book review of rich dad and poor dad

Rich Dad, Poor Dad Summary & Review (2024)

Nick Gallo is a Certified Public Accountant and content marketer for the financial industry. He has been an auditor of international companies and a tax strategist for real estate investors

Rich Dad, Poor Dad is one of the most famous books in all of personal finance. Though it came out in 1997, it’s still the top #3 Best Seller on Amazon in 2024. Many of today’s most popular finance gurus cite it as the inspiration for their success.

I wanted to see what all the hype was about, so I grabbed a copy of the book, tore through it (it’s a pretty quick read), and compiled my thoughts for you here.

This Rich Dad, Poor Dad review will take a look at Robert Kiyosaki’s real lessons in this book (not just the ones he uses as names for his chapters) and help you decide whether it’s worth reading.

A Rich Dad, Poor Dad Summary

Right from the jump, Rich Dad, Poor Dad surprised me with its style and narrative framework. I expected more technical insight and investment math, but the book primarily consists of anecdotes that hold nuggets of (supposed) wisdom for the reader to absorb as if through osmosis.

Kiyosaki’s stories revolve around and contrast the lessons he received from his biological father (the educated but financially unsavvy poor dad) and his friend’s salesman father (the uneducated but clever, rich dad).

The book winds through Kiyosaki’s life and the reader witnesses him learning from his rich dad and rejecting the advice of his poor dad (which represents rising above the typical working-class mindset).

The book explains basic wealth generation in an understandable and inspirational way, and it’s a solid enough introduction to these concepts (at least for its time). However, it has issues that make its current relative value questionable.

❗️ Important Note: Do not take this book’s recommendations or any of my opinions on them as investment or tax advice.

Robert Kiyosaki’s Best Advice

I’ll start this Rich Dad, Poor Dad review with what I think Kiyosaki does well. Mainly, he makes some solid fundamental financial suggestions in an easily digestible manner.

The ideas might seem a bit shallow and apparent to anyone already engaged in entrepreneurship or investing, but they can be profound if it’s your first exposure to them. Let’s take a look.

1. Learn Personal Finance (And Teach It to Your Kids)

While this is a pretty obvious suggestion, it’s still a significant one. The book does a great job of showing the reader how meaningful it is to learn how to manage your money. That means saving a high percentage of your earnings and putting the money to work in profitable investments.

Kiyosaki says: “ It’s not how much money you make. It’s how much money you keep. ” You have to keep your spending down as your income goes up and invest the difference in assets, not liabilities.

While his definitions of assets and liabilities might not follow Generally Accepted Accounting Principles, it’s practical: assets put money in your pocket, and liabilities take money out of it.

He supports learning to cut your taxes , studying accounting, and mastering saving, then teaching all these skills to your children. I love all of these ideas, and I’m glad his presentation of them resonates with so many.

2. Find Ways to Escape the Rat Race (Make Your Money Work For You)

Not only does Kiyosaki cover the fundamental best practices for personal finance, but he also does a great job of painting an inspiring picture of their end goal: financial independence, retirement, security, being rich, or whatever you want to call it.

I’ve always believed that people truly begin to understand the significance of their personal finance decisions when they realize that they constitute a journey that can culminate in holding enough wealth that work becomes optional.

Kiyosaki makes escaping the rat race using investments or a self-sustaining business sound glamorous and inspirational. I’m grateful for anything that gets people to plan for a better future.

3. Master Your Emotions Regarding Money

This one isn’t a personal finance message that you’d typically see today, but I like it a lot. Money is a hugely emotional issue for many people, and we could all probably benefit from understanding why it makes us feel however it does.

People often let their emotions sabotage their finances or let their finances upset their emotional state. They might have a fear of investing, insecurity over their job, or a need for the latest and greatest gadgets.

He urges readers to face their fears, cynicism, laziness, bad habits, and arrogance when it comes to money. That seems like an arbitrary list of emotional issues, but I like the sentiment.

4. Develop a Broad and Valuable Skillset

In a capitalistic society, having a practical and marketable skillset is the key to making money. If you can provide tangible value that people are willing to pay for, you’ll always be able to support yourself.

Kiyosaki recommends learning to manage money, lead teams, build systems, and close sales. More than that, he suggests that people cultivate a habit of continuing to learn throughout their careers so that they never stagnate.

He argues that people can improve their situations most effectively if they keep an open mind, learn from their mistakes, and keep improving. It’s a valuable lesson and one of the best in the book.

Robert Kiyosaki’s Worst Advice

Now that we’ve covered the good stuff, what follows is my Rich Dad, Poor Dad criticism. I hate to say it, but there’s more to talk about here than I’d like.

Honestly, Kiyosaki strikes me as a pretty typical guru. His attitude and tone throughout the book both rub me the wrong way. For example, he comes across as just a little too obsessed with the stereotypical image of a rich and powerful man.

He describes his rich dad as a charismatic manly man of few words, with power behind his statements and smiles. Rich dad is tall, blunt, and always closing deals. He doesn’t do things like the other guys, and he’s pretty smug in his superior knowledge.

Rich dad and his lessons also come off as manipulative to me. He pulls the protagonists’ strings purportedly to teach them esoteric lessons too complex to be put into mere words.

The book just feels like it’s selling me something, and salesman gurus are by far my least favorite. Here are some of the specific ideas the book tries to sell to the reader that I don’t like.

1. You Should Start a Business and Get Rich Because Employees are Broke and Miserable

As someone who truly loves being self-employed, I hate to admit this, but it’s not the right path for everyone. If you’d rather not branch out on your own, that’s perfectly fine. There are plenty of people who enjoy their jobs, make good or great money, and save responsibly.

But Kiyosaki has a habit of putting down anyone who works for someone else and suggesting that employees are generally broke and unhappy. They just don’t get it.

His poor dad (already an insulting title), who worked a traditional job, couldn’t possibly understand what his rich dad understood thanks to all his business success.

Not only does Kiyosaki fail to address the risks and downsides to business ownership, but he also suggests some definitely-not-okay tax strategies using business entities. For example, he proposes using a corporation to write off vacations as board meetings or deduct health club expenses. Those moves can get you into much more trouble thsan they’re worth.

2. Academic Learning isn’t Valuable (Rich People Don’t Need It)

Kiyosaki also has a bad habit of downplaying the value of academic education and traditional learning. He seems to believe people who follow the general wisdom end up like his poor dad: highly educated but ineffective and stressed about their money. Rich people learn only by doing or from living life.

For example, rich dad says: “ All too often business schools train employees to become sophisticated bean-counters. Heaven forbid a bean counter takes over a business. All they do is look at the numbers, fire people, and kill the business. ”

Ironically, he promptly contradicts that claims, later saying: “ Accounting is possibly the most confusing, boring subject in the world, but if you want to be rich long-term, it could be the most important subject. ”

As an officially licensed and certified bean-counter, maybe he just hurt my feelings, but I don’t think so. Kiyosaki also glorifies rich dad’s cruel and unusual teaching methods, which included giving kids the silent treatment for weeks at a time while they work below minimum wage until they can’t take it anymore.

Because that’s how life teaches: “ It just sorta pushes you around. ”

3. Invest in Real Estate! It’s the Best Way to Get Rich!

At this point, you’ve probably noticed that many of his “worst lessons” have something to do with getting rich. That’s a significant part of what struck me as wrong about this book.

Getting rich isn’t really the point of personal finance. Maybe I need to “overcome my cynicism,” but I generally don’t trust gurus who toss that word around. Kiyosaki does it a bit too much for my comfort, and his suggested strategies for creating said riches aren’t always great either.

Mainly, it bothers me how strongly he doubles down on real estate. Investing in real estate can be a great way to build wealth, but (like self-employment) it’s not for everyone. It’s also not a requirement for a successful and diversified portfolio.

There are benefits to real estate investing, but Kiyosaki borders on implying that it’s a sure way to get rich quickly or inevitably. In reality, it’s a business like any other. There are unavoidable risks involved, and it takes knowledge, experience, and luck to succeed.

4. Jump Off Cliffs and Build Parachutes On Your Way Down

Last but not least, we have one of my biggest pet peeves in the whole book. Kiyosaki legitimately suggests that you pay yourself first (meaning your savings) even if that comes at the cost of paying your creditors, even if one of those creditors is the Internal Revenue Service!

Rich dad says: “ So you see, after paying myself, the pressure to pay my taxes and the other creditors is so great that it forces me to seek other forms of income. The pressure to pay becomes my motivation. I’ve worked extra jobs, started other companies, traded in the stock market, anything just to make sure those guys don’t start yelling at me[…] If I had paid myself last, I would have felt no pressure, but I’d be broke. “

Don’t get me wrong, I’m all for prioritizing saving, but paying yourself first shouldn’t mean risking stiffing the people you owe money, wrecking your credit score, and racking up fees and interest. You pay your creditors and essential living expenses first, then you set aside your savings, and then you reverse engineer your remaining budget.

Is It Worth Reading Rich Dad, Poor Dad?

I don’t want this to upset anyone who considers the book to be the Holy Grail of personal finance, but I couldn’t recommend Rich Dad, Poor Dad to someone who asked me how to start managing their money better, let alone someone who already has some experience.

The book has a handful of positive lessons, but there’s nothing more profound in it than what you could find in the average personal finance blog these days. It’s mainly about inspiration, and there are places to get your inspiration these days without a side serving of Kiyosaki’s more troublesome ideas.

Learn More: If you’re looking for a comprehensive and grounded introduction to personal finance, take a look at some of our guides for beginners:

How to Start Making Extra Income
Taxation 101: How Do Taxes Work For Individuals?
Budgeting 101: How to Budget Your Money
Saving Money 101: The Road to Financial Independence
Investing 101: Investing For Beginners

By Nick Gallo

Contributing writer.

Nick Gallo is a Certified Public Accountant and content marketer for the financial industry. He has been an auditor of international companies and a tax strategist for real estate investors. He now writes articles on personal and corporate finance, accounting and tax matters, and entrepreneurship. Find out more at NickAlexGallo.com.

This article was extremely well-written. I not only agree with the author’s claims about the book, but also genuinely enjoyed their writing style. I would like to see more reviews like this!

I’m delighted to hear that you liked this review! You said you’d like to read more reviews like this one, and now you can! Nick recently reviewed another personal finance favorite for our website: The Millionaire Next Door Review . Let us know what you think of this one!

I would have to somewhat disagree on the accounting statements being contradictory. Accounting is extremely important in business, but that doesn’t change the fact that if you just have the accountants run things that it can drive the company into the toilet. The accountants just don’t know any better. This was one of the problems with GM for example. It was a car and manufacturing company run by accounting and finance people instead of by people with a manufacturing background who also were car enthusiasts who knew some accounting.

