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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 That’s why we still stick to the outdated mantra “Go to school, go to college, get a job, play it safe.”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 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: Deep Work proposes that we have lost our ability to focus deeply and immerse ourselves in a complex task, showing you how to cultivate this skill again and focus more than ever before with four simple rules. Favorite quote from the author: “If you don’t produce, you won’t thrive, no matter how skilled or talented you are.” Deep Work suggests that being able to completely immerse yourself in a complex task is a rare, valuable and meaningful skill. The second part of the book then outlines four rules you can use to cultivate a deep work ethic. Here are 3 lessons from Deep Work to help you go from busy to brilliant: 1. There are four strategies for deep work, all of which require intention. 2. Productive meditation can help you work deeper, even while you’re taking a break. 3. Stop working at the same time each day. Deep Work Summary Lesson 1: Use one of these four deep work strategies, but be intentional about it. Cal Newport isn’t one of those “one-size-fits-all-advice” kind of people. He knows that different things will work for different people, so when making his case for deep work he suggests four different strategies: 1. The monastic approach. Monastic comes from monastery – the place where monks live. It means shutting yourself off completely, for example by moving to a cabin in the woods to write a novel, and not come back until it’s finished. 2. The bimodal approach. This prioritizes deep work above everything else. You could set a 4-6 hour block each day for deep work, for example, where you lock yourself in your office, similar to the monastic approach. However, once that block is over, you’re free to do everything else that might be on your plate. 3. The rhythmic approach. This chunks down your work into time blocks, similar to the Pomodoro technique , and uses a calendar to track your progress. For example you’d plan your week ahead of time and put 10 blocks of 90 minutes on your calendar, and make working with timed blocks a habit. 4. The journalistic approach. If you have a busy daily routine, this works well. What you do is to simply dedicate any, unexpected free time to deep work. Being intentional about your deep work approach requires monitoring how you spend your time, so one of your first steps in making this decision should be to track your habits . You’ll quickly be able to separate productive from unproductive time and spot patterns. Lesson 2: Make the most of unproductive time with productive meditation. This is an idea that Cal Newport calls it productive meditation, and it comes down to using your “unproductive” time to do deep thinking. For example, if you’re taking the subway to work each morning, and know you have 30 minutes to and from work, in which you can’t do much else, use this time to try solving a complex problem in your mind. Commuting, showering, household chores, buying groceries and taking a walk (with or without your dog) are all great opportunities to think. The next time you have some “down time”, in which you do menial tasks, latch on to a big problem, try to see sub-problems of it, break it down and solve it. Lesson 3: Quit work at the same time each day, and stick to it. Cal has a habit of ending his work day at 5:30 PM, every day. No emails, no internet, no to-do lists, no computer after that. He describes his practice in this 7-year old blog post , and while his systems evolve, planning both work and free time have remained a constant factor. Your brain needs some space each night to wind down, and it won’t get that if you have an as- much-as-possible work ethic. Limit yourself by quitting work and not checking email, or, even better, shutting down your computer, at the same time each day. This way, you’ll have a fixed slot of free time every day to recuperate. Your mind will keep working below the surface , but you won’t burn yourself out by working around the clock.
