Uhuru wa kweli:Kama hupo vizuri kifedha ni dhahiri hupo huru,maana utumwa mbaya kabisa ni umaskini,Je unafikiri taaluma yako ndio mafanikio yako,?La hasha mafanikio yapo nje ya taaluma yako,wala usijidanganye kuwa ipo siku utafanikiwa kwa kuwa na taaluma flani.Your success is out of your proffessional.
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Rich Dad, Poor Dad
What the Rich Teach Their Kids About Money-
CASHFLOW, Rich Dad, and CASHFLOW Quadrant
The Big Idea
FINANCIAL LITERACY = FINANCIAL
INDEPENDENCE
A true tale of two dads— one a
highly educated professor, the other, an eighth grade dropout. Educated dad
left his family with nothing, except maybe some unpaid bills. The dropout later
became one of Hawaii’s richest men and left his son an empire. One dad would
say, “I can’t afford it” while the
other, asked, “How can I afford it?”
Rich dad teaches two boys priceless lessons
on money, by making them learn through experience. The most important lesson of
all is How to Use Your Mind and Time to create personal wealth. Free yourself
from the proverbial “rat race”. Learn to spot opportunities, create
solutions and “mind your
own business”. Learn to
make money work for you, and not be its slave.
There
is a Need.
The rationale for teaching people financial
literacy comes from the fact there is no real job security these days. Even
after years of toil, the poor and middle class may find they do not have sufficient
funds for their children’s college
education, or their own retirement. Why work for a corporation, the government,
and the bank all your life? Awaken your financial genius and gain financial
independence and freedom!
Lesson 1: The Rich Don’t
Work For Money
At age 9, Robert Kiyosaki and his best friend Mike asked Mike’s father
(Rich Dad) to teach them how to make money. After 3 weeks of dusting cans in
one of Rich Dad’s convenience stores at 10 cents a week, Kiyosaki was
ready to quit. Rich Dad pointed out this is exactly what his employees sounded
like. Some people quit a job because it doesn’t pay well. Others see it as an
opportunity to learn something new.
WORK TO LEARN
Next Rich Dad put the two boys to work, this time for nothing.
Doing this forced them to think up a source of income, a business scheme. The
opportunity came to them upon noticing discarded comic books in the store. The
first business plan was hatched. The boys opened a comic book library and
employed Mike’s sister at 1$ a week to mind it. Soon they were
earning $9.50 a week without having to physically run the library, while kids
read as much comics as they could in two hours after school for only a few
cents.
Lesson 2: Why Teach Financial Literacy?
They don’t teach this at school.
The growing gap between rich and poor is rooted in the antiquated
educational system. The system trains people to be good employees, and not
employers. The obsolete school system also fails to provide young people with
basic financial skills rich people use to grow their wealth. Know your options
and use this knowledge to build a formidable asset column.
In an age of instant millionaires it really isn’t about how
much money you make, it’s about how much you keep, and how many generations
you can keep it
The poor have day-to-day expenses, the middle class purchase
liabilities that they think are assets (i.e., a home or a car), and the rich
build a solid base of income-generating assets.
The middle class finds itself in a constant state of financial
struggle. Their primary income is wages, as wages increase, so do their taxes.
Expenses increase as wages increase. Hence the phrase “the rat race.” They treat their home as their primary asset instead of investing
in income-generating assets.
The rich get richer because they keep acquiring more assets and
investments to generate more income, which far exceeds their expenses.
Reasons why the home is not an asset but a liability:
1. People work almost all their
lives to pay off a home (30-year loans)
2. Maintenance and utilities
expenses.
3. Property tax
4. House values can depreciate.
5. Instead of investing in
income-earning assets, your money goes out to payments for the house.
Your losses:
1. Time that could have been used to
grow value in other assets.
2. Capital which could have been invested
rather than paying home-related expenses
3. Education that makes you a Sophisticated
investor
If you want to buy a house, first generate the cash flow by
acquiring assets, which bring income to pay for it.
Examples of real assets are:
• Apartments for rent
• Real estate
• Businesses that do not require
your physical presence. You hire managers.
Average time of holding on to an
asset before selling it for a higher value:
1 year
• Stocks (Startups and small
companies are good investments)
• Bonds
• Mutual funds
7 years
• Real
estate
• Notes
(IOUs)
• Royalties
on intellectual property
• Valuables
that produce income or appreciate
In summary,
the key steps to getting out of the rat race are the ff:
1. Understand the difference
between an asset and a liability.