More in Book Club

The Intelligent Investor Review: Key Concepts & Actionable Tips

7 Best Books on Real Estate Investing to Read in 2024

7 Best Forex Trading Books for Beginners in 2024

Top Financial Reporting Books for Investors

Top 5 Financial Reporting Books for Investors in 2024

5 Best Investing Books Every Investor Must Read

The Millionaire Next Door Review: Best and Worst Advice (2024)

Cookie Policy
Privacy Policy

Why Are Gas Prices so High? 18 Questions Answered!

We did a little mythbusting on one of the burning questions of the moment. Here's what you need to know about why gas prices are so ...

How Does Inflation Work: An Illustrated Guide for the Rest of Us

With all this talk about inflation have you ever stopped to consider if you really know what inflation is? If you’re not really sure - join the club and read on. ...

12 Valuation Ratios Every Investor Should Know

Learn all about the 12 valuation ratios that allow investors to quickly estimate a business’s value relative to its ...

The 15/3 Credit Card Payment Hack: How, Why, and When It Works

Here's what you should know about the 15/3 credit card payment hack, including how it works and whether you should use ...

Yes, You Can Build Credit with a Debit Card. Here’s How!

In this blog post, we take a closer look at why you couldn't build credit with a debit card before, and why you can ...

Explore Properties
Agents & Brokers
Sell Your Property
Track with Stessa
Screen with RentPrep
Investor Services
Investment Solutions
News & Press

Browse Properties

Rich Dad Poor Dad - a quick book summary and review

Robert Kiyosaki’s Rich Dad Poor Dad was first published in 1997 and quickly became a must-read for people interested in investing, money, and the global economy. The book has been translated into dozens of languages, sold around the world, and has become the #1 personal finance book of all time.

The overarching theme of Rich Dad Poor Dad is how to use money as a tool for wealth development.

It destroys the myth that the rich are born rich, explains why your personal residence may not really be an asset, describes the real difference between an asset and a liability, and much more.

Key takeaways/lessons learned

Six lessons Robert Kiyosaki learned from his Rich Dad about making money and the mistakes that Poor Dad made
Five obstacles to overcome before you can become rich and stay rich
Ten steps to follow to develop your financial genius
Actionable to-do steps you can put to work right away

Chapter/Section Summaries

Rich Dad Poor Dad contains a total of 10 chapters plus the introduction, but much of the book is focused on the first 6 parts or lessons.

We’ll cover the introduction and the first 6 lessons, then the remaining 4 sections later in this review.

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

Introduction

Poor Dad was Kiyosaki’s biological father, a man who was highly intelligent and very well educated. Poor Dad believed in studying hard and getting good grades, then finding a well-paying job. Yet, despite these seemingly positive attributes, Poor Dad didn’t do well financially.

Rich Dad was the father of Kiyosaki’s best friend. He had a similar work ethic to Kiyosaki’s real dad, but with a twist. Rich Dad believed in financial education, learning how money works, and understanding how to make money work for you. Although he was an eighth-grade dropout, Rich Dad eventually became a millionaire by putting the power of money to work for him.

The book is written from Kiyosaki’s perspective of how Rich Dad went about making money and the mistakes that Poor Dad made. The first 6 chapters of Rich Dad Poor Dad make up about two-thirds of the book and discuss the 6 lessons that Kiyosaki learned from his Rich Dad.

Chapter 1: The rich don’t work for money

Oftentimes people misunderstand the title of this chapter, and mistakenly believe that it means the rich don’t work. In fact, the complete opposite is true.

Instead of reading the chapter title as “The Rich Don’t Work for Money”, what Kiyosaki means to say is that “The Rich Don’t Work for Money. ” Note that by putting the emphasis on the word “money,” this section takes on an entirely different meaning.

The truth is that the majority of rich people do work very hard, but they go about it differently than most people do. Rich people—and people who want to become rich—work and learn every day how to put money to work for them. As Rich Dad says, “The poor and middle class work for money. The rich have money work for them.”

Kiyosaki also notes that having a regular job is just a short-term solution to the long-term problem (or challenge) of creating wealth and financial freedom:

“It’s fear that keeps most people working at a job: the fear of not paying their bills, the fear of being fired, the fear of not having enough money, and the fear of starting over. That’s the price of studying to learn a profession or trade, and then working for money. Most people become a slave to money—and then get angry at their boss.”

Chapter 2: Why teach financial literacy?

The second chapter of Rich Dad Poor Dad explains the difference between an asset and a liability. Chapter 2 drives home the point that it’s not about how much money you make, but about how much money you keep.

An asset is something that has value, that produces income or appreciates, and has a market where the asset can easily be bought and sold:

Assets produce income
Assets appreciate
Assets do both

Conversely, liabilities take money out of your pocket because of the costs associated with them. When Rich Dad Poor Dad was first published back in 1997, Kiyosaki created a lot of controversy with this statement.

That’s because by definition, a personal residence isn’t an asset unless it appreciates enough to offset the costs of ownership. On the other hand, rental property is an asset because it can generate enough passive income to exceed the expenses of operating and financing the real estate.

As Kiyosaki writes in Chapter 2 of Rich Dad Poor Dad , “Want to grow rich? Concentrate your efforts on buying income-producing assets – when you truly understand what an asset is. Keep liabilities and expenses low. You’ll deepen your asset column.”

Chapter 3: Mind your own business

There are 2 key messages in this chapter.

First, pay off your debts and start investing in income-producing assets as soon as possible.
Next, stay financially healthy by spending your time (instead of your paycheck) and investing as much of your money as possible in assets.

Kiyosaki notes in Chapter 3 of Rich Dad Poor Dad that most people confuse their profession with their business. In other words, they spend their entire lives working in somebody else’s business and making other people rich.

One of my favorite quotes from this section is:

“The primary reason the majority of the poor and middle class are fiscally conservative is that they have no financial foundation. They have to cling to their jobs and play it safe. They can’t afford to take risks.”

Chapter 4: The history of taxes and the power of corporations

When reading this chapter, it’s important to keep in mind that Kiyosaki wrote Rich Dad Poor Dad as a motivational book, not to provide expert financial or tax advice.

For example, Kiyosaki writes about the time he bought a Porsche and treated it as a business expense, using before-tax dollars. Buying a high-end luxury car when a much less expensive make and model would do could put an investor on the fast track to an IRS audit.

But putting the Porsche aside, the points made in this chapter discuss how to play the investment game smart. The rich understand the power of company structures and the tax code and use every legal means they can to minimize their tax burden.

Compare how business owners and investors with corporations such as C corps, S corps, or LLCs pay taxes to how most people pay tax:

Business owners with a corporate structure:

Employees who work for corporations:

Notice that employees who work for somebody else spend their money post-tax, while business owners earn and spend before paying tax.

Chapter 4 of the book also covers the 4 main components of what Kiyosaki calls “Financial IQ”: Accounting, Investment Strategy, Market Law, and Law.

As Rich Dad Poor Dad reminds us, understanding the legal and tax advantages significantly contribute to building long-term wealth:

“For instance, a corporation can pay expenses before paying taxes, whereas an employee gets taxed first and must try to pay expenses on what is left. . . Corporations also offer legal protection from lawsuits. When someone sues a wealthy individual, they are often met with layers of legal protection and often find that the wealthy person actually owns nothing [in their own name]. They control everything, but [personally] own nothing.”

Chapter 5: The rich invent money

Inventing money means finding opportunities or deals that other people don’t have the skill, knowledge, resources, or contacts for.

In Chapter 5, Rich Dad Poor Dad explains there are 2 types of investors:

Investment packages are bought by people who entrust their money to a developer or fund manager. This is the way that most people invest, such as buying shares of an ETF or putting money into a real estate crowdfunding venture.
Professional investors look after their own investments, research the market to find deals that make sense , then hire professionals to manage the daily oversight. Professional investors have 3 things in common:
Identify opportunities that other people have not found
Raise funds for investment
Work with other intelligent people

Here’s one of my favorite closing thoughts from this chapter:

“Some people argue that there aren’t real estate bargains where they are, but there are prime opportunities everywhere that are overlooked. Most people aren’t trained financially to recognize the opportunities in front of them.”

Chapter 6: Work to learn—don’t work for money

Poor Dad was intelligent and well educated and worked for money because job security meant everything to him. Rich Dad became a millionaire by working to learn.

As Kiyosaki writes:

“I recommend to young people to seek work for what they will learn, more than what they will earn. Look down the road at what skills they want to acquire before choosing a specific profession and before getting trapped in the Rat Race.”

In fact, that’s exactly what Kiyosaki did. He joined the Marines after graduating from college and learned the essential business skills of leading and managing people. After serving his country, Kiyosaki joined Xerox, overcame his fear of rejection to become one of the top 5 salespeople in the company, then left the corporate world to form his own business.

Chapter 6 of Rich Dad Poor Dad then discusses the synergy of management skills needed for success in business:

Cash flow management
Systems management
People management

Overcoming Obstacles

Chapter 7 of Rich Dad Poor Dad begins by noting that “the primary difference between a rich person and a poor person is how they manage fear.”

Robert Kiyosaki isn’t talking about the type of fear that some people have when going to the dentist or watching The Exorcist . In the book, “fear” is about the fear of losing money and how to handle that fear.

It’s one of the 5 biggest obstacles people face on the path to becoming financially independent:

These roadblocks—and the failure to overcome them—are why people who have studied and achieved financial literacy are still unable to develop assets that generate plentiful amounts of cash flow.

Losing money is a fact of investing life, and so is the fear that comes along with it. Kiyosaki notes that he’s never met a rich person who has never lost money, but he’s met plenty of poor people who have never lost a dime because they’ve never invested .

Real estate investors who choose to act only on a “sure thing” are paralyzed by fear in disguise. People who can’t see the big picture and think big are the ones who almost never, ever succeed in investing or in life.

Everybody has doubts that affect self-confidence, and it’s easy to fall into the trap of playing “What if?” especially when friends and family are constantly reminding you of your potential shortcomings.

Things like the economy crashing, interest rates rising, and tenants not paying their rent are common “what if” fears that all real estate investors have. While these are important items to consider, it’s important not to allow the cynicism of others to overtake your control. Otherwise, you may become immobilized as opportunities pass you by.

In today’s interconnected world it’s easy to confuse being busy with actually accomplishing things that matter. In fact, according to Rich Dad Poor Dad , busy people are often the most lazy.

Busy people arrive at the office early and leave late. They bring work home to finish at night and on the weekends. Before they know it, the people and things that matter most to them have disappeared.

Instead of giving in to the call of the rat race and mistaking action for accomplishment, successful real estate investors are proactive and take care of themselves and their wealth first.

Habits control behavior. For example, most people pay their bills first before they pay themselves. The result is that there’s usually very little left over at the end of the month for investing.

Paying yourself first—even if you don’t have enough money to pay other people—makes you financially stronger, mentally and fiscally. In a way, it’s a form of reverse psychology.

When you develop the habit of paying yourself first, you become motivated by the fear of not being able to pay creditors. In turn, you begin looking for other forms of income like investment real estate.

Investors know what makes them money. But it’s the things they don’t know—and don’t know they don’t know—that makes them lose money. When people become truly arrogant, they honestly believe that what they don’t know doesn’t matter.

