Best nonfiction book: Rich Dad, Poor Dad
Best nonfiction author: Robert T. Kiyosaki
Book summary writer: Mollie Player
Best nonfiction book? Why?
Personal finance is kind of a drag—unless it’s being discussed by someone who thinks you’re smart and capable enough to get ahead of all the timeclock-punching suckers.
Best nonfiction book? What’s in it?
Rich Dad, Poor Dad may not make you rich . . . but if you do what it says, you’ll likely at least have a decent retirement fund.
The basic advice:
- Look where no one else is looking for business opportunities. Don’t follow the crowd.
- Buy stocks when they crash rather than when they’re doing well.
- Know the difference between an asset and a liability. An asset puts money into your income column and a liability takes it out. Everything else, including personal property that can’t be easily sold, is neutral.
- Pay yourself first. Put money into your investments before even paying your bills. You’ll be forced to use your creativity to get the rest taken care of, too.
- Don’t fear risk. Fear is what keeps most people from investing in anything high-yield and going with mutual funds, other safe investments instead.
- Money is not real. It’s all just a game. Have fun with it!
- If you don’t enjoy a certain type of investing, do something else. You won’t be successful if it doesn’t feel right to you.
- Hire people who are smarter than you.
- Most rich people lose it all at some point but they always make it back and more because they know what they’re doing.
- Learn about money.
- Create a corporation and wrap it around your assets.
And, my final (and favorite) takeaway: The definition of “wealth” is “the ability to live off the interest from one’s investments.”
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