Michael Hong’s Reviews > Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! > Status Update

also have heroes such as Donald Trump, Warren Bu$ett, Peter Lynch,
George Soros, and Jim Rogers. I know their stats just like I knew the
ERAs and RBIs of my childhood baseball heroes. I follow what Warren
Bu$ett invests in, and I read anything I can about his point of view
on the market and how he chooses stocks. And I read about Donald
Trump, trying to find out how he negotiates and puts deals together.

So wise investors must look at more than ROI. They look at the assets they get for free once they get their money back. That is financial intelligence.

Poor people have poor habits. A common bad habit is innocently
called “dipping into savings.” The rich know that savings are only used to
create more money, not to pay bills.

You become what you study. be careful what you learn, because your mind is so powerful that you become what you put in your head.

Wise investors buy an investment when it’s not
popular. They know their profits are made when they buy, not when
they sell. They wait patiently.

What I know makes me money. What I don’t know loses me
money. Every time I have been arrogant, I have lost money. Because
when I’m arrogant, I truly believe that what I don’t know is not
important,” rich dad would often tell me.

Forcing myself to think about how to make extra money is like going to the gym and working out with weights. The more I work my mental money muscles out, the stronger I get.

“Do what you feel in your heart to be right—for you’ll be criticized
anyway. You’ll be damned if you do, and damned if you don’t.”