Rich people focus on building assets, while poor people focus on working for money from "summary" of Cashflow Quadrant: Rich dad poor dad by Robert T. Kiyosaki
Rich people focus on building assets, while poor people focus on working for money. This concept is one of the fundamental differences between the mindset of the rich and the poor. Rich people understand that in order to achieve financial independence, they need to acquire and build assets that generate passive income. Poor people, on the other hand, believe that the only way to earn money is through hard work and a steady job. Building assets is a key strategy that rich people use to create wealth and achieve financial freedom. Assets are investments that generate income without requiring active participation on the part of the owner. This can include things like real estate, stocks, bonds, and businesses. By focusing on building assets, rich people are able to create multiple streams of income that continue to grow over time. In contrast, poor people tend to focus on working for money. They believe that the only way to earn a living is by trading their time and labor for a paycheck. This mindset keeps them trapped in a cycle of working harder and harder just to make ends meet. Without assets that generate passive income, poor people are often one financial setback away from financial disaster. The key to breaking out of this cycle is to shift your focus from working for money to building assets that work for you. By investing in assets that generate passive income, you can create a sustainable source of wealth that grows over time. This requires a shift in mindset and a willingness to take risks, but the rewards can be life-changing.- The choice between focusing on building assets or working for money is a defining factor in whether you will achieve financial success or continue to struggle. By understanding the importance of building assets and taking steps to create passive income streams, you can set yourself on the path to financial independence and wealth.
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