Habits from ‘Rich Dad Poor Dad’ that will change your life

0 0 votes
Article Rating

If you’ve ever read the book Rich Dad Poor Dad, you’ll know that it makes some very bold claims about the habits of those who become rich and those who become poor. While it is obviously true that these are sweeping generalizations and not all people fit into the categories mentioned in the book, there are some important habits shared by wealthy people that can be applied to your own life. Here are four key habits from Rich Dad Poor Dad that will change your life if you embrace them as your own.

1) Spend less than you earn

One of the most important lessons from Rich Dad Poor Dad is to spend less than you earn. This simple concept can be difficult to implement, but it’s crucial if you want to build wealth. Here are a few tips for how to start living this habit:

– Keep track of all income and expenses in an app like Mint or Quicken

– Write down every purchase before making it so you know how much money you have left for the month

– Increase your savings rate by 1% every time you get a raise or windfall. The goal should be 50% within 10 years.

– Pay off credit card debt as quickly as possible to avoid accumulating interest charges. Once paid off, pay off any high-interest loans next (like student loans). Then focus on retirement accounts and investments such as stocks and bonds.

2) Save, invest and use the leverage

1. The first habit is to save money. You should have a savings account that you contribute to regularly. This will help you in two ways: it will give you a cushion to fall back on in case of an emergency, and it will also allow you to start investing sooner.

2. The second habit is to invest your money wisely. This means looking for opportunities to grow your money, such as through stocks, real estate, or mutual funds.

3. The third habit is to use leverage. Leverage is the act of using other people’s money to make more money. Leverage can be a great way to boost your income without putting up any more capital yourself. For example, by using someone else’s cash as a down payment, you can purchase investment properties and increase your returns exponentially with each property purchase.

4. Finally, pay yourself first.

3) Think differently about risk and reward

In Rich Dad Poor Dad, Robert Kiyosaki breaks down the fundamental differences between the way the rich and the poor think about money. The rich, he says, see money as a tool to be used to make more money, while the poor see it as something to be exchanged for goods and services. When it comes to risk and reward, Kiyosaki tells readers to never take a job where you work for somebody else, because you’ll never get paid what you’re worth. He argues that you can’t out-earn your thinking.

4) Give up the excuses

In Rich Dad Poor Dad, Robert Kiyosaki says that if you want to be rich, you have to give up the excuses. Here are four key habits that will help you do just that

1) You can’t always win: Rather than taking a big risk and potentially losing everything, take smaller risks and make incremental progress.

2) You don’t need money to make money: It’s not how much money you start with that matters; it’s what you’re able to accomplish with what you’ve got.

3) You must keep investing in yourself: The best way to ensure financial security is to educate yourself and learn new skills regularly. And

4) Get out of debt as soon as possible: The more interest you pay on credit cards or student loans, the less likely you’ll ever get ahead financially. Put an end to compounding interest by attacking your debts head-on! Consider paying off high-interest rates first, because the longer you wait, the more interest charges will accrue. Get on top of any necessary monthly payments ASAP – like your rent/mortgage – because they carry low-interest rates and usually cannot be discharged through bankruptcy. Make sure you have a plan for handling emergencies by creating a budget for unexpected expenses such as car repairs or health care bills.

Discover more from Bhaway Bhalla

Subscribe to get the latest posts to your email.


Where the wild things roam, there my stories are born. Blogger. Explorer. Forever curious.

Articles: 295
0 0 votes
Article Rating
Notify of
Most Voted
Newest Oldest
Inline Feedbacks
View all comments
1 year ago

After exploring a few of the articles on your website, I seriously like your way of blogging.

I saved it to my bookmark site list and will be checking back in the near future.
Take a look at my website as well and tell me your opinion.

zoritoler imol
1 year ago

What i don’t understood is in fact how you’re not really a lot more well-appreciated than you may be now. You’re very intelligent. You recognize therefore considerably in terms of this subject, produced me personally imagine it from numerous various angles. Its like men and women are not fascinated unless it?¦s one thing to do with Lady gaga! Your individual stuffs nice. Always care for it up!

How to Write a Business Plan for a Pipes Made Of Rubber Business

I have been surfing online greater than three hours nowadays, yet I by no means found any attention-grabbing article like yours. It is pretty worth sufficient for me. In my opinion, if all website owners and bloggers made just right content material as you did, the net will be a lot more helpful than ever before.

A Guide to Cultivating and Harvesting Narrow Leaved Lupin

Wohh exactly what I was looking for, thankyou for posting.

The Best Places to Live in Changyi (China)

I really happy to find this website on bing, just what I was searching for : D also saved to my bookmarks.

Learning and Understanding about Activated protein C resistance Disease (Volume 1)

hello there and thank you for your information – I’ve certainly picked up anything new from right here. I did however expertise some technical issues using this site, since I experienced to reload the website a lot of times previous to I could get it to load properly. I had been wondering if your web host is OK? Not that I’m complaining, but slow loading instances times will sometimes affect your placement in google and could damage your high-quality score if ads and marketing with Adwords. Well I’m adding this RSS to my email and could look out for much more of your respective intriguing content. Ensure that you update this again soon..

Top Places to renew Wedding Vows in Liverpool (United Kingdom)

A person essentially assist to make significantly posts I might state. This is the first time I frequented your web page and up to now? I surprised with the analysis you made to create this particular put up amazing. Fantastic job!

The Best Places to Study in Kingstown (Saint Vincent and the Grenadines)

I’m still learning from you, as I’m improving myself. I certainly love reading all that is written on your site.Keep the stories coming. I liked it!

How to Play the Western concert flutes (Beginners Guide to Musical Instruments)

Thank you a bunch for sharing this with all people you really know what you are speaking approximately! Bookmarked. Kindly also visit my site =). We could have a hyperlink exchange arrangement between us!

Handbook Guide to a BMW - 3-SERIES (six cylinder) (Classic Handbook Car Guide)

Keep working ,impressive job!

send nft to another wallet metamask

Nice blog here! Also your website rather a lot up fast! What host are you the use of? Can I am getting your affiliate hyperlink for your host? I wish my web site loaded up as fast as yours lol

1 year ago

I really like your writing style, good info , appreciate it for putting up : D.

tlover tonet
5 months ago

Just wish to say your article is as astounding. The clearness in your post is simply excellent and i can assume you are an expert on this subject. Fine with your permission let me to grab your feed to keep updated with forthcoming post. Thanks a million and please keep up the enjoyable work.

dig this
5 months ago

You actually make it seem so easy with your presentation but I find this topic to be really something which I think I would never understand. It seems too complicated and extremely broad for me. I am looking forward for your next post, I will try to get the hang of it!

The Hidden Pages
4 months ago

Hello, Neat post. There is a problem along with your web site in internet explorer, could test this?K IE nonetheless is the marketplace chief and a large component to people will omit your fantastic writing because of this problem.

Would love your thoughts, please comment.x

Discover more from Bhaway Bhalla

Subscribe now to keep reading and get access to the full archive.

Continue reading