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Review Of Rich Dad Poor Dad || Robert Kiyosaki

Manu — Tue, 27 Feb 2024 04:18:19 +0000

Introduction

Have you ever wondered why some people seem to effortlessly attract wealth, while others struggle to stay afloat financially?

This question has captivated readers for decades, and one book in particular has sparked countless discussions: Rich Dad Poor Dad by Robert Kiyosaki.

For over 25 years, this book has been a controversial bestseller, praised by some for its financial insights and criticized by others for its oversimplification and potentially misleading advice.

As a personal finance expert with over 15 years of experience, I’ve delved into countless financial resources, and today, I’m offering my Review Of Rich Dad Poor Dad.

In this post, I’ll dissect the book’s core concepts, analyze its strengths and weaknesses, and ultimately help you decide if its lessons hold value for your personal financial journey.

Get ready to separate myth from money wisdom as we embark on this Review Of Rich Dad Poor Dad.

Also Read: Flow Book Summary: By Mihaly Csikszentmihalyi

The Story Behind Rich Dad Poor Dad

Rich Dad Poor Dad is about Kiyosaki’s early experiences with two father figures: his biological father (“poor dad”) and his friend’s father (“rich dad”).

Through these opposing stories, Kiyosaki underscores the significance of financial education, saying that traditional education frequently overlooks critical financial literacy abilities.

This primary message has a strong resonance.

Financial education enables people to make informed money decisions, encouraging a proactive approach to wealth accumulation.

While the book’s primary focus is on building wealth through asset acquisition and investment, the basic notion of taking control of your financial education remains relevant.

Also Read: The Compound Effect- Book Review

The Power of Financial Education

Rich Dad Poor Dad is about Kiyosaki’s early experiences with two father figures: his biological father (“poor dad”) and his friend’s father (“rich dad”).

Through these opposing stories, Kiyosaki underscores the significance of financial education, saying that traditional education frequently overlooks critical financial literacy abilities.

This primary message has a strong resonance. Financial education enables people to make informed money decisions, encouraging a proactive approach to wealth accumulation.

While the book’s primary focus is on building wealth through asset acquisition and investment, the basic notion of taking control of your financial education remains relevant.

Assets vs. Liabilities

One of the most frequently discussed themes in Rich Dad Poor Dad is the contrast between assets and liabilities.

Kiyosaki describes assets as items that put money in your pocket, whereas liabilities take money out.

This distinction encourages readers to prioritize the acquisition of income-generating assets, such as real estate or enterprises, above the accumulation of liabilities, such as consumer debt, which depletes resources.

This oversimplified concept, while compelling, requires complexity.

Not all debt is necessarily bad. For example, a mortgage on a house that increases in value can be considered a positive debt since it amplifies investment possibilities.

In contrast, some “assets” such as rental properties may necessitate considerable initial investments and continuing administration, possibly turning into liabilities if not managed correctly.

Financial Independence

The idea of financial independence—which is the capacity to pay living expenses without the assistance of a regular job—is advocated by Rich Dad Poor Dad.

To get there, the book suggests creating a variety of revenue streams through ventures and investments.

Although becoming financially independent is a noble goal, the book sometimes presents it in an inaccurate way.

It frequently takes a lot of time, energy, and resources to achieve, which not everyone has.

The importance of having a reliable job and how it helps many people achieve financial security are also minimized in the book.

Also Read: The ONE Thing by Gary Keller-Book Summary

Practical Tips for Building Wealth

While Rich Dad Poor Dad has its limitations, it also offers valuable insights that can be incorporated into your financial journey:

Develop Financial Literacy: Seek information from reputable sources, like financial advisors and accredited courses, to gain a holistic understanding of financial concepts.
Prioritize Saving: Regardless of your income, make saving a habit. Automate transfers to build an emergency fund and invest towards your long-term goals.
Invest Wisely: Don’t jump into any investment opportunity without thorough research and professional guidance if needed. Align your investments with your risk tolerance and financial goals.
Embrace Multiple Income Streams: Explore opportunities to diversify your income sources, like freelance projects or side hustles, but do so responsibly without neglecting existing financial commitments.

Quotes from Rich Dad Poor Dad

Here are some quotes from the book “Rich Dad, Poor Dad” by Robert T. Kiyosaki:

“Winners are not afraid of losing. But losers are. Failure is part of the process of success.”
“You’re only poor if you give up. The most important thing is that you did something.”
“If you’re the kind of person who has no guts, you just give up every time life pushes you.”
“The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth in what seems to be an instant.”
“If you realize that you’re the problem, then you can change yourself, learn something and grow wiser.”
“Leadership is what you need to learn next.”
“The poor and the middle class work for money.”
“If fear is too strong, the genius is suppressed.”
“There is always risk.”
“Failure inspires winners. And failure defeats losers.”
“It’s more important to grow your income than cut your expenses.”
“Don’t be addicted to money. Work to learn, don’t work for money.”

These quotes encapsulate the essence of financial wisdom and mindset shared in the book, emphasizing the importance of perseverance, mindset, and continuous learning in achieving financial success

Also Read: The Law of Vibration: Thought Vibration

How Rich Dad Poor Dad changed my life?

Growing up, money was a constant source of stress in our household.

My parents, both hardworking educators, constantly worried about making ends meet.

While they instilled valuable lessons about hard work and responsibility, the concept of building wealth seemed like a distant dream in our reality.

Then, in my early twenties, I stumbled upon “Rich Dad Poor Dad.” Initially, the book’s unconventional approach and bold claims piqued my curiosity. However, as I delved deeper, the core message about taking control of my financial future resonated deeply.

The book challenged my traditional view of work and money.

It introduced me to the concept of assets vs. liabilities, reframing my perspective on how I viewed my possessions. I realized that while my new car made me happy, it was draining my savings, making it a liability. This realization ignited a spark within me.

I started devouring financial books and podcasts, educating myself about investing, passive income streams, and responsible debt management.

The book’s emphasis on financial literacy empowered me to take charge of my finances.

While replicating the “rich dad” lifestyle wasn’t my ultimate goal, the book’s core principles became guiding lights on my financial journey.

I began investing a small portion of my salary in low-risk mutual funds, and later, with guidance from a financial advisor, explored other investment avenues.

The most significant impact, however, was a shift in mindset. I stopped viewing money solely as a means to survive and started seeing it as a tool to build a secure future.

This newfound perspective fueled my motivation to explore income-generating opportunities beyond my full-time job. I started freelancing my writing skills, which not only provided additional income but also helped me develop valuable new skills.

“Rich Dad Poor Dad” didn’t magically make me rich, but it ignited a journey of financial awareness and empowerment.

It taught me the importance of proactive financial planning, responsible investing, and continuous learning.

Today, while I’m still on this journey, I’m grateful for the knowledge and motivation this book provided. It helped me break free from the cycle of financial worry and navigate towards a more secure and fulfilling future.

Who should read the book: Rich Dad Poor Dad?

While Rich Dad Poor Dad has generated controversy and sparked various opinions, here are some individuals who might benefit from reading it, considering both its potential strengths and limitations:

Individuals seeking an introduction to financial concepts: The book offers a simple and engaging framework for understanding basic financial concepts like assets, liabilities, and financial independence. This can be particularly useful for those starting their financial journey and wanting to gain a broader perspective.
People with an entrepreneurial spirit: The book encourages taking initiative and exploring alternative paths to wealth creation beyond traditional employment. This might resonate with individuals who harbor entrepreneurial ambitions or seek inspiration for diversifying their income streams.
Those seeking a challenge to traditional thinking: The book’s unconventional approach and questioning of the status quo can spark critical thinking and encourage readers to explore different financial philosophies. This can be valuable for individuals who seek to break free from conventional financial advice and forge their own path.

However, it’s crucial to consider the book’s limitations before diving in:

Oversimplification of complex concepts: The book’s simplified explanations might not provide a comprehensive understanding of complex financial topics. It’s essential to conduct further research and consult qualified professionals for in-depth knowledge and personalized advice.
Potential for unrealistic expectations: The book’s portrayal of achieving wealth might be overly optimistic for some readers. It’s important to approach the book with realistic expectations and understand that building wealth often requires significant time, effort, and resources.
Downplaying the value of traditional financial planning: While the book emphasizes alternative paths to wealth creation, it can downplay the importance of traditional financial planning strategies like budgeting, saving, and responsible debt management. These strategies remain crucial for building a solid financial foundation for anyone.

Ultimately, the decision to read “Rich Dad Poor Dad” is a personal one. By considering your individual goals, financial literacy level, and risk tolerance, you can decide if the book aligns with your needs. Remember to approach it with a critical eye, conduct your own research, and seek professional guidance when necessary.

Key learnings from the book: Rich Dad Poor Dad

Let me summarize the key learnings from the book for you.

Financial Education is Key: Take control of your financial destiny by actively learning about personal finance.
Assets vs. Liabilities: Prioritize acquiring assets that generate income and avoid liabilities that drain your resources.
Financial Independence: Aim to generate multiple income streams and strive for a state where you can cover your living expenses without relying solely on a traditional job.
Challenge Traditional Thinking: Question the status quo and explore alternative financial strategies beyond conventional advice.
Entrepreneurial Spirit: Embrace initiative and explore opportunities to create your own income beyond traditional employment.
Conduct Further Research: Don’t solely rely on the book’s simplified explanations. Seek professional advice and conduct thorough research before making significant financial decisions.
Maintain Realistic Expectations: Building wealth is a journey, not a quick fix. Approach the book’s portrayal of wealth creation with a balanced perspective.
Traditional Planning Matters: While alternative paths are explored, don’t neglect the importance of responsible budgeting, saving, and debt management for a strong financial foundation.
Critical Thinking is Essential: Approach all financial advice, including this book, with a critical eye and question the information presented.

Conclusion

In conclusion, “Rich Dad Poor Dad” is not just a book; it’s a roadmap to financial success and independence.

Through its timeless lessons and practical wisdom, readers can gain valuable insights into building wealth, overcoming financial challenges, and achieving their dreams.

As I reflect on my own journey with Rich Dad Poor Dad, I’m reminded of the profound impact it has had on countless lives around the world, including my own.

By embracing the principles of financial education, smart investing, and a wealth-building mindset, you too can chart a course towards a brighter financial future.

So, what are you waiting for? Dive into the pages of Rich Dad Poor Dad and unlock the secrets to financial freedom today!

Books By Robert Kiyosaki

FAQs

Is Rich Dad Poor Dad a good book for beginners?

“Rich Dad Poor Dad” is an excellent book for beginners looking to enhance their financial literacy and mindset.

It challenges traditional beliefs about money, offering practical advice on building assets, creating passive income, and developing a strong money mindset.

