Daily Meeting - Personal Finance 18: Rich Dad, Poor Dad Summary

Rich Dad, Poor Dad in 20 Points

1. For most people, their profession is their income. For rich people, their assets are their income.

2. If I want to buy something, I must first generate enough cash flow from my assets to cover these expenses. Buy luxuries last, not first.

• You must become before you act
• If you don’t have any assets, stop buying stuff now
• If what you bought costs you more money than it makes you, it’s a liability (Ex: a house)
• If your customers are paying for it, it’s an asset (if it’s income-producing)
• You can’t serve 2 masters
• Ex: You can’t save for a house and have bad spending habits
• Liabilities are not a bad thing

Liabilities Amazing!

• When you purchase a house and rent it out
• When your renters pay for your credit cards 
• When your dividends pay for your bills
• Someone else’s money pays for your liabilities

Liabilities Sending You to Hell

• When you have a credit card, use it, but don’t have the income for that credit card
• When you bought into “I’ll manage my debt and borrow more than I have,” and not spend it on assets

Liability Slave

• When you think liabilities are bad
• When you’re attempting to get debt free
• Most of the world is in this category
• When you pay for your own liabilities, but you pay for it with just your income but manage your income very well

The Century Of Self YouTube Playlist

https://www.youtube.com/playlist?list=PLwAQag0YYXIRg5wegt41-kAgt7D7q3XQF 

• Whatever you can account for, you can control
• When you account for your money and write it down, you can control it
• Once you understand the money system, you can manipulate it

3. Excess cash flow generated by my assets should be reinvested into other assets.

• Create your own dividends

4. Do not simply aim for more income, aim for more assets.

Homework: View your financial situation

1. You have to be personal in your pursuit in your questions toward Antonio.
2. You’ve got to show up everyday
3. Goal: $100,000 by May 4, 2023
4. Your first benchmark is to generate $5,000/month by September 30,2022 to do a real estate deal.

• To get to $5,000/month, you have to put out $50,000/month in energy through deals, negotiations, etc.

Support this podcast at — https://redcircle.com/the-secret-to-success/exclusive-content

Advertising Inquiries: https://redcircle.com/brands

Privacy & Opt-Out: https://redcircle.com/privacy