The 3 lessons from Robert Kiyosaki’s book RICH Dad Poor Dad

The middle-class mentality is the constant spending on liabilities instead of assets.Rather the rich mentality is to invest in things that pay.

Common mentality is more focused on negativities. Like; it can’t be done, it doesn’t work, nothing works for me, I can’t do it, it’s impossible, I don’t have time, i tried it doesn’t work, only notice the negatives of other people, I am dumb and etc. When it comes to buying, they buy liabilities and stuff they don’t need.No written good plans for their future.On the other hand, rich people always looking for opportunities. It’s the opposite of I can’t to I can by trying many possibilities to make things work.

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1. Take different education:
In Rich Dad Poor Dad book Robert describes that we have to take such education that by using this we can start our own business and work for our dreams, not for others. Rich always work for themselves.

the life cycle of the middle class and rich: Robert called it as Rat race.

2. Work for your dreams, not for others:

According to Robert, we have to invest our time in our self i.e. for developing our own skills and always have to search new ways for investing.

3. Rich invest in an asset, Poor waste in liabilities:

Robert defines the meaning of asset and liability. Assets are things which put money in our pocket and liabilities are things which get money out of our pocket.
For becoming rich we have to acquire assets, not liabilities.

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Cashflow of Poor, Middle class, and Rich:

Please read the following cashflow carefully.

Middle class: 1st spend their money on expenses and liabilities and after that invest the remaining money in the asset. That’s why their asset is less than their asset.

Rich: 1st invest their money into the asset and after this, they spend their remaining money on their expenses and liabilities. they I have very limited liabilities (They buy the car, phone and another luxury after their income become much more than expenses )

How do we spend our money is more important than how much we earn.

For better understanding of cashflow and spending of money must watch following one of my favorite video (From where I took all of above points)

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The similar type of mentality I have seen among CEOs also.As a CEO, whatever your revenue target may be – one million to 1000 billion anything – you should have a concrete action plan with milestones to follow that religiously and make next execution when goals would be achieved.

 

Source: Answer from https://www.quora.com/profile/Prafulla-Dalvi (https://www.quora.com/What-is-the-difference-between-the-mentality-of-the-poor-and-the-rich)

Economics I understood

Prashant Pandya View All →

I am a full-stack engineer whose passion lies in building great products while enabling others to perform their roles more effectively. I have architect and built horizontally scalable back-ends; distributed RESTful API services; and web-based front-ends with modern, highly interactive Ajax UIs.

I deal with:

Techniques
Web applications
Distributed architecture
Parsers, compilers
Mobile First, Responsive design
Test-driven development

Using technologies :

+ASP.NET,C#,VB.NET,C++,MS SQL,ADO.NET,WCF ,MVC,Web API
+Java, JAX-RS, JavaScript, Node.js
+Ajax, JSON, HTML5, CSS3
+Mac OS X, Linux, Windows
+Android,iOS
+PhoneGap

My Qualities ,I believe :

Self-directed and passionate
Meticulous yet pragmatic
Leadership skills, integrity

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