- Rich Dad Poor Dad Pdf عربي
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- Rich Dad Poor Dad مترجم عربي Pdf
Shop for the title Rich Dad Poor Dad, 20th Anniversary Edition - What The Rich Teach Their Kids About Money That The Poor and Middle Class Do Not! By Robert Kiyosaki - 194 - PGP194 at Jarir Bookstore, and other Self Development books f. Rich Dad Poor Dad by Robert Kiyosaki summarises the lessons learned from two different perspectives, that of a poor man, and that of a rich man. Drawing on his own experiences, Kiyosaki discusses how to create financial independence through investing, property ownership and building businesses.
Recently I have finished reading the book Rich Dad Poor Dad by Robert T. Kiyosaki. For someone who has never ventured into the personal finance and investment world, it is certainly an eye-opener. I learned a lot of new ways of thinking regarding money, but also kept critically thinking about the deeper issues beyond the sugar-coated words in the book. So here is my critique on the somewhat short book:
Assets vs Liabilities
What the book said
Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.
This is probably one of the biggest ideas in the book. I must admit that this concept changed how I see the world in a drastically different way. But first, I must define what is an asset and what is a liability. According to Robert:
An asset puts money in my pocket. A liability takes money out of my pocket.
So the idea is that rich people would buy assets, which in turn generates (passive) income for them. Whereas the poor and middle class would buy liabilities, which in turn takes more money out of their pocket.
One interesting thing to note here. The author phrased this as a behavior of the people who are currently rich or poor. However, he also implied, through many examples in the book, that this is the reason why some people become rich in the first place while the others don't.
My take on 'Assets vs Liabilities'
My take on this is that it opens up a different perspective on personal finance for me. For very long I have believed in pure meritocracy – Work for reward. Reward for work (thanks to the Singapore education system). I view money as primarily income, expense and savings, and never really considered the idea of an asset. The idea of using the money to generate more money was directly against what I see as a fair and meritocratic society.
This view has been shaken quite a bit by the time I finished the book. I still despise the nature of capitalism in the sense that it creates income inequality, but I do see why it is justifiable to a certain extent. The justification has to do with the concept of taxation and business, which I will touch on more below. Suffice to say, I recognize that investing in assets is a sensible thing to do with my income.
But there is a catch. The author seems to equate all forms of investments to assets and encourage people to buy stocks, bonds, real estate. However, by looking at the definition provided by the author himself and applying some common sense, this can be easily shown to be false. Price of stocks and bonds goes up and down, so do the real estate. There is no guarantee that these forms of investments would be assets. In fact, if you buy a stock that is losing value, it becomes a liability, much like – to borrow the author's words – 'electronic doodads'. On the flip side, if you just put your money in a savings account, you will get some kind of interest, no matter how little. And that, according to the author, is considered an asset.
So the concept of buying assets is good. The billion dollar question, when it comes to investing is how do you tell which is an asset and which is a liability.
Taxation and Business
What the book said
The book offered some interesting angles on the idea of tax and business (corporation). These are actually two separate topics, but I put them together because they are kind of related.
The idea is that taxation ultimately benefits the rich. When I first read this idea, I didn't believe it. After all, the high-income group is taxed the highest percentage in general.
However, the author's claim is that the rich have ways to avoid the tax, such as keeping the assets in investments and spending money via their business. People who don't have investments or business would end up paying tax on 100% of their income and then spend the money, while the rich don't pay tax on their investments until they liquidate them and spend the money via their business, using pre-taxed money. Hence, although the rich are taxed the most, the majority of their wealth is not subjected to tax, because they are either not in the form of income, or wrapped in a corporation and spent before the taxation.
My take on 'Taxation and Business'
I do believe whole tax and business tactics are real. At least in Singapore, I can see how people are investing and expensing through their business. The question is: Are they ethical? And does it matter? The tax laws and business laws are there. As individuals, we can only follow them in most cases. Even if we did try to change it, would the rich be able to find alternative ways to preserve their wealth?
