Author: Robert Kiyosaki and Sharon Lechter
Genre: Self-Help
Publisher: Warner Books Ed
First published on: 1997
About Rich Dad Poor Dad:
This book will make you question yourself. You will start contemplating your decision-making skills.
Are you using your money in the right way?
Everyone what’s to be rich. Do we have any plans of being rich?
There will be many thoughtful questions popping into your mind. It will force you to rethink and self-analyze your financial decisions.
At the age of 9, Robert Kiyosaki understood that he had to do something different to be different. He had two dads. One was his dad, while the other was his friend Mike’s dad. Both men were strong, charismatic, and influential. But they had different opinions, suggestions, advice, and attitude. His own dad eventually became the poor dad, while his friend’s dad made good money and was one of the richest men in Hawaii.
Differences in Opinion and Advice:
| Poor Dad | Rich Dad |
| The love of money is the root of all evil. | The lack of money is the root of all evil. |
| I can’t afford it. | How can I afford it? |
| Let’s you off the hook | Forces you to think |
| Rich should pay more in taxes to take care of those less fortunate. | Taxes punish those who produce and reward those who don’t produce. |
| Study hard so you can find a good company to work for. | Study hard so you can find a good company to buy. |
| The reason I’m not rich is because I have you kids. | The reason I must be rich is because I have you kids. |
| Encouraged talking about money and business at the dinner table | Forbade the subject of money to be discussed over a meal. |
| When it comes to money, play it safe. Don’t take risks. | Learn to manage risk. |
| Our home is our largest investment and our greatest asset. | My house is a liability, and if your house is your largest investment, you’re in trouble. |
| I’ve worked hard for the government, and I’m entitled to these benefits. | Believed in total financial self-reliance. |
| Struggled to save a few dollars | Created investments |
| Taught how to write an impressive resume to find a good job | Taught how to write strong business and financial plans to create jobs. |
| Money doesn’t matter. | Money is power. |
| A socialist | A capitalist |
Key Takeaways:
One of the reasons the rich get richer, the poor get poorer, and the middle-class struggles in debt are that the subject of money is taught at home, not in school. Schools focus on scholastic and professional skills, but not on financial skills.
Robert said we are still following the traditional way of teaching our kids. When they grow they have the degree and are referred to as well educated. It’s time people should also focus on being well financially educated. This explains how smart bankers, doctors, and accountants who earned excellent grades may struggle financially all of their lives.
Have a habit of exercising your brain. Proper physical exercise increases your chances for health, and proper mental exercise increases your chances for wealth.
Financial education is powerful.
If you have the education about how money works, you gain power over it and can begin building wealth. Also being able to know when to make quick decisions is an important skill.
A person can be highly educated, professionally successful, and financially illiterate. One should not only know how to make money, but how to manage money. It’s called financial aptitude.
The poor and middle class buy luxuries with their sweat, blood, and children’s inheritance. Financially intelligent people use the income generated from the asset column to buy their luxuries.
If you work for money, you give the power to your employer. You keep working all your lives just to make money for your employer. And if you work for yourself, you make money for yourself. In this case, money works for you, you keep the power and control it.
Read: 6 Lessons from Rich Dad Poor Dad on Financial Freedom
My Favorite Section:
The author has beautifully put down the poem of Robert Frost titled ‘The Road Not Taken’ to make it much simpler as to why one should not follow the traditional ways and live life in ignorance. Sometimes we need to take risks to explore the known. A beautiful message shared by the author.
The author has explained the importance of making smart investment decisions. There are cash flow diagrams, tables, which made it easier for one to understand the movement of money. He has given real-life examples practically tried and tested by him, to motivate people to think mindfully.
Recommendation:
Through this book, you will learn what mistakes you were doing, all the years? Why are you struggling with money?
It’s time you start reflecting on the decision you took. With the financial lessons from the book, you can change the way you were managing your money.
If you are the one who wants to know the secret, you need to pick this book now. You want to buy your home, start your business, buy a car, or planning your future, this book is all you need. If you are pondering on early retirement, follow the simple guidance from the book on financial freedom.
Do you have a poor person’s financial programmed mind Or a Rich mindset? Read this book ‘ Rich Dad Poor Dad”, and you will be in bliss.
Quotes from the book:
“Winners are not afraid of losing. But losers are. Failure is part of the process of success. People who avoid failure also avoid success.”
“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. Don’t blame other people for your problems.”
Rating: 5/5
Time to rewire your brain and take the right steps towards a secure financial future. Buy your copy of the Book “Rich Dad Poor Dad” using the below link:
