Friday, April 15, 2011

Kiyosaki's new rules of money

I stumbled upon Robert Kiyosaki's new rules of money presentation and would like to share it with you. Here's a summary:
1. Academic and professional education isn't enough anymore, get financial education.
2. Work on getting more of your income from business and investments rather than from employment.
3. Hedge against inflation by buying gold, silver and oil.
4. Asset is defined as something that puts money in your pocket while liability gets money out of your pocket. Accumulate more assets than liabilities.
5. Accumulate good debt such as getting a loan for a rental property while the tenant pays for it. Avoid bad debt or consumer debt.
6. Have something to sell.
7. Don't park money for the long term. Move it around.
8. Focus. Don't diversify. He doesn't invest in mutual funds.

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