Rich Dad Poor Dad

Hey there all, I recently completed reading Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!. Let me tell you that this book has been in my peripheral vision for quite some time. Or at least the title of it has been! I finally read it and found that it completely fits in my current learning cycle, so there was much that I was able to readily see and almost immediately able to apply. First off I will preface this with a fact that the title always sounded to me like it was how to transform yourself from a poor dad to a rich dad. This was not so. Although it has the information within to create that transformation, at least if you choose to apply some fo the principles, and of course in theory! Know this, though, this is not a rags to riches overnight book. It is a journey over a fair span of a lifetime. Robert T. Kiyasaki tells his tale as a young man growing up in Hawaii, his paternal father being a well-educated man who throughout this book always seems to be on the verge of monetary disaster, even though he followed in seemingly appropriate steps required to climb the ladder to success. His adopted father had the school education of 8th grade; what his adopted father had was a key understanding of finance, of assets, debits, expenses etcetera and had over time become incredibly wealthy. Now how Robert came to adopt rich dad is by way of Rich Dad's son Mike. The two of them were close friends and at a young age (3rd grade). They had made the decision that they would like to become rich. The wanted to make money. Which is what they quite literally did attempt to do. They went around and collected empty toothpaste tubes, created a cast, and began to mint their own nickels. Rich dad saw this and while found the overall situation to be humorous, he informed them of the imposing legalities of their situation and offered to have them stop by his office to work for him. Initially, the boys worked for him for a very low wage, 10c an hour! After some time, Rober becomes fed up and demands a raise or else he is going to quit. Whereby rich dad imparts a critical lesson: Most people will work for the money and if they don't receive the respect or monetary wage that they feel is appropriate, they will go elsewhere. However, once they do so, they find themselves in the same situation. They were more than likely going to accept a paycheck knowing that they will struggle financially. Some may even take a second job, working harder and still accepting a measly gain. Robert asks "So what will solve the problem?" Rich dad points to his head and says "This stuff between your ears." All of this is distilled into what Robert calls lesson #1 : "The poor and the middle-class work for money. The rich have money work for them." What's entertaining is that immediately following this even, rich dad has the boys work for him for free! This imparted the lesson that you work to gain knowledge, not necessarily money AKA the rich don't work for money. He then proceeds to illustrate in the book through a few diagrams of how the rich and poor view their money in a cash flow pattern and how the poor view the job as income and expenses as food, shelter, transport, etc, neglecting the assets and liabilities columns. The middle class is fairly similar with income being received for their job, however, they do tend to recognize the liabilities column. Where the rich differ is that they have an assets column in which you will find stocks, bonds, real estate and intellectual property which will provide them with their income, which they continue to invest into more assets. Assets create wealth. Seems like a fairly simple formula. The major takeaway here is not so much that assets create wealth, it's how to identify an asset, that little gem didn't really seem to present itself clearly while reading, but it is there nonetheless! These views and philosophies are fully fleshed out in the remainder of the book, denoting that most or many will fall prey to the ongoing rat race whereby they build a substantial amount of debt through poor financial education and ultimately have to work in order to stay the course. Rarely being able to lift above and see a way out. Robert offers some alternative views on how we are taught to view finances, and not everyone may agree nor may follow his advice. He does suggest that if you are not willing to take risks and prefer to follow another route, that you should begin at a very young age to invest. It may take a while longer to create a fortune for yourself, however, it is the recommended way! I don't think that you can look anywhere in the financial world and that same advice is not given! While this touches on the surface of what is in this book, I do hope that it whets your appetite to continue to read even if it is to teach your children or others about financial literacy. Overall the book was a simple read with an easy flowing storytelling style, and it filled my own head with plenty of food for thought! On a scale of Rich Dad to Poor Dad, I found this to be a fairly enrichening read!

