|Author||Robert T. Kiyosaki and Sharon Lechter|
|Pages||336 or 207|
|Genre||Personal finance, Entrepreneurship, Business, Investing, Economics|
Rich Dad Poor Dad Book Summary:
Rich Dad Poor Dad is a 1997 book written by Robert Kiyosaki and Sharon Lechter. It advocates the importance of financial literacy, financial independence and building wealth through investing in assets, real estate investing, starting and owning businesses, as well as increasing one’s financial intelligence. Rich Dad Poor Dad Book Summary.
Rich Dad Poor Dad contains a total of ten chapters plus the introduction, but much of the book is focused on the first six parts or lessons.
Introduction: Rich Dad Poor Dad
Chapter 1: The Rich Don’t Work for Money
Chapter 2: Why Teach Financial Literacy?
Chapter 3: Mind Your Own Business
Chapter 4: The History of Taxes and the Power of Corporations
Chapter 5: The Rich Invent Money
Chapter 6: Work to Learn – Don’t Work for Money
Robert Kiyosaki had two fathers: a rich one and a poor one. One was highly educated with a Ph.D. and so intelligent he completed his undergraduate degree in only two years. The other father didn’t even finish the eighth grade. While both men worked hard, were successful, and earned a lot of money, there was always one who struggled with money. And the other dad, he became one of the richest people in Hawaii.
Robert’s father holds a PhD degree and goes to a 9-5 job. In Robert’s eyes, his own father is an epitome of a poor man; one who spends his entire life dependent on single source of income.
Contrary, his friend’s father happens to be a college dropout. However, he is always open to opportunities, has multiple sources of income and makes the money work for him (instead of working for the money). This personality epitomises the rich person for Robert.
The main reason why people struggle with financial problems is because they spend several years in school but learn nothing about money and investments. The result is that people learn to work at the service of money… but never learn to put money to work for them.
Poor people manage their money from day to day, the middle class buy liabilities thinking that they are acquiring assets and the rich or future rich build a solid base of assets that generate their income.
The middle classes find themselves in a permanent state of constant financial struggle. Their primary source of income is their salary. And salary increases usually lead to tax increases.