RICH DAD POOR DAD- Robert Kiyosaki

Team Members:

Arshad Sheliya 20Dheeraj Ambilvade 33Dipen Dalal 34Gaurav Kumar 40Huzefa Y.M 45

Introduction:

Rich dad Vs Poor dad

financial independence

Lesson 1 – The rich don’t work for money

Don’t work for money i.e. don’t depend on your boss to make you rich

Learn how to make money work for you by cutting your expenses moderately, investing wisely and creating opportunities to earn passive incomes outside of salaries

Seek to be a business owner and/or an investor, rather than an employee

Lesson 1 – The rich don’t work for money

The poor and middle class work for money, The rich have money work for them.

Avoid life’s biggest trap, the trap of “get up, go to work, pay bills, pay taxes, don’t run your lives by fear(of loosing job or getting broke) and greed(of having more and more money)”

The word emotion stands for “Energy in motion”. Be truthful about your emotions, use your mind and your emotions in your favor not against yourself.

Lesson 2 – Master Financial Literacy

Financial intelligence equips you with the what is required to make money that will last for generations, while money without financial intelligence is soon gone

Financial literacy teaches that it does not matter how much money you make, but how much money you keep

It also teaches that Investments can be made at each income level and if you invest today you will guarantee your financial future

Lesson 2 – Master Financial Literacy

Differentiate between an asset and liability, and invest in assets. Assets generate income, while liabilities generate expenses;

“If you want to be rich, you’ve got to read and understand numbers.”

“An intelligent person hires people who are more intelligent than they are.”

Lesson 3 – Mind Your Business

Mind your own business. i.e. while excelling with your qualifications and keeping your day time job, also look for other opportunities elsewhere to accumulate wealth

Do not depend only on a salaried job, or else you will continue to work for your boss, the government and the banks (if you have taken a loan), with little or nothing left to invest in yourself

Some sources of unearned income: Dividends Interest Payments Rent Royalties

Lesson 3 – Mind Your Business

There is a difference between your profession and your business, your profession might be anything(sales, lawyer, chef, auto mechanics…) that’s your education and your interests prepare you for …., but your business is always accumulation of value adding assets…

For eg. Profession of Ray Kroc(founder of McDonalds) was sales….but his buisness focussed on buying real estate assets around McDonalds Outlets

Lesson 4 – Learn to minimize the taxes you pay

There are mainly four areas to expertise financial IQ.1) Accounting2) Investing3) Understanding Markets4) Law

Lesson 4 – Learn to minimize the taxes you pay

Individual v/s Corporation As an individual, your income is taxed, and what

you have left is your disposable income As a corporation, you first make your money, then

you take out your expenses. The profit is what is taxed, hence you pay less tax

Lesson 4 – Learn to minimize the taxes you pay

If we work for money, we give the power up to our employer.

If our money works for us, we control the power.

Lesson 5 – The rich invent money

Use other people’s money to create a financial empire for yourself without necessarily using yours

The earnings from the assets (investments) should be enough to fund your expenses

Lesson 5 – The rich invent money

Seek to attain a point where if you resigned from your job, you could fund your lifestyle using unearned income from your investments

Invest more to upgrade the financial intelligence one has, which indirectly develops the asset of an individual.

Lesson 6 - Work to learn, don’t work for money

Don’t grab a job for what you can earn, pick a job to learn about business systems, about managing people and other skills that would prepare you to run your own business, or manage your own investment

Money can be illusion that clouds good judgment. Fear and greed do not allow people make rational decisions

There is a myth that in order to earn more , you need to specialize (learn more and more about less and less) ,,in any field, accounts, lawyers, science and tech…..In order to be rich you have to do exactly opposite. i.e. know a little about a lot..eg.. If you work in every dept. of a company for a while, you understand the functioning of company in whole.

Lesson 6 - Work to learn, don’t work for money

In addition to being good learners, sellers and marketers we need to be good teachers as well as good students.

In order to be truly rich, we have to be able to give as well as receive.

CONCLUSION

Let the Money work for you.

Upgrade your knowledge of Accounting Taxing and Law.

Learn to earn from Indirect sources without puttin in Time.

Search for new business avenues,new financial ventures.

Work for yourself first….not for banks or government.

Don’t work for Pay cheques..but for understanding business processes as a whole.

THANK YOU…..