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What is "Rich Dad Poor Dad" about?

I've recently started reading the Robert Kiyosaki Rich dad Poor dad books, and am interested to know what tips/mentorship advise/plans people have on becoming rich with a normal salary and free time?

  • Is there a formula to elevate your financial position to becoming rich without winning the lotto, inheritance etc? if so what did people with average means and income do to become rich?

  • Answer:

    It's really a few simple steps: 1. Work out what 'rich' means to you? How much money and by when. This is important, because it dictates how aggressive (hence, risky) you need to be. 2. Increase your income. You could ask for a raise, send your spouse back to work and/or get a second job, but the best way to do this is to start a part-time business. Save as close to 100% of this additional income as you can. 3. Start investing. Your Required http://www.investopedia.com/calculator/cagr.aspx (using this online calculator, with the answers from Step 1.) will dictate what you need to invest in; use the following table as a guide: Note: once you get to the higher growth rates (i.e. stocks, real-estate, and business) in the table above, it is assumed that you will use leverage (i.e. other people's money and time) and actively manage them to increase your returns to the indicative levels.

Adrian John Cartwood at Quora Visit the source

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Real estate has worked great for me even as just an amateur investor, although obviously you still have to know when to 'buy low and sell high". It enabled early retirement (and virtually tax free retirement income)… plus where else can you make money by using other people's money?!

Mat Delano

Aside from financial products, talk to an accountant about your personal finances and tax affairs. Find out if there is any way of reducing your tax bill and check that you are not missing out on any benefits you may be entitled to. This advice is especially true if you own a business, you are a company director or you do freelance work. This is fundamental stuff, but so many people are missing out.

Phil Charnock

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