Rich Dad's Retire Young, Retire Rich

How to get rich and stay rich
by Robert T. Kiyosaki
isbn: 978-1-61268-040-8

Some notes:

Reflect 1 hour/ month on your life.

Who gets paid first and who gets paid the most - This makes sense. Need to invest in asset first to keep it strong and growing. The people who get paid first get paid the least.
1. Asset
2. Employees
3. Specialists
4. Investors
5. Business owner

3 piggy bank system: 1 dollar a day to Savings, Investing, Tithing

Reasons to have a book keeper:

• All professional B's & I's have bookkeepers
• You want a disinterested 3rd part to look objectively at your money and spending habits
• Bring financial challenges out into the light where you can deal with them.
• Cost about $100-200/month or can trade services
• reaffirms that you are taking your personal financial life seriously
• sit down at least once month, held accountable and learn, correct and redirect financial future of your life.

"Everyone has financial problems. What determines if someone is to be rich or poor is simply how well he or she handles those problems. Poor people are poor simply because they handle their noney problems poorly." "No one person can know everything. If you want to win the game ofmoney, you want the best and smartest people on your team"

Possible team members: bookkeeper, banker, accountant, attorney, stockbroker, real estate broker, insurance broker.

Habits:

1. hire a bookkeeper
2. create a winning team
3. constantly expand your context and content. In the information age your greatest asset is the info in you head and the age of your info. Not stocks, bonds, mutual funds, businesses or real estate.
4. keep growing up. Be willing to be more and more responsible for yourself, your actions, your continueing education and your maturity. Grow up and awy from the old industrial age ideas of expecting someone else to be responsible for our job security and financial security.
5. be willing to fail more. Dream big, try things, make small mistakes. Keeps you humble. In real life there is more than one right answer.
6. Listen to yourself. be specific with what you want. What am I afraid of, what do I want instead, and what do I need to do to get what I want. Notice thoughts and feelings you don't want and change to thoughts and feelings about things you want. Take action, and keep going, correcting if necessary until you get what you want.

keep your money moving.

sell shares to recoup initial investment. Cut losses when stock drops 10%

shopping for property. analyze 100 properties, make offers on 10, have 3 sellers say yes, then buy one.

hedge funds versus investing naked. invest with financial positions covered. saver vs investor vs trader. fundamental vs technical investor. average vs sophisticated investor. trends, moving averages, stop orders, call options, put options, straddles or collars, shorts.

bull market- uptrending
bear market- downward
sideways trending market
moving averages
how do you know if a trend is changing? double top, double bottom

rich people don't like to own things

winner's context. How do I win if I lose?

buying options to protect assets.
read a book on options trading, attend a seminar, find a stockbroker who will teach & guide you through process. Play cashflow 101 at least 12 times so you learn the mindset of fundamental investing. then play cashflow 202 which teaches you to think in multiple directions.

4 basic classes of assets: real estate, paper, business, commodities

Retirement Exit strategy
Poor <25k p="p" year="year">Middle class 25k - 100k /yr
Affluent 100k - 1 million/ yr
Rich > 1 million/ yr
Ultra-rich >1 million/ month

B-I triangle
Team, Leadership, Mission
Product, Legal, Systems, Communications, Cash flow

Change your reality to a world without a steady paycheck or job. People who need a paycheck are slaves to money. If you want to be free, you must never need a paycheck or a job. How can I get rich without a paycheck of a steady job? academic success does not necessarily equate to financial success.

What kind of income do you want?
ordinary 50% money
portfolio 20% money
passive 0% money

Residual, dividend, interest, royalty, financial instrument income

Hot tips

1. Begin to see yourself in a world or reality where you will never ever need a paycheck or job again.
2. What kind of income do you want? Research the possibilities
3. Tell lies about your bright future
4. Decide to live as a person with a rich context where I need to increase my financial IQ so I can work less and make more money
5. find a friend or loved who wants to go on the journey with you.
6. seek competent advice and begin building your own team of financial and legal advisors
7. set a retirement date
8. write down a plan on a piece of paper once you have set a date for retirement
9. plan your retirement party
10. look at a deal a day. Do something 10 minutes a day to improve your financial intelligence.
11. remember all markets follow 3 main trends; up, down and sideways. Need 3 different strategies for 3 different trends
12. words are free; content and context words. How can I learn it?
13. talk about money, business, investing, successes and problems
14. make a million dollars starting with nothing. bureaucrat only knows how to make money if it is given to him. an entrepreneur can make money out of nothing.

What kind of life do you want to live?

What would you do if there were no risk, and it required no money to become rich?