10 Lessons from "RICH DAD, POOR DAD" that Universities Never Teach.

As a life skills teacher/ trainer I have read a lot of book and I have collected some ideas from some books. I have learned some different idea and gained knowledge, while reading those books that I had never learned from my university course. Today I’m sharing from Rich Dad Poor Dad POOR DAD book.

1. Manage your money:

The book tells us ‘Many people are able to make money, but not everyone learns how to manage it properly. Financial intelligence starts with learning the difference between assets and liabilities. ensure that you have more money coming in than going out, which is what will make you richer. After reading this book I became aware of my negligence of my money. Some time I find Rs 500/ 1000 in my pocket while washing cloth at that time I realized it is lacking of money management skill.

2. Pay Yourself First:

Most people earn and spend their salary paying bills. A rich person always pays himself. Invest in

- Courses

- Books

- Experiences

After reading this I realized I have done good on myself.

3. Saving and investing are different:

Saving is considered a must and a good habit. You need to invest your money instead where it grows at a higher rate than inflation. Saving weaken the purchasing power while investment will increase the value of your money.

4. Learn taxes:

This book tells us, If you are rich and lack financial literacy, you will end up paying a lot of taxes. The rich have their investments often in learning, so they have to pay fewer taxes. You need to have financial IQ in different areas like accounting, investing, market forces, and the law.

5. Do not rely on a single source of income:

Most people rely on a single source of income. As like I’m Teacher I have to depend to fulfill my needs and desire upon my monthly salary from the school, recently we have startup business to ensure another source of income. You can never become rich and financially secure if you are one of those. You should have 2 to 3 streams from where you earn money. You will be in better position even if you face some financial crisis if you multiple income streams.

6. you become smarter by taking risk:

The book suggest us to take risk. Unless you take a risk, you cannot grow, grow as in grow really big. You should take a risk because some opportunities in life have the potential to change the course of your life. But human nature is different, they always seek comfort zone, they think if I leave job…… What to do. If my boss kick out me ……. What to do ? We have to find out opportunities in every situation.

7. Everyone needs to be a financially literate:

Intelligence solves problems and produces money. Money without financial intelligence is money soon gone. The sad part about the education system around the world is that it teaches to work for money. The system never teaches how to make, manage, and keep the money. You should learn how to create wealth and make a plan to achieve financial freedom.

8. Mindset is everything:

Poor dad always used to say” we can’t afford this “whereas rich dad teaches him to replace it with “how you can afford it?”. In This way, replace your negative attitude into positive and you will definitely find ways to do achieve that target. Your attitude and mindset matters the most. The first and foremost thing to do anything is that you must believe in yourself.

9. Surround yourself with people smarter than you:

This Book suggests us to be surround by smart and risk taker people. There is a very popular saying ‘If you are the smartest person in the room, then you are in the wrong room.’ If you want to be smart, surround yourself with people smarter than you.

10. Control emotions:

Emotional Intelligence The situation only gets worse for you when you are not able to control your emotions. The statement holds good for both personal and professional life situations. You should learn to control your emotional balance and be focused on accomplishing your financial goals.

By Krishna Prasad Sharma