2. Concentrate your efforts on
buying income-earning assets.
3. Focus on keeping liabilities
and expenses at a minimum.
4. Mind your own business.
The Big Idea
FINANCIAL LITERACY = FINANCIAL
INDEPENDENCE
A true tale of two dads— one a
highly educated professor, the other, an eighth grade dropout. Educated dad
left his family with nothing, except maybe some unpaid bills. The dropout later
became one of Hawaii’s richest men and left his son an empire. One dad would
say, “I can’t afford it” while the
other, asked, “How can I afford it?”
Rich dad teaches two boys priceless lessons
on money, by making them learn through experience. The most important lesson of
all is How to Use Your Mind and Time to create personal wealth. Free yourself
from the proverbial “rat race”. Learn to spot opportunities, create
solutions and “mind your
own business”. Learn to
make money work for you, and not be its slave.
There
is a Need.
The rationale for teaching people financial
literacy comes from the fact there is no real job security these days. Even
after years of toil, the poor and middle class may find they do not have sufficient
funds for their children’s college
education, or their own retirement. Why work for a corporation, the government,
and the bank all your life? Awaken your financial genius and gain financial
independence and freedom!
Lesson 1: The Rich Don’t
Work For Money
At age 9, Robert Kiyosaki and his best friend Mike asked Mike’s father
(Rich Dad) to teach them how to make money. After 3 weeks of dusting cans in
one of Rich Dad’s convenience stores at 10 cents a week, Kiyosaki was
ready to quit. Rich Dad pointed out this is exactly what his employees sounded
like. Some people quit a job because it doesn’t pay well. Others see it as an
opportunity to learn something new.
WORK TO LEARN
Next Rich Dad put the two boys to work, this time for nothing.
Doing this forced them to think up a source of income, a business scheme. The
opportunity came to them upon noticing discarded comic books in the store. The
first business plan was hatched. The boys opened a comic book library and
employed Mike’s sister at 1$ a week to mind it. Soon they were
earning $9.50 a week without having to physically run the library, while kids
read as much comics as they could in two hours after school for only a few
cents.
Lesson 2: Why Teach Financial Literacy?
They don’t teach this at school.
The growing gap between rich and poor is rooted in the antiquated
educational system. The system trains people to be good employees, and not
employers. The obsolete school system also fails to provide young people with
basic financial skills rich people use to grow their wealth. Know your options
and use this knowledge to build a formidable asset column.
In an age of instant millionaires it really isn’t about how
much money you make, it’s about how much you keep, and how many generations
you can keep it
The poor have day-to-day expenses, the middle class purchase
liabilities that they think are assets (i.e., a home or a car), and the rich
build a solid base of income-generating assets.
The middle class finds itself in a constant state of financial
struggle. Their primary income is wages, as wages increase, so do their taxes.
Expenses increase as wages increase. Hence the phrase “the rat race.” They treat their home as their primary asset instead of investing
in income-generating assets.
The rich get richer because they keep acquiring more assets and
investments to generate more income, which far exceeds their expenses.
Reasons why the home is not an asset but a liability:
1. People work almost all their
lives to pay off a home (30-year loans)
2. Maintenance and utilities
expenses.
3. Property tax
4. House values can depreciate.
5. Instead of investing in
income-earning assets, your money goes out to payments for the house.
Your losses:
1. Time that could have been used to
grow value in other assets.
2. Capital which could have been invested
rather than paying home-related expenses
3. Education that makes you a Sophisticated
investor
If you want to buy a house, first generate the cash flow by
acquiring assets, which bring income to pay for it.
Examples of real assets are:
• Apartments for rent
• Real estate
• Businesses that do not require
your physical presence. You hire managers.
Average time of holding on to an
asset before selling it for a higher value:
1 year
• Stocks (Startups and small
companies are good investments)
• Bonds
• Mutual funds
7 years
• Real
estate
• Notes
(IOUs)
• Royalties
on intellectual property
• Valuables
that produce income or appreciate
In summary,
the key steps to getting out of the rat race are the ff:
1. Understand the difference
between an asset and a liability.
2. Concentrate your efforts on
buying income-earning assets.
3. Focus on keeping liabilities
and expenses at a minimum.
4. Mind your own business.
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