Who is Robert Kiyosaki?
Robert Kiyosaki is an American businessman, investor, self-help author, motivational speaker and financial commentator.
He’s the founder of the Rich Dad Company.
He has an estimated net worth of $80 million.
Here are Robert Kiyosaki best 10 advice for financial Success.
1. Experience makes you smarter
In all areas of work , experience is the most important thing.
Investing is no different.
Be willing to start investing as the more you invest, the more you will learn.
Invest first for learning, then you will start earning.
Always learn from your past mistakes.
Past mistakes is the best teacher one may have.
In the end it will make you much smarter.
2. The more you give , the more you receive
In life we all know that , if you give , you will receive.
In the money world , those who give the most in life in the service of helping people will always make more money.
Some people expect to make money without giving anything in return.
This is not how life works.
3. Change the way you think
I personally do not agree that you should use debt collectors as a motivation.
We all know how they are.
The lesson you should learn here is that you need to be willing to go and make more money instead of complaining about being broke.
We are our biggest asset as only we can change our situation.
It is all in our thinking.
Change your mind and it will change your life.
Focus on one thing at a time.
One can be an investor in real estate , stock market , commodities etc. Just focus just on one thing at a time.
For example: Just start with real estate and stick with it till you know it well.
Learn everything you know about it until you succeed.
5.Hard times bring new opportunities
Usually during crisis times like the one in the housing crisis of 2007-2008 that investors made the most money.
6.Design the business properly
Here he is trying to explain that in order to succeed in any business, you must first build that business so well that it can run itself without your need to be present.
Many people think that if you want to have good business , you need a great product.
Even with a great product you can fail.
A good example of how a business should be structured is in his BI triangle.
7.Know what you are working hard for
In order to succeed in life , we have to work hard.
The problem here is that the majority of us work hard for our job.
Job is the most taxable income that there is. He explains that there are three types of income:
- Earned income (JOB) taxed at 50%
- Portfolio income (Investing) taxed at 20%
- Passive income (investing) taxed about 0% (which is the one we should all focus on)
Know for which type of income you are working hard for.
8.Don’t be afraid of losses
As many times have we heard , we should never be afraid of failure.
Many people have failed several times before succeeding.
So stop being afraid and just get started.
9.Aim to acquire assets
A business should focus on acquiring assets.
As Robert Kiyosaki puts it , an asset is putting money in your pocket.
Hence the more assets , the higher your cashflow.
10. Stop saving money, hedge it
When saving money , the money will lose its value due to inflation.
As times passes by , the price of products rises.
This means that the dollar looses its value.
Thus as Robert Kiyosaki puts it , invest in oil or gold or silver.
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