Blog - Be5percent

Have you ever read the book, Rich Dad, Poor Dad by Robert Kiyosaki? Or do you know anyone who has read it? If so, you are definitely not alone! In fact, I’d say that this book is one of the most popular finance books in history, and it’s definitely one of the best! In this article, I will show you five ways that this book can help you improve your financial situation. 1) Have Multiple Income Streams I came across this passage in The One Thing by Gary Keller and Jay Papasan which talks about the importance of having more than one income stream. To summarize it for those who have not read the book, this is a book all about simplifying your life to do less but be more effective. This passage is from a chapter on leveraging your time, energy and resources to increase wealth. As they say there: You can't create something out of nothing and some other pertinent truisms are: 1) success takes time; 2) creativity and innovation are important; 3) resourcefulness counts; 4) cash flow solves problems; 5) ingenuity equals efficiency 2) How To Make Money While You Sleep One way is to invest in real estate. Being a landlord means you get paid for doing nothing. This will help us with our long-term financial security because we won't need to work our whole lives. Investing in stocks might also work since they tend to generate passive income. But if we're going to do that, it's important to consider how long the investment is and how likely the return will be successful before we do it. There are lots of ways people make money while they sleep—just look at Mark Zuckerberg as an example! 3) Risk Is The Best Form Of Investment Risk Is The Best Form Of Investment is the heart of the philosophy advocated by author Robert Kiyosaki. In his book Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That The Poor And Middle Class Do Not!, he talks about how the people who grew up in a poor household often can't find employment because they are too comfortable with the status quo and fear risk. His advice for them? Work hard at a low-paying job, save up your money, invest it in something that has huge potential and ride out the bumps until you have enough wealth to sustain yourself and be stable. However, there's more to this book than just saving up cash. 4) Educate Yourself So No One Can Cheat You 1. The rich do not work for money. They know money works for them. 2. Intelligence does not always equal success. Here's what author Robert Kiyosaki had to say about it: Only in school is intelligence measured by grades and standardized test scores because that's all school teaches--subjects and standardized tests. This same idea can be applied to entrepreneurship and success in the real world-smart doesn't always equal success so if you're the type of person who falls into this category of being smart but not successful, take heart in knowing that others are in the same boat as you. 5) Give Rather Than Expect In The Cashflow Quadrant, Robert Kiyosaki writes about a lesson learned from his poor dad: He taught me not to give money to people who simply expect it and are willing to take care of themselves. While many people would say this is an example of the difference between the mindset of rich and poor, in reality, Kiyosaki's poor dad was demonstrating that there are times when it is better to give than to lend. Consider your relationships with friends and family: If someone needs a hundred dollars for something such as rent or groceries, rather than lending them the money yourself, why not put their name into your phone's search engine along with what they need? You may find some charitable organizations who offer help with those exact bills. Top 5 things you should learn from 'Rich Dad, Poor Dad'