Schools teach you how to work for money, but don’t teach how to make money work for you.
The rich buy assets. The poor only have expenses. The middle class buys liabilities they think are assets. The poor and the middle class work for money. The rich have money work for them.
To obtain financial freedom, one must be either a business owner, an investor, or both, generating passive income, particularly on a monthly basis.
It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.
Rule One. You must know the difference between an asset and a liability, and buy assets. An asset is something that puts money in my pocket. A liability is something that takes money out of my pocket.
Financial freedom is freedom from fear.
You have to be smart. The easy days are over.
What are you doing this weekend to improve your financial situation? Sacrifices made today go a long way for a better tomorrow.
The poor and the middle class work for money. The rich have money work for them.
If you want a solid future, you need to create it. You can take charge of your future only when you take control of your income source. You need your own business.
The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money.
The moment you make passive income and portfolio income a part of your life, your life will change. Those words will become flesh.
My Rich Dad said, ‘All of us have the power of choice. I choose to be rich, and I make that choice every day.’
Rich people choose to get paid based on results. Poor people choose to get paid based on time.
My definition of financial freedom is simple: it is the ability to live the lifestyle you desire without having to work or rely on anyone else for money.
Success leaves clues. Go figure out what someone who was successful did, and model it. Improve it, but learn their steps. They have knowledge.
Failure comes from ego, greed, envy, fear, imitation. I have success not because I am smart, but because I am rational.
If you lose money for the firm, I will be forgiving. If you lose reputation, I will be ruthless.
Buy companies with strong histories of profitability and with a dominant business franchise.
I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable.