About This Book:
Everyone wants to become rich, everyone wants to earn money and this book is the guide that shows us the way to become rich. People want to invest in a business like the real estate and stocks market but do not know where to start. This book shows you how to do a successful business. This book will tell you how you can retire young and rich? And for this, you have to read this book summary.
Who should read this book? Who will learn from this summary?
● People who want to start a new business
● Small Business Owners
● Individual Investors
● Start-up founders
About author:
Robert Kiyosaki is an author and businessman. Kiyosaki has his own blog through which he helps people to improve their financial well-being. He also runs a radio show where people are given tips and knowledge about earning money. Kiyosaki's company gives people through videos and books through financial education. Robert Kiyosaki is the proud owner of the Rich Dad Poor Dad series, which has changed the lives of millions.
Now We Start Summary
Introduction:
- Do you have a hobby to get rich?
- Are you tired of hearing people talk that to become rich one has to have a profession or a long investment?
- Do you want to earn a lot of money very quickly?
If such questions arise in your mind as well, then this book is for you. This book is a guide that will help you step by step to become rich. Because your mindset is responsive to your cash flow. In this book, you will learn that every human has the potential to become rich. The only difference is your approach.
This book has helped many such people to become rich who did not even have a penny in the beginning. From this book, you will learn that there is power in your mind which can make you rich or poor. People say that investing is risky, but this book provokes this fact and teaches that the first step to becoming rich is investing.
Do you want to take the first step to become rich? If yes, then this book is ready to guide you on every step.
How to become rich and retire young:
Everyone wants to survive financially, but there are very few who are financially free. Every person in this world has a problem of self-punishment, that is, we do not trust ourselves. But we have to use this self-doubt to move forward in life. Set the goals in your life that change your present situation.
Self-doubt and laziness are two things that stop us. So if you want success, then get out of your comfort zone first and fight with your self-doubt. Retiring at a young age does sound slightly impossible but yes it is possible. With the right mindset, you can achieve anything.
If you want to retire at a young age, then stop dreaming and focus on action. You will have many experiences in the field of business and you will get to learn many types of lessons. Before building a business, you have to build your self-confidence. Set your goals, make a plan and start working on them immediately. This is the only way to retire rich at a young age. Our self-confidence starts to be douted on our own and then due to self argument we are not able to grow financially.
Those who need success in life should have a passion. To create a passion that will take you to your destination. To achieve something in life, find a region that is most dear to you and without which your life is incomplete. Let us take an example, which will know how self-doubt affects our growth. A beggar used to live by begging on the road, he was sure that one day his poverty would definitely go away. Although he himself was a payout, he always thought positive.
On the other side, he was a rich man who had inherited the family business. He was afraid of taking bold steps in business because of his self-doubt. Due to his self-doubt, his business was running at a loss. Then a few years later that beggar became rich one day and that rich businessman went from rich to poor due to his self-doubt.
This story tells that by giving the right directions to his self-doubt, he became a poor beggar and the rich businessman lost everything due to his self-doubt.
There is definitely such a time in the life of every human being when we either break down or become very strong. Those moments can either take you forward or push them backwards. What will happen to you, it depends on how much you will let your self-doubt dominate.
In order to retire young and rich, you have to fight with both self-doubt and laziness. You have to understand how important Passion is for success. Those who have passion, they reach the top and die. In which there is no passion, they fail for the first time, they give up and never try again.
Retire As Young As You Can:
The biggest problem of retirement is that after retirement, there is nothing to do. But the mind and body also need some rest. Remember, there is nothing more important than you in this journey, so it is very important to take time for yourself and your loved ones. Appreciate those you love, live every good and bad moment in life. We all have the potential that can make us great, but it is also true that we all make mistakes. You can not change what has passed, but you can change the opinion about it. Learning from your mistakes is the most important step in the path of success.
Retiring young gives you the freedom to fulfil your dreams. All the dreams you want to fulfil now and not in old age. When you retire young, you will have time for yourself. And you will be able to live a full life. Young retirement gives you a chance to live your life again.
Let us understand from an example why family time is important for us. A business tycoon did not get any time for himself and his family. This also affected his mental health and relations with the family also began to deteriorate. Gradually, his family members started getting away from each other, no one had any time in need. Due to the workload, the mental health of that businessman was so affected that his work was also affected.
On the other hand, there was also a small business owner who used to give importance to his life as well as family life. Happiness was the only happiness in his life. The time we take for ourselves in actual, it never goes to waste. This is a quality time that we give to ourselves and our family. This makes our mental health strong as well as our relationship. When your mental health is good, then you will be able to focus more on your work.
Creating a balance between work and family is very important. With this, you get a peaceful environment that keeps your mind healthy.
