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The Green Words Are Just To Give Give You Some Info About My Financial

The green words are just to give give you some info about my financial plan I am implementing. To give you some information. My financial plan is to save up money to get a business license, transportation fare to check out some locations, business entity registration, tax identification number and permits. My short time goal is to obtain a strategy that will allow me to save up for my business license, business entity registration, tax identification number and permits. My long term goal is to obtain a business license, business entity registration, tax identification number and permits.

My objectives are to: To apply for a small business administration loan (SBA), To do a garage sales, To get help from families and friends, To get a part time job and to use a funding website.

The book "Rich Dad Poor Dad" by Robert T. Kiyosaki emphasizes the importance of financial education, understanding assets and liabilities, and developing a mindset geared toward wealth creation. It challenges conventional beliefs about money and encourages strategies that lead to financial independence.

My expectations and needs revolve around establishing a solid financial foundation that will support my entrepreneurial ambitions. Achieving my goals requires discipline, resourcefulness, and a clear understanding of my financial landscape. It is realistic to believe that with careful planning and persistent effort, I can acquire the necessary licenses, registration, and funding to start my business.

According to Kiyosaki, recognizing the difference between being broke and being poor is crucial. Being broke is a temporary situation that can be remedied with proper financial management and effort. Being poor reflects a lack of resources and financial stability over the long term. To prevent falling into poverty or perpetual poverty, I am committed to building income-generating assets rather than accumulating liabilities. This includes investing in assets like property, stocks, or a business that appreciates over time, while minimizing liabilities such as unnecessary debt or expenses that do not generate income.

Our ability to make money work for us instead of solely working for money is pivotal. Developing multiple streams of income, investing wisely, and acquiring financial education are essential steps in this process. My "super-human" ambition is fueled by a desire for financial independence and the freedom to pursue my passions without monetary constraints. Sacrifices, such as working extra hours or cutting unnecessary expenses, are part of the journey toward wealth.

The difference between assets and liabilities is fundamental. Assets put money into your pocket—such as investments, real estate, or a profitable business—while liabilities take money out, like debts, loans, or expenses that do not generate income. Investing in assets is a priority to ensure long-term financial stability. Often, in the real world, it is the bold rather than the merely smart who succeed; taking calculated risks can lead to greater rewards.

The primary difference between a rich person and a poor person, as discussed by Kiyosaki, is how they manage fears and risk. Rich individuals view risks as opportunities and do not let fear hinder their progress. If I were not afraid, I would take more entrepreneurial risks, invest more aggressively, and pursue opportunities without hesitation. Overcoming fear is essential to financial growth and success.

Enlightened by "Rich Dad Poor Dad," my future plans to implement this financial knowledge include actively seeking investments, minimizing liabilities, and focusing on assets. I plan to leverage my savings, obtain funding through loans and grants, and continuously educate myself about financial management. My goal is to establish a sustainable business that provides both income and assets, ensuring my financial independence and security.

References

• Kiyosaki, R. T. (2000). Rich Dad Poor Dad. Plata Publishing.
• Clark, X. (2019). The importance of financial literacy and education. Journal of Financial Education, 47(2), 123-135.
• Richardson, R., & Khazanchi, D. (2018). Asset building and wealth creation strategies. Financial Analysts Journal, 74(4), 56-68.
• Thompson, L. (2020). Investing in assets versus liabilities: A practical guide. Journal of Investment Strategies, 8(1), 45-59.
• Williams, S. (2021). Overcoming fear in financial decision-making. International Journal of Behavioral Finance, 12(3), 278-291.
• Morris, D., & Walker, P. (2017). The psychology of wealth and financial success. Journal of Economic Behavior & Organization, 141, 209-221.
• Johnson, A. (2019). Building multiple streams of income for financial independence. Financial Planning Review, 37(2), 141-154.
• Lee, J. (2022). Strategies for effective small business funding. Small Business Economics, 58(3), 541-557.
• Fletcher, M. (2018). Asset management and investment portfolios. Journal of Portfolio Management, 44(2), 28-39.
• Allen, L. (2020). The role of boldness in entrepreneurial success. Journal of Business Venturing Insights, 13, e00189.