The book is inspiring, motivating readers to take action towards financial success. It’s beneficial for young adults starting their careers, small business owners, entrepreneurs, investors, and anyone aiming for financial freedom.

By providing valuable insights and guidance, “Rich Dad Poor Dad” empowers readers to make informed financial decisions and work towards achieving their wealth-building goals in a friendly and engaging manner

Which age should read Rich Dad, Poor Dad?

Since its initial publication in 1997, “Rich Dad Poor Dad” has become a global phenomenon, selling over 44 million copies and remaining a bestseller for decades.

The book continues to inspire readers around the world, encouraging them to rethink their approach to money management and financial education.

The book’s success stems from its relatable storytelling format, practical advice, and inspirational content.

Readers appreciate the author’s honest account of his childhood experiences with two distinct financial role models: his “poor” father, who worked a steady job, and his “rich” father, who taught him about wealth creation and entrepreneurship.

Moreover, “Rich Dad Poor Dad” addresses topics such as financial literacy, asset accumulation, and the importance of financial education, which remain relevant and essential for modern readers seeking to improve their financial situations

Does Rich Dad Poor Dad teach how do you invest?

“Rich Dad Poor Dad” by Robert Kiyosaki does indeed provide valuable insights on investing, albeit indirectly.

The book focuses more on fundamental financial principles and mindset shifts necessary for successful investing rather than specific investment strategies.

It emphasizes the importance of financial education, asset acquisition, and understanding the difference between assets and liabilities.

By instilling a mindset of seeking opportunities, taking calculated risks, and continuously learning about money and investments, “Rich Dad Poor Dad” lays a solid foundation for readers to embark on their investment journey with confidence and knowledge.

Is Rich Dad Poor Dad easy to understand?

“Rich Dad Poor Dad” is written in a narrative style that is easy and entertaining to read, making it accessible to a wide range of readers.

The book offers practical advice and actionable steps on how to build assets, create passive income streams, and develop a strong money mindset.

It challenges traditional beliefs about money and wealth, and encourages readers to think differently and consider alternative paths to financial independence.

The book is ideal for anyone interested in improving their financial situation, whether you’re just starting out in your career or looking to build assets and create passive income streams to support business growth.

Overall, “Rich Dad Poor Dad” is a must-read for anyone interested in building wealth and achieving financial freedom.

What are assets rich dad poor dad?

In “Rich Dad Poor Dad,” author Robert Kiyosaki introduces us to the world of assets—those resources that generate income and appreciate in value over time.

Unlike liabilities, which consume money and depreciate, assets empower you to build wealth and achieve financial freedom.

Examples of assets include real estate properties, stocks, bonds, businesses, and intellectual property.

When managed correctly, these assets can produce steady cash flows and contribute significantly to your net worth.

Embracing the concept of assets is a fundamental step towards breaking away from the paycheck-to-paycheck cycle and building a solid foundation for lasting financial success.

Rich dad poor dad assets and liabilities examples?

In “Rich Dad Poor Dad,” assets are defined as things that put money in your pocket, while liabilities take money out.

Examples of assets include rental properties generating passive income, dividend-paying stocks, or a profitable business.

On the other hand, liabilities are items like car loans, credit card debt, or a mortgage on a property that doesn’t generate income.

Understanding this distinction is crucial for building wealth and achieving financial independence.

By focusing on acquiring assets that generate income and minimizing liabilities that drain resources, you can set yourself on the path to financial success and freedom.

Is rich dad poor dad worth reading?

Yes, “Rich Dad Poor Dad” is worth reading.

The book offers valuable insights and actionable advice on money management, investment strategies, and financial education.

It challenges readers to think differently about money and wealth, and encourages them to take control of their finances, invest in assets, and build passive income streams.

The book is written in an engaging and accessible style, making it easy to follow and understand.

It is ideal for readers interested in gaining a deeper understanding of financial literacy, entrepreneurship, and wealth-building.

Whether you’re a young adult starting your career or someone already established in your field, “Rich Dad Poor Dad” can help you achieve greater financial success and freedom.

Can rich dad poor dad makes you rich?

“Rich Dad Poor Dad,” while packed with insightful ideas, isn’t a magic formula for becoming wealthy overnight.

Instead, it equips you with tools to develop a financially savvy mindset and empowers you to make informed decisions about managing money and building wealth.

The book serves as a guide to help you break away from traditional thinking patterns and adopt a more strategic approach towards achieving financial freedom.

When rich dad poor dad published?

In 1997, Robert Kiyosaki released “Rich Dad Poor Dad,” a groundbreaking book that has since become a worldwide phenomenon.

This personal finance classic shares the author’s experiences growing up with two distinct views on money, one from his actual father (“poor dad”) and the other from his best friend’s father (“rich dad”).

The book challenges conventional wisdom about money, encouraging readers to develop a financially independent mindset and offering practical guidance on building wealth.

Today, “Rich Dad Poor Dad” continues to empower readers globally, with sales exceeding 36 million copies in multiple languages

Why rich dad poor dad is a bad book?

While “Rich Dad Poor Dad” has been a popular and influential book for many readers, some critics argue that it is a bad book for several reasons. Some of the criticisms include

Lack of concrete advice: Some readers feel that the book is light on practical advice and instead relies on vague concepts and anecdotes.
Questionable financial advice: Some financial experts have criticized the book’s investment strategies, arguing that they are risky and not suitable for everyone.
Simplistic worldview: Some readers feel that the book presents a simplistic view of wealth and success, ignoring the complexities of social and economic systems.
Self-promotion: Some critics argue that the book is more about promoting the author’s brand and products than providing valuable financial education.

