Book's Gist: Rich Dad, Poor Dad

1. Use $ to work for $ - Invest

2. Buy Assets (income / cashflow generating), NOT Liabilities (doesn't generate income / cashflow)

3. Incorporate!
-Corporations Earn, SPEND, then pay tax
VS.
-Individual Earn, pay tax, spend

4. Sharpen Financial IQ
-Accounting / Financial Statements: Ratios, Stats
-Investing: Stocks, Bonds, Funds, Properties, REITs
-The Market
-The Law: Tax breaks, protection from lawsuits, loop holes

5. Higher Risk, Higher Returns
-Learn to manage risk, thus lowering it

6. Work to LEARN Mgt Skills required for Success
-Mgt of CashFlow
-Mgt of Systems
-Mgt of People

7. Obstacles to success
-Fear of losing $
-Cynicism - "sky is falling" / doom sayers
-Laziness
-Bad Habits
-Arrogance = Ego + Ignorance

8. Getting Started
-Need reason greater than reality!
-I CHOOSE daily - Learn, Invest, DO IT
-Choose friends carefully - power of association, knowledge
-Master a formula, then Learn new ones
-Pay yourself first: Discipline to enrich yourself 1st, Keep debts small %, Don't eat into assets
-Be an "Indian Giver" - ROI + Assets gotten in deal, E/P
-Pay brokers / advisors well
-Assets' returns buy luxuries
-Visualise
-Teach & learn

9. Buy more during depression, scare, slump - SALE!

10. Be open to investment opportunities

11. Look for buyers first, then sellers - buy in bulk shares cost, gets bulk discounts! THINK BIG