Chapter by chapter book review: Rich Dad Poor Dad, chapter 4 lesson 3: Mind your own business
In the third lesson of the book, it is not Rich dad explaining the way of finance to the kids, but the owner of McDonalds explaining stuff to college students.
In the last chapter we saw that rather than towards expenses and and liabilities, income should be funnelled towards assets, with the ultimate goal of living off assets alone.
This is however impossible for most people, and especially at the beginning of your career.
That's where this lesson comes in. When you work for wages, you work for the owners of the business where you work. Creating income for them
Than you work for the government, paying them taxers
And than you work for the owners of your liabilities (banks holding your mortgage, credit cards companies etc,...)
You are minding other people's business, and whereas that is often the first way available to generate an income, even than you should be minding a business of your own. Thinking about how to build your assets, and getting going with that.
I found this chapter to be less engaging than the previous two ones, mostly because the two appeared to "teach" me more. That being said, I do understand that the difference between working for someone else and minding your own business.
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