RICH DAD POOR DAD

RICH DAD POOR DAD

By: Robert T. Kiyosaki

(A synopsis)

    Rich Dad Poor Dad is about how the rich teach their kids about money, that the poor and the middle class do not. Robert Kiyosaki had two dad with different perspective about money and how to manage them. first, his poor dad was successful with his education,he got his Ph.D. He managed to complete his bachelor's degree in just two years, then went on to study at Stanford University, Chicago University, and Northwest University with full scholarships. While his rich dad never finished junior high school. 

       Both of them was succesful in their carrier, they work very hard in their entire life and both have great income. However, one became the richest man in hawaii and left tens of millions of dollars for his family and the other died leaving many in debt.

    The book also mentions that we must start now to avoid falling into the debt trap and develop responsible financial habits. We have to take a careful look at what we can and cannot afford so that we are able to set realistic financial goals for ourselves. The author suggests that we keep our jobs and build our asset column, meaning we keep investing and building assets and think of our dollars as employees working for us. Rich people acquire assets. The poor and middle class acquire obligations that they see as assets.

    The author emphasizes the fact that knowledge is power and we must work to learn, not to earn. Money should be working for you not the other way around and doing jobs we know little about to learn a different skill. "Money comes and goes, but if you have an education in how money works, you gain power over it and can begin to build wealth"

    He stresses that fear often stifles people's genius and that the first step to building wealth is managing risk instead of avoiding it and learning about investing will teach you that it's better not to play it safe because that always means big potential losses. reward. Don't start big, just set aside a small amount every month or so to invest in building assets like stocks, bonds, etc.

    He stressed that we should use our money to acquire assets, not liabilities. Assets are stocks, bonds, real estate you rent, royalties, and anything else that generates money and increases in value over time. Liabilities can be a car or electronics with maintenance and monthly payments, a house with a mortgage, debt, anything that takes money out of your pocket each month.

one of the best quotes from Robert Kiyosaki:

"It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for".

 

Tap to Download