While these criticisms are valid, it’s important to note that “Rich Dad Poor Dad” has also had a positive impact on many readers’ financial mindsets and has helped them achieve greater financial success and freedom.

Ultimately, whether or not the book is “bad” depends on the reader’s perspective and individual needs.

Does rich dad poor dad works?

While the effectiveness of “Rich Dad Poor Dad” may vary from person to person, the book has undoubtedly helped many readers achieve greater financial success and freedom.

Its timeless messages about financial education, asset acquisition, and passive income have inspired countless individuals to take control of their finances and pursue their financial goals.

By challenging limiting beliefs about money and wealth, “Rich Dad Poor Dad” has empowered readers to think differently about their financial futures and take action towards achieving financial independence.

Ultimately, the book’s effectiveness depends on the reader’s willingness to apply its principles and take action towards building a better financial future.

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The post Review Of Rich Dad Poor Dad || Robert Kiyosaki first appeared on Trupaisa.

Flow Book Summary: By Mihaly Csikszentmihalyi

Manu — Mon, 01 Jan 2024 07:15:09 +0000

“Flow Book Summary”. This article is going to blow your mind with a concept of FLOW!

What is the state of FLOW?

State of FLOW is like that incredible mental zone where everything just clicks.

Imagine: you’re working of your favorite project, completely absorbed, and time seems to fly. You didn’t got any idea of how hours and hours devoted on your project are gone.

Psychologist Mihaly Csikszentmihalyi coined the term “FLOW” to described this state of mind.

This is the state when a musicians are immersed in, an athletes are at their peak, or a writer is in the zone—totally captivated by what they’re doing. Everything seems to to move automatically- a path of least resistance.

Do you know that….

Mihaly Csikszentmihalyi passed away on October 20, 2021, from cardiac arrest at his home in Claremont, California. He was 87 years old.

‘Flow’ is that sweet spot where challenge and skill perfectly align, giving you this intense satisfaction and joy.

It’s like hitting the perfect rhythm in whatever you’re doing.

This concept digs deep into how our minds work, showing us how to reach our fullest potential and find real fulfillment in what we do every day.

Flow Book Summary. Image Credit- Pixabay

TOP 5 ideas from the book “FLOW”

So, here are the top 5 key ideas mentioned in the book FLOW: by Mihaly Csikszentmihalyi:

Flow State: The book introduces the ‘flow’ state as a mental zone where individuals experience deep immersion and enjoyment in an activity. It’s characterized by complete absorption and being fully engaged.
Optimal Experience: Csikszentmihalyi underscores that happiness stems from maximizing ‘flow’ experiences. These occur when challenges align with skills, leading to profound engagement and fulfillment.
Clear Goals’ Significance: The book stresses the importance of having clear objectives to trigger ‘flow.’ Clarity in goals enhances focus and enjoyment during an activity.
Balanced Challenges: Csikszentmihalyi highlights the need for tasks that are challenging yet attainable. Flow emerges when tasks stretch one’s abilities without overwhelming them.
Debunking Multitasking: ‘Flow’ challenges the belief in multitasking’s effectiveness. It suggests that focusing on one task at a time and immersing oneself yields better outcomes and satisfaction.

These smart ideas emphasize the role of ‘flow’ in achieving fulfillment, success, and a more rewarding life, everybody looks for!

Image credit: Pixabay. Flow Book Summary

Who should read this book?

Professionals striving for increased productivity and fulfillment in their professional endeavors
Students looking to enhance their learning experiences and academic performance
Individuals curious about delving into the psychology behind optimal engagement
Those seeking practical strategies to boost focus and satisfaction in their daily routines
Anyone interested in exploring and maximizing their potential for a more rewarding life through the concept of ‘flow’

Conclusion – The magic of flow

The true magic of “Flow” lies in its potential to revolutionize your daily experiences.

It’s not solely about happiness; it’s about leading a purposeful life and discovering significance in each task.

This book isn’t a luxury; it’s a necessity for anyone seeking a more engaging, enriching, and ultimately happier existence.

If you’re ready to elevate your joy, fulfillment, and productivity, dive into “Flow.”

It’s not merely a book; it’s your pathway to embracing life in its entirety, where every moment holds value and every experience is infused with meaning.

Embrace ‘flow,’ and watch your world transform!

If you are keen to further explore the concept, you can buy this book here.

The post Flow Book Summary: By Mihaly Csikszentmihalyi first appeared on Trupaisa.

Best Home Buying Guide

Manu — Sat, 23 Dec 2023 12:36:49 +0000

If you are planning to buy a home and keeping a eagle eye on home buying guide, you quest is over now. Lets see how…

Buying a house in India is quite a complex and exhaustive process. Isn’t?

For most of us, it takes around 1 to 3 months time to explore different options. Before finalizing any property, from a vast pool, we consider many factors.

When we start our lookout for properties in India, we have primarily two choices.

We can either go for ready-to-move property or we can consider under-construction property. Analysis of both types of properties is altogether a different ball game.

The typical home buying process, indeed, starts with judging your budget, looking for different projects in different micro-markets in a city of your choice, picking the best suitable option for you, applying for a home loan (if, required) from the best possible option and finally registration of your property and taking possession.