Train yourself to listen to what other people have to say, especially when it comes to money and investing. If you discover you’re ignorant about a subject, educate yourself or find an expert in the field.

Overcoming these 5 biggest obstacles on the path to real estate success requires a blend of balance and focus. There are plenty of “Chicken Littles” in the world today—people with a victimhood mentality who live their lives in cynicism and pessimism.

Rich Dad Poor Dad suggests filtering negative people and their fears out of your life. Instead, concentrate on the big picture and always ask, “What’s in it for me?”

Getting started

In Chapter 8, Rich Dad Poor Dad tells us that “there is gold everywhere, most people are not trained to see it.”

Part of this lack of vision and clarity comes from the world we live in. We’re trained from a very young age to work hard for someone else, spend the money that we earn, and borrow more if we run short.

Unfortunately, people who choose to become one of the masses never take the time to develop their financial genius.

Investing in real estate is the perfect example. The average person can spend a week out in the field and find nothing, while the investor who has trained himself can easily find four or five deals that make sense in a single day!

Here are the 10 steps to follow to develop your financial genius and discover the gold that’s already out there, just waiting to be found:

Have a deep emotional reason or purpose for doing what you do, a combination of wants and don’t wants.
Understand the power of choice and choose daily what to do, including choosing the right habits and educating yourself.
Choose your friends carefully by leveraging the power of association, being careful not to listen to poor or frightened people.
Master the power of learning quickly and develop a formula for making money.
Pay yourself first by mastering the power of self-discipline to manage your cash flow, people, and personal time.
Select great people for your team and compensate them generously for their advice, because the more money they make the more money you will make.
Ask “How fast do I get my money back?” by focusing on return of investment first, followed by return on investment.
Use money generated by assets you own to buy luxuries by focusing on self-discipline to direct money to create more.
Have a role model to follow and tap into the power of their genius to put to your use.
Realize that if you want something, you need to give something first.

Still want more? Here are some to-do’s.

In the final section of Rich Dad Poor Dad , Chapter 9, Kiyosaki pulls the key lessons of the book together into a checklist of actions you can start taking today:

Stop doing what you’re doing by taking a break and assessing what is and isn’t working.
Look for new ideas by finding resources on different and unique subjects.
Find a mentor who’s been where you're going, take them to lunch and pick their brain.
Always be learning by taking classes, attending seminars, and reading.
Make lots of offers (always with escape clauses) because eventually someone will say “Yes.”
Spend 10 minutes each month for the next 12 months walking, running, or driving a certain area and looking for changes that create bargains.
Shop for real estate deals when the market corrects, because profits are made when buying, not when selling.
Learn how, when, and where to buy by investing in your education.
Think bigger to get richer, because small thinkers don’t get the big breaks.
Most people only look for what they can afford, so buy a bigger pie and cut it into pieces by finding a buyer first, then a seller.
Negotiate volume discounts by thinking big, pooling people together, and buying in bulk.
Read and learn from history, because history always repeats itself.
Action always beats inaction.

Is Rich Dad Poor Dad Worth Reading?

The goal of Rich Dad Poor Dad is to motivate you to develop your own unique path to financial freedom.

While the book doesn’t take a one-size-fits-all approach with ready-made answers, it does provide an excellent framework for creating your own objectives to build wealth by investing in real estate.

Provides a contrarian view that is different from the “common knowledge” found in most personal finance education
Focuses on turning income you earn into assets that produce even more income
Encourages controlling spending and expenses
Explains why investors should focus on real estate vs. other asset types
Emphasizes the power of thought and continual learning
Talks about taking action instead of just thinking about it
Success examples in the book are unique to Kiyosaki’s specific situation and may be hard to replicate
Some parts of the book also lack detail, which may make the concepts discussed more difficult to apply
Frequently demeans people who are more comfortable following the herd rather than thinking for themselves
Rich Dad Poor Dad is a motivational book, not a book written by a financial exper

Jeff has over 25 years of experience in all segments of the real estate industry including investing, brokerage, residential, commercial, and property management. While his real estate business runs on autopilot, he writes articles to help other investors grow and manage their real estate portfolios.

Roofstock makes it easy to get started in real estate investing.

Join 100,000+ Fellow Investors.

Subscribe to get our top real estate investing content., subscribe here, recommended articles.

Macon, Georgia real estate market: Stats & trends for 2022

How much is a rental property: The up-front & recurring costs

How to create an S corporation for your rental properties

Sell Properties
Manage with Stessa
Institutions
General Inquiries
(800) 466-4116
[email protected]

Rich Dad Poor Dad Book Review

Post author: booktellings
Post last modified: April 24, 2024

Introduction

Welcome to my “Rich Dad Poor Dad book review”, where I dive into Robert Kiyosaki’s seminal personal finance book. In this review, I’ll explore the contrasting financial philosophies of two father figures in Kiyosaki’s life: his biological father (the “Poor Dad”) and his friend’s father (the “Rich Dad”). This comparison sheds light on unconventional wisdom about wealth-building and financial independence.

I aim to unpack the key lessons from the book and discuss how they might transform your mindset on money, investments, and economic savvy. Whether you’re new to managing finances or seeking ways to enhance your financial strategy, this Rich Dad Poor Dad book review is designed to provide insights that could help you navigate your path to financial success.

Disclaimer: This post contains affiliate links. This means we may earn a commission if you should chose to sign up for a program or make a purchase using our link.

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!

Rich dad poor dad book review: a personal take on financial wisdom.

Robert Kiyosaki’s “Rich Dad Poor Dad” is arguably one of the most discussed books in the field of personal finance and wealth development. In this blog post, I will provide a thorough review of this influential book, examining the contrasting financial ideologies of Kiyosaki’s two dads—one a highly educated yet financially struggling man (the “Poor Dad”), and the other, a savvy entrepreneur who became one of the wealthiest men in Hawaii (the “Rich Dad”). This review aims to dissect the core lessons from the book and how they propose to shift your thinking about money and investing.

Overview of the Core Concept

“Rich Dad Poor Dad” is structured around a series of lessons that Kiyosaki learned from each of his father figures. The central premise is the stark difference in mindset and financial strategies between the two. His biological father, the “Poor Dad,” emphasized traditional education and a steady job as the pathway to financial security. In contrast, his “Rich Dad” focused on the importance of financial education, investing, and starting businesses as the real keys to wealth. Through these narratives, Kiyosaki discusses the limitations of a salaried job and the advantages of entering the investment world.

Key Financial Lessons

One of the fundamental lessons from the book is the importance of understanding the difference between an asset and a liability. Kiyosaki stresses that true assets put money into your pocket, such as investments and rental properties, whereas liabilities take money out, such as mortgages and other debts. This simple yet profound advice aims to reshape the reader’s approach to acquiring and managing wealth.

Another significant point discussed is the idea of making money work for you, rather than working for money. Kiyosaki argues that financial independence is achieved through generating passive income streams that cover your expenses, rather than relying solely on income from employment.

“Rich Dad Poor Dad” Audiobook

Sign-up for free trial to Audible Plus by Amazon or Audible Premium Plus . What is Audible Plus vs Premium Plus?

Impact on Personal Finance Perspective

Reading “Rich Dad Poor Dad” profoundly changed my perspective on personal finance. It challenged many traditional notions I held about money, especially the belief that a high income from a secure job equates to financial stability. Kiyosaki’s emphasis on financial literacy, understanding the market, and taking calculated risks opened my eyes to the possibilities outside of conventional employment.

Critique and Considerations

While “Rich Dad Poor Dad” has garnered immense popularity for its straightforward financial advice, it is not without criticism. Some experts argue that the book oversimplifies complex financial concepts and sometimes underplays the risks involved in investing and entrepreneurship. Moreover, the lack of detailed practical steps on managing finances day-to-day means readers may need to seek additional resources to implement Kiyosaki’s strategies effectively.

Final Thoughts : Rich Dad Poor Dad Book Review

“Rich Dad Poor Dad” is more than just a financial guide; it is a provocative insight into alternative ways to view and handle your money. This book is a must-read for anyone looking to break free from the paycheck-to-paycheck lifestyle and venture into making their money work for them. Whether you are new to financial literacy or well-versed in investment strategies, Kiyosaki’s teachings can offer valuable perspectives to consider and potentially incorporate into your financial planning.

In conclusion, this Rich Dad Poor Dad book review reaffirms the book’s status as a cornerstone in personal finance literature. It provides compelling viewpoints that can catalyze a shift towards financial independence through education and proactive investment. If you’re looking to change how you think about money and your economic approach, “Rich Dad Poor Dad” might just be the starting point you need.

Don’t forget to check out our other blog posts like “ It Ends with Us Book Review “

When Is World Book Day?

10 Best Audiobooks 2024

Top Audiobooks for Business and Innovation in 2024

Featured Articles
Financial Goals
Financial Advice
Estate Planning
Tax Planning
Credit Cards
Saving For College
Financial Calculators
Finance Book Reviews
Financial Scams and Fraud
Financial Coach
Affiliate Disclosure
Privacy Policy
Cookie Policy
Contact Us Page

Napoleon Hill’s Think and Grow Rich Summary & Review

The top 12 best investing books for beginners in 2024, 6 books like rich dad poor dad you must read..., the simple path to wealth summary & book review (by..., rich dad poor dad review & summary – a life changing read.

We are audience supported - when you make a purchase through our site, we may earn an affiliate commission.

Have you ever wondered why some people seem to have a magic touch with money while others struggle? Robert Kiyosaki’s eye-opening book, Rich Dad Poor Dad , might just have the answers. Imagine learning secrets from someone who has mastered the game of wealth – that’s what this book offers!

Are you looking for a Rich Dad, Poor Dad summary and review from a retired financial planner?

In Rich Dad Poor Dad , Kiyosaki shares his journey of growing up with two dads – his real dad (the “Poor Dad”) and the father of his best friend (the “Rich Dad”). Each dad taught him different lessons about money, success, and life . But here’s the twist: the Rich Dad, despite not having a college degree, built a fortune, while the Poor Dad, highly educated, struggled financially.

This book isn’t just a story; it’s a treasure trove of lessons on financial literacy and wealth building . It challenges the traditional belief that working hard and earning a salary is the way to wealth. Instead, it opens your eyes to the importance of financial education, investing , and understanding the difference between assets and liabilities .

Robert T. Kiyosaki Rich Dad Poor Dad Summary and Review

Buy Rich Dad, Poor Dad on Amazon Today!

Are you curious about how to make your money work for you, instead of you working for money? Do you want to know the secrets of passive income and financial freedom ? Then, you’re in the right place! This summary & review will dive deep into Kiyosaki’s teachings, unraveling the wisdom behind wealth accumulation and financial independence .

