Navigating Wealth Creation with Insights from 'Rich Dad, Poor Dad

in LeoFinance3 months ago

Savings is so important and highly essential to our well-being and finances, to the point where the need to continuously build a saving culture can't be overemphasized. In my bid to be financially stable and free, I've read some books and done research on multiple investments both here on the hive blockchain and in other places, and among the books that inspire me the most is Rich Dad, Poor Dad.


In this book, Robert Kiyosaki spoke extensively on different issues that relate to money, how to build wealth, and the difference between a rich man and a poor man, using how they manage their income as a typical example of how one can easily build wealth from the lowest point and gradually to the point of having financial freedom.

I learned that there's a difference between saving and not saving. Yes, although they're the same words, when you read through the book, you'll understand that it's possible to save your money somewhere, and at the end of the day, when you need it, you'll get the exact amount you saved or have a little interest in it, and that storyline relates to the poor man or poor dad.

In the case of the rich dad, we get to see that from what he earns, he didn't just spend or save it all; instead, I've invested those funds into a system that'll continually yield him something in return, and in that book, he basically called it having your money work for you to make more money. In a nutshell, your money is doing the work even while you're away, and in the end, that helps you build wealth.

There are loads of ways one can use this strategy to build wealth, but you still need to be watchful and conscious not to fall into the wrong hands or make an investment because that will only make matters worse. Offline here, there are a few such investments I've noticed that help one continuously yield interest from such investments even while you're away, and some of them are:

  • Real estate: real estate is one of the top investment avenues that is elevating people off property into abudance in the present day, and because lands don't depreciate in value, over time the value continually increases, and there is always high demand for landed property. So in a situation where one is rich enough to afford huge plots of land, the person can buy them, thereby cementing their pathway to financial freedom.

Aside from selling, you can also rent out this land to some people or organizations for a short period of time, and in the process, you constantly earn off your investment.

  • Car, Motorcycle and apartment rental: The rental business is also another fast-rising business that's making waves presently around my country, and having a vehicle or bike rented out to someone who delivers it almost to you on a daily basis is one way to build wealth.


In fact, this is very efficient because you can buy a bike for about 700,000 naira, and when rented out to a driver who uses it for delivery or public transport, they can deliver as much as 10,000 naira to you daily, removing the maintenance fee and the like. Let's just multiply that by 4 to 5 months, and you'll most likely have earned your money back and even bought another bike. Although in the case of a vehicle, it might be different because cars are much more expensive, what would be earned in such a situation would also be way more than what'll be earned from a bike.

While real estate requires a huge amount of money that spans millions, I believe bike or vehicle rental is still within my jurisdiction, and depending on how well my interest yields from that, I can dive into more biking until I'm rich enough to go well into real estate.

It's something I really want to dive into, and I believe if I can get it alongside a careful and trustworthy driver, then the investment will be one that I'll be glad to dive into. Well, it's not feasible in these early months of the year, but I'll save towards it and see how things go before the year runs out, and who knows, I might, via this, be like the rich dad Robert Kiyosaki spoke about in his book.

Thanks so much for your time, what do you think?

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Bang, I did it again... I just rehived your post!
Week 190 of my contest just can now check the winners of the previous week!

I haven't taken my time to read rich dad poor dad yet. But I know a lot about it by following creators who talk about implementing it into our financial lives.

The whole concept of work, earn, save, was sold to us to enslave us. But it's become normalized that if you don't live by it, you're seen as someone who will suffer financially.

I like the bike idea. I've seen some people go into it and make some serious bag. On the flip side, dreadful stories arise when whoever you're giving the bike to to ride doesn't maintain it properly and is also dishonest.

I also discussed about the topic once. It's not impossible to become rich for poor people but they need to face more difficulties compared to the rich people. It's the reality and the rich people get more opportunity because they have the backup.

Yay! 🤗
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