This book is about how the rich get richer and poor stay poorer. It talks about two types of people, those who work for a living and those that don’t. The latter become wealthy by being able to charge more than an average person would be willing to pay in order to do their job better or want a certain product but aren’t willing to put in the time needed…
“Why A” Students Work for C” Students” is a book written by Robert T. Kiyosaki, who is an American author and financial advisor. The book was published in the year 2000, and it has sold over 5 million copies as of January 2016. This book discusses how to make money while working hard.
Are you seeking for a summary of Robert T. Kiyosaki’s book Why “A” Students Work for “C” Students and “B” Students Work for the Government? You’ve arrived to the correct location.
I completed reading this book last week and took notes on some of Robert T. Kiyosaki’s important points.
If you don’t have time, you don’t have to read the whole book. This summary will give you a quick overview of what you can expect to learn from this book.
Let’s get started without further ado.
I’ll go through the following things in my overview of why “A” students work for “C” students and “B” students work for the government:
What is the purpose of “A” students working for “C” students?
Why “A” Students Work For “C” Students and “B” Students Work For The Government discusses how the current global financial crisis is basically an education problem.
In schools, students do not get even the most fundamental financial instruction.
It is the parents’ job to instill financial responsibility in their children.
Why Do “A” Students Work for “C” Students? Who is the author of Why Do “A” Students Work for “C” Students?
Robert T. Kiyosaki is an entrepreneur, educator, and the author of Rich Dad, Poor Dad, the best-selling personal finance book in the world.
Why We Want You To Be Rich is one of Donald J. Trump’s more than two dozen books, co-authored with him.
That are the “A” Students who work for the “C” Students?
It is hard for everyone to understand why “A” students work for “C” students and “B” students work for the government. If you are one of the following folks, you may like the book:
- For parents who desire to provide a solid financial education to their children.
- If you’ve ever wondered why money isn’t taught in schools, you’re not alone.
- Fans of Rich Dad, Poor Dad
Book Summary: Why Do “A” Students Work for “C” Students
Introduction
Every parent wants the best for their kid, particularly in terms of education. Our educational system is failing to educate our students about one of life’s most basic concepts: money.
Students are given the skills they’ll need to obtain decent careers after they graduate from school. They prepare you to work as an employee rather than an entrepreneur.
Most instructors are unable to deliver a financial education to their students. Teachers, on the whole, have a verified point of view of the world. A test response is either correct or incorrect. It’s a lot more complicated in real life.
School teaches students to work hard, keep debt low, and save for retirement. However, we are not taught how to interpret financial documents or how to compute various sources of revenue.
Families must supply the financial education that our schools are unable to deliver. You may, however, need to first educate yourself.
You will discover why financial education is so essential and how to introduce the topic to your own children with the help of this book. This process should begin in childhood and continue throughout early adulthood.
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Lesson 1: A good financial education responds to the needs and experiences of pupils.
When is the greatest moment to start teaching your kid about money?
There are no hard and fast rules in this game. After turning five, most children can distinguish the difference between one dollar and five dollars. They’re now ready to begin their financial education.
This is not a procedure that takes weeks or months to complete. The financial education process consists of three unique learning windows, each with its own set of needs.
A child’s initial window of learning, known as Quantum Learning, lasts from birth until roughly the age of twelve. A youngster at this age is simply a learning machine. It’s second nature to them. With each new encounter, the world around them and life itself teach them something new.
The brain starts to divide into two parts by the age of four: the left hemisphere, which is thought to be the more analytical half, and the right hemisphere, which is the creative, artistic half. Children usually prefer one hemisphere over the other.
Through this move, parents may utilize games like Monopoly to teach their children about money. Games activate both the left and right hemispheres, so your child’s learning centers will be stimulated regardless of which side they prefer.
After the age of twelve, mastering essential skills such as languages becomes more difficult. Rebellious learning takes hold at this stage. The youngster wants to make their own judgments and learn about the topics that interest them.
Unfortunately, they aren’t always aware of the implications of their acts, which might lead to issues in the future.
At this vital moment, parent-child ties may be put to the strain, but you can successfully teach them. It’s a good idea to freely address your personal financial difficulties with them if they emerge.
Professional Learning, the third window of learning, is when young individuals begin to encounter the actual world for the first time. They’ll put the lessons they learnt as children into practice when they become older.
We decide if we’ve picked the proper job route throughout this period. If something isn’t working out, now is an excellent moment to shift paths.
What factors should you consider while deciding on a professional path? Is there a method to assist your children in making the best decision? In our next insight, we’ll tell you.
Lesson 2: Choosing a job is less crucial than finding your location inside the Cashflow Quadrant.
