Rx Note

Introduction Robert Kiyosaki, author of the best-selling book Rich Dad Poor Dad , offers financial planning insights and explores how wealthy people think. However, his financial history is complex. His company, Rich Global LLC, filed for bankruptcy , and he has acknowledged being for over 1.2 billion in debt . Despite this, Kiyosaki defends his approach by claiming to use debt strategically to acquire assets that generate income. Rich Dad, Poor Dad One of the reasons the rich get richer, the poor get poorer, and the middle class struggles in debt is that the subject of money is taught at home, not in school. Most of us learn about money from our parents. This raises a critical question: What can poor parents teach their children about money (more specifically, wealth creation), other than studying hard and graduating with excellent grades? School, on the other hand, focuses on scholastic and professional skills, but not on financial skills. This explains why highly intelligent profess...

Introduction Think and Grow Rich , by Napoleon Hill, is a self-improvement book focused on achieving success, particularly financial success. In the preface, Napoleon Hill claimed that his work was inspired by conversations with Andrew Carnegie in 1908. The book outlines a 13-step framework, "The 13 Steps to Riches", based on the Law of Success philosophy. Importantly, building wealth generally requires the persistent application of all thirteen factors. Contrary to the popular belief that riches come only to those who work long and hard, the book suggests that achieving wealth starts with a clear mindset and a definite purpose (success conscious), not necessarily with an emphasis on sheer effort or education. Also, immense wealth rarely comes by chance or luck. Success is more likely to come to those who actively focus on achieving it, while failure tends to find those who passively accept defeat. Opportunity can often be disguised as misfortune or a temporary setback. Man...

Introduction " Poverty has limited our imagination. " This is a saying that I like a lot. We may have dreamed to be rich, to travel the world , to own a half million bungalow, to own a luxury sport car. However, we may not understand the hidden value to own a land in a virtual world, or the need to buy a 10k luxury watch. Personally, the main reason I want to be rich is to have greater freedom of choice in the future. I dislike feeling financially constrained and limited in my options. The Lifestyle Creep My colleague and I recently discussed this. While our current salaries place us in the M40 category (middle 40% income group) in Malaysia, there are just as many dreams that we sacrifice for living. Through financial planning , we give up things we love (e.g. the latest gadgets) to prioritize things we value more, like our children's education or a comfortable retirement. Compared to 5 years ago, our salaries have doubled, but so has our standard of living. With a RM 30...