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Rich Dad Poor Dad: Learning form the Cashflow game - Coggle Diagram
Rich Dad Poor Dad: Learning form the Cashflow game
regular income is the key
that bring out the answer to the question that budding entrepreneurs ask me - when should we leave our jobs
If you are living then there are going to be expenses
our mission is to manage them and increase our investments for passive income
doodads, child expenses
choice of paying doodads using cash or credit cards
some expenses are always going to be there - let's not focus on crushing ourselves to an extremely frugal and minimalistic lifestyle. Let's manage our expenses and work on increasing your passive income
choosing from big opportunity and small opportunity
in real life there is no strict rule for this only an organizational structure but for me I considered real estate and business investing deals as big deals while considering stocks, MF and owning a small business as a small deal.
Big required an upfront money - like down payment a real estate deal.
So as an example - lets say if you want to buy a real estate worth 10 lac you need at least 2lakh down payment plus some money to complete the regulatory compliances and then to i dont know may be some interior work in the house
Realizing the truth about investments - brokers do not have the same agenda as you have. realize this truth and understand that just because a builder is asking for x amount of money does not mean that the said assets really hold that much value
Time it takes to play a big opportunity - it takes several die rolls to be able to just get out of a survival situation and start playing a big game. but if you have th vision, you can start playing the real game and not be bogged down in social constructs
I will soon be making a video to help you find your financial freedom number
so subscribe to get that update
Understanding what really is assets and what really is a liability
car is a liabality
house you live in can be a liability where as people think that it is an asset.
why and when is buying anew property an asset
Loan
every second step is an opportunity
they are present doesn't mean they will automatically fall on your lap
actively seek them out
Create a network
create an inner circle of friends
start small
greed - taking financial risks that are out of control will bankkrupt you
Example taking loan for down payment of property and home loan for the rest
Example negative cashflow production assets
downsizing is okay if you have planned for it. always have an emergency fund. I will soon make a video on the actual sheet that helped me get out of the rat race but the short of it is - I create multiple emergency funds
Pink slip
Covid type situation
you can play this game online by going to
https://www.richdad.com/
and registering
If you want to know more about real estate investing please see the book that helped me a lot by Ken Mcelroy
I will leave a link for rich dad poor dad in the description
I m creating a financial freedom classroom for India costing Rs30,000 but I m giving some tickets free so let me know if you like to enroll for free by contacting from the link below.
Pay back your loans / Pre pay your loans when ever possible to reduce you monthly expenses - this in-turn increases you monthly income.
Learning to understand pnl statement and balance sheet