Even while it’s crucial to pick the correct job, choosing a particular vocation isn’t the most significant choice you’ll have to make. First, decide where in the Cashflow Quadrant you wish to work.
You don’t learn how to locate the proper sector for you in school. It might, nevertheless, be one of your most crucial choices.
A letter is assigned to each of the four income quadrants. Employee is represented by the letter “E,” and here is where the majority of people work.
Small company or self-employment is represented by the letter “S.” Commission employees include those who work for a fee or commission, such as physicians and attorneys.
Big business — entrepreneurs like Steve Jobs who build enterprises that employ hundreds of people – is represented by the letter “B.”
Last but not least, “I” stands for investor, as in Warren Buffett, a financial genius. Passive investors who invest in pensions and 401(k)s are not included in the “I” category.
Schools either prepare students for the “S” or “E” quadrants of life. Students are urged to study hard in order to have a stable income and a decent career.
The biggest tax load is likewise carried by these two quadrants. Taxes are lowest in the “B” and “I” quadrants. These two quadrants are the only ones who can really claim financial independence.
Students must be trained to be experts in specialized disciplines, which is an issue in the educational system. While this may be beneficial in the “E” and “S” quadrants, success in the “B” and “I” quadrants requires a distinct set of talents.
A successful entrepreneur or investor must be a generalist rather than a specialist.
Your mastery of a topic is reflected in your school grades. Right or wrong, pass or fail, the universe revolves on absolutes. “A” students are more likely to work as specialists in the “E” or “S” quadrants. A student who receives a “C” may possess skills in other areas that allow them to understand the larger picture. As a result, “A” students assist “C” pupils.
It doesn’t imply you have to remain in one sector for the rest of your career. It is feasible to go from one to the other, particularly because your Professional Learning curve helps you to recognize your strengths and limitations. Whether you can make the changeover depends on your principal source of income.
In the following insight, we’ll look at several sources of revenue.
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Lesson 3: Explain the distinctions between regular, portfolio, and passive income to your children.
We just explained that cashflow quadrants may be shifted around. How?
Transitioning from one quadrant to the next necessitates changing your principal source of revenue. Ordinary, portfolio, and passive income are the three categories of income.
Students are often only taught how to labor for ordinary compensation – regular, consistent payments. All income, including savings accounts and 401(k) plans, is subject to taxation.
One another incentive to educate your children about taxes. Everyone has a lot to learn about this, and the sooner they start, the better.
The vast majority of investors invest in either portfolio income or capital gains. However, the tax burden and risk are still greater than for regular income. Because consumers often invest in similar firms, it is uncommon to discover a completely diversified stock portfolio. If one person dies, the others are likely to die as well.
Cash flow is another term for passive income. Simply said, an asset is anything that generates income for you. Anything that depletes your funds is referred to as a liability. Houses are sometimes misclassified as assets when they are in fact liabilities.
Rental properties, such as apartment complexes, are real assets. This kind of income is taxed at the lowest rate of all. As you would expect, you’ll attain financial independence via passive income.
Monopoly is a great way to learn about passive income. When you develop residences or hotels on a piece of land in the game, you get a consistent revenue stream. This is critical for victory. You will lose money if you keep your money and do not invest in real estate.
If your children understand the three sources of income, they will have a financial advantage in the future. However, educational systems will not be able to help them.
The majority of instructors get a regular salary. Teachers are experts in their fields. Many people aren’t aware that there are three different kinds of income. As a result, it is the obligation of parents to give financial education to their children.
Lesson 4: Financial education gives young people a feeling of power and stability.
Many individuals graduate from high school with little or no financial knowledge. If they discover a well-paying job, they will go to any length to keep it. Rather supporting their company, many CEOs are more concerned about their golden parachute retirement payments. This is due to the fact that schools fail to provide one of our most fundamental needs: safety.
In 1943, a psychologist called Abraham Maslow developed his Hierarchy of Needs. Food and shelter, according to his conception, are at the bottom of a pyramid, symbolizing our most fundamental physiological need.
Only once these fundamental needs are fulfilled, according to Maslow, can we go on to more sophisticated wants such as safety, love, respect, and self-actualization.
Safety is the second level of Maslow’s Hierarchy, which comprises work, morality, property, and resources. Schools are failing to address this requirement in their pupils by neglecting financial instruction, leaving them unclear about their future and jobless. Desperate individuals resort to desperate means as a consequence of this.
Many people feel that the wealthy are avaricious. In classics like Charles Dickens’ A Christmas Carol, which is studied in classrooms, wealthy people are represented as villains.
