Rich Dad Poor Dad

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RICH DAD POOR DAD:

RICH DAD POOR DAD ROBERT KIYOSAKI

ABOUT THE AUTHOR:

ABOUT THE AUTHOR A RENOWNED WRITER AN INVESTOR A TEACHER A BUSINESSMAN ROBERT KIYOSAKI

INTRODUCTION:

INTRODUCTION THE BOOK BASICALLY IS ABOUT WHAT PEOPLE MUST LEARN AND PRACTICE IN ORDER TO BECOME FINANCIALLY INDEPENDENT. THE BOOK TALKS ABOUT TWO DIFFERENT POINTS OF VIEW ABOUT ATTAINING FINANCIAL INDEPENDENCE. HIS POOR DAD, WAS A PhD. HOLDER WHO WORKED FOR GOVT., BUT NEVER REALLY ATTAINED FINANCIALLY INDEPENDENCE.

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WHILE HIS RICH DAD(HIS FRIENDS FATHER) DID NOT GRADUATE FROM HIGH SCHOOL, BUT LATER BECOME A VARY RICH MAN. PARENT’S ADVICE OF GETTING GOOD GRADES AND JOBS WILL NOT NECESSARILY LEAD TO FINANCIAL INDEPENDENCE, BECAUSE SCHOOLS DO NOT EQUIP KIDS WITH THE INFORMATION NEEDED TO ENSURE FINANCIAL INDEPENDENCE.

THE RICH DON’T WORK FOR MONEY:

THE RICH DON’T WORK FOR MONEY THEY MAKE MONEY WORK FOR THEM LESSON 1 DON’T DEPEND ON YOUR BOSS. HE CAN’T MAKE YOU RICH. TRY TO BECOME A BUSINESS OWNER INSTEAD OF BEING AN EMPLOYEE. LEARN HOW TO MAKE MONEY WORK FOR YOU BY CUTTING YOUR EXPENSES AND INVESTING WISELY TO ACQUIRE ASSETS AND NOT LIABILITIES.

MASTER FINANCIAL LITERACY:

MASTER FINANCIAL LITERACY FINANCIAL EDUCATION TEACHES THAT IT DOES NOT MATTER HOW MUCH MONEY YOU MAKE BUT HOW MUCH MONEY YOU KEEP. LESSON 2 IT TEACHES THAT IT’S NEVER TOO LATE TO START INVESTING. FINANCIAL LITERACY EQUIPS YOU WITH WHAT IS NEEDED TO MAKE MONEY LAST FOR GENERATIONS . MOST OF US ARE TAUGHT TO READ BOOKS AND WORDS BUT NOT THE NUMBERS.

Assets and liabilities:

Assets and liabilities FINANCIAL LITERACY TEACHES ABOUT THE DIFFERENCE BETWEEN AN ASSET AND A LIABILITY. AN ASSET IS SOMETHING THAT GENERATES INCOME WHILE A LIABILITY IS SOMETHING THAT GENERATE EXPENSE. THE RICH BUYS ASSETS BUT THE POOR AND MIDDLE CLASS BUYS LIABILITIES AND THINKS THEY ARE ASSETS.

miND YOUR OWN BUSINESS:

miND YOUR OWN BUSINESS LESSON 3 THE JOB SECURITY IS THE THING OF THE PAST AND WE SHOULD NOT RELY ON THAT ONLY. THE RICH FOCUSES ON INCREASING THEIR ASSET COLUMN WHILE THE OTHERS FOCUS ON INCREASING THEIR INCOME.

Work to learn not for money:

Work to learn not for money LESSON 4 ITS IMPORTANT TO FIND A JOB WHERE YOU CAN LEARN DIFFERENT SKILLS . ITS NEVER TOO LATE TO START YOUR FINANANCIAL EMPIRE . HAVE COURAGE TO TAKE RISKS AND NOT CLING TO WHAT WE THINK IS SECURE.

Minimizing the taxes:

Minimizing the taxes LESSON 5 MANAGE FINANCES THROUGH CORPOTATIONS RATHER THAN AN EMPLOYEE. AS AN INDIVIDUAL ,YOUR INCOME IS TAXED, AND WHAT YOU LEFT IS YOUR DISPOSABLE INCOME. AS A CORPORATION, YOU FIRST MAKE YOUR MONEY,THEN YOU TAKE OUT YOUR EXPENSES.THE PROFIT IS WHAT IS TAXED, HENCE YOU PAY LESS TAX .

Thank you:

Thank you

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