Summary
Poor Dad | Rich Dad |
Employee | Entrepreneur |
get a job | if you are paid, you think like an employee
never work for money
play monopoly in real life |
stay out of debt | use Debt |
communist | capitalist |
Major Takeaways
- Schools train students to be “workers” - if you don’t get good grades you won’t be able to get a job
- Author played monopoly with his Rich dad which gave him understanding about how finance ecosystem works
- govt bails out the rich, they let poor and middle class down
- author says professors are poor people with a degree
- BRICS - split b/w East and West
- Marxists - they believe in taxation vs capitalists (who don’t pay taxes)
- Its Russia China vs America Europe
- America is sliding into depression
- Author doesn’t work for money, he works for gold and silver
- use debt to buy real-estate - pay no taxes
- save in gold and silver
- Japanese have highest per capita saving in the world
- don’t pass only money to next generation pass knowledge
- bankers don’t ask what your grade was; they want to see you financial statement - that is your report card
- you should be willing to fail (schools teach how not to fail)
- choose your teachers
- Robert allen teached him how to buy real-estate out of nothing
- I think he meant EMI should pay itself (via rental yield or something else)
- China is in a bad financial state right now
Cash Flow Quadrant
Books referred
- Rich Dad Poor Dad
- Midas Touch
- Cashflow Quadrant
- Communist Manifesto
- Who stole my pension
- Capitalist Manifesto
People mentioned
- Jim Rogers
- George Soros
- Joe Biden
- Donald Trump
Others
- Cashflow Board Game
- Monopoly
Note:
Please watch complete video to understand the take aways, else things will be out of context.