Questions and Answers
What happens if I pay myself first?
I get financially stronger, mentally, and fiscally.
What does rich dad believe about the phrase 'I can't afford it'?
What is the primary difference between a rich person and a poor person?
It is how they manage fear.
The five main reasons why financially literate people may not develop abundant asset columns are: 1. ______, 2. ______, 3. ______, 4. ______, 5. ______
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What is the reason most people don't win financially?
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Failure inspires winners.
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What happens during a left-hemisphere moment?
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What should you do to overcome bad habits according to the right-hemisphere moment?
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What keeps too many people out of the game according to the subconscious moment?
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Study Notes
Personal Finance Concepts
- Paying yourself first increases financial strength, mental resilience, and fiscal health.
- Shifting from "I can't afford it" to "How can I afford it?" transforms mindset and opens up possibilities.
Mindset and Fear
- The primary distinction between wealthy individuals and those who are not lies in their approach to fear management.
- Common barriers to building substantial asset columns include:
- Fear
- Cynicism
- Laziness
- Bad habits
- Arrogance
Financial Motivation
- Many people fail to achieve financial success because the fear of losing money outweighs the desire for wealth.
- Different approaches to failure distinguish winners from losers; winners see failure as a source of inspiration.
Analytical vs. Critical Thinking
- Engaging in analytical thinking rather than critical thinking leads to uncovering overlooked opportunities.
- Cynicism breeds criticism; successful individuals adopt a mindset focused on analysis.
Behavioral Changes
- Replacing bad habits with positive ones, such as prioritizing personal financial savings, can lead to better financial outcomes.
- Fear of failure inhibits many people from participating in financial opportunities; embracing failure can instead serve as a motivating force for success.
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Description
Dive into the key concepts from Chapter 7 of 'Rich Dad, Poor Dad' with these flashcards. Learn about financial empowerment, the importance of mindset, and how fear impacts wealth management. Perfect for reinforcing your understanding of the chapter's lessons.
