Poor Dad vs. Rich Dad

July 11, 2008

My Poor Dad Says, “My house is an asset.” My Rich Dad Says, “My house is a liability.”  

Rich dad says, “If you stop working today, an asset puts money in your pocket and a liability takes money from your pocket. Too often people call liabilities assets. It’s important to know the difference between the two.  

My Poor Dad Says, “I can’t afford it.”   My Rich Dad Says, “How can I afford it?”  

The statement “I can’t afford it” shuts down your thinking. By asking the right question, you mind opens up and looks for answers.  

My Poor Dad Says, “The reason I’m not rich is because I have you kids.”   My Rich Dad Says,”The reason    I must be rich is because I have you kids.”  

My Poor Dad Says,  “I’m not interested in money.”My Rich Dad Says, “Money is power.”  

My Poor Dad Says,  “When it comes to money, play it safe – don’t take risks.”   My Rich Dad Says,    “Learn how to manage risk.”  

 My Poor Dad Says,  “Pay myself last.”  My Rich Dad Says, “Pay myself first.”  

Rich Dad always took a percentage off the top of any income he earned. He put this money into an investment account that went toward purchasing his assets. Poor Dad spent all his money first and never had any remaining for investments.  

My Poor Dad Says, Believed that the company you worked for or the government should take care of your financial needs. My Rich Dad Says,  Believed in financial self-reliance and financial responsibility.  

My Poor Dad Says,  Focused only on academic literacy.   My Rich Dad Says, Focused on financial literacy as well as academic literacy.  

My Poor Dad Says,   Learned only the vocabulary of academia.   My Rich Dad Says, Learned the vocabulary of finance – “Your words are the most valuable tools you have.”  

My Poor Dad Says,   “I work for my money.”  My Rich Dad Says, “My money works for me.”  

My Poor Dad Says,    Thought that making more money would solve his financial problem. My Rich Dad Says, Knew that financial education was the answer to his financial problems: “It’s not how much money you make that’s important – it’s how much money you keep and how long you keep it.”  

Rich dad, poor dad books 

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