It seems quite easy and straight. But practically it is a cumbersome task.

As we know “The devil is in the details”. To make judicious decisions at every step in the process, we should have an in-depth understanding of the home buying process. We have to ensure that we do not end up buying the wrong property for our family. We also have to ensure that we do not get cheated by fraudulent developers/builders/agents/brokers.

Moreover, when we do our homework beforehand, developers or real estate consultants, brokers, or agents will not be able to take us for a ride.

Home Buying Guide- Estimate your Budget

There is no point in exploring properties worth 50 lacs onwards, if have approx. 20 lacs in your kitty. On the other hand, if you have a budget of 1 crore, you will definitely NOT like to consider properties in the range of 30-70 lacs.

I understand the above-mentioned standard prescription is not applicable at all the time. let’s see this in the below scenario.

A couple of days back, I spoke to a client who wants to buy 3/ 4 BHK flat under 90 lacs and I have advised him to combine two units of 2 BHK and Study (Rs. 45 lacs each unit). This way he will get 4 bedrooms, a massive drawing room, a study room, and a store also.

The moral of the story is to keep your mind open in considering the different available options in the market. Nevertheless, having a broad idea of your finances is critical.

Besides this, most developers tend to publish the BSP (Basic Sales Price) instead of the total cost of a property which includes charges such as EDC, IDC, Firefighting, IFMS, GST, registration cost, etc.

So, in order to have a complete costing, always ask for the “Total Cost” of your flat.

My Take:

Don’t leverage yourself too much. Buying a home, most of the time is an emotional decision of the entire family. Moreover, an average Indian buys one or two homes in an entire lifetime. Consequently, we tend to over-leverage our finances and end up paying heavy EMIs.

Home Buying Guide- Check CIBIL: Your Credit Score

This step is relevant to you if you are planning to take a home loan. Whereas, unlike most of us, if you have enough funds to buy a home on complete payment, there is no need to get into trouble of checking your credit score (CIBIL)

I came across instances where the potential buyer does an extensive search in the market and decided to go ahead with a particular property with the option of taking a home loan. On further discussion with him, I realize that he gets a cash salary, doesn’t have ITR & form-16, and is thus, not eligible for a home loan. All the efforts of a home buyer go into vain.

We need to realize the fact that having the required documents is the pre-condition for taking a home loan. Besides this, the interest of a home loan depends on your overall profile (finance) and your CIBIL score. Higher the score lesser the interest rate and vice-versa.

So, it’s of paramount importance to check your CIBIL score and readiness of required documents such as ITR (Income Tax Return), Form-16, etc.

Home Buying Guide- Search Property

Now you have some idea about your budget and are sure about your CIBIL score and readiness of other required documents.

The next step is to figure out the preferred location. You can choose from different micro-markets in the city based on your choices.

Factors influencing your choice of property can be (nearby) schools, colleges, malls, shopping centers (daily needs shops/ general stores), distance from your office/ work’s place, distance from your kids’ schools, parks, etc

Considering your budget, you may or may not get all the above-mentioned facilities nearby your chosen property. So, we need to be quite realistic in our decision-making.

I came across many people, who squander critical years of their life in order to find an ideal property and end up buying property in a compromised condition.

Once you narrowed down to 2-3 properties, now is the time to look for specifications such as project layout, flat layout, amenities in a project (clubhouse, garden, swimming pool, etc), sizes of a bedroom, drawing room, kitchen, balconies, toilets, etc.

This is quite an exhaustive process. It’s advisable to take the help of prominent, professional, real-estate consulting in the city. Most of the consultants don’t charge fees from you. You will get a FREE consultation from them as they get their fee from developers. This way you will save time and a lot of leg work.

Home Buying Guide- Do a proper Due Diligence

After selecting a property, it’s a time for a due-diligence. At this stage of home-buying you should analyse the following documents:

Check the Title of the property,
Check CC and OC (Completion Certificate and Occupation Certificate).
Check past record of delivered projects by developer.
Take sample of allotment letter for your reference.
Check all required for the project,
Check BBA (Builder-Buyer Agreement) and look out for penalty clause in case of project delay.

Note: Most of the documents are uploaded by developers on the RERA website. https://www.up-rera.in/

Home Buying Guide-Understand Payment Plan & Book Property

Once have gone through the project details and flat configuration, it’s time to look into available payment plans and finally booking your dream home.

Typically, there are four types of payment plans available with all developers.

1- Down payment Plan (DP)

If you are among those who are not keen to avail a home loan and are in a financial position to self-fund the entire property cost, this plan is made for you. Here you are supposed to give the total price upfront.

In the case of under-construction properties, developers usually give heavy discounts approx 5-10% to encourage you to opt for this payment plan because, here, the developer will get the total property value in a single shot.

It’s a win-win situation for both developer and a home buyer. As a buyer, you get a good discount and the developer gets a lump-sum payment which helps them to speed up the construction process.

Note: This payment plan has an in-build risk of delay in possession.

2- Construction Linked Plan (CLP)

This is the most popular payment plan among home buyers. If you opt for this, you will pay as per the construction stage of a project. If constructed is obstructed because of any reason, the developer will not be able to ask for further payment. This is quite a risk-managed payment plan.

In case you have bought property on a home loan and project construction is stopped or slow, the bank will disburse funds as per the CLP only. You know, this has a direct (favorable) impact on your EMIs.

