hrm book review[1]

8/8/2019 HRM Book Review[1]

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Sanket Gadkari 19

Purav Khotari 29

Darshak Pandya 38 Sharanjeetkaur Minhas 34

Manjunath Taradi 56

Pratibha Trivedi 58


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Some Books and Stuff by Robert

Kiyosaki and Sharon Lechter

Rich Dad. Poor Dad.

Cashflow Quadrant

Cashflow Game

Cashflow, The E-Game

Rich Dads Guide to Investing Retire Young. Retire Rich.

Rich Kid. Smart Kid.


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Rich Dont work for

money The poor and the

middle class work

for money

The rich think of

ways to makemoney work for

them


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Why Teach Financial

Literacy? Money cannot work for you unless you

understand how money works

The current education system does notteach how money works

Most educated people do not know ordo not understand the basics of money

management


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Assets vs. Liabilities

Asset: Puts money in your pocket

Liability: Takes money away from you


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Types ofAssets

Paper: Stocks, Bonds,Mutual Funds, andInsurance (Portfolio Income)

Real Estate: Residential and Commericalproperties (Passive Income)

Businesses: (Passive Income)


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Types of Income

Portfolio Income: Derived from paper assets easiest to manage

Passive Income: Derived from real estate orroyalties from patents

Earned Income: Paycheck highest taxed typeof income


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Cashflow pattern


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How The Poor Live

They only have small incomes and

small expenses

IncomeStatement

BalanceSheet

Income

Expenses

Assets = Zero Liabilities = Zero

$The

Wealthy


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How The Middle Class Live

They buy expenses and

liabilities they think are assets

IncomeStatement

BalanceSheet

Income

Expenses

Assets

Liabilities

Assets

$The

Wealthy


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IncomeStatement

BalanceSheet

Income

Expenses

Assets

Liabilities

$ Poor andmiddle class

income

How The Wealthy Live


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Business that do not require my presence.

I own them, but they are managed or

run by other people. If I have to work

there it is a not a business. It becomes

my job.


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The Rich Invent Money Accounting. HOW?!!!

1. Financial Literacy

2. Investment Strategies

3. The Market - Supply and Demand (Learn

how to exploit the market)

4. The Law


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Financial strategy

Rich and Poor Dad

The Rich with

corporation

People who work

for corporation

1.Earn Earn

2.Spend Pay taxes

3.Pay taxes Spend


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Two main vehicles to achieve

financial growth : real estate and

small stocks.1. To let people know it is easy if foundation is

strong

2. anyone can achieve great wealth

3. There are millions of way to achieve your

goals.4. Its not rocket science.


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WORK TO LEARN

DO

NT WO

RK FO

RMO

NEYLearn the management skills of success:

TheManagement of cash flow.

TheManagement of system

(including your self and time with

family.)

The management of people.


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Overcoming Obstacles

Fear

Cynicism

Laziness

Bad Habits

Arrogance


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Getting started

Need a reason greater than reality

Choose friends carefully

Master a formula then learn new one Pay yourself first

Assets buy luxuries

The need for heroes


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Conclusion

1. Dont work for money

2. Become financially literate

3. Mind you own business4. Understand the tax laws and the use of

corporations as a tax shelter

5. Invent money6. Work to learn Dont work for money


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hrm book review[1]

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