Rich Dad Poor Dad: A Book Review
Rich Dad Poor Dad is a book by Robert Kiyosaki that has sold over 32 million copies worldwide. It is one of the most popular personal finance books of all time. The book tells the story of how Kiyosaki grew up with two fathers: his biological father, who was highly educated but poor, and his best friend's father, who was a dropout but rich. Kiyosaki learned different lessons from each of them about money, investing, and business. He shares these lessons in the book, along with his own insights and advice on how anyone can achieve financial freedom.
In this article, we will review the main points and lessons from each chapter of the book. We will also provide some HTML formatting elements such as headings, lists, tables, bolding, hyperlinks, etc. to make the article more visually appealing and easy to read.
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Lesson 1: The Rich Don't Work for Money
The first lesson that Kiyosaki learned from his rich dad was that the rich don't work for money. They make money work for them. He explains that most people are trapped in the rat race of working hard for a paycheck, paying bills, saving a little, and then repeating the cycle. They are driven by fear of not having enough money and greed of wanting more money. They never get ahead because they don't understand how money works.
To break free from the rat race, Kiyosaki says you need to learn how to make money work for you. You need to invest in assets that generate passive income, such as real estate, stocks, bonds, businesses, royalties, etc. You need to overcome your fear and greed and take calculated risks. You need to educate yourself and seek opportunities that others don't see.
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Lesson 2: Why Teach Financial Literacy?
The second lesson that Kiyosaki learned from his rich dad was that financial literacy is the key to wealth. He defines financial literacy as the ability to understand the difference between an asset and a liability, and to build your asset column. He says that most people are financially illiterate because they don't know how to read financial statements, such as income statements and balance sheets. They also confuse assets with liabilities, and end up buying things that take money out of their pockets instead of putting money into them.
For example, Kiyosaki says that your house is not an asset, but a liability. It costs you money every month in mortgage payments, taxes, maintenance, etc. It only becomes an asset when you sell it for more than you paid for it. However, most people never sell their houses, or they buy bigger and more expensive houses that increase their liabilities. The same goes for cars, clothes, gadgets, and other consumer goods that lose value over time.
To become financially literate, Kiyosaki says you need to learn how to read financial statements and understand the difference between income, expenses, assets, and liabilities. You need to build your asset column by investing in things that produce income for you, such as rental properties, businesses, stocks, bonds, etc. You need to reduce your expenses by living below your means and avoiding unnecessary debt. You need to increase your income by developing your skills and creating more value for others.
Lesson 3: Mind Your Own Business
The third lesson that Kiyosaki learned from his rich dad was that you should mind your own business instead of working for someone else's business. He explains that most people work for three types of bosses: their employer, the government, and the bank. They spend their lives working hard to make money for their bosses, but they never make enough money for themselves. They are employees who trade their time for money, or self-employed who own their jobs but not their businesses.
To mind your own business, Kiyosaki says you need to become a business owner or an investor. You need to create or acquire assets that generate income for you without your active involvement. You need to create multiple streams of income from different types of assets, such as real estate, stocks, bonds, businesses, royalties, etc. You need to leverage other people's money, time, and expertise to grow your business and increase your returns. You need to take advantage of tax laws and legal structures that protect and enhance your wealth. Lesson 4: The History of Taxes and The Power of Corporations
The fourth lesson that Kiyosaki learned from his rich dad was that taxes were originally created for the rich and that corporations are legal entities that protect and enhance your wealth. He explains that taxes were first introduced in England in 1874 to fund the war against Napoleon. They were supposed to be temporary, but they never went away. They were later adopted by the US and other countries, and they gradually increased over time. They were designed to tax the income of the rich, but they ended up taxing the income of the middle class and the poor.
To avoid paying high taxes, Kiyosaki says you need to use corporations as your vehicles for wealth creation. He says that corporations are legal entities that are separate from their owners. They have their own rights, privileges, and liabilities. They can own assets, borrow money, sue and be sued, and pay taxes. However, they can also deduct expenses, depreciate assets, defer taxes, and shelter income. They can also pay dividends, salaries, bonuses, and benefits to their owners and employees.
By using corporations, Kiyosaki says you can reduce your tax burden and gain more control over your money. You can pay yourself as little or as much as you want, depending on your tax strategy. You can reinvest your profits into your business or other assets without paying taxes until you sell them. You can also protect your assets from lawsuits and creditors by holding them in different corporations.
Lesson 5: The Rich Invent Money
The fifth lesson that Kiyosaki learned from his rich dad was that the rich invent money. He means that the rich use their creativity and imagination to create opportunities that others don't see. They don't wait for money to come to them, they go out and make it happen. They don't depend on the economy, the market, or the government, they create their own economy, market, and government.
To invent money, Kiyosaki says you need to develop your financial intelligence and learn new skills. He defines financial intelligence as the combination of financial literacy (the ability to read numbers), financial strategies (the ability to make plans), and financial experience (the ability to take action). He says that you need to learn how to find problems, solve them, and make money from them. You need to learn how to raise capital, negotiate deals, manage risk, and exit gracefully.