3- Time Linked Plan (TLP)

Under this plan, the developer will raise demand as per a well-defined timeline.

Depending on the stage of construction, the developer gives 1-3 years’ time to give payments. This is irrespective of the discipline in the construction process. If the project is delayed, you still have to pay as per TLP. The risk of project delay is still there.

Under CLP, the developer charges you 80-90% once the super-structure is ready. It takes approx. 12-18 to finish and give possession. Under such circumstances, opting for TLP make sense because here you make get some extended time for payments.

4- Subvention Schemes

Of late there are many takers of this scheme. This is quite popular in the NCR region but only a few developers in the Lucknow market are offering this scheme.

Under this scheme, you pay only 20-30% upfront and balance at the time of possession. Apparently, this scheme seems very lucrative, but this is slightly more expensive because, here, developers incorporate the interest cost in the property price and thus you end up paying slightly more.

Nevertheless, you get relief under the subvention scheme because the bulk of payment has to be done during possession. Moreover, this way, you mitigate the risk of project delay also.

Home Buying Guide- Apply for Home Loan

Once you pay the booking amount (typically 10% of property cost), the builder will ask for signing ATS (Agreement to Sale). ATS is a critical document for applying for a home loan with any bank/ NBFC. Banks can offer you loans in the range of 70-90% of the property value as per the laid down criteria.

Here your CIBIL score, ITR or form-16 apart from other KYC documents will help to apply for a home loan.

While applying for a home loan, you can choose from fixed interest or floating interest rates.

If you think interest rates are low and expected to remain so, you can opt for the fixed interest rate on your home loan. If you do not want to take a call on interest rate movement, it is safer to go for a loan on a floating interest rate.

Home Buying Guide- Registration & Possession

Once the builder gets OC and CC, he will invite you for the registration process. At his time, you will have to pay the stamp duty and other registration charges to get the sale deed registered in your name.

After this, the builder will hand over the apartment keys along with the possession certificate to you.

Conclusion

As seen above, the entire process of buying a dream home for your family is a complex and exhaustive process.

Just ensure that you are deeply engaged at each step as explained in the above home buying guide. Don’t shy away to hire an experienced real estate consultant to help you during all stages of home buying.

If you like this article, Like and Share this article with your friends.

Have something to say or ask? Please comment below.

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The Compound Effect- Book Review

Manu — Fri, 22 Dec 2023 07:04:34 +0000

Lets understand about the compound effect.

There are many questions that come into our mind such as: How is the book the compounding effect? Is the compound effect a good book? What kind of book is the compound effect? What does the compound effect tell us?

So, I recently read the book “Compound Effect by Darren Hardy to understand the compound effect from the author’s point of view.

To understand the core message of this book, let’s play out a little scenario. There are two options for you to choose from.

Option 1: Rs. 100 with 10% compounding every week.

Option 2: Rs. 5000 every month.

From the above options, your friend chose option 1 and you’re left with option 2. To you, option 1 seems to be a bad one on its face value. Let’s see why do you think so.

After week 20, you have accumulated Rs 5725.5 and your friend got Rs 100,000. Still dejected. Now you would have realized why option 1 is not a great one.

After week 52, which is the end of one complete year, you have Rs 1.41 lacs and your friend has Rs 2.60 lacs. Still, your friend seems to have a better deal. You must be regretting making a stupid decision and beg to take the other offer.

You must be ridiculing yourself for choosing this option 1, whereas your friend is on cloud nine making a consistent amount month after month.

Now, let’s fast forward to week 104, at the end of two years, to see what the scenario is. Your friend has Rs 5.20 lacs and you have accumulated an astonishing sum of Rs 2.01 crores.

That’s what power compounding is! This story illustrates that small unsexy but smart decisions made consistently every day that are in alignment with your big vision led to seemingly incomprehensible and incredible results that you can be truly proud of one day.

The Author in this book has tried to explain the same concept to us with different life scenarios.

Author Darren Hardy found that almost all self-made success uses the compound effect.

He says the interesting thing about this process is that even though the results are massive, the steps at the moment don’t feel significant. The changes are subtle. They’re almost imperceptible. The small changes you make every day offer no immediate result. No big win and no obvious.

Effect Of Compounding:

Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it”
Albert Einstein

We live in a culture that promotes what Darren calls a microwave mentality. We expect instant downloads, fast food, and same-day shipping to stay true to the compound curve.

We need to trade the need for immediate results for immediate alignment with our core values. Darren says, your core values are your internal compass, your guiding beacon, your personal GPS.

They act as the filter through which you run all life’s demands requests and temptations making sure they’re leading you towards your grand vision.

Your intended destination getting your core values defined and properly calibrated is one of the most important steps in redirecting your life towards your grandest vision.

When you know that what you’re doing from moment to moment that the choices and decisions that you’re making every moment aren’t aligned with your core values, you stop needing to have instant results show up in your life.

Darren says that most of us are sleepwalking through our daily choices half the time.

We’re not even aware that we’re making them make sure that I am aware of my choices during my work hours.

Sometimes knowing that we’re making good choices isn’t enough to know that we were on the right path, the compound path.

We need to focus and measure the percent games, not the gains received in option 2. In the initial example, in option 1, if I would have focused on the net income. I was making each month and how petty it was in comparison to my friend then I would have given up but by focusing on the month-over-month return the percent gain.

Conclusion

We humans routinely overestimate what we can produce in a week but we vastly underestimate what we can produce in a few months or in four years of stained effort.