By taking retirement at a young age, you start a new life where you get a new opportunity every day. It sounds easy to listen to the retiring word but it can be quite chelating for many people. Many people think that after retiring, they will sit completely empty. They will have nothing to do. But it is not so, you will soon get into the environment around you and you will get a new opportunity every day. You will have no shortage of time by taking retirement at a young age. You can do whatever you want until old age comes. If you say in the short, you will get a chance to live a new life.
We all mistaken, but the important thing is that we take some lenses from them. For example, people who repeat Mistake again and again for exams never get ahead. You will not be able to grow as a person. Yes, if you take your mistake like a lesson, then you will continue to be a better version of yourself.
How I Retire Early:
Debt is one way to become financially free and retire young. You can use it to fund cash flow. However, there is a great difference between bad debt and good debt. Although both types of debt are dangerous, how will you use it, it matters more? Good Debt is what you do every month while Bed Debt empties your pocket.
Here we are not talking about Borrower or borrowing. What we mean here is by investing money in debt. People often consider investing as a risky business because Mindset makes them believe it. But to become rich, you have to understand the power of leverage. If you speak leverage in simple words, then take maximum work for less. This story will tell you how the author Rober Kiyosaki retired 12 years before his time.
He was able to do this with the help of his mortgage bankers. Instead of using his own money, he made his retirement plan by funding debt money. This story will tell you that Kiyosaki took a lot of debt for his own funding and became rich quicker than others.
Robert invested all his money in Real Estate and designed his plan in such a way that the money would remain in his retirement plan with capital appreciation growth. He used the money as leverage and also earned a lot of money from the low investment. David and Goliath also have a similar story.
David was a younger man and Goliath was a giant. David defeated Goliath with a slingshot, this slingshot was used by David as leverage. Because David knew the power of leverage and that's why he used it well. Exactly Robert did the same, he invested the money of mortgage bankers in real estate and achieved financial stability. To become rich quickly, you should also know the leverage of different types and also know how to use them.
Taking Debts is also risky. If they are not used in the right way, then they can also ruin you. And you should always take a loan from the better ways like mortgage bankers. We tell you where debt is risky, such as investing in a real estate business using credit cards is very risky. Every month you have to pay bills with huge interest. And in this way, all the money comes out of your pocket. Overall, there is no sense in investing through credit cards.
How Can You Retire Early:
The secret to early retirement is to do more with less. The formula of becoming rich is earning more by less hard work. So we have to work smartly. It is very important to understand the power of leverage in order to get rich as soon as possible and retire at a young age. There is leverage everywhere in our life. Rich people take a lot of leverage from others. And those who have more leverage Dominate others.
In today's modern world the leverage tools of different types are available such as computer, the internet and the latest technology, so you have to learn everything new which is in trend so that you can also use your leverage tools to achieve your goals. So focus on learning different leverage tools than earning money. Different types of assets also matter a lot to become rich like health, education, time, relationship and many other things. People are often unable to complete their goals because they do not come to use different leverage tools. Poor and middle-class people are afraid to take the risk of financial tools of leverage. And their thinking does not allow them to become rich.
In the old times, humans could not walk fast like animals, but time changed and today due to technology, we can travel faster than human animals. The man worked smartly and invented such vehicles, due to which he can leave the animals behind. That is why a person can achieve much more by working less than animals.
The uppermost has given wings to the birds to fly. If the person did not have wings, he invented the aeroplanes and helicopters with his brainpower and fulfilled his dream of flying. So we will call it more achievement in less hard work. These two exams show that smart work is necessary to become more fast and efficient. So that we can fulfil our dreams as soon as possible. Let's see why other forms of leverage like health, time, education and technology are important for us. As the saying goes "Health is wealth". But until people fall ill, they do not understand the importance of health.
Time is a very valuable thing. And those who are left behind by time, are not able to do anything good in life. Time management is a very important thing to run any given business. If someone is behind in life, then he will not have time to do an Opportunity Grab standing in front of him.
Education is important to leverage. Suppose if a person graduates from college with very little financial education, then he will be far behind that person who is financially well educated.
The Leverage of Your Mind:
"What you think is real is your reality" means whatever you believe to be real, that becomes your reality "This is the idea of this chapter. This mindset will work for you to get rich. If you believe that you can make your dreams come true, then, of course, you can.
You will also learn that every business also has an important part feller. Failure is a normal thing. Happens to everyone, but the important thing is that after every failure you get up and stand again. People say that investing is risky. The truth is that this is their fear while investing is not that risky business.
The beans of two people are not perspective. If one feels that it is difficult to become rich then another thinks that he can become rich. Both are right in their place because your thinking can change your present.
With an example, we understand why failure is important for our growth. A man started a new business. But after a few years, the business failed. He felt that now he will never be rich, and thus he gave up after the first try.
He was another man on the other side, he also started a new business. He also failed miserably. But he did not give up. He tried till he got success. Because he had a passion for his work. And this was also the secret of his success.
