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One Sentence-Summary: Rich Dad Poor Dad tells the story of a boy with two fathers, one rich, one poor, to help you develop the mindset and financial knowledge you need to build a life of wealth and freedom. Favorite quote from the author: “The main reason that over 90 percent of the American public struggles financially is because they play not to lose.” Rich Dad Poor Dad is a modern classic of personal finance and favorite finance book of all time. Although the book is controversial and often takes criticism, people still believe it’s worth reading. Otherwise, it wouldn’t have sold over 32 million copies. Robert Kiyosaki tells the story of his two Dad’s in his childhood. His own father and the father of his best friend. While he speaks affectionately of both, they were very different when it came to dealing with finances. Rich Dad Poor Dad Summary Many of us are too afraid of being branded as a weirdo, in order to exit the rat race . We let the two main emotions everyone has around money dominate our decisions: fear and greed. That’s why we still stick to the outdated mantra “Go to school, go to college, get a job, play it safe.” when in reality no job is safe any more . For example, when you get a raise at your job, a wise choice would be to invest the extra money. Put it into something that builds wealth like stocks or bonds, which has risk, but a lot of potential. Maybe you find a good fund with a 60% chance to double your money within a year, but a 40% chance of losing it all. However, most likely your fear of losing the money altogether will keep you from doing so. But when your greed takes over, you might then spend the extra money on an improved lifestyle. You might buy a fancy new car, and the payments eat up the money, for instance. This way you’re almost certain to lose 100%. This already gives you a glimpse of how important it is to educate yourself financially. Since we receive no financial education in school or college, sadly, this is entirely up to you. Look around and you’ll see plenty of financially ignorant people in your own life. Just take a look at local politicians. Is their city in debt? Your mayor might be great, but unfortunately, he probably doesn’t know how to deal with money. For the same reason 38% of Americans don’t save anything for their retirement. The only way for you to counteract this is to start now. Today is the youngest you’ll ever be, so take a close look at what you can and can’t afford. This way you’ll be able to set realistic financial goals, even if it means waiting for that shiny new BMW. Next, adopt the mindset of “work to learn” instead of “work to earn”. Take a job in a field you have no clue about, such as sales, customer service or communications, to develop new skills – you never know what they might be good for . Set aside 5% of your income each month to buy books, courses and attend seminars on personal finance to start building your financial IQ. The first step toward building wealth lies in the mindset of managing risks instead of avoiding them. Also, learn about investments to understand that it’s better to not play it safe because you’ll miss big potential rewards. Don’t start big, just set aside a small amount, like $1,000 or even $100, and invest it in stocks, bonds, or even tax lien certificates . Treat the money as if it’s gone forever and you’ll worry less about losing it. As soon as you start your journey towards wealth, you’ll realize that it’ll be quite a long one. That’s why it’s important to stay motivated. Kiyosaki suggests creating an “I want” and an “I don’t want” list. Include items like: “I want to retire at age 50.” or “I don’t want to end up like my broke uncle.” Another idea is to pay yourself first each month. Take the portion of your salary you want to spend on stocks or your financial education, invest it, and pay your bills afterward. It’ll create pressure to be creative in making money and show you what you can afford. Use your money to acquire assets instead of liabilities. Assets are stocks, bonds, real estate that you rent out, royalties (for example from music ) and anything that generates money and increases in value over time. Liabilities can be cars with monthly payments, a house with a mortgage, and of course debt. Anything that takes money out of your pocket each month is a liability. There’s no rush. Just stay at your full time job and “mind your own business”. In this case, your job is what pays the bills and your business is what makes you wealthy. Build your business on the side and use it to invest in assets until your assets eventually become the main source of your income. You can even file a corporation to be taxed only after you’ve earned and invested, instead of being taxed before investing as an employee and trying to live off what’s left. The most important thing is that you start today. You are your own biggest asset, so the first thing you should put some money into is yourself.
