Chapter 8 -It's not about Income - It's about assets that generate income

The things that most people think of as assets or not assets at all. In fact they are liabilities.

What defines whether something is an asset or liability is cash flow, not abstraction of value . In other words, it is generating money that goes into your pocket , or is it taking money out of your pocket?

If something doesn't make you money it's not an asset, it's a liability.

In network marketing, the whole point is not to sell a product but to build a network, an army of people who are representing that same product or service to share with others.
I am here is the reason you want to build that Army of independent representatives. Once you do, you know what you will have? And asset that generates income for you - passive income point

Actually it's about building 8 assets all at the same time. And in the next chapters we will look at each one of them

Chapter-7: My years in the business

What exactly is network marketing?

The basic idea of network marketing is as follows:

Instead of spending tons of money on all sorts of professional Agencies and marketing channels to promote products or services why not pay the people who love them was to just tell others about them?
That's exactly what a network marketing company does - They pay a portion of every sales dollar received back out to the field of independent representatives, who are also the products most committed and enthusiastic customers.

Warren Buffett and Richard Branson - both own network marketing companies.

Chapter 6- It's time to take control

Working hard at making money will never create wealth. People who work for income work harder and harder only to be taxed more and more. Forget working hard at making money minus all you will do you spend it, and then have to work hard all over again.

You might be asking, "Ok, so what do I do? "

You have to take control of your source of income

Most people's income source works like a faucet point you get a little money flowing, and then when you let go it bounces back to off. You can never build freedom that way. What you want to some money for said that you can let go of once you have turned it on, because it stays on by itself.

This is passive income also known as residual income minus income that kind news coming in coming over and over, long after you're finished expanding the effort and capital it took to create the source of the income.

There is one business model stood out from the rest. This particular business model creates passive income, but requires relative little cash investment to start up. It has very low overhead, and can be operated on a flexible part time basis and delete generates enough cashpro for the entrepreneur to transition out of his current full time job.
This business model is called network marketing and its for the rest of this book is all about.

Chapter 5 - The Mindset of an Entrepreneur

One reason you want to create your own business is to get your dignity back. Don't underestimate the importance of this reason. The world is full of bullies and small minded people, and whether they are your boss, your manager, your neighbour or even your friend, you don't want them pushing you around anymore. You want to take control of your life. You want to have the courage not to care when other people Bully you around.  You want to have the freedom to think and act for yourself.

You need to adopt the mindset of an entrepreneur.The mindset comes down to this: an entrepreneur is self determined. You make things happen, which means you don't get to blame anyone or anything outside yourself.

Not that you are going to have to do it all yourself from the ground up, like I did with my business. No, one of the beauties of the 21st century is that all the groundwork of the business is already done for you minus and you get to have experience the leaders committed to your success to guide you.

Chapter 3- Where do you live?

The author speaks about four different cashflow quadrants- the ways people make money.

1. Employee
2.Self-employed or small business owner
3. Business owner
4.Investor

The author says at least 80 percentage of the population live in the quadrants-"Employee and self employed". On the other hand,  freedom resides in the quadrants " Business owner, Investor".

These four quadrants are discussed more elaborately in the author "Rich Dad Poor Dad"

Wise Words- 6

Wise Words- 5

Another sensible dialogue from the movie "Moodar Koodam"

White:  Yetti kudhikra narikellam thratchai pazham kedachurumna,  yella nariyum yet to kudhika arambichirum Boss. .


Naveen(Protogonist):   Yetti kudhikra narikellam thratchai pazham kedaikanumnu avasiyam illa white- adhu yennakum theriyum.

Aana naan thratchai pazham kedaikradhula santhosha padravan illa.

Nammanala mudinjavaraikum yetti kudhichomnu ninaikradhula santhoshapadravan.

Yevano oruthan yerkanave ezhudhi vechadha vaazhradhuku naamak onnum computer program illa kuberan.

Idhu ena vaazhkai.  Idha naan dhan ezhudhitu iruken.

Naalaiku naan irupena, illaiyanu yenaku nichayama theriyadhu. Inniku dhan en vaazhkai. 

Economic Concerns of India for 2019

https://timesofindia.indiatimes.com/blogs/toi-edit-page/an-economic-agenda-for-2019-the-challenges-india-faces-and-the-reforms-it-needs-to-carry-out-now/