This example shows why your mindset is important to get rich. Investing also has the same risk as in our day to day life activities. Like road cross is risky like motorcycling is risky. But we do not see much risk in all these works. That is, the human mind only considers investing as risky while investing is not risky.
- What do you think is risky?
- What do you think is risky?
- What Do You Think Is Risky?
Thinking is the difference between rich and poor man. Rich people think about growth while poor people see job security. Your future is dependent on what makes you feel risky and smart. Poor and rich people have different mindsets. Poor people think that investing is risky whereas rich people do not think it is risky at all.
Poor people consider the rich to be greedy but such is not the case. To understand the difference between the rich and the poor, we take another example here. There was a couple who used to spend all their time-saving money. These people used to buy food and clothes in the cell.
He used to think that by saving money on the daily use items, those people will become rich. However, this kind of saving in the long runs does not matter. Because they used to find any type of investment risky in stocks or in the market. Despite such small savings, they never became rich.
On the other hand, as a man who used to invest in stocks, real estate, bonds and other things, his savings helped him to build a portfolio income. And he became rich one day ultimately. Saving Men was the goal in both of these cases. But the areas of saving were absolutely different. Poor people think that investing is risky and this thinking never allows them to become rich.
There is a big difference in the thinking pattern between rich and poor. Poor people consider the rich to be greedy. And the rich think the opposite. Henry Ford provided the car at an affordable price to the world. It was Ford's generosity that he changed the concept that only rich people can afford cars.
How to Work Less and Earn More:
Most people lose all their money by getting stuck in bad debt. But if you dream of being a young and rich retiree, then you have to work on the right income. There are three types of income, Ordinary, Passive and Portfolio Income. You do not have to work for Ordinary Income throughout your life but focus on passive or portfolio income.
Taxes of passive and portfolio income are less than Ordinary income. Despite paying the highest tax, Ordinary Income people have little control over their taxes. This is the reason that we are asking you to focus more on a portfolio or passive income instead of ordinary income.
An employee works hard so that he gets a promotion or salary increases because he works on an ordinary income. Whereas a person working on portfolio income earns money by investing in stocks, bonds and mutual funds. Only such people become great and rich businessmen.
Those working for passive income avoid tax payment and work in the field of real estate or intellectual properties like books, songs etc.
Those with Ordinary income tend to do the hardest work and earn the least money, while those with passive and portfolio income earn more with less work. If you want to be rich, then think about passive or portfolio income. Out of these three incomes, passive income comes at the top because it takes the least effort and it gives maximum earning for a long time.
The Fastest Way to Get Rich:
If you are thinking of getting young and rich retire then focus on business instead of a job. The fastest method to get rich is to change your mindset. Most people do not want to get out of their comfort zone. But the success is available only to those who walk away from the rut.
A weak mindset can never make us rich. Increase your money handling power to become rich. This book teaches you to give more importance to business than a job. Good education does not mean that we have been doing 9 to 5 jobs all our life.
We will take an example here that how can we get help to become rich by focusing on more employment than employment.
The main focus of every employee is to keep the job. Therefore, he does not get much chance to grow. Because he simply means by his salary, therefore he does not take any risk. On the other hand, the businessmen who leave the job and invest in real estate by borrowing money from the market have more chances to grow and become rich.
An employee spends all his life doing hard work while a businessman earns a lot of money by expanding his business and retires to become rich at a young age. As people say 'comfort zone is a good place but nothing grows here'
You have to change your realities and come out of your comfort zone only then you will be able to grow as a person and learn different skills.
Conclusions:
In this book, you read what self-doubts are and how they restrict our growth. Self-dots and laziness are two things that prevent you from moving forward. But if you have a passion and believe in yourself then no one can stop you from achieving your goals. Between your success and your mindset is just your mindset.
In this book, you read that we should take time out of our work and discover things. Taking a break in the middle of work or a job creates a better working pattern that will help you to grow.
In this book, you have read about how the power of leverage affects our business growth.
The power of leverage can also be in your favour and against you. The technique of taking more work is called leverage. You have read that Debtus can be used to fund a retirement plan by using loans smartly. With the help of Good Debt, you can take a different type of investment plan in the market and get rich quickly.
You read about the different leverage tools that help you in your business development. To promote your business, these different tools such as the internet, computer and new technology will be useful for you.
But first of all, trust your abilities. Each of your mistakes teaches you something. It is not a bad thing to fail, just you should have the courage to stand up again. Failures are a part of our success journey and we have to accept this. The one who failed today will definitely be skilful tomorrow.
From this book, you learned that what is the difference between the thinking of rich and poor. Rich people do not create an idea of risk whereas poor people never explore new ideas for fear of risk.
You have to focus on the right income which is passive or portfolio income. The secret to becoming rich is that you have to think about becoming rich by diverting your attention from Ordinary Income.
The fastest way to change your present-day is to change your mindset. Get out of your comfort zone and think of different and new ideas. Once you change your mindset, see success will be waiting for you.
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