This book was very eye opening and motivating for me! I haven’t actually taken action in the tips it gives, besides starting to look for educational seminars in my area. But I hope to give an updated review in the near future about how successful this book made me !!🙂🤞🏼 Update: This book lit a little fire inside of me when I first read it. My husband had lost his job. We had just gotten married. I thought I got PUNK’d!! I had an unemployed husband 6 weeks into our marriage, no honey moon. He went into depression. It was bad!!! I was looking for inspiration and ideas on what to do to protect our future without simply working more... people losing their job happens all the time and I wanted to learn how to be OK if this happened with a mortgage and kids in the picture. This book doesn’t give you step by step on what to do to achieve this...but it does something else!! Something hard to describe, but this book is a top favorite for most real estate investors I listen to on podcasts so there’s definitely something magical about it. ... WEEKS later, While my husband was unemployed, we bought a duplex, first time home buyers. We turned it into four units. My husband and I live in one unit. The other three units get rented out as AIRBNB’s or sometimes longer term, depending on the season. We live mortgage free 95% of the time. Never in my wildest dreams did i think we could do something like this. Most people don’t know that you CAN do something like this... but this book opened my eyes and made me curious about things.. which led me to educate myself More on Realestate investing because that’s the route I chose to focus on.. and here we are now! This book was the beginning of everything that has changed our lives for the better. Everyone should read this book.

Robert Kiyosaki opens up the world of the elite class in his book Rich Dad, Poor Dad. I’ve gotten to know how the finically intelligent brain looks at problems; it’s far different than how the middle and lower classes are taught to think. Recounting his youth of growing up on Hawaii, Kiyosaki compares his real poor father’s lessons about money to that of his friend’s rich dad. Robert keeps his advice interesting through a montage of flashbacks which is refreshing when compared to other writers that use the same format or story for multiple ideas throughout their book. He is very interactive with his writing which engages you to read on. Kiyosaki is surprisingly talented with his authoring it feels as though you have sat down for a conversation with a mentor. Possibly the best part about Kiyosaki’s book is that he is giving information but not forcing you to believe in the same ideas that he does. As a high school sophomore I feel quite luckily that there are easy to understand books like Robert’s to teach about finical intelligence on a level that I would understand since I haven’t handled money as much and don’t know all the lingo in other popular finance books. I think all teens should read this book since we are often not taught this knowledge in school and it shows how capitalism works. This book would be ideal for adolescent that will have to start handling money in the near future, however, I would recommend it to everyone looking to understand finance. I feel as though Kiyosaki has made this an easy guideline for young adults to comprehend where all of their money it coming and going through teaching about liabilities, expense, income and assets through his 10 steps. Robert also makes a good point that finical intelligence it critical to live even if you work a 9 to 5 job because, you will know where to put money. Unfortunately finical awaken is not taught in schools so it leaves many kids being thrown into the corporate world straight out of college with $80000 worth of student loans. That is why young people should read this book, to understand how not to get trapped. However, the only downfall to Robert’s book it that it heavily relies on anecdotes which, is also its greatest glory. If you are looking for a book to tell your how to start a business or enter the stock market this is not it. Rich Dad, Poor Dad is about how to preserve money and create more income with what you have. He of course cannot make an outline for you to make a company or a personalized savings plan that is your problem. This book can be a small piece to help find what you were doing wrong and strategize a way to solve your finical issues. Since there is not much specific data behind what makes a millionaire/billionaire it makes sense that Kiyosaki uses personal memories to convey his knowledge of money. Definitely a four out of five stars book.

