I read the book Why The Rich are Getting Richer by Robert Kiyosaki and enjoyed certain aspects of it and have extracted the following main learning points from the book
- attend seminars for example like Dale Carnegie or a course in tax and real estate to enhance your financial education – do not rely on the school system
- play the Monopoly game as by doing things you learn quicker and Monopoly teaches you to work passive and portfolio income
- focus on building your asset side of your balance sheet which will generate income
- get an understanding of taxes or get a professional person who is versed in tax to advise you
- there is a good series of videos to enhance your financial education at richdad.com/RDTV
- monitoring your financial statements is important ie looking at you income statement and balance sheet
The points I am going to be teaching my kids is to explain the advantages and disadvantages of the different cash flow quadrants ie E (Employee),S (Self employed),B (Business Owner) and I (Investor) and in addition will be playing some games of Monopoly and Cash Flow game with them