Key Takeaways From Reading The Book Rich Dad, Poor Dad

Reflecting on Robert Kiyosaki’s influential work, several key takeaways emerge that can fundamentally alter one’s financial trajectory:

Asset vs. Liability Mindset : Understanding the difference between assets that put money in your pocket and liabilities that take it out is crucial. This book teaches the art of discerning and investing in income-generating assets.
Breaking the Paycheck Cycle : Kiyosaki emphasizes the importance of moving beyond the paycheck-to-paycheck existence. He encourages readers to educate themselves on investment strategies and seek opportunities for financial growth.
Practical Financial Education : The book is not just about theoretical knowledge; it provides practical steps and tools for individuals to actively take control of their financial future.
Investment and Risk Management : Learning to invest wisely and manage risks is a key theme. The book guides readers through the nuances of strategic investment and the importance of financial literacy.
Empowerment Through Knowledge : Ultimately, “Rich Dad Poor Dad” empowers readers with the knowledge to make informed financial decisions, paving the way for financial independence and success.

Quick Links – Rich Dad Poor Dad Review

Rich dad poor dad summary: a tale of 2 mindsets.

Book Review of Rich Dad Poor Dad by Robert Kiyosaki

In this book, Robert Kiyosaki draws from his own life experiences with two father figures – his biological father (the ‘Poor Dad’) and the father of his best friend (the ‘Rich Dad’). These two men represent contrasting financial philosophies:

Imagine standing at a crossroads: one path leads to a luxurious mansion, the other to a modest home. This is the visual metaphor for the financial choices outlined in “Rich Dad Poor Dad.”

Poor Dad : Advocates traditional financial wisdom – get a good education, work hard, save money, and retire.
Rich Dad : Encourages financial education, investing in assets, and understanding how money works to create wealth.

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!

Kiyosaki’s journey through these contrasting views offers profound insights into how we can elevate our financial health. The book is more than a collection of advice; it’s a series of lessons in financial intelligence, risk-taking, and strategic investment.

Memorable quotes throughout the book serve as guideposts, steering readers toward smarter financial decisions and independence. It’s a roadmap for anyone looking to transform their financial mindset and embark on a journey to wealth and financial freedom.

In my deep dive into Robert Kiyosaki’s groundbreaking book, I’ll unravel the transformative views on personal finance and wealth building that have challenged and changed millions of lives.

two lives of a rich dad poor dad visualized

The Core Philosophy: Rich Dad vs. Poor Dad

At the heart of Kiyosaki’s narrative is a stark contrast between two financial philosophies.

The ‘Poor Dad,’ embodying a conservative, traditional approach, believes in the security of a regular job and a steady paycheck.
In contrast, the ‘Rich Dad’ represents an entrepreneurial spirit, advocating for investing in assets and building wealth through savvy financial decisions.

Reshaping Our Financial Understanding

Kiyosaki doesn’t just narrate two different life paths; he looks into the psyche behind them. He urges readers to prioritize financial literacy , understanding the nuances of assets and liabilities, and the importance of making money work for you.

This book isn’t just about choosing between two paths; it’s about understanding the rules of the financial game and how to play it effectively.

“The rich think long term, the poor think short term.” Quotes from Rich Dad Poor Dad

The True Meaning of Wealth

One of the most striking revelations in “Rich Dad Poor Dad” is the redefinition of wealth. Kiyosaki argues that true wealth isn’t about earning a high salary; it’s about building and owning assets that generate income, even when you’re not actively working.

This paradigm shift from working for money to having money work for you is a game-changer.

The Financial Mindset Shift

Ultimately, Kiyosaki’s book is a call to action. It’s about adopting a mindset that embraces informed risk-taking, understands the power of investment, and sees beyond the traditional paycheck-to-paycheck living. This shift in mindset is what separates the financially successful from those who struggle.

In ‘Rich Dad Poor Dad,’ Kiyosaki provides a compelling comparison between two distinct financial philosophies, each shaped by his own ‘dads.’
The book encapsulates essential insights on how to elevate one’s financial health by shifting focus from merely earning to intelligently investing and creating assets.
It’s peppered with memorable quotes that encapsulate the essence of Kiyosaki’s financial wisdom, serving as mental signposts guiding readers toward fiscal prudence and independence.

Buy a Copy of The Book On Amazon Now !!

TRY AN AUDIBLE TRIAL MEMBERSHIP FOR FREE!!

GET TWO FREE AUDIBOOKS, 30 days for free $14.95 after 30 days and cancel at anytime!! Visit Amazon.com and sign up no – CLICK BELOW

Essential Book Insights: Discovering Financial Wisdom Through Two Fathers

What I Learned from “Rich Dad Poor Dad”

“The rich don’t work for money. The poor do.” Quotes From Rich Dad Poor Dad

Be Smart with Money : The book tells us that it’s not just about how much money you make, but how you use it. It’s important to know the difference between things that make you money (assets) and things that cost you money (liabilities).
Think About the Future : Instead of just working for money, think about how to make money work for you. This means learning about things like investing and starting a business.
Learn About Money : School teaches us a lot, but not always about money. This book shows that learning about money is really important for everyone.
Take Chances : Sometimes, to make money, you have to take risks. But these should be smart risks, where you’ve thought about what could happen.
Work Hard, But Smart : It’s not just about working hard at a job. It’s also about working smart, like finding ways to make extra money without always having to do more work.

Why This Book is Important

“Rich Dad Poor Dad” is a great book because it makes us think differently about money. It tells us that anyone can learn to be better with money, and that it’s important to start learning early. This book is like a guide to help us make smart choices with our money.

“rich People buy assets, the poor only have expenses.” Quotes From Rich Dad Poor Dad

10 lessons from Rich Dad Por Dad

Book Review of Rich Dad Poor Dad

The Story’s Core:

“Rich Dad Poor Dad” is more than just a book; it’s a journey through contrasting financial ideologies. Kiyosaki’s narrative, rooted in his experiences with two father figures, offers a unique perspective on wealth and money management. The ‘poor dad,’ his biological father, represents traditional financial beliefs, while the ‘rich dad,’ a mentor, embodies a more progressive, investment-focused approach.

Author’s Background: The Credibility Factor

Robert Kiyosaki’s background as an entrepreneur and educator in finance adds depth and authenticity to his teachings. His real-life experiences and dual roles provide a practical and relatable approach to financial education, making complex concepts accessible to a broad audience.

Why This Book Matters

“Rich Dad Poor Dad” isn’t just a guide; it’s a transformative experience. It challenges deep-seated beliefs about money and employment, urging readers to adopt a proactive approach to wealth creation. The book’s emphasis on financial literacy and independence is not just educational but a call to action for personal financial revolution.

My Personal Takeaway

As a reader, “Rich Dad Poor Dad” has been a revelation. The book’s lessons on the distinction between assets and liabilities, and the importance of financial literacy, have reshaped my understanding of wealth and financial strategy. Kiyosaki’s approach to earning and investing is a wake-up call to rethink traditional financial paths.

The Impact: Unlocking Financial Wisdom

This book is a key to unlocking financial wisdom. It’s not just about accumulating wealth; it’s about fostering a mindset that prioritizes financial education and smart investing. Kiyosaki’s straightforward explanation of complex financial concepts makes the book an invaluable resource for anyone on the path to financial freedom.

Recommendation

I highly recommend “Rich Dad Poor Dad” to anyone looking to enhance their financial understanding and embark on a journey toward economic empowerment. It’s a must-read for those seeking practical wisdom and strategies for wealth-building in today’s world.

Book Advantages & Drawbacks

Many aspects of ‘Rich Dad Poor Dad’ have significantly influenced my approach to financial literacy, yet some elements of the book may not resonate with every reader. The Advantages of the book are substantial, offering a fresh perspective on money that challenges conventional wisdom.

However, the Drawbacks of the book, such as the one-size-fits-all approach, might not suit everyone’s individual financial situation.

Advantages	Drawbacks
Simplifies complex financial concepts	Sometimes oversimplifies strategies
Encourages financial independence	May not address specific circumstances
Offers actionable steps for growth	Can be repetitive in messaging
Inspires readers to rethink money	Criticized for lack of detailed data

Analyzing the book through this lens, it’s clear that while it’s a powerful tool for financial awakening, it’s not without its limitations.

Diverse Perspectives: A Community’s Take on Kiyosaki’s Teachings

Rich Dad poor Dad book reviewed by amazon and reddit

Don’t just take my word for it. I have also consolidated other viewpoints about the book for you as well…

A Balanced Look: Reviews from Book Rating Websites

The reviews on various book rating websites present a kaleidoscope of opinions on “Rich Dad Poor Dad.” Many readers applaud the book for its clear and impactful insights into financial literacy and wealth-building. They appreciate Kiyosaki’s knack for simplifying complex financial concepts, making them accessible to a broad audience.

Quotes from the book, like “The rich see opportunities, the poor see obstacles,” resonate with many, encapsulating the essence of Kiyosaki’s philosophy.

However, some reviews offer a counterpoint, critiquing the book for its seemingly oversimplified approach to complex financial systems. Despite these differing views, the book is widely recognized as a thought-provoking piece that encourages readers to reassess their financial strategies.

“The rich see opportunities, the poor see obstacles.” Quotes from Rich Dad Poor Dad

Amazon & Reddit’s Candid Opinions

Here’s a table summarizing the diverse opinions from book rating websites, Amazon customer feedback, and Reddit discussions on “Rich Dad Poor Dad”:


Praise for clear insights and simplification of financial concepts.	Criticism for oversimplification of complex financial systems.	Recognized as thought-provoking and encouraging financial strategy reassessment.
Engaging narrative that transforms financial mindset and habits.	Desire for more depth and less repetition in anecdotes; skepticism about practicality.	Seen as a paradigm shift, advocating proactive wealth creation.
Described as a game-changer in altering views on assets, liabilities, and financial independence.	Questions about the practicality and reproducibility of advice.	Ignited important conversations on personal finance, prompting reconsideration of financial strategies.

This table provides a balanced overview of the varying perspectives on “Rich Dad Poor Dad,” highlighting its impact and the discussions it has sparked in different communities.

Despite these disparities, the consensus acknowledges the book as an eye-opener, stirring readers to reevaluate their financial strategies and prioritize the growth of assets over mere income.

Summarizing the Key Insights:

In wrapping up this insightful journey through the realms of personal finance, let’s revisit the essential nuggets of wisdom we’ve unearthed. Our exploration has not only equipped us with practical advice but also instilled a sense of empowerment in our financial decision-making.

Financial Literacy: The cornerstone of our discussion, understanding the nuances of assets and liabilities, is pivotal. It’s not just about earning; it’s about making your earnings work for you.
Investment Strategies: We looked into the art of investing wisely, emphasizing the importance of informed risk-taking and strategic financial planning.
Breaking the Paycheck Cycle: We underscored the significance of transcending the paycheck-to-paycheck lifestyle, advocating for a proactive approach to wealth accumulation.

As someone who has navigated the complexities of financial planning, I can attest to the transformative power of these principles. They are not just theories but practical tools that can lead to a more secure and prosperous future.