That was the core message that I gathered from Darren’s book. If you are struggling to stick with your goals, keen for taking your productivity at 10X level, I highly recommend reading the book “The Compound Effect”.

If you are interest to explore of “the compound effect”, you can buy this book here.

FAQ

Darren Hardy Net Worth?

Finding excat answer to this question is quite difficult becase of privacy of his finances.

His income is not widely available in the public domain.

However, some estimates that it is estimated between $50 million to $100 million.

Darren Hardy primarily earns from selling books, courses, public speaking, etc.

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The ONE Thing by Gary Keller-Book Summary

Manu — Fri, 22 Dec 2023 07:02:26 +0000

I recently read the book: The One Thing by authors Gary Keller and Jay papasan.

Gary is the founder of the largest real estate agency in the United States: Keller Williams. He is also a best-selling author and a successful business coach over the years.

He has learned to achieve success in a rather unconventional way.

After completing his college Gary got into the real estate industry and tried his best to be on the top in his game. He was a firm believer in the magic of “multi-tasking”.

He though, to succeed, he needs to juggle many things at a same time to be super productive.

He tended to listen to a motivational songs and speeches to keep his adrenalin levels high so that he can catch up with high energy demand to complete multiple tasks in hand.

“The ONE Thing” by Gary Keller and Jay Papasan is that focusing on a single most important task (your ONE Thing) leads to extraordinary results, whereas multitasking scatters your energy and hinders progress.
Key Lesson from the Book: The One Thing

But these strategies didn’t work for him. He ended up spreading too thin and eventually felt burn-out. He tried different approaches but of no avail.

He lost hope. But later, being a fighter, he tried again with a new approach.

Now, he focused on fewer things instead to trying his hands with multi-tasking. To his surprise, things started working out. He felt more focused and was able to concentrate better on his project. As a result, he was able to complete his task at 10X speed.

Gary realized that, to achieve success, people need to focus on the ONE Thing instead to spreading too thin by doing multi-tasking.

DO YOU KNOW THAT!

The ONE Thing has sold nearly 2.5 million copies worldwide and garnered more than 500 appearances on national bestseller lists, including #1 on The Wall Street Journal’s hardcover business list.

I am sure most of us would have realized the same in our personal and/or work situation.

By focusing on the ONE thing, which matters most to us, we tend to avoid the energy sucking distraction. We learn to say NO to non-essential tasks.

Doing this, not only enhance our productivity but also makes us happy/ satisfied. Remember: Happy Minds Are Productive Minds.

To remain focused on the ONE thing, we need to consistently ask the question: What matters most to me at this point in time.

To paraphrase Gary Keller, the key to success isn’t doing more. It’s doing a few things really well.
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So, stop multi-tasking and start asking the focusing question throughout the day to stay focused on one thing at any given moment.

Doing what matters the most and avoiding the non-critical tasks is the core message that I gathered from the one thing.

If you are finding it hard to accept the fact that you need to focus on less in order to achieve more, I highly recommend picking up the book.

You can purchase it here.

Happy Reading!!

FAQs

What is the concept of The ONE Thing?

The concept of “The ONE Thing” revolves around the idea of prioritizing a single task and focusing on what truly matters.

It emphasizes the importance of identifying the most significant goal and dedicating time and effort to it, believing that this will have a domino effect on other areas of life, leading to extraordinary results.

What is the domino effect in The ONE Thing?

In “The ONE Thing” by Gary Keller and Jay Papasan, the domino effect is a central concept.

It refers to the idea that success is sequential and that by focusing on one main thing, we can create a chain reaction of positive outcomes.

The authors argue that by identifying our “first domino” and knocking it over, we can set off a series of events that lead to extraordinary results.

The domino effect is a powerful metaphor for the idea that small actions can have a big impact and that success is built one step at a time.

How many pages is the one thing book?

The book “The ONE Thing” by Gary Keller is approximately 240 pages long.

It presents the idea that extraordinary results are directly determined by how narrow you can make your focus and offers a simple approach to achieving success by concentrating on one thing at a time.

What is an example of for one thing?

An example of “for one thing” is “I don’t like this restaurant, for one thing, the service is slow.”

This phrase is used to introduce one reason or point of view, and it is often followed by “for another thing” to introduce another reason or point of view.

It is a useful way to structure an argument or discussion by presenting multiple reasons or perspectives.

How do I choose my one thing?

Choosing the most important thing can be challenging, especially when there are many options.

To pick one thing, you need to determine what is most important to you. You can make a list of important things, but in any given moment, you can only work on one thing.

A trick is to guess which one might be the most important and try it out. Learning how to choose your most important thing is a skill, and you gain competence in it over time.

Focusing on one new habit at a time is the key to lasting change. Pick your “thing” and decide how, when, and where you will do it.

According to Gary Keller, the author of “The ONE Thing,” success is a result of narrowing your concentration to one thing.

The key to success is figuring out your one most important thing in your business/career/life over time.

Once you’ve figured that out, you need to identify how many dominoes you need to line up – and then knock down – to achieve your goal.

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The Law of Vibration: Thought Vibration

Manu — Fri, 22 Dec 2023 06:59:55 +0000

In this article I am going to take you through “The Law of Vibration”. As per the law, “We don’t get what we want. We get what we are”. Lets see how?

Most of us already heard about the “law of attraction”, which says that we can manifest or attract whatever we want in our life.