This book was brought to my attention by my business coach at Spectacular Business School, it is a Program that help me you create any business under the sun & assist you and teach you how to run it, advertise, create AI videos that get thousands of views and a lot more. During the beginning of the program they work with how we think about money because many of us have not had a good relationship with money and if we don’t have a good relationship with money, we cannot create money. This book was one of those books that shows how the writer had a dad that taught him how to have a good relationship with money (Friends dad) and the other dad Is his real dad that taught him the mentality of money don’t grow on trees. If you are a person that is working at creating wealth for yourself, this is one of those books that will teach you what you need to create wealth

Read full summary of this book on my blog: imeducatingmyself.com/rich-dad-poor-dad-what-the-rich-teach-their-kids-about-money-that-the-poor-and-middle-class-do-not-by-robert-t-kiyosaki-book-review Now, when I’ve read this book, I understand why this book got so many recommendation – it’s an excellent reading material. I do have to say that I know many things that is shared in this book, simply you learn so many thing going through life; but there are also so many new things that I’ve learned. First of all, my family have a small business where we work, and my father is the boss and organizer of majority of things. I’ve started working when I was fourteen years old for my father; and I didn’t understand back than why I don’t get better paycheck, I was always getting paid the least, but doing most of the work. And he always was telling me: “if you want more money, find yourself a ways to earn it, don’t come to me asking for more”. And I did started to finding ways; first of all I’ve got myself a second part-time job for three years now; I’ve started working on this blog, which is third job – and I’ll continue to finding better ways. I’ve learned long time ago that, that is the best solution to push kids to learn on their own how to start thinking into making more by them self – and that’s the one very important thing I’ve learned from my father. And that is what this book (among many other lessons) is going to teach you – You don’t need to rely on someone to help you have more money; you need to someone to teach you how to make more money by yourself. We are, by all means, not rich family, like I said we have a small family business, which puts us into middle class. And we work hard for everything we have, and my father started everything from nothing. This book is also put my direction in another way, and that is section when it comes talking about assets and liabilities – I was more focused on how to afford myself a house in next coming years; but now, after I’ve read this book, I am more focused on getting things that are going to make me more money – Make Money Work For You, as it is said in book. I would definitely recommend everyone to read this book, there are so many valuable content and different information shared in it, that you’ll not regret reading it. It’s not the best-seller for no reason after all.

Great book

this book changed my life. literally

This is a classic. If you are interested in being an entrepreneur/investor and currently are not this is a good first book to read. Its not the greatest though. In my opinion after reading many business books the Fast lane Millionaire by M.J Demarco beats them all 100%. Rich Dad Poor Dad still is a classic that I recommend reading. Rich Dad Poor Dad is based on the two influential people that Robert Kiyosaki had in his life: his biological dad (Poor Dad), and his business mentor (Rich Dad). In his book Robert explains how each "Dad" believed that money should be earned with a job or created with business. One dad lived out of scarcity, and one lived out of abundance. The whole idea of having a rich dad and a poor dad conveys the fact that "we (regular people)" are capable of choosing what mental framework and financial I.Q we develop. We can chose to trade our time for money via a profession, or we can build a proper "business" that works for us. In Rich Dad Poor Dad, Robert teaches financial literacy by explaining: assets, liabilities, income, expenses, balance sheets, income statements and how they relate to cash flow/ building wealth. His ideas about assets: things putting money in your pocket, and liabilities: things taking money out of your pocket are controversial in an accounting background, however for the purpose of building wealth adopting this mentality can be a tremendous asset itself (: In his book Kiyoski also talks about the importance of building your own business, the history of taxes, the power of corporations, strategies to inventing money as an investor/entrepreneur using a business, and working a job (if you must) to learn more then you earn. In the end of his book Kiyosaki explains how to overcome obstacles and to get started on your path to being an entrepreneur. Be forewarned Robert Kiyosaki approves of: MLM (Multi Level Marking) / Network Marketing / Pyramid Schemes (called by some). His attitude toward MLM is conveyed in his writing. For companies like Amway/ALTICOR, AVON, etc. there are hundreds. Kiosaki is a go-to-guy. Kiyosaki has a book called: Business of the 21st Century that is dedicated to MLM companies. I don't blame him (: he has made millions selling the books. My opinion:If you really want to be an entrepreneur you should be building and owning pyramids not climbing them. If you create a great product: MLM are a wonderful distribution channel.