Kiyosaki also says you need to use the power of compounding and leverage to multiply your money. He explains that compounding is the process of earning interest on interest, which results in exponential growth over time. He says that leverage is the ability to do more with less, such as using other people's money, time, or expertise to achieve your goals. He says that by combining compounding and leverage, you can create massive wealth in a short period of time. Lesson 6: Work to Learn, Don't Work for Money
The sixth lesson that Kiyosaki learned from his rich dad was that you should work to learn, not work for money. He explains that most people work for money because they need it to survive and pay their bills. They don't work to learn new skills or knowledge that will make them more valuable and marketable. They get stuck in jobs that they don't like or enjoy, and they don't grow or improve themselves.
To work to learn, Kiyosaki says you need to acquire valuable skills and knowledge that will make you more money in the future. He says that you should not rely on a job for security or income, but use it as a platform to learn and gain experience. He says that you should seek jobs that teach you how to sell, communicate, lead, manage, negotiate, invest, etc. He says that you should also learn from mentors and experts who have achieved what you want to achieve.
Kiyosaki also says you need to keep learning and updating your skills and knowledge throughout your life. He says that the world is changing rapidly and that what worked yesterday may not work today or tomorrow. He says that you need to be adaptable and flexible, and always look for new opportunities and challenges. He says that you need to be a lifelong learner who is always curious and hungry for more.
Overcoming Obstacles
In addition to the six lessons from his rich dad, Kiyosaki also shares some tips on how to overcome the main obstacles that prevent people from becoming rich. He identifies these obstacles as fear, cynicism, laziness, bad habits, and arrogance. He explains how each of these obstacles can hold you back from achieving your financial goals, and how you can overcome them with the right mindset and attitude.
For example, he says that fear is the biggest obstacle that stops people from taking action. He says that most people are afraid of losing money, failing, being rejected, being criticized, etc. He says that the way to overcome fear is to face it and do it anyway. He says that you need to use fear as a motivator and a teacher, not as an excuse or a barrier. He says that you need to learn from your mistakes and failures, and use them as feedback and opportunities for improvement.
Similarly, he says that cynicism is another obstacle that blocks people from seeing opportunities. He says that most people are cynical because they have been hurt or disappointed by others in the past. They don't trust anyone or anything, and they always look for the negative side of things. He says that the way to overcome cynicism is to be optimistic and open-minded. He says that you need to look for the positive side of things, and give people and ideas a chance. He says that you need to be careful but not paranoid, and be realistic but not pessimistic. Another obstacle that Kiyosaki mentions is laziness. He says that most people are lazy because they lack a strong purpose or motivation. They don't have a clear vision of what they want to achieve, and they don't have a burning desire to make it happen. They settle for less than they deserve, and they procrastinate and waste time. He says that the way to overcome laziness is to find your passion and your why. He says that you need to have a compelling reason to get up in the morning and work hard. He says that you need to find something that you love to do and that makes you happy.
Bad habits are another obstacle that Kiyosaki discusses. He says that most people have bad habits that sabotage their success, such as spending more than they earn, not saving or investing, not budgeting or tracking their finances, not learning or improving, etc. He says that these habits are hard to break because they are ingrained in our subconscious minds. He says that the way to overcome bad habits is to replace them with good habits. He says that you need to be aware of your habits and how they affect your results. He says that you need to make a conscious decision to change your habits and stick to it.
The last obstacle that Kiyosaki talks about is arrogance. He says that most people are arrogant because they think they know everything and they don't need to learn anything new. They are closed-minded and stubborn, and they don't listen to others or seek advice. They are overconfident and underestimate the risks and challenges they face. He says that the way to overcome arrogance is to be humble and curious. He says that you need to admit that you don't know everything and that you can always learn more. He says that you need to listen to others and seek feedback and guidance. He says that you need to be confident but not cocky, and be realistic but not pessimistic.
Getting Started
After sharing the six lessons from his rich dad and the tips on overcoming obstacles, Kiyosaki gives some practical steps on how to get started on your journey to financial freedom. He says that the first step is to set your goals and make a plan of action. He says that you need to have a clear vision of what you want to achieve, why you want to achieve it, and how you will achieve it. He says that you need to write down your goals and review them regularly. He says that you need to break down your goals into smaller and measurable steps, and track your progress.
