HTML

Shirsendu Kar

POPULAR BLOGS

How to become rich – Rich Dad Poor Dad Summary

Before starting the blog I would like to share a story with you. A boy named Robert who had two dads. One his own dad(poor dad) who had Ph.D. degree and another was his best friend’s dad(rich dad) who had just passed 8th grade. Both have different thoughts for money. One (poor dad) says money is the main cause of all problems, another (rich dad) says lack of money is the main problems. One (poor dad) says work hard to earn more and become rich, another (rich dad) say make the money work hard to make you rich. One day Robert ask his dad (poor dad) “How to become rich? “. He replied “get a good college degree then get back job at a big company”, as he was not rich and struggling financially. So he suggested asking Robert’s best friend father(rich dad) as he was one of the rich people at that time. Robert asks his rich dad the same question how to become rich. From here his journey of becoming rich started. He learned from both of his dads and followed the principle of his rich dad. Let’s see some of them.

Rich don’t work for money:

While growing in a middle-class family. We all have heard to become rich you have got a good college degree so that you can get a high paid job that will help you become rich. But is it true? Sadly it’s not true. What rich do is that they create multiple sources of income that do not require them to be present. This is a passive source of income. It doesn’t matter how hard you try to earn more, the only thing that matter is how hard your money is working for you to make you rich. Let’s see an example. There were 2 friends John and Alex they both have started their job at the same time and had the same financial condition. By the time John started investing his money on different assets like real estate, stock, bonds, etc. And on the other side, Alex didn’t want to invest his money on this, as he thinks it is risky to invest. By the time he started buying liabilities (know more about asset and liabilities in next point). One side John created multiple sources of income by investing his money on assets and on the other side Alex didn’t and buy liabilities that increase the expenses. After five years the result was pretty obvious. John was financially independent and Alex was still stuck in the rat race and was still poor. To understand it more deeply let’s jump on the second topic.

Brisk Seeker