Book Report on Rich Dad Poor Dad

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KNUTSFORD UNIVERSITY COLLEGE KNUTSFORD BUSINESS SCHOOL ENTERPRENEURSHIP BOOK REPORT: Rich Dad Poor Dad by Robert T. Kayosaki with Sharon L. Lechter, CPA WRITTEN BY: Richmond Gyamfi Boateng (KBS0035) LECTURER: MR. ANTHONY ANNAN MONDAY APRIL 4, 2011 Rich Dad Poor Dad is a book that presents thought provoking teachings on wealth creation and financial independence. The book can be describes as a narrative motivational novel that features four interesting characters, Rich Dad, Poor Dad, Mike and Robert (the author). Poor Dad is a highly educated professor who despite have worked hard over the years barely meets his household expenses. His believe on money was that money is root of all evil. Rich Dad on the flip side was a school…show more content…
“I don’t like being an employee”. 2. Use the power of choice, daily. You can choose to watch GTV, or watch TV3. It’s how you choose to use your time and energy everyday that brings financial success in the long run. 3. Choose your friends carefully. It pays to have friends who are focused and achieving their goals. Surround yourself with friends you can learn from. 4. Master a formula. Learn a new one, and learn fast. 5. Pay yourself first. Practice self-discipline by keeping expenses low. Tenants can pay for your expenses if you rent out apartments or ministorage, for instance. Savings are used for investing and creating more money, not for paying bills. 6. Pay your broker well. Attorneys, accountants, stockbrokers, and real estate brokers will have more incentive to work harder for you. If they make more money, it means you make more money as well. 3-7% is a good incentive. 7. Be an Indian giver. It’s the concept behind ROI. (Return on investment) Invest and then take the initial money out after a time when the investment has earned for you. 8. Buy luxuries last. Let the income from your growing assets afford you the new car. Wait for your asset base to grow first. Middle class people buy luxuries first, on credit. 9. Find yourself a hero. When you play golf you can imagine you are Tiger Woods. When you do business, you can ask yourself, “What would George Soros have done if he was in my place right now?” 10. Teach
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