Top-3 myths about becoming rich and how to actually make six-figure incomes

Brightest insights from the Robert Kiyosaki’s Rich Dad Poor Dad to gain financial literacy

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So, you would like to earn more money and generally be good with it? That’s a worthy goal, and many people share it too. But why does someone succeed in it, while many others can’t break the chain of living from paycheck to paycheck? The answer is simple: attitude and upbringing.

Yes, that’s right, your relationships with finances are generally affected by how your parents raised you. But don’t worry, it doesn’t mean that the situation will never change. All you need is some actionable tips on money from someone who is the pro in this topic, and Robert Kiyosaki is the one you’ve been looking for. He has written over 20 books on financial well-being, and his audience ranges from teenagers to senior citizens. His most famous book, Rich Dad Poor Dad, has sold over 30 million copies, been on the New York Times bestsellers list for more than six years, and is currently one of the best-selling personal finance books of all time.

Now, let’s break it down — what should you do to become that ‘rich dad’?

Myth 1: ‘If I follow the ‘school – college – job’ plan I will be rich and successful’

Well, not really.

While in some cases your university diploma can help you get a well-paid job, it won’t automatically make you rich. Why? Because even if your income is high, it can go to waste because you don’t have financial literacy. And no, it’s not about holding a degree in economics. Financial education is the way you behave with money and use it.

So what do we have here?

❌ Don’t go to college just because your parents or society tell you so. A degree doesn’t equal becoming rich (though it’s okay to get one if you want it.)

✅ Being on good terms with money is more important for your income and bank account stability, and you can learn it without getting a diploma in finance. Self-education is the key.

Myth 2: ‘If I avoid any risks, I will be successful and rich’

It could be true, but no.

As Robert Kiyosaki mentions in his book, all high-achieving people are risk-takers. And by taking a risk with your money, he doesn’t mean going to Monaco and giving it a shot at a casino. In this case, taking a financial risk is to invest in stocks and bonds rather than just saving your money at a bank. As insecure as you may feel, these ways of investment will generate more income in a shorter time.

It’s okay to be afraid of losing, but this attitude holds you back from moving forward and winning. By playing safe, you will hardly become a billionaire. After all, you cannot achieve something without losing at least once.

❌ Holding on a safe position won’t lead you to the top.

✅ Only by taking risks can you increase your state. Of course, those should be smart risks.

Myth 3: ‘I have a well-paid job and a clear career path. I do not like it that much, but at least it will make me rich’

Aaaaaand, no. Sorry.

First of all, if you don’t like what you do, it is unlikely that you will once see a six-figure monthly paycheck. The reason is motivation. Spending your life on something that you are not truly passionate about will probably lead to burnout.

But motivation is generally a crucial part of becoming successful. You could think that in this case, the word ‘motivation’ is connected directly to overworking and stuff, yet it’s about something else.

Remember how we talked about stacks? Sometimes when you invest in them, you can bump into them taking a dip. It’s totally normal. What you need to do is stay committed and ‘just keep swimming.’ So there are two working ways of keeping you in high spirits.

🧿 Do the ‘Wants and Don’t wants’

That’s the list of your expectations for the future. Write down what you want from it, something like ‘I want to be sure that I have enough money to take care of my family and me.’ And just like that, the things that you don’t want ‘I don’t want to live in a constant fear of not having something to eat.’ It will refresh your memory about why you are doing what you are doing.

🧿 Please, don’t think that we are kidding but spend money on yourself

Yep, that’s correct. Treating yourself will also keep you motivated because you can easily lose the main goal without a little reward on checkpoints.

Warning: neither Robert Kiyosaki nor we recommend spending all your savings on a brand new Tesla car to keep you motivated. Spend your money wisely.

❌ Don’t do something that you don’t enjoy as you will lose motivation easily.

✅ Even if you work on something you love, feeling exhausted is okay. But you need to feed your motivation to keep going.

Big facts time

So you became financially literate. Does it mean that there is nothing between you and financial freedom? According to Robert Kiyosaki’s book Rich Dad Poor Dad, No.

And there are 5 reasons why it is what it is:

💸 Fear

💸 Cynicism

💸 Laziness

💸 Bad habits

💸 Arrogance

You can read more about all of these points in the summary of Rich Dad Poor Dad on the Headway app. But to sum up, all of them give you a hint that personal growth is just as crucial for becoming rich as financial education.

In this article, we’ve highlighted our favorite tips and tricks from Rich Dad Poor Dad by Robert Kiyosaki, but there are many more of them in this ultimate bestseller. Find the summary of this book and many more about budgeting and financial literacy on the Headway app.

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