For Book DetailOne Sentence-Summary: The Daily Stoic is a year-long compilation of short, daily meditations from ancient Stoic philosophers like Seneca, Epictetus, Marcus Aurelius, and others, teaching you equanimity, resilience, and perseverance via the three Stoic disciplines of perception, action, and will. Favorite quote from the author: “God grant me the serenity to accept the things I cannot change, the courage to change the thingsI can, and the wisdom to know the diffrence.” Stoicism is a popular philosophical concept that was born in Ancient Rome and Greece. Today, thinkers and researchers still find it relevant as it delivers valuable life wisdom. The stoic philosophy is simple in nature, but humans are complex beings that often overcomplicate things. Perhaps that is why we find it so difficult to implement. The Daily Stoic by Ryan Holiday is a great way to start learning about this philosophy and applying it in your own life. The book has 366 short readings that will help you find happiness in your day-to-day struggles—and eventually even in the most challenging situations. Here are the three most important lessons from the book that map the core principles of stoicism: 1. Perception gives course to your thoughts, actions, and ultimately everything you do. 2. We can change the course of our life by actively managing our actions and responses. 3. Will is the internal power we as humans possess and use to nurture hope. Philosophy is a large subject, so studying it may take much more than reading a summary about Stoics. However, these three core lessons might take you one step closer to understanding what a life lived in virtue means. Lesson 1: As humans, we must learn to control our perceptions about the world if we want to live purposefully. Stoicism is a philosophy that teaches us how to control our emotions and maintain emotional balance in all things. It is the practice of being able to achieve this state of emotional balance by training the mind to be objective, calm, and rational. The three core principles of stoicism are perception, action and will. We must learn how to master perception first by understanding that we can never control anything external to ourselves. All we can do is control our thoughts, actions and reactions. By mastering these things, we can achieve a greater level of happiness and satisfaction in life. You can’t control what happens to you, but you can control how you react to it by using your perceptions to guide your actions. For example, imagine someone steals your prepacked meal from the common fridge at the workplace. You may be upset but that does not mean you have to be angry or spend all day complaining about it. Instead, you can choose how to react appropriately and objectively. Either let it go or place a formal complaint, but never worry without a purpose. Lesson 2: Work on controlling your actions, instead of letting them control you. Mastering a skill is not an easy feat, but learning about the stoic philosophy will help you become much calmer, centered, and aware of your actions. Then, you’ll be able to focus on objective perceptions, leave your biases behind, and act accordingly. Action is a core component of Stoicism after perception is formed. This is because if your perception is in control, you are the one who is acting. But if your action is in control, then it’s like you are being acted upon. You should always be the actor behind every step of your life. Still, not every perception requires an action. What really should matter is the one thing that you can actively change. A perception remains just that without action. Therefore, to master the skill of being a stoic, you must first analyze your thoughts. Note if they’re subjective and try to move objectively through the chain of thought. Then, dismiss them if you cannot find a way to change the situation. Naturally, there’s only so much you can act upon. If someone says something mean about you, you’ll first form a perception about it. You’ll be angry, indifferent, or anything in between. Now, is there anything you can do about it? No – so there’s no need to act upon that. And there you have it – the Stoic philosophy applied. Lesson 3: Will sticks with us when everything else fades. The third core concept of the Stoic philosophy is will. So far, we’ve explored how perception must be interpreted, changed, and how action is a result of it. Action is not always necessary, and it’s a powerful act that can change our life. Will is an inner power that gets us through life’s bumpy rides. It’s the act of trying more or keeping hope alive, or pushing through hardship when life feels impossible. It also helps us see past the obstacle and build new, better ways from whatever sour lemons we’ve been thrown. Will is often interpreted as an unbreakable ambition to make the impossible possible. While doing such things indeed comes from our inner force, stoics find will to be more about a sense of humility, resilience, and acceptance. Under the toughest hardships that life prepares for each and every one of us, it is will that helps us go through. Both types of will are within us, but in times of true heartbreak, pain, and hurt from within, the silent will is our friend. When life sends us obstacles and challenges to bypass and grow stronger, ambitious will can take us farther. As humans, we have to discover these powers within ourselves and learn to harness them. The Daily Stoic Review The Daily Stoic delves into the three most important concepts of stoicism by studying 366 meditations from ancient renewed thinkers . The book addresses the natural thinking process of humans by pointing out areas of improvement that we can work on through a fresher perspective, acts of change, and the power of will. While highlighting the main concepts of this philosophy, the author proves a core point of thought – we can improve our life right away, starting from the way we think. A good life is all about perception, and material things rarely bring long-lasting happiness. Continuous improvement is the key to achieving wisdom.
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