How law of vibration is related to law of attraction? At a deeper level, the law of vibrations powers the law of attraction.

Science and spiritually were considered a pole opposite but with the advent of quantum physics scientist communities started seeing the convergency of apparently divergent realm.

We know the Albert Einstein’s famous equation: E=MC² , which says that energy is equal to matter and vice-versa.

Means, everything is fundamentally energy around us. Be it chairs, tables, trees, light, sound, animals and even we human beings. Means, our thoughts, emotions and feelings are nothing more than an energy packets. Actually, our emotions are “energy in motion”.

When scientists tried to put an atom under an electron microscope and zoom in, they noticed that atom are made up of electrons, protons and neutrons (a typical physics stuff). On further dissection they see quarks and eventually an energy packet.

Law of vibrations

Our skin, organs, bones, hairs are all made of tissues. Tissues are made up of an accumulated molecules. Molecules are made up of atoms. Atoms are made up of electrons protons and neutrons and they are in turn made up of quarks and eventually an energy. You see, we are energy vibrating at a certain frequency.

Every object has its own unique vibration or frequency. Chair has its own unique frequency, a table has its own unique vibrational frequency, even we have a different vibrational frequency.

So, anything that’s solid or apparently appears to be solid including ourselves are simply cells, atoms and molecules that are vibrating at a certain frequency. This frequency is so fast that our eyes cannot pick up the subtle part of our existence. That is why these things appear solid to us.

Now let’s try to see how law of vibration is linked to law of attraction and how it helps us to manifest our dream goal.

All of us have Radio or TV at our homes.

When we want a certain channel to be aired, we tune it to a particular frequency (vibration).

Law of vibrations

If we set Red FM, we get songs from that particular channel only, nothing else. When we want to watch news or our favorite movie, we need to set that a channel through our remote. Means, we need to set our device to a particular frequency to receive what we want.

The same goes to ourselves as well. Our mind is like a giant receiver of universal frequencies. We receive what we are attuned to. If we are set (tune) for abundance, we will receive abundance. If we are set for misery, we will receive misery.

As we have seen that we are energy packets and emit that energy at different frequencies.

So, a person that’s good with money emits a certain vibrational frequency that is different from someone who is poor.

Someone who attracts terrible relationships and always seems to attract bad people & situation into their lives is admitting a different vibrational energy than someone who always attracts loving and positive people into their lives. That’s the power of vibrations in our daily lives.

Our vibrational frequency can also influence your health.

You know, the placebo effect. When doctors give a sugar pills instead of a medicine to a patient, he started to recover. Why? Because patient carries a certain belief in doctors/ hospital/ medicine capability that he will be ok now.

We can say that our believes are our feelings. Feelings are energy vibrating at certain frequencies. You would have noticed when you feel good, you are rushed with energy. On contrary, when are sad, we feel depleted energy.

Unaware of the law of vibration we tend to have a fairly set vibrational frequency that runs throughout life and this is based on our consistent habitual and predictable ways of thinking, feeling and actions. Moreover, these are largely subconscious. You would have heart that more than 90% of our thoughts are repeated thoughts. More than 90% of our daily task are repeated. Hardly there is element of novelty in our lives.

So, now we know that everything is energy and the energy is always moving or vibrating.

As per the law of attraction: like attracts like or like energy attracts like energy. Means, energy that is vibrating at a certain frequency attracts other energy that is vibrating at the same frequency.

Let’s consider a scientific experiment to understand this point.

Take two tuning forks (we all would have seen this during our school days at labs).

Tuning forks has two prongs. When you strike the tuning fork, it makes a sound because the two prongs started vibrating. But if you put another tuning fork nearby the vibrations from the first tuning forks, the sound waves started to make the second tuning fork vibrate without it being struck. Both forks started vibrating in sync. This is known to as RESONANCE in physics.

It’s the same with people.

If you have an abundance mindset then your level of vibration (remember thoughts are vibrating energies) will ensure that you attract people, situations & opportunity that will fill abundance into your life.

If you have a scarcity mindset then that’s a different level of vibration, which will be in harmony and resonate with other scarcity vibrations. As a consequence you attract more scarcity, lack & misery into your life.

So, the key point here to remember is that you don’t get what you WANT. You get what you ARE.

When you consistently choose happy feelings, then you’ll have an energy vibration that is in harmony with happy feelings.

You attract more people, situations and opportunities into your life that bring happiness and if you regularly feel upset, angry, frustrated, inferior or worthless, then you’re going to bring more of that into your life.

So, how we can get rid of low vibrations (feelings/ emotions) in our life ? Solution lies in awareness. We need to be a keen observer of our self.

Notice how you feel during the day. What are the situations and people that tend to trigger negative emotional state? What are the tasks and activities that don’t feel good? Notice how you feel is the best way to know when your level of vibration changes from high to low.

Now, the big question is how we can increase the level of vibration and manifest what we want in our life?

William Walker Atkinson in his book (Thought Vibration: The law of attraction in the thought world) has describe the entire process in detail. I strongly recommend you to read this book to satiate your curiosity.

If you are keen to explore further you can consider reading book The Law of Vibration: The Revelation of William D. Gann. As per author, there is a deep-rooted structure in the universe, pattern of oscillation, which can be found in fluctuations in stock markets and in economic activity.

This book may be of interest to investors, economists, scientists or anyone who is keen to uncover the pattern in the reality/ existence/ universe.

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