Key Words: Rich Dad, Poor Dad Robert Kiyosaki Says This Is The Only Rule For Getting And Staying Rich

How can I get rich quick?

Robert Kiyosaki, the best-selling author of “Rich Dad, Poor Dad,” says he’s asked that a lot, and it’s the most disturbing question he gets.

“It’s the wrong question,” he explained in a post on the Daily Reckoning blog. “It tells me that they don’t have the foundation of financial intelligence required to use their money well if they do — somehow — become wealthy.”

It isn’t about the money you make, he wrote, it’s about the money you keep. From athletes to lottery winners, there are countless stories of big earnings going broke because they don’t know how to keep the money they make.

To avoid such pitfalls, Kiyosaki’s “rich dad” taught his son the number one rule — “the only rule” — for getting and staying rich:

It may be simple, or even anticlimactic, but Kiyosaki says most people without a proper financial education just don’t get it. “An asset puts money in your pocket,” he wrote. “A liability takes money out of your pocket.”

The truly wealthy understand this, Kiyosaki said, while everybody else will likely struggle until and unless they wrap their brains around the concept.

He used this visual to capture the concept:

“Very simply, the rich invest their money in assets that put more money in their pockets, such as real estate, stocks, bonds, notes, and intellectual property,” he explained. “The middle class and poor invest their money in liabilities that take money out of their pockets such as mortgages, consumer loans and credit card debt.”

Kiyosaki also breaks it down in this short video:

RECENT NEWS

The Penny Drops: Understanding The Complex World Of Small Stock Machinations

Micro-cap stocks, often overlooked by mainstream investors, have recently garnered significant attention due to rising c... Read more

Current Economic Indicators And Consumer Behavior

Consumer spending is a crucial driver of economic growth, accounting for a significant portion of the US GDP. Recently, ... Read more

Skepticism Surrounds Trump's Dollar Devaluation Proposal

Investors and analysts remain skeptical of former President Trump's dollar devaluation plan, citing tax cuts and tariffs... Read more

Financial Markets In Flux After Biden's Exit From Presidential Race

Re-evaluation of ‘Trump trades’ leads to market volatility and strategic shifts.The unexpected withdrawal of Joe Bid... Read more

British Pound Poised For Continued Gains As Wall Street Banks Increase Bets

The British pound is poised for continued gains, with Wall Street banks increasing their bets on sterling's strength. Th... Read more

China's PBoC Cuts Short-Term Rates To Stimulate Economy

In a move to support economic growth, the People's Bank of China (PBoC) has cut its main short-term policy rate for the ... Read more