For Book DetailOne Sentence Summary: The 7 Habits Of Highly Effective People teaches you both personal and professional effectiveness by changing your view of how the world works and giving you 7 habits, which, if adopted well, will lead you to immense success. This book has sold over 25 million copies. If Stephen R. Covey had any clue about what a success The 7 Habits of Highly Effective People would be when he published it in 1990, but, even several years after his death, it’s still the bible of leadership and modern management. The original seven habits are: 1. Be Proactive 2. Begin with the End in Mind 3. Put First Things First 4. Think Win-Win 5. Seek First to Understand, Then to Be Understood 6. Synergize 7. Sharpen the Saw The first three serve your own independence, so that you may “win in private,” as Covey put it. The second three aim to shift your focus to interdependence. When you strive for cooperation instead of competition, you’ll also “win in public” and find worldly success. The last habit serves your own renewal so that you’ll never burn out or overextend yourself. Let’s look at the following 3 in more detail: 1. Do the funeral test. 2. Learn how to say no. 3. Practice active listening. Time to learn how to become highly effective both at work and in life! Lesson 1: Do the funeral test. This is the habit that Covey calls “Begin with the End in Mind”. He issues a warning that plowing away and getting a massive amount of tasks done in a preferably short time (i.e. being efficient) is only useful when you’re plowing in the right direction. The classic analogy here is the ladder you’re climbing furiously, only to find out it’s leaned against the wrong wall when reaching the top. Only if you’re clear about your major, long- term goals can you align each and every single one of your decisions with them. The best way, by far, to get clear about those goals is to do the funeral test. Ask yourself: 1. What do I want people to say about me at my funeral? 2. As what sort of person do I want to be remembered? 3. For what do I want to be remembered? Depending on your number of relationships (family, friends, clients, partners, customers), you can also ask yourself how many people will be there to mourn your death. As Steve Jobs said: “All external expectations, all pride, all fear of embarrassment or failure–these things just fall away in the face of death, leaving only what is truly important.” Truthfully answering those questions will make you realize you might not want that out-of- the-suitcase, business class lifestyle, or that really all you ever wanted to do was dance . So be bold and ask them. Lesson 2: Learn how to say no. Knowing exactly where you want to go makes it easy to find out what’s important to you, and what not. When you know your final goal, you’ll at least have an inclination for each to-do on how important it actually is. You’ll often find that the important things aren’t urgent and vice versa . That means some things don’t deserve to be done at all. To all those things, you’ll eventually have to say no. It’s not easy, especially if money’s involved. But, as Covey says: “Put First Things First.” Sometimes, tempting rewards will be dangled right in front of you, which is when it’s time to pull out the funeral test again to see whether those rewards deserve to be chased. Derek Sivers in this regard, who says it’s either a hell yeah, or a no . He’s incredibly focused on a few things , but those things create all the meaning he needs in his life. Lesson 3: Practice active listening. The good thing about saying no to doing a lot of things is being able to spend a lot more time actually listening to others. 1. You’re listening to understand the person you’re listening to, not primarily to give advice or respond. 2. You make sure you understand by repeating back to them what they said and mirroring their emotions. 3. You help them structure their own thought process. This was one of the Covey calls this “Seek First to Understand, Then to Be Understood.” It is a call to practice active listening and empathy. Just like you get suspicious of your doctor when he prescribes you hefty antibiotics after hearing you cough just once, we don’t tend to trust people, who we think don’t really understand us. Make an effort to listen to understand, instead of listening to respond. A good way to start this practice is by simply talking less . The 7 Habits of Highly Effective People is an absolute classic. It’s not a step-by-step how-to book, however. The lessons will take you a while to implement since they are general principles. But that also means they’re timeless and have a powerful impact once you manage to do so.
