Rich Dad’s Cashflow Quadrant by Robert Kiyosaki
Book was recommended by my brother in law and was a fantastic read. It is very similar to Robert Kiyosaki’s earlier book, “Rich Dad Poor Dad”
Diversifying investments is trying to play it safe
Diversification is a protection against ignorance. It makes very little sense for those who know what they’re doing -Warren Buffet
- Most of your home payments are going to the interest, not principle. So when people who are renting want to buy a house because, “at least their money is going to something”, that might not be the best way to think about it. Most of your money is going to the bank, not putting equity in the house.
- You want other people and money to work for you, so you don’t have to. Other people and money work for you by starting a business or investing in assets.
- Start a business first, then invest
- 401k is a terrible idea
- Financial planners get paid to have your money
- The game of capitalism is who is in debt to whom
- Focus on one investing strategy, at least initially
- Stop investing in my 401k and save that money to invest in real-estate
- Buy a duplex and rent out the other side, so someone else is paying my mortgage