The second step is to seek out and join a network of like-minded people who can support you and help you grow. He says that you need to surround yourself with people who share your vision and values, who have similar or higher levels of financial intelligence, and who can inspire you and challenge you. He says that you need to avoid negative people who will drag you down or discourage you. He says that you need to find mentors and coaches who can guide you and teach you. He says that you need to join clubs, groups, or communities where you can network, learn, and have fun. The third step is to take action and learn by doing. He says that you need to apply what you learn and put it into practice. He says that you need to start small and take baby steps, but don't be afraid to make mistakes and fail. He says that you need to learn from your experiences and improve your skills and knowledge. He says that you need to be persistent and consistent, and don't give up or quit. The fourth step is to review and evaluate your results and feedback. He says that you need to measure your performance and track your outcomes. He says that you need to analyze your strengths and weaknesses, and identify what works and what doesn't. He says that you need to seek feedback and advice from others, and listen to their opinions and suggestions. He says that you need to be open-minded and willing to change and adapt. The fifth step is to repeat the process and keep learning and growing. He says that you need to keep setting new goals and making new plans. He says that you need to keep seeking new opportunities and challenges. He says that you need to keep expanding your network and finding new mentors and partners. He says that you need to keep taking action and learning by doing. He says that you need to keep reviewing and evaluating your results and feedback. He says that you need to keep repeating the process until you achieve your financial freedom. Still Want More? Here Are Some To Do's
If you have read the book Rich Dad Poor Dad and followed the steps above, you might be wondering what else you can do to further your education and experience. Kiyosaki provides some additional resources and activities that you can use to enhance your financial intelligence and skills. Here are some of them:
Play the CASHFLOW game online or in person with others. The CASHFLOW game is a board game created by Kiyosaki that simulates the real world of money and investing. It teaches you how to get out of the rat race by building your assets and increasing your passive income. You can play the game online for free at . You can also join or create a local CASHFLOW club where you can play the game with other people who share your interest.
Read more books by Robert Kiyosaki and other financial experts. Rich Dad Poor Dad is just one of the many books that Kiyosaki has written on the topic of money, investing, and business. You can find his other books at . Some of his popular titles include Cashflow Quadrant, Rich Dad's Guide to Investing, Rich Dad's Increase Your Financial IQ, etc. You can also read books by other financial experts such as Napoleon Hill, Warren Buffett, Tony Robbins, etc.
Attend seminars, workshops, or courses on financial education. There are many events and programs that offer financial education and training for different levels of learners. You can find some of them at . Some of the topics include real estate investing, stock investing, business development, tax strategies, etc. You can also look for other sources of financial education online or offline, such as podcasts, blogs, videos, magazines, etc.
Conclusion
In conclusion, Rich Dad Poor Dad is a book that can change your life if you apply its principles and lessons. It can teach you how to achieve financial freedom by investing in assets, building businesses, and increasing your financial literacy. It can help you overcome the obstacles that prevent most people from becoming rich, such as fear, cynicism, laziness, bad habits, and arrogance. It can guide you through the practical steps of setting your goals, making a plan, taking action, reviewing your results, and repeating the process.
If you are interested in learning more about the book or the author, you can visit their website at . You can also follow them on social media platforms such as Facebook, Twitter, Instagram, YouTube, etc.
Thank you for reading this article. I hope you found it helpful and informative. If you have any questions or comments, please feel free to share them below. I would love to hear from you.
FAQs
Here are some frequently asked questions about Rich Dad Poor Dad:
What is the main message of Rich Dad Poor Dad?
The main message of Rich Dad Poor Dad is that The main message of Rich Dad Poor Dad is that you need to change your mindset and habits about money and learn how to make money work for you, instead of working for money. It is not about how much money you make, but how much money you keep and how hard it works for you. It is about increasing your financial intelligence and literacy, and creating assets that generate passive income for you.
Who is the target audience of Rich Dad Poor Dad?
The target audience of Rich Dad Poor Dad is anyone who wants to improve their financial situation and achieve financial freedom. It is especially suitable for people who are stuck in the rat race of working hard for a paycheck, paying bills, and saving a little, but never getting ahead. It is also suitable for people who want to learn more about money, investing, and business, and who are willing to take action and learn by doing.
Is Rich Dad Poor Dad based on a true story?
Rich Dad Poor Dad is based on the author's personal experiences and observations, but it is not a literal autobiography. The author uses the characters of his poor dad and his rich dad as metaphors to represent two different ways of thinking and acting about money. He also uses stories and examples from his own life and others to illustrate his points and lessons. However, he admits that some of the details and numbers may have been changed or exaggerated for the sake of clarity and simplicity.
What are some of the criticisms of Rich Dad Poor Dad?
Rich Dad Poor Dad has received some criticisms from various sources, such as financial experts, journalists, reviewers, and readers. Some of the common criticisms are:
The book is too simplistic and unrealistic, and does not provide enough practical or specific advice on how to achieve financial freedom.
The book is too biased and self-promotional, and does not acknowledge the risks and challenges involved in investing and business.
The book is too controversial and misleading, and makes false or inaccurate claims about taxes, corporations, education, etc.
The book is too anecdotal and unverifiable, and does not provide enough evidence or references to support its arguments and statements.
What are some of the benefits of reading Rich Dad Poor Dad?
Rich Dad Poor Dad has also received many positive reviews and testimonials from various sources, such as financial experts, journalists, reviewers, and readers. Some of the common benefits are:
The book is inspiring and motivating, and challenges you to think differently and take action.
The book is informative and educational, and teaches you the basics of financial literacy and intelligence.
The book is entertaining and engaging, and uses stories and examples to make the concepts easy to understand and remember.
The book is influential and impactful, and has changed the lives of millions of people around the world.
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