words. What words do you use in your vocabulary? This could be financial as well as psychological.
3) We live in the Information Age. All it takes (theoretically) to create wealth is an idea. Unlike capital, resources and human labour that was required in the Industrial Age.
4) The best way to learn to invest in assets is by trying to create one by yourself, aka, build a business.
5) You need a team of experts in being able to have control over your financial statement, people like an accountant, lawyer, financial advisor and brokers.
6) The poor try to increase their income and decrease their expenses, whereas the rich try to increase their expenses and decrease their income.
Robert had given a couple of examples of how the sixth point is valid and true. I still haven’t grasped it completely, only to some extent. And he stressed that the sixth point is the most important takeaway when it comes to managing your assets and becoming rich.
If you guys want his take on how to build a business or the categories of different types of investors, then you have to read the book completely.
Hope this helps. Again, please let me know in the comments if you would like me to do more of these.
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Takeaways from ‘Rich Dad’s Guide to Investing’
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