What’s your biggest financial goal, and how do you plan to achieve it? Is it financial literacy , investment strategies , and wealth accumulation ? Share your thoughts and join the conversation below. Your insights could be the catalyst for someone else’s financial breakthrough.

Embarking on your journey to financial literacy and independence can be the most rewarding decision of your life. Remember, it’s not just about wealth accumulation; it’s about creating a life of financial freedom and security.

Are you ready to take control of your financial future? I encourage you to subscribe to our newsletter for more insights, or schedule a consultation to personalize your financial journey. Your path to financial freedom starts here.

Sharing the article with your friends on social media – and like and follow us there as well.
Sign up for the FREE personal finance newsletter, and never miss anything again.
Take a look around the site for other articles that you may enjoy.

Note: The content provided in this article is for informational purposes only and should not be considered as financial or legal advice. Consult with a professional advisor or accountant for personalized guidance.

The book is 336 pages. Created by Robert Kiyosaki, “Rich Dad Poor Dad” is a book that stresses the importance of financial literacy and teaches the reader how to acquire and use wealth. The book sold over 32 million copies and has been translated into over 51 languages. If you do nto want to read the book – consider listening to the audiobook of Rich Dad Poor Dad.

While some may find Kiyosaki’s views controversial, “rich dad poor dad” is an interesting and thought-provoking read. There are many different ways to view success. In “rich dad poor dad” by Robert Kiyosaki, he looks at success through the lens of wealth. Kiyosaki argues that the traditional mindset of going to school, getting good grades, and finding a stable job is not the best path to riches. Instead, he advocates for taking risks, starting businesses, and investing in assets.

The answer is yes and no. The details are embellished, but the overall story is mostly true. In the book, “Rich Dad Poor Dad”, author Robert Kiyosaki talks about his two father figures – his birth father and his best friend’s father. He paints a picture of growing up with two completely different types of dads. His birth father was a highly educated man who worked hard for his family, but was never able to get ahead financially. On the other hand, his best friend’s father was a self-made millionaire who always seemed to have money to spare. Kiyosaki uses his experience growing up with these two very different men to explain some basic principles of financial success. So, is “Rich Dad Poor Dad” a true story? While the book is based on Kiyosaki’s own life, some of the details have been changed or embellished in order to make a more compelling story. However, the overall message – that financial success is more about mindset than anything else – is true. If you’re looking for a true story about growing up with two very different father figures, this book is definitely worth a read.

The book rich dad poor dad is written by Robert Kiyosaki. It is a story about his two dads, one rich and one poor, and the lessons he learned from them about money.

In 1974, two young men graduated from the same college, in the same month, and with the same degree. They both had plans to become rich. One was my rich dad and the other was my poor dad. This is a story about two fathers, one rich and one poor, and the different lessons they taught their sons about money. Robert Kiyosaki, the author, grew up with two very different role models for money and success. His rich dad was a successful businessman who taught him the importance of investing and creating passive income. His poor dad was a well-educated government employee who taught him the importance of working hard and saving his money. Kiyosaki argues that the rich dad’s lessons were more valuable and have helped him become more successful than his poor dad.

Rich Dad Poor Dad is a book that tells a different story. It is the story of Robert Kiyosaki and his two fathers – his real father (poor dad) and the father of his best friend (rich dad). Kiyosaki found that his rich dad’s advice led to a life of financial freedom, while his poor dad’s advice left him struggling to make ends meet. The book has four main lessons: 1. You must learn to work to make money, not the other way around. 2. Your primary purpose in life should be to acquire assets, not to acquire liabilities. 3. The rich focus on opportunities, not on jobs. 4. The rich know that time, not money, is their most important asset. Rich Dad Poor Dad is a book that advocates financial independence through asset acquisition. The book provides four main lessons on how to acquire assets, how to think about work, and the role of time in building wealth.

Michael Ryan Money Bot

Green bond principles & initiatives: sustainable investing opportunity of a lifetime, can you live on $4,000 a month in retirement exploring financial feasibility, how to save money fast 54 insanely effective ways to save money in 2024, taz credit card review: pros, cons, and taz visa alternatives, how can you combine visa gift cards into one visa gift card.

Book Review
Robert kiyosaki

Customer Service Page

A former Financial Planner looking to help more people make their finances easier, with Financial Coaching

Contact Details: [email protected] or ‪(917) 426-2352

Does Chime Have & Work With Zelle? Yes, Let Me Show You How

Vanilla gift card zip code not working find out what to do, 💰 does chime work with cash app learn how to link them and send money.

3 real estate investors and early retirees agree on the best personal finance book to read if you want to change your mindset around investing. They told us its greatest lessons.

Real estate investors and early retirees say that "Rich Dad Poor Dad" changed their money mindset.
The book explores timeless money lessons, including the importance of having money work for you.
One real estate investor and early retiree, Michael Zuber, says he's read it upwards of 10 times.

After losing nearly his entire nest egg to day trading stocks, Michael Zuber decided to explore alternative ways to invest his money.

He went to a bookstore to look for investment books and was drawn to the only purple one on the shelf: " Rich Dad Poor Dad " by Robert Kiyosaki. "I grabbed it and ended up reading it over and over, 10 to 15 times, just because it was so different from anything I'd ever read before," he told Insider.

Originally published in 1997, Kiyosaki's bestseller is considered one of the greatest personal finance books of all time. The author grew up with two father figures: "poor dad," his real father who died with bills to pay, and "rich dad," who started with little before becoming a wealthy man. Both fathers were successful in their careers and earned substantial incomes, but one always struggled financially.

Kiyosaki noticed fundamental differences in the way "rich dad" and "poor dad" thought, spoke, and acted. Throughout his book, he offers timeless lessons he learned from "rich dad" that will help you master your money and build long-term wealth.

The book introduced Zuber to the concept of "having money make money," he said. "I'd never really had a conversation about how money works and how the rich get richer by owning assets."

One of Kiyosaki's main points is that the wealthiest people focus on building assets — things that put money in your pocket — while everyone else focuses on their monthly income and salary. "The long-term rich build their asset column first," Kiyosaki writes. "Then the income generated from the asset column buys their luxuries. The poor and middle class buy luxuries with their own sweat, blood, and children's inheritance."

With that in mind, Zuber and his wife decided to try real estate investing and build wealth by buying homes and renting them out. They lived below their means, saved enough to buy one rental property in Fresno, California, and started earning passive income.

Rich Dad Poor Dad Summary

1-Sentence-Summary: Rich Dad Poor Dad tells the story of a boy with two fathers, one rich, one poor, to help you develop the mindset and financial knowledge you need to build a life of wealth and freedom.

Favorite quote from the author:

Table of Contents

Video Summary

Rich dad poor dad review, audio summary, who would i recommend the rich dad poor dad summary to.

Rich Dad Poor Dad is a modern classic of personal finance and our favorite finance book of all time . Although the book is controversial and often takes criticism, people still believe it’s worth reading. Otherwise, it wouldn’t have sold over 32 million copies.

Robert Kiyosaki tells the story of his two Dad’s in his childhood. His own father and the father of his best friend. While he speaks affectionately of both, they were very different when it came to dealing with finances.

The summary on Blinkist starts with the idea that many of us are too afraid of being branded as a weirdo, in order to exit the rat race . We let the two main emotions everyone has around money dominate our decisions: fear and greed. That’s why we still stick to the outdated mantra “Go to school, go to college, get a job, play it safe.” when in reality no job is safe any more .

For example, when you get a raise at your job, a wise choice would be to invest the extra money. Put it into something that builds wealth like stocks or bonds, which has risk, but a lot of potential. Maybe you find a good fund with a 60% chance to double your money within a year, but a 40% chance of losing it all. However, most likely your fear of losing the money altogether will keep you from doing so.

But when your greed takes over, you might then spend the extra money on an improved lifestyle. You might buy a fancy new car, and the payments eat up the money, for instance. This way you’re almost certain to lose 100%. This already gives you a glimpse of how important it is to educate yourself financially. Since we receive no financial education in school or college, sadly, this is entirely up to you.

Look around and you’ll see plenty of financially ignorant people in your own life. Just take a look at local politicians. Is their city in debt? Your mayor might be great, but unfortunately, he probably doesn’t know how to deal with money.

If you want to save this summary for later, download the free PDF and read it whenever you want.

For the same reason 38% of Americans don’t save anything for their retirement . The only way for you to counteract this is to start now. Today is the youngest you’ll ever be, so take a close look at what you can and can’t afford. This way you’ll be able to set realistic financial goals , even if it means waiting for that shiny new BMW.

Next, adopt the mindset of “work to learn” instead of “work to earn”. Take a job in a field you have no clue about, such as sales, customer service or communications, to develop new skills – you never know what they might be good for . Set aside 5% of your income each month to buy books, courses and attend seminars on personal finance to start building your financial IQ .

The first step toward building wealth lies in the mindset of managing risks instead of avoiding them. Also, learn about investments to understand that it’s better to not play it safe because you’ll miss big potential rewards. Don’t start big, just set aside a small amount, like $1,000 or even $100, and invest it in stocks, bonds, or even tax lien certificates . Treat the money as if it’s gone forever and you’ll worry less about losing it.

As soon as you start your journey towards wealth, you’ll realize that it’ll be quite a long one. That’s why it’s important to stay motivated. Kiyosaki suggests creating an “I want” and an “I don’t want” list. Include items like: “I want to retire at age 50.” or “I don’t want to end up like my broke uncle.”

Another idea is to pay yourself first each month. Take the portion of your salary you want to spend on stocks or your financial education, invest it, and pay your bills afterward. It’ll create pressure to be creative in making money and show you what you can afford.

Use your money to acquire assets instead of liabilities . Assets are stocks, bonds, real estate that you rent out, royalties (for example from music ) and anything that generates money and increases in value over time. Liabilities can be cars with monthly payments, a house with a mortgage, and of course debt. Anything that takes money out of your pocket each month is a liability .

There’s no rush. Just stay at your full time job and “mind your own business”. In this case, your job is what pays the bills and your business is what makes you wealthy. Build your business on the side and use it to invest in assets until your assets eventually become the main source of your income. You can even file a corporation to be taxed only after you’ve earned and invested, instead of being taxed before investing as an employee and trying to live off what’s left.

The most important thing is that you start today . You are your own biggest asset, so the first thing you should put some money into is yourself.

I read the book a year ago and I loved it. I felt a little heartbroken when I found out that most of the story is made up and that there’s so much criticism around Robert and the book. However, that doesn’t make it less of a good story or advice.

Unfortunately, the story of his two Dads is what makes the book great – and it’s completely missing in this summary on Blinkist. While the financial advice is sound in the summary, it’s not nearly as powerful as it is when you get it wrapped in the book’s story.

The book isn’t too long either, and the initial story is mostly covered in the first 50 pages, so I highly recommend you get a copy of the book and read it yourself. It costs less than $10, which I think makes it a great investment. And isn’t that what you came here for?