Greed is the product of a desperate situation. A feeling of entitlement bred of desperation is diametrically opposed to capitalism’s ethos. Rich individuals, on the other hand, can be very giving.
What is the most effective strategy for parents to meet their children’s need for safety via education? Instead of encouraging your children to seek a part-time job when they join the workforce, urge them to explore for possibilities.
Working for a mentor might provide them with real-world experience rather than a salary. They may also explore working at a fast-food restaurant at different levels – from cashier to chef to janitor to shift manager – and learning about their business procedures. At this stage in their life, a diverse set of experiences is more significant than a minimum wage income.
Using these basic principles, young people may establish a feeling of control over their financial destiny. We must first feel secure in order to reach absolute self-actualization.
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Lesson 5: You should not provide money to your children.
We already discussed how desperation may breed an attitude of entitlement. This mindset has been ingrained in our culture. Because of the environment we have created, many today feel they are entitled to things for nothing.
That is not a message you want to instill in your children. By performing one simple action, you can prevent your children from acquiring an entitlement mindset.
Regardless of their status, parents have a horrible tendency of using money to show their children that they love them. They’ll eventually purchase their kids automobiles, as well as pricey sporting shoes. When children witness this often, they learn that all they have to do is ask for what they want, and they will have it. They believe they should acquire one after seeing a buddy with the newest high-end gaming system.
In addition, schools are not assisting in the battle against the entitlement mindset. Today, every participant in a school event receives a trophy just for turning up. Is there anything here for kids to learn? For turning up, they’re winners?
Children must be taught about money in a straightforward manner. It’s a tool for exchanging information. That is all there is to it. For what you do for me, you receive something in return. You will get more if you offer more. When a youngster is given anything, he or she develops an entitlement mindset.
Instead of giving your children a weekly stipend, set up a system to reward them for their hard work. They gain extra in exchange for going above and beyond what is required of them. You may also explore the notion of charity with them as an extra benefit.
They will get more in return for their time and work, not just in terms of money, but also in terms of experience and education.
“Give a guy a fish, and he will eat for a day,” says the saying. Educate someone so that they can feed themselves for the rest of their lives.” Before you give your kid a freebie, consider if you’re teaching them to fish. Are you instructing them on how to request a fish?
Lesson 6: Explain the difference between financial counseling and financial education to your children.
Many financial issues have the same basic reason. The terms “financial advise” and “financial education” are often used interchangeably. There is a significant distinction between the two. If you accept financial advice, you’re asking for advise on how to manage your money. Getting a financial education entails figuring out what you need to know and then making your own choices.
When someone advises you what to do with your money, it’s always a good idea to ask yourself, “What’s in it for them?” A financial expert may advise you to diversify your stock portfolio. No one, however, can predict which stocks will increase and which will plummet. They don’t give a damn since they’ll earn their commission regardless of what happens.
The banker who is urging you to save money is urging you to apply for credit cards and house loans. The bank does not profit from your funds. They profit from your indebtedness.
You are nothing more than a consumer when stockbrokers and banks take advantage of your financial inexperience. You may, however, maintain these gains if you are financially informed. Language is the foundation of every effective education — not only learning words, but also knowing how they relate to one another.
One of the most fundamental terms in the language of money is “income.” When someone buys an asset, such as a rental property, they will be able to watch how their income grows. It’s also simple to understand how a liability might reduce revenue.
Debt is often misunderstood to be a negative thing. We’ve been taught throughout childhood to avoid it at all costs. Debt, on the other hand, may be a burden at times. You may also use debt to your benefit.
If you take out a bank loan to buy a rental property, for example, you may be able to repay the debt while also increasing your passive income. As a result, the debt becomes an asset.
True education entails viewing things from several perspectives at the same time. Debt may be beneficial or harmful depending on how it is utilized. Depending on who you ask, millionaires might be labeled as greedy or ambitious. This is a talent we wish to pass on to our children. We have no right to advise people how to spend their money. We should provide them with the resources they need to make the best choice possible.
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Final Thoughts
For our children, we all want for the best. They will be able to make it a reality and will have a significant edge in life if they are educated on personal finance.
We can’t, however, rely on others to do it for us. As parents, it is our responsibility to teach our children about money.
Additional Reading
If you enjoyed Why “A” Students Work for “C” Students and “B” Students Work for the Government, you may like the following book summaries as well:
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Book Readers: Make Passive Income Online as a Bonus Recommendation for Why “A” Students Work for “C” Students
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“Why A” Students Work for C” Students” is a book by Robert T. Kiyosaki. The author argues that the reason why people with lower grades are able to make more money than those with higher grades is because they work harder and smarter. Reference: why a” students work for c students pdf in urdu.
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