Read Time: 5 Minutes

Welcome to The Sunday Summary, a weekly newsletter where I share a quick book summary with actionable lessons, Book recommendations, Reading tips, New Concepts, and one life-changing Quote to help you build a healthy, wealthy life.

👋🏻 Hey Everyone,

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📕 Book Summary

This week's book is “Rich Dad Poor Dad” by Robert Kiyosaki

This is one of the most popular finance books. This book will teach you how rich people think and use their money that the middle class and poor don’t.

Robert Kiyosaki shared valuable lessons on money that can change your life. The author teaches the difference between assets and liabilities and how rich people invest their money. How they handle it and grow it without even working.

This book has been recommended by nearly every successful person out there.

Here are 15 valuable lessons from the book

1. The Difference: There is a difference between being poor and being broke. Broke is temporary. Poor is eternal.

2. Become financially educated: Money comes and goes, but if you have the education about how money works, you gain power over it and can begin building wealth.

3. Rich Make money work: The poor and middle-class work for money. The rich have money to work for them.

4. The control: People’s lives are forever controlled by two emotions: Fear and Greed.

5. It’s about how you keep: It’s not how much money you make. It’s how much money you keep.

6. Acquire assets: Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.

7. True Fact: A person can be highly educated, professionally successful, and financially illiterate.

8. Get Financially educated: Intelligence solves problems and produces money. Money without financial knowledge is money soon gone.

9. Work for yourself: Financial struggle is often the result of people working all their lives for someone else.

10. Make the money work for you: If you work for money, you give the power to your employer. If money works for you, you keep the power and control it.

11. Train your mind: The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth.

12. The pain of losing money: For most people, the reason they don’t win financially is because the pain of losing money is far greater than the joy of being rich.

13. The bold one wins: Often in the real world, it’s not the smart who gets ahead, but the bold.

14. How you manage fear: The primary difference between a rich person and a poor person is how they manage fear.

15. Pay yourself first: If I pay myself first, I get financially stronger, mentally, and fiscally.

Actionable Advice:

Here are 3 Actions you can start taking from these insights:

1. Invest in Assets, Not Liabilities:

   • Lesson: Differentiate between assets and liabilities. Assets put money in your pocket; liabilities take money out.

   • Action: Prioritize investments in income-generating assets like real estate, stocks, or businesses, while reducing spending on liabilities like luxury items or excessive debt.

2. Financial Education is Key:

   • Lesson: Acquire financial knowledge and skills to make informed decisions about money.

   • Action: Continuously educate yourself about personal finance, investing, and wealth-building through books, courses, and mentors.

3. Take Calculated Risks:

   • Lesson: Embrace calculated risks as opportunities for growth and wealth.

   • Action: Identify and evaluate investment opportunities, and don't be overly conservative. Start small, learn from your mistakes, and adjust your strategy accordingly.

📚 Recommendations

5 books that will teach you how to master public speaking

• Talk like Ted

• Speak to win

• The storyteller’s secret

• Confessions of a public speaker

• How to speak like world’s top public speakers

⚡️ Reading Tip

Do you track your reading time?

The next time you sit down to read, start a timer and read till the time it goes off. This will help you to track how much you read in a day.

This also helps you to know your reading speed. So there’s a win-win :)

👨🏻‍🏫 Book I’m reading this week

Still Reading:

1. I am reading “Focus on What Matters” by Darius Foroux—an amazing book with 70 letters that talk about the timeless stoic lessons for life.

🎉 New Concept To learn

Welcome to my favourite section in our newsletter where I share a new concept every week to learn something new and improve our lives.

This Week’s concept is the MEL ROBBINS’ SECOND RULE

This Rule helps you to take action based on your instincts rather than overthinking and delaying your work. Count down from 5 and take action immediately. Overcome procrastination and build momentum by avoiding hesitation.

Just take a deep breath count down from 5 to 0. and then do the task immediately. Doing this will reduce the amount of thoughts that come along when we are deciding something.

You can use this Law to complete your important tasks and achieve your goals.

When to use ‘The 5 Second Rule’:

• To wake up in the morning

• When hesitating to reach out to a new client

• Before undertaking some form of exercise

• When you think of an innovative idea

• Before attending a social event

• Before negotiating with someone

• When you’re about to indulge in a bad habit

The benefits of using ‘The 5 Second Rule’:

• Prevents overthinking and self-doubt

• Gives you a greater sense of emotional control

• Encourages you to trust your instincts

• Increases your confidence and courage

• Changes the way you perceive failure

• Prevents you from holding yourself back from opportunities

• You feel more empowered for taking actions that align with your goals

🎉 New Beginning

I’m active on this new crazy and fun platform, Threads.

Follow me there

Also, a brand new video is out on our other page. i.e. WiseOldWisdom

go and check it out.

🔥 Quote

I hope you find these tips and insights helpful in your reading journey.

If you want to share your feedback, reply to this email. Your Feedback means a lot to me.

Thank you for your love and support everyone. I'll see you next week.

Stay Awesome & happy reading!

Kamalpreet Singh 👋🏻