For Book DetailThe 48 Laws Of Power One Sentence-Summary: The 48 Laws Of Power draws on many of history’s most famous power quarrels to show you what power looks like, how you can get it, what to do to defend yourself against the power of others and, most importantly, how to use it well and keep it. Favorite quote from the author: “Powerfull people impress and intimidate by saying less. The more you say, the more likely you are to say something foolish.” Even though Mastery is a great book, it’s not the one that put Robert Greene on the map. The 48 Laws Of Power was. Published in 1998 after taking a big risk, due to quitting his former job, which he hated, the book became a bestseller and has now sold over a million copies. It’s especially popular with rappers and hip-hop artists, but many celebrities quote from the book and mention the laws’ influence on their life. 50 Cent is just one of them, with whom Greene ended up collaborating on another book. Most of the 48 laws draw on a specific situation from history, and even though some of them seem to contradict one another, there’s a precious lesson to be learned from every single one. Here are 3 lessons about power to help you understand it better: 1. Always make superiors look smarter than you. 2. Confuse competitors by acting unpredictably. 3. Don’t force others to do what you want, seduce them instead. Lesson 1: Always make superiors look smarter than you. Here’s one surefire way how to not get promoted: When your boss comes across a problem she can’t solve on her computer, go to her, and, as you fix it, say: “Seeeeee? That’s how you do it. No problem, I’m happy to help!” The one thing people in a position of power don’t want is to look powerless . But when you flaunt your skills right in front of them, that’s exactly what happens. The French minister of finance under King Louis XIV, Nicolas Fouquet, paid for that lesson with a life in prison. When he threw an excessive party at his chateau in favor of the king, the king accused him of stealing, for no one man could legally be that wealthy, and threw him into prison. So instead of showing off how good you are, make your boss look like she’s the smartest person in the room, even if you know she isn’t. Give away credit and you’ll be given responsibility in return. For example, when Galileo Galilei discovered the four moons of Jupiter, he could’ve taken all that credit. Instead, he named them after the Grand Duke, Cosimo II de’ Medici, and his brothers. As a result Cosimo appointed him as his official philosopher and mathematician, securing Galileo’s funding for his research for years to come. Lesson 2: Make errors on purpose to confuse your competition. Sometimes the competition seems to always be one step ahead of you. That’s likely because they’ve invested time and energy into researching you and finding out your behavior patterns. When that happens, your best move is to act unpredictably. Do the opposite of what you think people expect, make a mistake on purpose, or just disappear for a while. Erroneous behavior throws people off their analysis game, and while they’re busy trying to figure out your new pattern and explaining your behavior, you have the chance to strike back. This is one of the first lessons good poker players learn. If you only play hands when you’ve hit at least a pair or above, the other players will quickly be on to you and fold every time you bet. But throw in a bluff or two, which you commit to and ride out, even if you end up losing those hands, and your opponents can’t be so sure anymore. Bobby Fischer used this exact strategy to confuse Boris Spassky in their match for the 1972 world championship title in chess. He made a beginner’s mistake in their first game, didn’t even show up for the second one (and lose by forfeit, and returned only minutes before the third game started. Then he started making crazy demands, like moving cameras, switching rooms and exchanging chairs. Finally, he played openings completely atypical to his usual chess style, and eventually beat Spassky to become world champion. Lesson 3: Seduce others into voluntarily doing what you want them to, instead of forcing them. Even when you’re in a position of power already, people won’t always do what you want them to. When that’s the case, you should never resort to trying to force people to obey. Instead, make it impossible for them not to do what you’d like them to by seducing them. Chuko Liang, head military strategist of ancient China used this to break his enemy, King Menghuo. Rather than destroying their entire army, when they attacked China, he captured them all, and then …served King Menghuo great wine and food. His soldiers saw this generosity, and after Liang was sure he had baffled them, he released them but kept King Menghuo hostage. Only after threatening that he’d have to bow to the Chinese king if he was captured again, did he release the enemy. Over the years, Liang did capture Menghuo time and time again, each time making the same threat, yet always releasing his prisoner. After the seventh time, Menghuo surrendered, bowed to the king and gave up on his own accord. Raw force only breeds resentment, so use seduction instead.