Listen to the audio of this summary with a free reading.fm account:

The 9-year-old who just got her first allowance, the 42-year-old who’s worried about her job being secure, and anyone who doesn’t know what the definition of an asset is.

Last Updated on July 25, 2022

Niklas Göke

Niklas Göke is an author and writer whose work has attracted tens of millions of readers to date. He is also the founder and CEO of Four Minute Books, a collection of over 1,000 free book summaries teaching readers 3 valuable lessons in just 4 minutes each. Born and raised in Germany, Nik also holds a Bachelor’s Degree in Business Administration & Engineering from KIT Karlsruhe and a Master’s Degree in Management & Technology from the Technical University of Munich. He lives in Munich and enjoys a great slice of salami pizza almost as much as reading — or writing — the next book — or book summary, of course!

*Four Minute Books participates in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising commissions by linking to Amazon. We also participate in other affiliate programs, such as Blinkist, MindValley, Audible, Audiobooks, Reading.FM, and others. Our referral links allow us to earn commissions (at no extra cost to you) and keep the site running. Thank you for your support.

Need some inspiration? 👀 Here are... The 365 Most Famous Quotes of All Time »

Share on mastodon.

Filter by Keywords

Book Summaries

Rich dad poor dad summary: key takeaways & review.

Senior Content Marketing Manager

March 8, 2024

Few personal finance books have reached the cult status that the book Rich Dad, Poor Dad has.

When first published in 1997, it impacted the finance world by introducing revolutionary ideas. It changed the way most people think about money and how to acquire wealth.

If you haven’t read the book but want a gist of all the brilliant ideas it introduced, read this detailed Rich Dad, Poor Dad summary. You will also find the best quotes, key takeaways from the book, and practical ways to implement them.

Let’s get started.

Rich Dad Poor Dad Book Summary at a Glance

1. focus on assets, not liabilities, 2. get a financial education, 3. run your own business, 4. understand the tax code and legal system, 5. learn to invent money, 6. work to learn, not for money, 7. take financial risks, 1. the rich don’t work for money; only the poor do, 2. rich people acquire assets, and poor people acquire liabilities, 3. it doesn’t matter how much money you make but how much you save, 4. financial aptitude is what you do with the money you earn, 5. our single most valuable asset is our mind, popular rich dad poor dad quotes, apply rich dad poor dad learnings with clickup, ace financial management with clickup.

Rich Dad, Poor Dad by Robert T. Kiyosaki is one of the most important books on personal finance that introduced a new perspective on wealth management.

The author explains key concepts of financial management by comparing and contrasting the financial philosophies of his two dads—the rich dad and the poor dad.

His poor dad was a highly educated, salaried man who believed in hard work, job security, and formal college education.

His rich dad was an entrepreneur who didn’t believe in formal education—he believed in financial literacy. He had a different view on financial management than his poor dad. He believed that the only way to build wealth is to run a business and invest in assets that generate passive income streams.

Difference between Rich Dad and Poor Dad

The book’s most notable and revolutionary concept was Kiyosaki’s explanation of assets versus liabilities. He explained that assets bring in money while liabilities drain money.

Many people think of homes or cars as assets, but they’re liabilities. Investment and rental properties that generate income are the real assets.

Overall, the Rich Dad, Poor Dad book is about getting a financial education and making wise financial decisions to acquire wealth and escape the rat race.

Key Takeaways from Rich Dad Poor Dad by Robert T. Kiyosaki

This classic has numerous gems, but we’re restricting ourselves to the seven biggest lessons you learn from the book.

The key focus of the book was to teach people to be financially independent and how to build wealth.

Kiyosaki says most people don’t understand the difference between assets and liabilities. He defines them as:

Assets are things that bring in money, such as real estate, stocks, and businesses
Liabilities, on the other hand, drain money from your pocket. These include home or car loans, credit card debt, and more

For this, he takes the example of a house, which most people consider an asset but is a liability. He explains that if you buy a house for yourself and use a mortgage, you only incur expenses and get no income from it, making it a liability.

Only commercial real estate, for which you get a rental income, is an asset. Build assets that bring you income, not liabilities that incur expenses.

The most important lesson from Rich Dad, Poor Dad is that financial literacy is crucial to financial success.

He argues that school education fails in this regard and needs to effectively teach financial literacy, including the basics of financial management and wealth building.

He uses the example of his two dads—rich and poor—and the differences in their financial philosophies to point out why financial education is essential.

His poor dad was well-educated and believed in earning a salary. Though less educated, his rich dad was more financially literate and believed in investing money and running a business to build wealth and become financially independent.

So, as vital as it is to be well-educated, being financially educated is a whole different ball game. Invest in financial education and learn the basics of money management, risk assessment, and other vital aspects to manage your finances better.

Another takeaway from Rich Dad, Poor Dad is that having a job and earning a salary will not make you rich; running a business will.

According to Kiyosaki, the rich acquire assets and make the money work for them. They don’t work for others but only for themselves.

Earning passive income from assets is the key to building wealth over time instead of relying on a salary. Rather than working hard to make money for someone else, let others work for you to make you richer.

Kiyosaki says that the rich understand and use the tax code to their advantage.

He explains that you pay high taxes when you earn a salary or take loans. Some taxes include income tax, social security tax, and Medicare tax.

But if you run a Corporation, you can write off business expenses and pay less taxes. You can even reinvest the profit generated by a company in the business for expansion and growth. One can also pay out the profits to the owners as dividends, which face lower taxes than those incurred on salaries.

You can keep more of your earnings and minimize your tax liability by running a business.

This is one of the more controversial lessons taught by Robert T. Kiyosaki, where he says that hard work does not help you earn money; making strategic decisions does.

He discounts the philosophy that working hard and doing a good job will make you wealthy. Instead, he argues that the rich invent money, not earn it. They capitalize on opportunities, take risks, and create multiple passive income streams to acquire wealth.

The lesson?

Don’t work for money. Buy assets that will work to earn you money and deliver infinite returns. Some examples of such assets include

Businesses that don’t require active supervision
Rental properties that provide a passive income
Financial investments that pay dividends over time

Another key takeaway from Rich Dad, Poor Dad is that the rich work to acquire skills, not to earn money.

If you work to earn a paycheck, you will never get out of the rat race and acquire real wealth. However, if you work to develop new skills, you will become more talented and open new earning opportunities for yourself in the long run.

This mindset shift directs people from aspiring for well-paying jobs to becoming entrepreneurs. He also emphasizes the importance of building marketable skills and uses McDonald’s as an example.

When he asked a room full of people, “Who can make a better hamburger than McDonald’s?” almost everyone raised their hands. Yet, McDonald’s is a multi-billion dollar business.

Everyone can make a great hamburger, but turning it into a profitable business is a more valuable skill. So, acquire marketable skills that help you earn money and work to upskill yourself, not to earn a paycheck.

Take risks to become rich. If you follow in the footsteps of everyone else, you will be a part of the crowd. If you want to escape the rat race, you must do something different. The rich try new things and explore various opportunities instead of letting them pass by. If you want to gain massive profits, you must take high risks.

Kiyosaki explains that job security differs from financial security. A secure job provides a false sense of security that could lead to complacency. External factors can always change that, and you may lose your job, no matter how secure you think it is.

However, investing in stocks, bonds, real estate, and other assets that create multiple income streams will make you financially secure. If one income stream is affected, you’ll still have many more.

Does that mean you must take unnecessary risks?

Absolutely not! He emphasizes the importance of taking calculated risks to achieve financial success. You must carefully weigh your options but don’t hesitate to bet on a good opportunity because of limiting beliefs and risk aversion.

The Five Big Ideas

Here are five big ideas from the book that you should understand and implement to achieve financial success.

The wealthy do not work for money but have their money work for them.

They invest in assets and create multiple passive income streams. Kiyosaki delved into the idea more in his second book ‘The Cashflow Quadrant.’

If you invest in others’ business—via stocks, for instance—you are letting your money work for you to generate more money. You’re not actively working for it, yet you’ll generate income and gather wealth over time.

Wealthy people build wealth by acquiring assets that generate income, such as stocks, bonds, and real estate.

Poor people acquire homes, cars, and other possessions that look like assets but are liabilities because they drain money.

The only money that makes any difference in your life is the money you save. You may earn a lot but pay taxes and spend it on essential expenses, leaving next to nothing with you.

Earning a lot of money doesn’t make you rich, but keeping most of it does. If you want to be wealthy, you need to learn how to maximize your tax savings and keep most of the money you make.

Earning money is the first step. To be wealthy, you need the financial aptitude to know what to do with that money.

Investing in financial assets is the best way to use your money and let it work for you. Buy stocks, bonds, rental properties, and other income-generating financial assets.

Financial literacy will help you gain financial intelligence and learn how to have your money earn more money.

Lastly, if you want to learn anything from the book Rich Dad, Poor Dad , let it be this—your mind is your most valuable asset.

It’s not your material possessions—house, car, etc.—or money or anything else.

If you have a keen mind and train it well to develop a strong financial IQ, you can gather wealth and become rich. It’s your mindset and values that you need to change.

Change how you think about money, including how to earn and manage it, to change your financial status and become wealthy.

Rich Dad, Poor Dad is full of great quotes on personal finance and money management. It provides smart advice on how to make money, generate wealth, and change our mindsets about money.

Here are five inspirational quotes from the book.

“In the real world, the smartest people are people who make mistakes and learn. In school, the smartest people don’t make mistakes.”
“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.”
“Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.”
“It’s not what you say out your mouth that determines your life. It’s what you whisper to yourself that has the most power.”
“Workers work hard enough to not be fired, and owners pay just enough so that workers won’t quit.”

Rich Dad, Poor Dad teaches the fundamentals of financial management.

While it is good to set a firm foundation for good wealth management, there must be a comprehensive solution to manage your wealth practically. If you’re looking for a useful tool to manage your cash flow, you must try ClickUp Finance .

Use it to create custom dashboards to track your income and expenses, manage project budgets , and manage your payments. ClickUp offers numerous finance and accounting templates to help you manage your finances without starting from scratch.

Use these ClickUp Finance and Accounting Templates to create financial statements, manage accounts payables and receivables, and all other financial accounting tasks for your business.

The ClickUp accounting template is ideal for managing your business accounts, payables, and receivables. It is a customizable template that you can modify to your specific requirements.

Track payables and receivables and never miss a deadline using ClickUp’s accounting template

If you agree with Rich Dad’s philosophy in Rich Dad, Poor Dad , you understand how important it is to track your expenses. The ClickUp Business Expense and Report Template can help you with that.

Track your expenses and have a clear overview of all business expenses within a period using ClickUp

Use the ClickUp Cost-Benefit Analysis Template to weigh your strategic business decisions and risky financial investments.

Take high-risk financial decisions, but weigh the costs against benefits using this simple template by ClickUp

Finally, check out ClickUp’s project budget templates to ensure each project remains profitable and you earn more than you spend. After all, that’s what the Rich Dad taught us—what matters is how much money we keep, not how much we earn.

