World Financial Planning Day 2023: Best tips from "Rich Dad, Poor Dad" that will make you a millionaire

'Rich Dad, Poor Dad' by Robert Kiyosaki is a personal finance book with life-altering financial lessons. These lessons' simplicity makes them perfect for daily application.

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In his book, the author stresses the value of financial literacy, prioritizing needs over wants, generating passive income, continuing financial literacy, taking calculated risks, leveraging resources, keeping spending in check, managing debt wisely, concentrating on practical financial literacy, cultivating a mindset of abundance, learning from failure, and making investments for personal growth.

What is World Financial Planning Day?

World Financial Planning Day is observed on October 4 and is an initiative of the International Organisation of Securities Commissions (IOSCO). Every year, World Financial Planning Day is observed worldwide to encourage investor protection and education.It takes place on October's first Wednesday.

Financial planning is crucial because it paves the road for a more secure and wealthy financial future by allowing one to effectively manage and utilize assets while minimizing obligations.

Here are the best financial lessons given by the author:

1.Act like an Entrepreneur

Start acting and thinking like a businessperson. Instead of relying simply on a job to provide income, concentrate on establishing numerous streams of revenue through investments and business activities.

2.Invest in Financial Education

Spend money on your education, particularly in the fields of investment and finance. This will equip you with the knowledge and abilities required to make wise financial decisions.

3.Take calculated risks

Take risks without hesitation, but be sure to carefully evaluate and handle them. Building money can often be accomplished by taking calculated risks.

4.Manage your finances

The importance of living within your means and managing your expenditures is emphasized in the book. Understanding one's spending habits frees up money for investments and wealth accumulation.

5. Leverage the resources

The book"Rich Dad, Poor Dad" shows how to make money by using other people's labour, capital, or resources. Leverage can help you develop wealth more quickly if you know how to use it properly.

6. Adopt a mindset of abundance

This book promotes the transition from a scarcity mindset to an abundant mindset. Positivity and confidence in one's ability to produce wealth may draw opportunities.

7. Accept failure and grow from it

Kiyosaki underlines the importance of taking lessons from failures and mistakes. Failure may be a valuable teaching experience that fosters growth on the personal and financial fronts.

8. Develop debt management skills

'Rich Dad Poor Dad' demonstrates smart debt usage. The difference between good debt, which generates income, and bad debt, which reduces wealth, is emphasized.

9. Surround yourself with like-minded people

Embrace a successful, like-minded community. Seek for mentors and friends who can encourage and support you on your journey to financial success since the company you keep can have a huge impact on it.

10. Investing as opposed to spending

Spend more time accumulating wealth than material things. Instead of spending money on items that will lose value over time, put your attention on building long-term financial security through investments and assets.

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