10 Questions
What is the main difference between how the rich and the poor make money?
The rich acquire assets to make money for them, while the poor trade their time for money.
What is one of the biggest legal tax loopholes used by the rich to make and keep more of their money?
Corporations
What is financial literacy?
Understanding the difference between assets and liabilities
What is financial IQ?
A synergy of accounting, investing, understanding markets, and the law
What are some obstacles to becoming rich?
Fear, cynicism, and laziness
What is the focus of the rich?
Assets
What tends to make the most financial progress, even if someone is not as smart as others?
Boldness and risk-taking
What are ten steps to awaken your financial genius?
Have a strong reason to pursue financial independence, choose friends carefully, and use assets to buy luxuries
What do the rich do when they see opportunities to invent money?
They take risks and work to learn
What is the book Rich Dad Poor Dad about?
One rich dad and one poor dad who are both mentors to the author
Study Notes
- Rich Dad Poor Dad is a book by Robert Kiyosaki about his two dads, one rich and one poor.
- The rich acquire assets to make money for them, while the poor trade their time for money.
- Financial literacy is essential to become wealthy, understanding the difference between assets and liabilities.
- The rich focus on their assets while everyone else focuses on their income statements.
- Corporations are one of the biggest legal tax loopholes used by the rich to make and keep more of their money.
- The rich see opportunities to invent money and work to learn, not for job security.
- Overcoming fear, cynicism, laziness, bad habits, and arrogance are obstacles to becoming rich.
- Ten steps to awaken your financial genius include having a strong reason to pursue financial independence, choosing friends carefully, and using assets to buy luxuries.
- Financial IQ is a synergy of accounting, investing, understanding markets, and the law.
- Boldness and risk-taking tend to make the most financial progress, even if someone is not as smart as others.
Test your knowledge on the key concepts and principles from the book 'Rich Dad Poor Dad' by Robert Kiyosaki, including financial literacy, assets vs. liabilities, and steps to awaken your financial genius.
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