Overall, Rich Dad, Poor Dad is a book that will change your mindset about money and how to become rich. It teaches valuable concepts, bursts several myths, and gives you actionable information.

Ready to put Robert T. Kiyosaki’s valuable financial lessons to practical use?

Use ClickUp to simplify your business’s finance and accounting processes and focus on how you can tap on opportunities to generate wealth.

Questions? Comments? Visit our Help Center for support.

Receive the latest WriteClick Newsletter updates.

Thanks for subscribing to our blog!

Please enter a valid email

Free training & 24-hour support
Serious about security & privacy
99.99% uptime the last 12 months

The Spreadsheet Dad

A family and personal finance blog.

Book Review: Rich Dad Poor Dad – Robert Kiyosaki

September 1, 2018 thespreadsheetdad.

Rich Dad Poor Dad was the first personal finance book I read, it also happens to be one of the most popular personal finance books ever written, having sold 32 million copies (at the time of publishing this article).

In the book author Robert Kiyosaki recounts the entertaining stories from his childhood, right through to adulthood and along the way points to the lessons from his two ‘Dads’. The two ‘Dads’ being his Rich Dad, who is actually his friends father and his Poor Dad, who is his real father.

The stories are quite entertaining and fun to read, particularly the stories from his childhood learning from his Rich Dad. From setting up a highly successful comic book library from his parents basement to getting put to work for free in one of his Rich Dads stores.

Whilst Robert provides 6 lessons (listed below) the book is not exactly an instructional style finance book, rather it is more about driving home the importance of mindset in wealth creation.

The rich don’t work for money

The importance of financial literacy

Minding your own business

Taxes and corporations

The rich invent money

The need to work to learn and not to work for money

In the book his friend’s father, the “Rich Dad”, takes him under his wing at a young age and helps him understand business and how to become wealthy. During this education from his “Rich Dad” he becomes well aware of why his real dad is poor despite being well educated and having a good and stable job.

People tend to have polarising views on the book, some love it and some think it is rubbish. Personally I think, while it is certainly not perfect and there are parts that are quite vague around the “examples” there is certainly a lot of value to be had from Rich Dad Poor Dad, especially around having the correct mindset to become wealthy, how to recover from failure and how to maintain wealth.

Our education system is flawed

Robert very rightly points out that our current education model is designed to produce employees and does not encourage entrepreneurship, highlighting the need for financial literacy to become part of the curriculum.

This is a subject that is very close to my heart, having two kids of my own so I could not agree with this and am personally doing everything I can to ensure my kids grow with a good level of financial literacy.

If nothing else from this book I took away this little tidbit that I use with myself and my kids when considering an expenditure that is not currently within reach, and I wish it is something that I knew sometime ago.

My poor dad said, “I can ‘t afford it . My rich dad asked, “How can I afford it ?”

This line alone helps shift the mindset from poor to rich.

(I have just purchased Scott Pape’s latest book The Barefoot Investor for Families: The only kids’ money guide you’ll ever need so I have to have a review up shortly.)

What is an Asset?

This is perhaps one of the more polarising views that Robert discusses in his book.

An asset is something that puts money in my pocket. A liability is something that takes money out of my pocket.

In general people consider their home an asset as it grows in value, however Robert’s view is that is actually a liability as it take money from your pocket, even if you have paid it off in full it still takes money from you via maintenance cost and utility costs and it does not produce you any income.

Whilst this does not exactly align with general accounting standard, in order to become financially free you must have income generating assets. There is no use being equity rich and cash poor.

I tend to agree with Robert, this is the view that people should be taking when considering their investments. What good is an investment property that is losing you money? How can it be an asset if it is not putting money in your pocket each month?

There are points in the book where the Robert does seem to downplay the risk in some of his investment suggestions, which has lead to some criticism. The types of deals that he talks about are also not easily accessible to most people and in some cases may not even be relevant in the current economic climate.

In his defence he does also say that you should not invest in something that you do not fully understand.

In summary, I think this book is an excellent starting point for someone beginning the journey to financial freedom as it does help you to shift your mindset when thinking about money. I have also read Rich Dad’s Cashflow Quadrant which builds on many of the things in this book and I also would recommend.

Thanks for reading.

If you have an read Rich Dad Poor Dad I would love to hear your opinion in the comments below.

Book Review: “Rich Dad Poor Dad” by Robert T. Kiyosaki

Listen to this article

“Rich Dad Poor Dad” is a groundbreaking personal finance classic penned by Robert T. Kiyosaki that challenges conventional beliefs about money and wealth. With its straightforward narrative and practical insights, the book has captivated millions worldwide, making it a must-read for anyone seeking financial independence.

In this engaging memoir, Kiyosaki contrasts the financial teachings of two father figures in his life: his biological father (referred to as “Poor Dad”), who followed traditional paths of education and stable jobs, and the father of his best friend (nicknamed “Rich Dad”), a successful entrepreneur who viewed money and investing from a unique perspective.

One of the book’s central tenets is the importance of financial education, which Kiyosaki believes is inadequately taught in schools and homes. He highlights how traditional schooling often perpetuates the “get a good job, work hard, save money, and retire” mindset, which can trap individuals in the cycle of living paycheck to paycheck. In contrast, “Rich Dad” imparts valuable lessons about the significance of financial literacy, creating assets, and leveraging money to work for you.

Throughout the book, Kiyosaki shares simple yet profound principles that can lead to financial success. He emphasizes the significance of investing in oneself, acquiring assets that generate passive income, and avoiding excessive liabilities that drain one’s financial resources. These fundamental concepts, such as distinguishing between assets and liabilities, have inspired many readers to rethink their approach to money and adopt a more strategic mindset.

Furthermore, “Rich Dad Poor Dad” stresses the value of taking risks and stepping out of one’s comfort zone to seize investment opportunities. Kiyosaki’s own experiences as an entrepreneur demonstrate that calculated risks can yield substantial rewards, paving the way to financial freedom.

Critics argue that some of Kiyosaki’s advice might be oversimplified, and his examples may not apply universally. However, the book’s true strength lies in its ability to ignite curiosity and encourage readers to explore the world of finance and investing further.

Lessons Learned from “Rich Dad Poor Dad”

The Importance of Financial Education : The book emphasizes the need for a solid financial education, which extends beyond traditional schooling. Understanding money, investing, and financial principles is crucial for achieving financial independence.

Distinguishing Assets from Liabilities: “Rich Dad” teaches the importance of knowing the difference between assets and liabilities. Acquiring income-generating assets and minimizing liabilities are essential steps towards building wealth.

The Power of Passive Income: Creating streams of passive income is a key aspect of achieving financial freedom. By investing in assets that generate income without constant effort, individuals can secure their financial future.

Embrace Risk and Learn from Failure: “Rich Dad” encourages taking calculated risks and viewing failures as valuable learning experiences. Embracing risks and learning from mistakes can lead to significant opportunities and growth.

Challenge Conventional Beliefs: The book challenges traditional notions about money, work, and success. By questioning conventional wisdom and thinking outside the box, readers can discover alternative paths to financial prosperity.

Work to Learn, Not Just to Earn: Kiyosaki advocates for a mindset shift from working solely for a paycheck to using work as a means to gain valuable skills and knowledge. Continuous learning and self-improvement can lead to increased earning potential and financial success.

Avoid the Rat Race: The “Rat Race” refers to the cycle of working for money to pay expenses, leading to perpetual financial struggle. The book encourages breaking free from this cycle by focusing on building assets and passive income.

Make Money Work for You: Instead of working tirelessly for money, “Rich Dad” advises making money work for you through smart investments and passive income streams.

Seek Opportunities in Adversity: Kiyosaki shares how challenging economic times can present opportunities for those who are financially educated and prepared. Being proactive during economic downturns can lead to substantial gains.

Foster a Mindset of Abundance: “Rich Dad” emphasizes cultivating an abundance mindset rather than dwelling on scarcity. Adopting a positive outlook and believing in one’s ability to create wealth can lead to greater financial success.

Learn to Manage Taxes: Understanding and managing taxes effectively can significantly impact one’s financial well-being. “Rich Dad” highlights the importance of tax education and legal strategies to minimize tax burdens.

Focus on Long-Term Goals: Building wealth is a gradual process that requires discipline and long-term thinking. “Rich Dad” advises setting clear financial goals and consistently working towards them over time.

In conclusion, “Rich Dad Poor Dad” is a compelling book that encourages readers to reevaluate their attitudes towards money and presents alternative ways of thinking about wealth and financial independence. While some aspects might be subject to individual interpretation, the book’s core message about financial education, smart investing, and embracing opportunities is undeniably valuable. For those seeking to improve their financial well-being and break free from conventional money paradigms, this book serves as a thought-provoking and inspiring guide.

Recommended >

NBE Celebrating 126 Years Legacy of Growth and Adaptation in a Changing World

Telefanz: The Newest Social Media Platform With A Mission To Redefine Social Media

Join TotalEnergies’ Startupper of the Year Challenge Edition 4: A Golden Opportunity for Young African Entrepreneurs

Understanding Generational Classifications: The Baby Boomers, Generation X, Millennials, Generation Z, and Generation Alpha

Main Highlights from the 2024 Apple Worldwide Developers Conference (WWDC24)

O West’s Impactful Campaign: Teaser, Jingle, Alongside Real Community Figures for Brand Impact

Local is the New Global: How To Create Marketing Local Strategies for Global Success

From 2010 to 2024: The Enduring Legacy of the Panda Cheese Campaign in Egyptian Advertising

Marketing Internships: Your Gateway to Job Opportunities and Professional Growth

The Secret Link between Emotional Intelligence and Business Success

Subscribe to our newsletter to get our newest articles instantly!

Username or Email Address

Remember Me

Rich Dad Poor Dad by Robert T Kiyosaki – Book Review

Sep 29, 2016 | 13 comments

Rich Dad Poor Dad by Robert Kiyosaki is probably the most well known ‘how to be rich’ books ever written. And it’s also one that I have been putting off reading for a long time.

I hate the branding – “what the rich teach their kids about money that the poor and middle class do not!” – and there’s a sort of snobbish cult following around the book that I can’t stand. I have also read quite a bit of criticism that has left with an image that it just tells you to get big loans, buy lots of property and aggressively chase being rich while laughing at the stupidity of the poor folk.

But I keep hearing quotes from it that I actually really agree with. A few days ago I was listening to a podcast and heard the quote:

“It’s not how much money you make, it’s how much money you keep..”

Well, that makes sense and is pretty close to what I bang on about all the time. So I finally bit the bullet and cynically started reading.

But the more I read the more I found myself nodding along. I don’t agree with everything he says. I think he excuses away a lot of social responsibility and that his personal investment stories are unhelpful.

But that’s beside the point. Whether his anecdotes are true or not, the fundamental concepts and his way of thinking about money and work are spot on. He has basically put into better words a lot of the things I try and talk about on this blog. Concepts such as financial independence, passive income and early retirement.

