1) The author says to his students that they should take risks but yet be careful with them. You also want to choose the best options for you because when he showed the "cash flow" game, some lady bought a boat but later, she eventually had a kid so that made her expenses go up a little because she has to take care of him/her. 2) Like I mentioned, the author says to take risks but yet, make them careful risks. Go out and get stuff that you can enjoy but make it something that you will not regret.
In the book, it talks about a game called Cashflow, created to teach other how money works. It shows the all three of the spend, save, share categories. During the game many people gain a lot of money but don’t know what to do with it; therefore, they save it. Others find opportunities right in front of them and spend it. Finally, some people find the opportunity but don’t know what to do, so they share it. What it mean to “pay yourself first” I believe is to learn how to gain a higher financial IQ for yourself. Once you have this, you will be making millions just from know how to handle money.
1) Spend, save, share are all great tactics when it comes to money. Rich dad says that you can think that money is real, the more real that you think money is, the harder you will work for it, and this is not the point of getting rich. You can't just hoard money, you need to be able to spend it, but spend it wisely. you need to be able to save, save in compound interest accounts and save for an emergency fund. the last one is to share. When you get rich the biggest payoff is being able to share your wealth with everyone you love and to donate your earnings.
2) Paying yourself first is important. You need to know that you are your number one priority. As a pat on the back for sticking to your financial plan each month you need to set a certain amount of money aside for yourself, kinda as a thank you to yourself for being disciplined. Its a reward.
1)Saving is setting aside money you don't spend now for emergencies or for a future purchase. It’s money you want to be able to access quickly, with little or no risk, and with the least amount of taxes. Rather than saving a certain amount of money each month, it is smarter to put a chunk of your money in the stock market. If the economy is terrible, investors should take this opportunity and spend their money on shares. Instead of saving money, you will be investing money and seeing significant growth on your money. Don’t pass up the small deals because you never know when the market will start rising. When you build up enough wealth, you are then able to give (share). 2)“Pay yourself First,” means every payday, the very first thing you do is set aside a percentage of your income in a savings account. You do this before you pay the rent, before you pay any other bills, and before you spend any money on entertainment, ect. You “Pay yourself first.”
In the book, it says that saving is something that poor people do. Which is why, it’s seen as dumb to the author. If you invest the money rather then just saving it, you have the chance at making more money. When you make money, you become rich, and when you are rich, it is important to share, so that other can be happy when you are happy.
The book talks about the game “Cashflow” and how it is created to show people the way that money works, and the smartest ways to deal with it, along with the opportunities behind money. It lists all of the categories, Spend, Save, and Share. Money can either be spent on things in front of them after getting the money. This means the money will run out, and you will be back to the same place that you were before you received the money. You need to spend your money wisely, instead of spending it carelessly. Or you can save it, you can put it into a savings for example a compound interest account. The money safe while it is also earning more money. You also need to be sure that you have an Emergency fund that you can rely on in times of emergencies. Last they list that you can share it. You can donate it to people that are more in need. Giving to people can be one of the most rewarding tasks. “Pay Yourself First” is to make sure you don’t go and waste your money. When you get your money/ paycheck, you should be sure to pay the expenses you NEED and then invest,or save the rest of the money.
In the chapter, it’s talks about Spend, Save and Share. It refers to the game Cashflow and how it is played with many different ways to spend, save or share your money. It goes on to talk about why noticing the right opportunities to spend your money. Others won’t notice the opportunities so they don’t spend their money, they’ll just save it. Some other people don’t save their money either so they will share it.
1) The author says to his students that they should take risks but yet be careful with them. You also want to choose the best options for you because when he showed the "cash flow" game, some lady bought a boat but later, she eventually had a kid so that made her expenses go up a little because she has to take care of him/her.
ReplyDelete2) Like I mentioned, the author says to take risks but yet, make them careful risks. Go out and get stuff that you can enjoy but make it something that you will not regret.
In the book, it talks about a game called Cashflow, created to teach other how money works. It shows the all three of the spend, save, share categories. During the game many people gain a lot of money but don’t know what to do with it; therefore, they save it. Others find opportunities right in front of them and spend it. Finally, some people find the opportunity but don’t know what to do, so they share it. What it mean to “pay yourself first” I believe is to learn how to gain a higher financial IQ for yourself. Once you have this, you will be making millions just from know how to handle money.
ReplyDelete1) Spend, save, share are all great tactics when it comes to money. Rich dad says that you can think that money is real, the more real that you think money is, the harder you will work for it, and this is not the point of getting rich. You can't just hoard money, you need to be able to spend it, but spend it wisely. you need to be able to save, save in compound interest accounts and save for an emergency fund. the last one is to share. When you get rich the biggest payoff is being able to share your wealth with everyone you love and to donate your earnings.
ReplyDelete2) Paying yourself first is important. You need to know that you are your number one priority. As a pat on the back for sticking to your financial plan each month you need to set a certain amount of money aside for yourself, kinda as a thank you to yourself for being disciplined. Its a reward.
1)Saving is setting aside money you don't spend now for emergencies or for a future purchase. It’s money you want to be able to access quickly, with little or no risk, and with the least amount of taxes. Rather than saving a certain amount of money each month, it is smarter to put a chunk of your money in the stock market. If the economy is terrible, investors should take this opportunity and spend their money on shares. Instead of saving money, you will be investing money and seeing significant growth on your money. Don’t pass up the small deals because you never know when the market will start rising. When you build up enough wealth, you are then able to give (share).
ReplyDelete2)“Pay yourself First,” means every payday, the very first thing you do is set aside a percentage of your income in a savings account. You do this before you pay the rent, before you pay any other bills, and before you spend any money on entertainment, ect. You “Pay yourself first.”
In the book, it says that saving is something that poor people do. Which is why, it’s seen as dumb to the author. If you invest the money rather then just saving it, you have the chance at making more money. When you make money, you become rich, and when you are rich, it is important to share, so that other can be happy when you are happy.
ReplyDeleteThe book talks about the game “Cashflow” and how it is created to show people the way that money works, and the smartest ways to deal with it, along with the opportunities behind money. It lists all of the categories, Spend, Save, and Share. Money can either be spent on things in front of them after getting the money. This means the money will run out, and you will be back to the same place that you were before you received the money. You need to spend your money wisely, instead of spending it carelessly. Or you can save it, you can put it into a savings for example a compound interest account. The money safe while it is also earning more money. You also need to be sure that you have an Emergency fund that you can rely on in times of emergencies. Last they list that you can share it. You can donate it to people that are more in need. Giving to people can be one of the most rewarding tasks. “Pay Yourself First” is to make sure you don’t go and waste your money. When you get your money/ paycheck, you should be sure to pay the expenses you NEED and then invest,or save the rest of the money.
ReplyDeleteIn the chapter, it’s talks about Spend, Save and Share. It refers to the game Cashflow and how it is played with many different ways to spend, save or share your money. It goes on to talk about why noticing the right opportunities to spend your money. Others won’t notice the opportunities so they don’t spend their money, they’ll just save it. Some other people don’t save their money either so they will share it.
ReplyDelete