This got me thinking: Ultimately, who is suffering from these laws? The rich who try to use them to their advantage, or the poor who simply follow the pre-defined path as a normal worker or employee? If we can't change how the world and other people work, what is the best course of action for an individual like me? We can turn to game theory for some answers.
Applying Game Theory to Getting Rich
Assuming the following:
- We cannot influence others' behaviors
- There are people out there maximizing their own interests (the rich, the adversary opponents)
- There are finite resources and values that can be created and consumed
The logical consequence of such as a setup is close to a zero-sum game without coordination between the player. So the best course of action is just to maximize your own gains assuming the most adversary opponents (who are also maximizing their own gains). However, this theoretical plan on its own is flawed. What if everyone stops working and creating physical values and turn into investors or business owners (the most adversary opponents)?
- If we still act like the others, then collectively we create no value at all, and everyone dies (of hunger)
- If we change our strategy and be the value producer (farmer, or worker for example), and a small number of people follow us, then everyone else wins
From this experiment, we see that there is a hidden assumption about the real world that allows the rich to behave as they are: There will always be enough people who are the creators of physical values (farmers, workers), and not the most adversary opponents in terms of collecting capitals. Only then, this course of action would make sense. In other words, the poor enable the rich to become richer. A cruel way of looking at things, but hey, that's capitalism in its purest form.
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The Book in Three Sentences
- Rich Dad Poor Dad is about Robert Kiyosaki and his two dads—his real father (poor dad) and the father of his best friend (rich dad)—and the ways in which both men shaped his thoughts about money and investing.
- You don't need to earn a high income to be rich.
- Rich people make money work for them.
The Five Big Ideas
- The poor and the middle-class work for money. The rich have money work for them.
- It's not how much money you make that matters. It's how much money you keep.
- Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.
- Financial aptitude is what you do with money once you make it, how you keep people from taking it from you, how to keep it longer, and how you make money work hard for you.
- The single most powerful asset we all have is our mind.
Rich Dad Poor Dad Lessons
- Lesson 1: The Rich Don't Work for Money
- Lesson 2: Why Teach Financial Literacy?
- Lesson 3: Mind Your Own Business
- Lesson 4: The History of Taxes and The Power of Corporations
- Lesson 5: The Rich Invent Money
- Lesson 6: Work to Learn—Don't Work for Money
Rich Dad Poor Dad Summary
'There is a difference between being poor and being broke. Broke is temporary. Poor is eternal.'
'Money comes and goes, but if you have the education about how money works, you gain power over it and can begin building wealth.'
'People's lives are forever controlled by two emotions: fear and greed.'
'So many people say, ‘Oh, I'm not interested in money.' Yet they'll work at a job for eight hours a day.'
'Thinking that a job makes you secure is lying to yourself.'
'Intelligence solves problems and produces money.'
'You must know the difference between an asset and a liability, and buy assets.'
An asset puts money in your pocket. A liability takes money out of your pocket.
'Illiteracy, both in words and numbers, is the foundation of financial struggle.'
'Money often makes obvious our tragic human flaws, putting a spotlight on what we don't know.'
'Cash flow tells the story of how a person handles money.'
'Most people don't understand why they struggle financially because they don't understand cash flow.'
'The number-one expense for most people is taxes.'
Higher incomes cause higher taxes. This is known as 'bracket creep.'
'More money seldom solves someone's money problems.'
'The fear of being different prevents most people from seeking new ways to solve their problems.'
'A person can be highly educated, professionally successful, and financially illiterate.'
'Many financial problems are caused by trying to keep up with the Joneses.'
Once you understand the difference between assets and liabilities, concentrate your efforts on buying income-generating assets.
'The problem with simply working harder is that each of these three levels takes a greater share of your increased efforts. You need to learn how to have your increased efforts benefit you and your family directly.'
'Wealth is a person's ability to survive so many number of days forward—or, if I stopped working today, how long could I survive?'
