The acclaimed author of several books based on life lessons, Robert Kiyosaki has shared his invaluable insight for the young generation by suggesting some alternate wealth-building strategies, Go Banking Rates reported.
Kiyosaki is the author of the highly successful book, “Rich Dad, Poor Dad”, where he compares teachings from his poor, highly literate father with those of his friend “rich dad.”
Here are some of Kiyosaki’s alternate wealth-building strategies
Value regular cash flow over a paycheck
Kiyosaki suggests that people should be more focused on achieving a regular stream of income such as by investing in businesses or real estate, instead of relying on a monthly paycheck from an employer.
Know the difference between good debt vs bad debt
According to Kiyosaki, there are different types of debt, a bad debt pulls you down while a good debt helps amplify wealth. He calls loans taken out for income-generating assets such as real estate, businesses, or investments as good debts.
Budget like the rich
Kiyosaki suggests focusing on increasing income rather than decreasing expenses. He says this can help you meet your financial goals more efficiently.
He says to focus on generating income which will automatically fulfill all your expenses.
Build your financial literacy
Having money management skills is as important as knowing how to earn money. Kiyosaki advises you to equip yourself with knowledge about investment strategies.
Take control of your financial destiny
Kiyosaki emphasizes that to make money one has to work hard and take control of their life, it does not just manifest itself but also requires passion and commitment.
Embrace risk
Many people often get left behind due to having fear of failure. Kiyosaki suggests perceiving hurdles and obstacles as opportunities for growth.
Note: The information presented here is for informational purposes only and should not be considered financial advice. It is very important to do your analysis before making any investment based on your circumstances. You should take independent financial advice from a professional.
