Rich Dad Poor Dad Lesson 5 & 6

Lesson Five: The Rich Invent Money

  1. Your financial genius requires both technical knowledge as well as courage.
  2. Rich people are often creative and take calculated risks.

 

Lesson Six:Work to Learn – Don’t Work for Money

  1. The sad truth is, great talent is not enough.
  2. They are one skill away from great wealth.” What this phrase means is that most people need only to learn and master one more skill and their income would jump exponentially. I have mentioned before that financial intelligence is a synergy of accounting, investing, marketing and law. Combine those four technical skills and making money with money is easier. When it comes to money, the only skill most people know is to work hard.
  3. “You want to ‘ know a little about a lot”
  4. Job security meant everything to my educated dad. Learning meant everything to my rich dad.
  5. Rich dad explained to me that the hardest part of running a company is managing people.
  6. “Job is an acronym for ‘Just Over Broke.'”
  7. “Workers work hard enough to not be fired, and owners pay just enough so that workers won’t quit.”
  8. I recommend to young people to seek work for what they will learn, more than what they will earn.
  9. He has just been fired, and he is asking the entire company “Who wants to come with me?”
  10. Fear of failure and rejection, which are the main reasons people /j are unsuccessful.
  11. Life is much like going to the gym. The most painful part is deciding to go.
  12. The answer is obvious: McDonald’s is excellent at business systems. The reason so many talented people are poor is because they focus on building a better hamburger and know little to nothing about business systems.
  13. The world is filled with talented poor people. All too often, they’re • poor or struggle financially or earn less than they are capable of, not f because of what they know but because of what they do not know. They focus on perfecting their skills at building a better hamburger rather than the skills of selling and delivering the hamburger. Maybe McDonald’s does not make the best hamburger, but they are the best at f selling and delivering a basic average burger.
  14. Many corporations do the same thing. They find a young bright student out of business school and begin “grooming” that person to someday take over the company. So these bright young employees do not specialize in one department; they are moved from department to department to learn all the aspects of business systems.
  15. Why not seek to “learn” more than “earn.” In the short term, it may earn you less. In the long term, it will pay off in large dividends. The main management skills needed for success are:   1. The management of cash flow 2. The management of systems (including yourself and time with family). 3. The management of people.
  16. The most important specialized skills are sales and understanding marketing.
  17. To know a little about a lot.
  18. The better you are at communicating, negotiating and handling your fear of rejection, the easier life is.

 

 

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