What you should do if you want to be rich – A Simple Guide

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According to Robert Kiyosaki, the author of Rich dad poor dad, all you need to know to be rich is the difference between an asset and a liability. An asset puts money in your pocket while a liability takes money out of your pocket. If you want to be rich, simply spend your life buying or building assets. 

Liabilities: 

  • Mortgage 
  • Car Loans 
  • Credit Card Debt 
  • School Loans 

These take money out of your pocket and are burdens to you. 

Down below are some examples of assets and how you can acquire / build them. 

Real estate

Successful real estate tips

Step by step beginners guide to start investing in real estate 

Stocks & Bonds

Mark Tilbury has various videos on how to start investing, down below are some of the best ones to help anyone at any age start investing. His videos aren’t just for adults but also teens that want to gain financial freedom. 

Step by step guide for investing in the stock market for beginners

How to make money with index funds

Investing with little money 

Notes

Explantation of how note investing works. 

Intellectual Property 

How to profit from Intellectual Property 

How to make money from patents 

Businesses 

While buying a business, you should not buy a business that requires your presence all the time. Buy a business that can make you passive income (passive income is money you earn with as little as no effort) 

Take a masseuse for example, if they get 500 orders in one day, they will not be able to fulfill all of the requests. However, if you are an e-commerce business and get 500 orders, the order can be fulfilled without much effort. 

In this case, you can either build a business or buy one. 

You can buy a business from these websites: 

https://www.bizbuysell.com/businesses-for-sale

https://www.businessesforsale.com/

Or you can build your own business, these videos and websites should be helpful 

https://www.bankrate.com/investing/passive-income-ideas/ – Business ideas that can generate a passive income in 2021

https://thecollegeinvestor.com/16399/20-passive-income-ideas/#tab-con-26 – More business ideas

Book: Rich dad poor dad by Robert Kiyosaki

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