How the principles explained in the book Rich Dad Poor Dad can be applied to the rental industry
We will be discussing the book Rich dad Poor Dad by Robert Kiyosaki and how the principles from the book relate to the rental industry.
This books gives great insight into how rich people think differently.
You might be thinking Why this book is called Rich dad poor dad
It’s because he gets financial advice from two different fathers. His own father was a teacher and not very rich but his friend, Mike's father was a rich business owner.
Robert discusses the lessons he learned from these 2 dads throughout the book.
The main takeaway from the book is that
Business owners always look for ways to have money work for them. For example, They will hire someone with skills to perform tasks for them that creates money for him. Or they will buy assets that could be used to generate money. The rich dad had over 150 employees.
Poor people generally never think like that. They want to keep it safe. They find a job and agree upon a salary and do whatever their employee or boss tells them to do. Poor people don’t spend money on investments. Any extra money they might have they might spend it on unnecessary things like a fancy car or house or clothes.
A rich person is actively looking to invest in things. They spend money on things that make money. The book calls these things assets. They are responsible for their own finances and don’t rely on an employer to give them a fixed salary.
One of the first things the boy did when they learned about the rich ways from the rich father was to open a library of comic books where kids in the neighborhood came to their house and read comic books. They were able to make a deal with a comic book delivery guy at their fathers store to keep old comic books. This way they were able to acquire a lot of comic books and provide something of value to the neighborhood kids. The kids would pay a small amount to read as many comic books as they could for 2 hours.
This lesson teaches ingenuity. If you look around for ideas and come up with something useful people will be willing to pay you for your ideas, assets, or service. This is different from the salaried individual mindset. The poor mindset doesn’t think about how to come up with money making ideas often. They just focus on following the boss's orders and getting their salaried paycheck.
We are going to see how the principles taught in the Rich dad poor dad book could be used in the rental industry.
At RentalSetup we provide a valuable service for people in the rental asset industry. We provide a way for people to make websites easy so rental businesses can show their catalogue of products and have customers schedule jobs more conveniently.
When you buy a rental item as an asset you are using money to make money for you. That was the first lesson from the book. In the case of the rental industry you are a using money to buy a rental asset that will be used to generate rental income. People may want to rent something for only a short period of time. They may not want to pay full price for this asset if they need it for a small period of time. So you will be saving the customer a lot of money and they will appreciate this.
For example lets say You rentout gym equipment for $1,000 dollars. They customer wants to use the equipment for only a week. if the customer would buy those items without renting them it could be $10,000.
There are many industries in the rental field you can focus on. Like party rental, construction, transportation. Whatever industry you get into you will probably be ahead of the average person that is simply employed.
When you create a website using our rental equipment website builder you are again investing in an asset where you are having money work for you. People will be able to go to your website and schedule jobs. Invest in assets that can make money for you. This will separate you from the poor.
Just to recap: Here are some Benefits in thinking like a rich person. When you think like the rich, you don’t rely on someone to make income for you.
- Set your own profit margin.
- Decide when to stop working.
- Create work for people.
Hopefully you found this content useful. Rentalsetup appreciates the concepts explained in the book Rich Dad Poor Dad. We are proud to offer a service that can help many people make more money in the rental industry. If you have any questions on how the website builder works let us know in the comments. You can also contact use at jack@rentalsetup.com
Feel free to go to the website and learn more about how it works. You can signup now for free and get a domain.