'The rich buy assets. The poor only have expenses. The middle class buy liabilities they think are assets.'
'The rich focus on their asset columns while everyone else focuses on their income statements.'
'Financial struggle is often directly the result of people working all their lives for someone else.'
'The mistake in becoming what you study is that too many people forget to mind their own business. They spend their lives minding someone else's business and making that person rich.'
'To become financially secure, a person needs to mind their own business.'
'Financial struggle is often the result of people working all their lives for someone else.'
'The primary reason the majority of the poor and middle class are fiscally conservative—which means, ‘I can't afford to take risks'—is that they have no financial foundation.'
Rich Dad Poor Dad Pdf عربي
'One of the main reasons net worth is not accurate is simply because, the moment you begin selling your assets, you are taxed for any gains.'
'A new car loses nearly 25 percent of the price you pay for it the moment you drive it off the lot.'
'Keep expenses low, reduce liabilities, and diligently build a base of solid assets.'
Kiyosaki says he owns business that do not require his presence. 'If I have to work there, it's not a business. It becomes my job.'
According to Kiyosaki, real assets fall into the following categories:
- Stocks
- Bonds
- Income-generating real estate
- Notes (IOUs)
- Royalties from intellectual property such as music, scripts, and patents
- Anything else that has value, produces income or appreciates, and has a ready market
'For people who hate real estate, they shouldn't buy it.'
Kiyosaki generally holds real estate for less than seven years.
Start minding your own business. Keep your daytime job, but start buying real assets, not liabilities.
When Kiyosaki says mind your own business, he means building and keeping your asset column strong. Once a dollar goes into it, never let it come out.
'The best thing about money is that it works 24 hours a day and can work for generations.'
'An important distinction is that rich people buy luxuries last, while the poor and middle class tend to buy luxuries first.'
'A true luxury is a reward for investing in and developing a real asset.'
Kiyosaki's rich dad did not see Robin Hood as a hero. He called Robin Hood a crook.
'If you work for money, you give the power to your employer. If money works for you, you keep the power and control it.'
'Each dollar in my asset column was a great employee, working hard to make more employees and buy the boss a new Porsche.'
Kiyosaki reminds people that financial IQ is made up of knowledge from four broad areas of expertise:
- Accounting
- Investing
- Understanding markets
- The law
'A corporation earns, spends everything it can, and is taxed on anything that is left. It's one of the biggest legal tax loopholes that the rich use.'
'Garret Sutton's books on corporations provide wonderful insight into the power of personal corporations.'
'Often in the real world, it's not the smart who get ahead, but the bold.'
Kiyosaki sees one thing in common in all of us, himself included. We all have tremendous potential, and we all are blessed with gifts. Yet the one thing that holds all of us back is some degree of self-doubt.
In Kiyosaki's personal experience, your financial genius requires both technical knowledges as well as courage.
Kiyosaki always encourages adult students to look at games as reflecting back to them what they know and what they need to learn.
'Games reflect behavior. They are instant feedback systems.'
'Financial intelligence is simply having more options.'
'The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth.'
'The world is always handing you opportunities of a lifetime, every day of your life, but all too often we fail to see them.'
Richard uses two main vehicles to achieve financial growth: real estate and small-cap stocks.
'Simple math and common sense are all you need to do well financially.'
'The problem with ‘secure' investments is that they are often sanitized, that is, made so safe that the gains are less.'
'It is not gambling if you know what you're doing. It is gambling if you're just throwing money into a deal and praying.'
'Most people never get wealthy simply because they are not trained financially to recognize opportunities right in front of them.'
'Great opportunities are not seen with your eyes. They are seen with your mind.'
'You want to know a little about a lot' was rich dad's suggestion.
'Job is an acronym for ‘Just Over Broke.''
'Look down the road at what skills they want to acquire before choosing a specific profession and before getting trapped in the Rat Race.'
'Education is more valuable than money, in the long run.'
'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.'
The main management skills needed for success are:
- Management of cash flow
- Management of systems
- Management of people
'The most important specialized skills are sales and marketing.'