For Book DetailOne Sentence-Summary: Ikigai explains how you can live a longer and happier life by having a purpose, eating healthy, and not retiring. Favorite quote from the author: “Essentials to happiness in this life are something to do, something to love, and something to hope for.” Do you want to live a long life? How about a happy one? What if you could have both? The secret to a long life actually comes from finding joy and purpose every day. Most of us think of these ideals as mere dreams that only a select few achieve. The people of Japan, however, have practiced ikigai, their “reason to live,” for centuries. It helps them live longer, more joyful lives. This practice is what makes Japan part of the five Blue Zones of the world where people live the longest. Many people find themselves trapped in the never-ending need to do everything faster, better, and harder. In contrast, discovering your ikigai will help you slow down and enjoy life more. Identifying your life’s purpose will also help you live longer. Hector Puigcerver, author of Ikigai: The Japanese Secret to a Long and Happy Life , is a native European who moved to Japan in 2004 and became enamored with Japanese culture. In this book, he breaks down how we can use ikigai to live better. These are 3 favorite lessons from his work: 1. Having a purpose is a vital component of longevity and happiness. 2. If you want to live a long life, follow the advice of some of the oldest people in the world. 3. To stay healthy throughout your life, make sure that you are moving enough. Lesson 1: If you want to be happy and live longer, discover your ikigai – a reason to wake up in the morning. Okinawa, Japan is home to some of the longest-living people in the world. Their secret is ikigai. The Japanese word has two characters: ‘iki’ which means life, and ‘gai,’ or value. Finding your ikigai can be as simple as asking four basic questions: 1. What are your strengths? Think of what you do better than everyone else. 2. What does the world need? Imagine something you see that the world lacks. 3. What are your passions? Picture the things that you could do all day without stopping. 4. What can you earn a living doing? You have to make money from your craft, so how can you do that? Your ikigai might take you a short time to discover, or it could take much longer. Once you find it, however, you may realize that you never want or need to retire. Aside from being made up by the Germans , retirement is associated with an increased risk for many health problems . Searching your ikigai is the perfect way to never retire and thus avoid deteriorating faster in your old age. However, your ikigai doesn’t have to be connected to your job. Your purpose may come from a hobby or your family relationships. Do whatever you find gets you up in the morning, just make sure that you never give it up. Okinawans forced into retirement continue to stay active with their hobbies and in their community, which helps them live longer. Research has shown that the elderly people of Okinawa have remarkably lower rates of dementia and heart disease as a result of their purpose and activity level. Lesson 2: Okinawan elders know a thing or two about well-being, and we should follow their advice if we want to live as long as they do. Seniors have so much wisdom to share with the world from their years of experience. Those of us that are young might sometimes pretend like we know everything, but we should learn a thing or two about life from the generations before us. One tip from Okinawan centenarians is to worry as little as possible . It helps to slow down, take your time, and realize that you don’t have to have it all figured out right away. Anxiety has a myriad of negative health effects . Focus on enjoying life for what you have, instead of being afraid of what might go wrong. A great way to do this is to connect with everyone around you, even strangers. Okinawan old-timers suggest smiling and having an open-heart towards everybody you meet. Your friendliness will help you develop many friendships throughout life. Okinawan elders recommend maintaining those relationships as well. When you become a grandparent your replacement of worry with friends may also help your grandchildren visit more often. Japanese centenarians also endorse eating healthy, waking up early, and making sure you have enough movement throughout your day. Lesson 3: A key component of staying healthy is to keep moving throughout the day, no matter how little. Residents of Okinawa suggest that you don’t always need to play a sport or go running to be healthy. Longevity and health are more about finding simple, consistent ways to move more through the day. Intensity may deter consistency, so Okinawans strive for simplicity in their forms of exercise. A walk around the neighborhood, day in the garden, or singing karaoke are just a few simple ways they maintain movement frequently. Radio Taiso, a Japanese radio show, has helped Okinawans exercise for years. Large groups of Japanese tune into the station and listen to directions on how to exercise. In the present day, most watch online or on the television, but the show still continues throughout the day in Japan. With simple exercises, like lifting your arms above your head and bringing them down again, Radio Taiso is an easy to repeat form of exercise for the Japanese. Whether you find an exercise program like that or not, always make time for small, consistent amounts of movement in your day. Ikigai is an incredible concept that can benefit many people. Whether you feel stuck in your job, want to live longer, or just desire a deeper level of happiness and meaning, finding your reason to live will help you.
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