Have you ever felt like you were stuck in a financial rut, wondering how to be financially free, break free and start building wealth as a nurse? Back in 2016, I picked up Robert Kiyosaki’s classic book “Rich Dad, Poor Dad” . Since reading this book, that I began to see my path to financial independence more clearly.
In this blog post, I’ll share some of the key lessons I learned from the book and how I applied them to start my journey toward building wealth as a nurse.
Lessons I Learned about Financial Freedom
Lesson 1: The Difference Between Assets and Liabilities
One of the fundamental concepts in “Rich Dad, Poor Dad” is understanding the difference between assets and liabilities. Kiyosaki defines assets as things that put money in your pocket, such as investments or real estate, while liabilities are things that take money out of your pocket, like consumer debt or unnecessary expenses.
As a nurse, I realized that my income alone wasn’t enough to build wealth and become financially free. I was making almost six figures working in California at one time, and still living paycheck to paycheck. I realize that I needed to invest in assets that would generate passive income. This includes investing in assets like real estate, stocks and starting my own business. Additionally, I started investing in myself.
Lesson 2: The Importance of Financial Education
“Rich Dad, Poor Dad” emphasizes the importance of financial education and continuously expanding your knowledge about money and investing. Kiyosaki argues that schools often fail to teach us about money management and that it’s up to individuals to seek out this knowledge on their own.
I took this lesson to heart and committed to improving my financial literacy so, I read books, attended seminars, and followed financial experts to learn more about investing, budgeting, and wealth-building strategies. I also started this blog, Nursing Flowsheet, to document my journey to financial freedom. I made videos on finance topic because I know that I learn the best if I can teach it to someone else. By doing so, I gained the confidence to make informed decisions about my finances , take control of my future and build wealth.
Here are some other books I love about personal finance and investing.
Lesson 3: The Power of Passive Income
One of the most significant takeaways from “Rich Dad, Poor Dad” for me was the concept of passive income. Kiyosaki stresses the importance of creating sources of income that don’t require your active involvement, allowing you to earn money while you sleep.
As a nurse, my job is demanding and time-consuming. I realized that relying solely on my nursing income wouldn’t allow me to achieve my financial goals. So, I began exploring ways to generate passive income streams, such as investing in dividend-paying stocks, rental properties, and creating online courses related to healthcare.
What I did to become a Financially Free Nurse
Applying the principles from “Rich Dad, Poor Dad” to my life as a nurse wasn’t always easy, but it was definitely worth it. Over time, I’ve seen my investments grow, my passive income increase, and my financial confidence soar & now, I finally feel financially free.
Here are some practical steps I took to start building wealth as a nurse:
- Budgeting: I created a budget to track my expenses and ensure that I was living below my means, allowing me to save and invest more money. Read How to Budget as a Nurse
- Investing: I diversified my investments across different asset classes, including stocks, bonds, real estate investment trusts (REITs), and peer-to-peer lending platforms.
- Side Hustles: I explored opportunities to earn extra income through freelance nursing gigs, tutoring, and creating digital products related to healthcare.
- Networking: I joined financial communities and networks of like-minded individuals to learn from their experiences and gain valuable insights into wealth-building strategies.
- Continued Learning: I made a commitment to lifelong learning, regularly reading books, listening to podcasts, and attending seminars to stay informed about personal finance and investing.
In conclusion, “Rich Dad, Poor Dad” has been a game-changer for me as a nurse looking to build wealth. By embracing the principles of financial education, investing in assets, and creating passive income streams, I’ve been able to take control of my financial future and work towards achieving financial freedom. If you’re in a similar position, I encourage you to pick up a copy of the book and start applying its lessons to your own life—you won’t regret it!