'To be truly rich, we need to be able to give as well as to receive.'
'Giving money is the secret to most great wealthy families.'
'The primary difference between a rich person and a poor person is how they manage fear.'
There are five main reasons why financially literate people may still not develop abundant asset columns that could produce a large cash flow. The five reasons are:
- Fear
- Cynicism
- Laziness
- Bad habits
- Arrogance
'For most people, the reason they don't win financially is because the pain of losing money is far greater than the joy of being rich.'
'Failure inspires winners. Failure defeats losers.'
'Real estate is a powerful investment tool for anyone seeking financial independence or freedom.'
'A great property manager is key to success in real estate.'
The most common form of laziness is staying busy.
'Rich dad believed that the words ‘I can't afford it' shut down your brain. ‘How can I afford it?' opens up possibilities, excitement, and dreams.'
'Whenever you find yourself avoiding something you know you should be doing, then the only thing to ask yourself is, ‘What's in it for me?' Be a little greedy. It's the best cure for laziness.'
Richard has found that many people use arrogance to try to hide their own ignorance.
'There is gold everywhere. Most people are not trained to see it.'
'To find million-dollar ‘deals of a lifetime' requires us to call on our financial genius.'
'Most people don't understand why they struggle financially because they don't understand cash flow.'
'The number-one expense for most people is taxes.'
Higher incomes cause higher taxes. This is known as 'bracket creep.'
'More money seldom solves someone's money problems.'
'The fear of being different prevents most people from seeking new ways to solve their problems.'
'A person can be highly educated, professionally successful, and financially illiterate.'
'Many financial problems are caused by trying to keep up with the Joneses.'
Once you understand the difference between assets and liabilities, concentrate your efforts on buying income-generating assets.
'The problem with simply working harder is that each of these three levels takes a greater share of your increased efforts. You need to learn how to have your increased efforts benefit you and your family directly.'
'Wealth is a person's ability to survive so many number of days forward—or, if I stopped working today, how long could I survive?'
'The rich buy assets. The poor only have expenses. The middle class buy liabilities they think are assets.'
'The rich focus on their asset columns while everyone else focuses on their income statements.'
'Financial struggle is often directly the result of people working all their lives for someone else.'
'The mistake in becoming what you study is that too many people forget to mind their own business. They spend their lives minding someone else's business and making that person rich.'
'To become financially secure, a person needs to mind their own business.'
'Financial struggle is often the result of people working all their lives for someone else.'
'The primary reason the majority of the poor and middle class are fiscally conservative—which means, ‘I can't afford to take risks'—is that they have no financial foundation.'
Rich Dad Poor Dad Pdf عربي
'One of the main reasons net worth is not accurate is simply because, the moment you begin selling your assets, you are taxed for any gains.'
'A new car loses nearly 25 percent of the price you pay for it the moment you drive it off the lot.'
'Keep expenses low, reduce liabilities, and diligently build a base of solid assets.'
Kiyosaki says he owns business that do not require his presence. 'If I have to work there, it's not a business. It becomes my job.'
According to Kiyosaki, real assets fall into the following categories:
- Stocks
- Bonds
- Income-generating real estate
- Notes (IOUs)
- Royalties from intellectual property such as music, scripts, and patents
- Anything else that has value, produces income or appreciates, and has a ready market
'For people who hate real estate, they shouldn't buy it.'
Kiyosaki generally holds real estate for less than seven years.
Start minding your own business. Keep your daytime job, but start buying real assets, not liabilities.
When Kiyosaki says mind your own business, he means building and keeping your asset column strong. Once a dollar goes into it, never let it come out.
'The best thing about money is that it works 24 hours a day and can work for generations.'
'An important distinction is that rich people buy luxuries last, while the poor and middle class tend to buy luxuries first.'
'A true luxury is a reward for investing in and developing a real asset.'
Kiyosaki's rich dad did not see Robin Hood as a hero. He called Robin Hood a crook.
