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Here at The Cash Flow Guru, we believe in the power of knowledge. As a result, we offer a wide range of blogs and courses to help you understand and make decisions about your money. This time around, we'll be going over Robert Kiyosaki's book "Rich Dad Poor Dad Pdf" – for those who don't know, this is considered one of the most iconic books about money ever written! In this post, we discuss what makes Rich Dad Poor Dad such an important book on personal finance – from its ideas about cash flow to its take on financial independence. What Is Rich Dad Poor Dad About? Rich Dad Poor Dad is a powerful book that describes the ideas of Robert Kiyosaki, a businessman, investor and entrepreneur. In this book, he describes how his two dads – "Rich Dad" and "Poor Dad" – affected his financial mindset as he grew up. The most important lesson from the book is that most people out there have been taught from a very early age that working hard is the key to being successful with money – that an education, a good job and a steady income will automatically lead you to riches. However, according to Robert's "Rich Dad", this is completely backwards. Instead of working hard to get money, you should let money work for you. To do so, you need to understand the difference between an asset and a liability – an asset is something that puts money in your pocket, whereas a liability takes it out. For example: if you have a factory that makes shoes, the building where the factory is hosted would be considered an asset – this means that it will generate profit for the owner. On the other hand, if you have a car that needs constant repairs and ends up costing more than it brings in, it would be considered a liability – the car would cost more money than it makes. So if your factory makes $100,000 a year and requires $50,000 for repairs, this is $50,000 in liabilities – the factory is losing money. If all you do is work hard to pay off these liabilities, you'll never be able to take advantage of the profits the factory could be making. The book teaches its readers that you should focus on assets rather than liabilities – instead of working hard to pay off debts, focus on investing in assets that will generate cash flow. For example, if you receive $100,000 every month from your factory, this would be considered an asset instead of a liability. On top of this income, you could invest $50,000 into your factory – which means that you would have $150,000 to spend. However, the total expenses that the factories had incurred during this period would still be $50,000 – so even though you had $150k in assets and spent $600k on expenses (600% more than what they earned), nothing had changed. This is why people are always chasing after money – they think that it's all about making more money than what you spend. cfa1e77820
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