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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 That’s why we still stick to the outdated mantra “Go to school, go to college, get a job, play it safe.”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 DetailDavid D. Burns, M.D., is a clinical psychiatrist. His bestselling Feeling Good: The New Mood Therapy has sold more than three million copies to date. Dr. Burns has become a popular lecturer for general audiences and mental health professionals. Plus, a frequent guest on national radio and television programs. Feeling Good -Summary How Depression Occurs In the United States, 5.3% of the population has depression. The lifetime risk of depression is 7-8% in adults and higher for women. Forty years ago, the mean age for the onset of depression was 29.5. Today, it has halved to 14.5 years. This reduction in age can be attributed to more significant mental health awareness and social media’s impact on the younger generation. Though rates differ around the developed world, the incidence of depressive illness has risen dramatically since 1900. Prior to the 1980s, depression had been the cancer of the psychological world. Depression was widespread but difficult to treat. Additionally, the taboos associated with it made the problem worse for most people. Many of these same problems still persist today. As with cancer, finding a ‘cure’ has been the holy grail of depression. Everything from Freudian psychoanalysis to shock treatment has been applied to the problem. Although some of these treatments have had initially promising results, the improvements have not been substantial and are unsustainable. Subsequently, anti-depressants and other medications have been introduced. Although these medications have changed some people’s lives, the problem of depression is still more impactful today than in the past. Dr. Burns provides an outline of how depression occurs: 1. An event takes place in the outside world that has the potential to be experienced by you. 2. You interpret the event through a series of thoughts. These thoughts are called your internal dialogue and impact on how you process the event. 3. Your feelings are created by your thoughts and not the actual event. In other words, the way you think in any situation will determine how you will feel about it. Seeing Through Black Magic In the history of psychiatry, depression has always been seen as an emotional disorder. As a result, most therapy has aimed to help patients get in touch with their feelings. Subsequently, most therapists have believed that maturity means opening up and expressing what’s inside. This is an assumption based on the view that one’s feelings “…represent a higher reality, a personal integrity, a truth beyond question.” Despite these assumptions, there is a wealth of evidence suggesting depression is not an emotional disorder. This point is supported by one of the most effective depressive treatments, cognitive therapy, not focusing on emotions. Instead, cognitive therapy identifies cognition, or our thoughts, as the cause of depression. The bad feelings associated with depression all stem from negative thoughts. Therefore, treatment must focus on challenging and changing those thoughts. Burns includes a list of ten ‘cognitive distortions,’ such as all-or-nothing thinking, overgeneralization, disqualifying the positive, jumping to conclusions, and giving ourselves labels. By understanding these distortions, we can better understand the idea that ‘feelings aren’t facts.’ Instead, feelings are only the reflections of our thoughts. Cognitive Distortions After introducing readers to the importance of cognition, David Burns outlines the underlying factors. When you interpret an event as negative, you are engaging with cognitive distortions. Burns describes these interpretations as cognitive distortions as you are creating distorted thoughts that lead to unpleasant emotions. Occasionally, events are genuinely unpleasant and need to be interpreted accordingly. However, we still have to remain realistic about these interpretations. For people who suffer from mild levels of depression, those cognitive distortions become habituated. Subsequently, these individuals start perceiving everything in black and white. The following sections will cover the most common cognitive distortions identified by David Burns All-or-Nothing Thinking Let’s say that you want to learn stand-up comedy. You took some classes. Then, after a month, you decided to give it a shot and go live. You go on stage and start cracking the lamest jokes because you are nervous, and it is your first time. The audience gets bored and leaves. As a result, you start to think that you never have a chance to become a comedian. In fact, you might even think that you are never going to be good at doing anything. This kind of cognitive distortion is called “All-or-Nothing Thinking.” In essence, you are holding a belief that you will either be good at this skill now or I never will be. This type of cognitive distortion is conveying an exaggeration of a negative event. The event itself is negative, but instead of perceiving it as a passing experience, you hold on to the negative associations. Mental Filtering This leads us to the second cognitive distortion, which is called Mental Filtering. Mental filtering involves taking one negative experience from any situation and dwelling on it for an extended period of time. No matter how much time you put into making valuable content, there will be that one guy or girl who will leave a negative comment. They will filter all the value and just leave a comment about the wrong punctuation in one paragraph. People who perceive reality from a mental filter will always find something negative. Therefore, no matter how hard you try to convince them that the event is actually positive, you will fail. Subsequently, David Burns recommends never dwelling on the past as you no longer have control over those decisions. Similarly, do not dwell on others’ opinions as people will always find the negatives in any situation. Plus, you have no control over others’ opinions and decisions. Jumping to Conclusions Imagine that you get hit by a car, so you’re on your way to the hospital. The doctors tell you that you just got dizzy, and you’ll be ready to go home in three hours. However, you keep thinking to yourself: “Oh my god, what if I got brain damage? And if my brain is damaged will my girlfriend still want to go out with me?” This type of cognitive distortion is called Jumping to Conclusions. This distortion involves exaggerating your expectations and projecting to unrealistic conclusions. Specifically, this form of cognitive distortion generally involves making a negative interpretation. This interpretation is made even though no clear facts are supporting your conclusion. Jumping to conclusions can be further broken down into two types: a. Mind reading: You arbitrarily conclude that someone is reacting negatively to you, and you don’t bother to check this out. b. The Fortune Teller Error: You anticipate that things will turn out badly, and you feel convinced that your prediction is an already-established fact. Since the process of emotion formation happens in a fraction of a second, we have little to no control over it. However, even if those thoughts get distorted, and you fall into a depression, you still have a chance to re-construct them after their occurrence. You have the opportunity to re-frame those distorted thoughts. Subsequently, you also have the opportunity to change your mood. It is scary how one thought can have the power to change someone’s life for the better or the worst. Magnification and Minimization “Perfection’ is man’s ultimate illusion. It simply doesn’t exist in the universe… If you are a perfectionist, you are guaranteed to be a loser in whatever you do.” When you magnify, you look at your errors, fears, or imperfections and exaggerate their importance. This has also been called catastrophizing because you turn commonplace negative events into nightmarish monsters. In comparison, when you minimize, you inappropriately shrink things until they appear tiny. Common examples are your own desirable qualities or others’ imperfections. This is also called the “binocular trick.”
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.
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.
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