'If you work for money, you give the power to your employer. If money works for you, you keep the power and control it.'
'Each dollar in my asset column was a great employee, working hard to make more employees and buy the boss a new Porsche.'
Kiyosaki reminds people that financial IQ is made up of knowledge from four broad areas of expertise:
- Accounting
- Investing
- Understanding markets
- The law
'A corporation earns, spends everything it can, and is taxed on anything that is left. It's one of the biggest legal tax loopholes that the rich use.'
'Garret Sutton's books on corporations provide wonderful insight into the power of personal corporations.'
'Often in the real world, it's not the smart who get ahead, but the bold.'
Kiyosaki sees one thing in common in all of us, himself included. We all have tremendous potential, and we all are blessed with gifts. Yet the one thing that holds all of us back is some degree of self-doubt.
In Kiyosaki's personal experience, your financial genius requires both technical knowledges as well as courage.
Kiyosaki always encourages adult students to look at games as reflecting back to them what they know and what they need to learn.
'Games reflect behavior. They are instant feedback systems.'
'Financial intelligence is simply having more options.'
'The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth.'
'The world is always handing you opportunities of a lifetime, every day of your life, but all too often we fail to see them.'
Richard uses two main vehicles to achieve financial growth: real estate and small-cap stocks.
'Simple math and common sense are all you need to do well financially.'
'The problem with ‘secure' investments is that they are often sanitized, that is, made so safe that the gains are less.'
'It is not gambling if you know what you're doing. It is gambling if you're just throwing money into a deal and praying.'
'Most people never get wealthy simply because they are not trained financially to recognize opportunities right in front of them.'
'Great opportunities are not seen with your eyes. They are seen with your mind.'
'You want to know a little about a lot' was rich dad's suggestion.
'Job is an acronym for ‘Just Over Broke.''
'Look down the road at what skills they want to acquire before choosing a specific profession and before getting trapped in the Rat Race.'
'Education is more valuable than money, in the long run.'
'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.'
The main management skills needed for success are:
- Management of cash flow
- Management of systems
- Management of people
'The most important specialized skills are sales and marketing.'
'To be truly rich, we need to be able to give as well as to receive.'
'Giving money is the secret to most great wealthy families.'
'The primary difference between a rich person and a poor person is how they manage fear.'
There are five main reasons why financially literate people may still not develop abundant asset columns that could produce a large cash flow. The five reasons are:
- Fear
- Cynicism
- Laziness
- Bad habits
- Arrogance
'For most people, the reason they don't win financially is because the pain of losing money is far greater than the joy of being rich.'
'Failure inspires winners. Failure defeats losers.'
'Real estate is a powerful investment tool for anyone seeking financial independence or freedom.'
'A great property manager is key to success in real estate.'
The most common form of laziness is staying busy.
'Rich dad believed that the words ‘I can't afford it' shut down your brain. ‘How can I afford it?' opens up possibilities, excitement, and dreams.'
'Whenever you find yourself avoiding something you know you should be doing, then the only thing to ask yourself is, ‘What's in it for me?' Be a little greedy. It's the best cure for laziness.'
Richard has found that many people use arrogance to try to hide their own ignorance.
'There is gold everywhere. Most people are not trained to see it.'
'To find million-dollar ‘deals of a lifetime' requires us to call on our financial genius.'
A reason or a purpose is a combination of ‘wants' and ‘don't wants.''
'Most people simply buy investments rather than first investing in learning about investing.'
Richard believes one of the hardest things about wealth-building is to be true to yourself and to be willing to not go along with the crowd.
'The rich know that savings are only used to create more money, not to pay bills.'
Rich Dad Poor Dad نسخة عربية
'The sophisticated investor's first question is: ‘How fast do I get my money back?''
If Richard could leave one single idea with you, it is that idea. Whenever you feel short or in need of something, give what you want first and it will come back in buckets.
In the world of accounting, there are three different types of income:
- Ordinary earned
- Portfolio
- Passive
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