BOOK REVIEW – Increase your Financial IQ (Robert Kiyosaki) AGBELESE, Mayowa B

BOOK REVIEW – Increase your Financial IQ (Robert Kiyosaki)
AGBELESE, Mayowa B

So personally, I have been having serious issues with managing finances, so I picked this lovely book up last weekend, Saturday 21st of February, 2017 precisely, hoping to learn from it.
And yes, I was not disappointed at all.



The book contains very practical steps to getting better at managing your finances. Please note, I did not say it has tips that will auto-reset the bad habits, the steps in the book should be practiced on a daily basis preferably, so one can get better. Change is a gradual process.
  The book defined “Financial Intelligence”, in the author’s terms “It is the part of our mental intelligence we use to solve our financial problems.”

There are five basic financial IQs;

1. Making more money

2. Protecting your money

3. Budgeting your money

4. Leveraging your money

5. Improving your financial information

The author said
The money problems of the poor are:
• Not having enough money

• Using credit to supplement money shortages

• The rising cost of living

• Paying more in taxes the more they make

• Fear of emergencies

• Bad financial advice

• Not enough retirement money

• The money problems of the rich

• Having too much money

• Needing to keep it safe and invested

• Not knowing whether people like them, or their money

• Needing smarter financial advisors

• Raising spoiled kids

• Estate and inheritance planning

• Excessive government taxes.

One major thought I picked from the book, which has changed my perspective actually is that “When people run low on cash they tend to cut their budget, which actually does not make you financially free at the long run anyway. The book proposed the rich dad’s method which is “Increasing your streams of income to meet and surpass your budget”
  Some other points I picked includes
Learn to pay yourself first. Get all the luxury things you need but do not do it with your cash at hand, instead get assets that will get whatever luxury item you want at any particular time. i.e. Do not spend on liabilities, spend your money on assets. Rules of money changes per time, make sure you stay informed

I recommend this book to everyone one actually, there is a lot to learn from this book if you want to be financially free.