Here are the main points I have taken away from Rich Dad Poor Dad .

Financial Literacy Is not Properly Taught At School

I couldn’t agree more. We are taught to save, but to save for what? Bigger, better and more stuff.

But we are never taught about investments. That those savings don’t need to be spent but can be put to work to earn more money.

And those investments can quite quickly grow to earn more than we can make from working.

Most people get stuck in a loop:

Swap your time for money in a job – save – buy something – start again

That’s a never ending loop that doesn’t depend on how much you earn. As you get promoted and bring in more money, you just increase your spending. Constantly resetting the net worth to zero, or less than zero with credit cards, mortgages and loans.

Kiyosaki says that people end up in this loop because they never learned ‘financial literacy’. He claims, and I agree, that everyone needs to learn financial literacy.

In fact, it is even more important if you’re not ‘materialistic’ or ‘don’t care about money’. Whether you like it or not, if you’re stuck in the above loop, then you are dependent on and a slave to money.

He defines wealth as the number of days you could survive at your current living standard if you lost your job today. If you can survive forever then you are financially independent. Unfortunately, most people, even those earning a fortune, couldn’t survive a month.

So how do you create wealth? In Rich Dad Poor Dad, Kiyosaki simplifies it by saying all you need to do is acquire assets and minimise liabilities .

Assets are anything that earns you money. Liabilities are anything that costs money.

Your Home Is Not An Asset

How many times have you heard people say that their home is their greatest investment?

A house and their employer’s pension is often the only investment that most people have. As soon as they have saved enough, they will upgrade to a bigger house.

Well by the Rich Dad Poor Dad definition, your home is not an asset and actually goes into the liabilities column. Living in a house costs you money and doesn’t earn you anything. Even if you don’t have a mortgage you are still paying for upkeep and taxes. The bigger house you have, the more it will cost.

We need shelter and to live somewhere. But don’t fool yourself into thinking that buying the biggest house you can is a good investment.

A house you have bought as an investment to rent out is an asset. A house you have bought to live in is not.

So if a house isn’t an investment what is?

Kiyosaki holds back from telling us what assets to buy (which is good because I disagree with a lot of his investments). But rather puts the focus on getting educated in investing and learning ‘the game’. He says your greatest asset is your mind and you should continually invest in improving it. Something else I agree with !

He personally has made most of his money from investment properties and small cap stocks and shares, but doesn’t say that is the only or best way. The important thing is to make sure that you are minimising your liabilities, growing your assets and learning financial literacy.

Actually, that’s not the most important thing. The most important thing is to:

Take Responsibility For Your Financial Future

Despite being written 20 years ago, I believe this is even more important now than then.

I’ve been hearing it said more and more that by the time my peers and I reach retirement age, there won’t be a retirement age and there won’t be any state pension. Well if that’s what you believe, what are you going to do about it?

My Facebook feed is full of wailing at our dismal future and complaining that the government doesn’t care. But there is almost no personal planning for that future.

Regardless of your political point of view, you can’t bury your head in the sand. We need to accept the facts of life and adapt. If you believe there is a chance that you will soon be without a safety net from the government or employer then you better get to work building your own safety net.

We have very little control over what anyone else decides to do. Our boss, the government, our neighbours. But we do have a lot of control over how we choose to spend our time and money. The best thing you can do is get to work.

If you don’t know where to start then feel free to have a browse round this blog. Here are some more detailed articles to get you started:

How I started a sporting goods brand
What is financial independence?
How I invest my money

In Summary: I Highly Recommend Rich Dad Poor Dad

There we have it. There is plenty more good stuff in Rich Dad Poor Dad and I recommend reading it . But if you can’t be bothered, here is my summary in three sentences:

Take responsibility for your financial future.
Learn how to invest and improve your financial education.
Grow your money-making assets while shrinking your liabilities.

Want To Support This Site? Buy A Bottle Of Gin

Monthly Report:

Listen To The Podcast:

Latest Podcast Episodes:

#60: Survive & Thrive During The Virus | Part 3 – Invest!
#59: Survive & Thrive During The Virus | Part 2 – Earn More Money
#58: Survive & Thrive During The Virus | Part 1 – Reduce Risk
Bonus: Stopping Slavery As A Digital Nomad With Buddy Rathmell
#57: Black & Grey Hat Tactics To Make Money Online

Latest Blog Posts:

My Monthly Report – October 2020
My Monthly Report – August 2020
My Monthly Report – June 2020
My Monthly Report – April 2020
My Monthly Report – March 2020: The Month The Virus Hit!

Skip to primary navigation
Skip to main content
Skip to primary sidebar
--> Search in https://comlib.org/
Search the CATALOG for books and more
Search the CALENDAR for programs and events
Search the WEBSITE for general information
Use My Library Account
Get a Library Card
Reserve a Room
Find Books and More
Renew or Place a Hold
Request an Item
Digital Collections
Computers and Printing
Ask a Librarian
Books, eBooks, and More
Children’s and Young Adult Library
Research and Learn
Center for Regional History
Library Policies
Frequently Asked Questions
Calendar of Events
Event Archive
Community Library Book Club
2024 Community Speaker Series
Hemingway Distinguished Lecture
Summer Reading: Adults
Summer Reading: Preschool/Kids/Teens
Wood River Museum Current Exhibits
Exhibition History
Museum History
Hemingway House and Preserve
Writer-in-Residence Program
Ernest Hemingway Seminar
Staff and Board of Trustees
Library Blog
Newsletters and Reports
Employment & Volunteer Opportunities
The Community Library
Gold Mine Stores
Wood River Museum
Regional History Reading Room
Historic Photographs

Book Review: Rich Dad Poor Dad

Gold mine product quality manager daniel velasco recommends rich dad poor dad by robert kiyosaki..

Rich Dad Poor Dad by Robert Kiyosaki challenges conventional beliefs about money and wealth. The author shares insights from two fathers, his own “poor dad” a well-educated but financially struggling government worker and his friend’s “rich dad,” a successful businessman and real estate investor.

Throughout the stories of his two father figures, Kiyosaki highlights the importance of financial literacy and smart investing.

What I appreciate most about this book is its importance in developing a financial mindset that goes beyond just saving and budgeting. Kiyosaki encourages readers to think creatively about generating income and building assets and inspires us to take control of our financial futures. While some may find the book’s ideas uncommon, I believe they are precisely what young adults need to hear in order to break free from limiting beliefs about money and build a brighter financial future.

Find Rich Dad Poor Dad in print, ebook, and on CD here.

Support the Library

Rich Dad Poor Dad: What The Rich Teach Their Kids About Money

Summary of Rich Dad Poor Dad : According to bestselling author and investment guru Robert Kiyosaki, the main reason why people struggle with financial problems is because they spend several years in school but learn nothing about money and investments, or acquire the technical knowhow to become a good investor. The result is that people learn to work for money… but never learn to put money to work for them.

By Robert Kiyosaki, 2001, 240 pages

Note: This guest article was written by Thibaud, author of the Blog Mes Finances Mode d’Emploi (My finances: a user guide). Inspired by my crazy challenge to read 52 books in 52 weeks , Thibault set himself a different crazy challenge: to read 50 of the best books on personal finance in under 18 months and to publish three reviews on his blog per month!

10 key teachings of the book Rich Dad Poor Dad by Robert Kiyosaki

One becomes rich through business and investments, not through a job
There are important differences between an asset and a liability
Work to learn first, and not for money
An investment generates money while you sleep
Know the fundamentals of all aspects of a business (accounting, law, etc)
Be an opportunist
A good business idea solves a problem
Become a master negotiator
Pay yourself first
Courage is a key quality of all successful entrepreneurs

Book chronicle and summary of Rich Dad Poor Dad:

Introduction.

Rich Dad, Poor Dad is the story of two fathers; one has a collection of degrees and diplomas and the other is a high school drop-out. When the overqualified father dies, he leaves next to nothing behind, and even a few unpaid bills here and there.

The school drop-out father will become one of the richest men in Hawaii and will pass on an empire to his son. Throughout his life, the former would say things like “I can’t afford to treat myself to this or that”, while the latter would say: “How can I treat myself? “

The rich father in this book teaches the two small boys some invaluable lessons about money through their own experiences. The most important one is undoubtedly to understand how to best use their mind and their time to create their own wealth through business ventures and investments .

Get out of the rat race. Learn how to seize opportunities, find solutions, take care of your business and investments and most especially, learn how to make money work for you and not be its slave!

NB: the expressions “poor” and “rich” are used by Kiyosaki in order to explain what type of behavior is preferable in order to have financial freedom. It is not about judging yourself on the current state of your finances and your richness.

“In school we learn that mistakes are bad, and we are punished for making them. Yet, if you look at the way humans are designed to learn, we learn by making mistakes. We learn to walk by falling down. If we never fell down, we would never walk.” ― Robert T. Kiyosaki, Rich Dad, Poor Dad

Some pearls of wisdom from the book rich dad, poor dad:.

You are the image of your thoughts,
Being an employee is a short-term solution to a long-term problem,
A slave, even if he is paid a fortune, remains a slave,
What is the point of wanting to rise through the ranks of a company when you can own a company?

2 paths diverged in a wood, and I –

I took the one less traveled by,

And that has made all the difference.

Robert Frost, The Road Not Taken

Lesson No. 1: The Rich Don’t Work For Money

How Kiyosaki created his first company at the age of 9.

At the age of 9, Robert Kiyosaki and his best friend Mike asked Mike’s father (Rich Dad) to teach them how to make money . After 3 weeks spent cleaning one of Mike’s Dad’s many stores for a poverty wage (10 cents a week!), Kiyosaki couldn’t take it anymore and increasingly began to think about quitting. This is the moment that Rich Dad chose to give him his first lesson about money: some people leave their job because they are not being paid enough. Others see it as the opportunity to learn something new.

WORK TO LEARN

Rich Dad went on to ask the two young boys to work for him for free. By acting this way, he wanted to force them to imagine a way to create their own source of income that was independent of their work for him. Inspiration came to them when they noticed that some comics were left lying around the shop.

That’s all it took: they recovered them and opened a library for their classmates, making them pay an entrance fee: 10 cents for 2 hours of reading. They paid Mike’s sister 1 dollar a week to deal with managing their little business. Soon, they were making $9.50 per week, without having to worry about managing their library. Their first company had come into existence!

Lesson No. 2: Why Teach Financial Literacy?

Flow of investments - Rich Dad Poor Dad - Robert Kiyosaki

You don’t learn how to become rich in school.

The gap which is currently widening between the richest and the poorest is not due to chance, but the educational system, such as it is built today.

It does not allow this gap to be reduced. Its primary objective is to teach you to enter the working world as it already exists, and therefore, to allow you to become a very good employee.

Not a very good employer. And, that makes all the difference.

Neither does the current educational system teach about the basics of managing personal finances that have allowed the rich to build their wealth.

It is up to you to take responsibility to train yourself and also to use this knowledge to acquire the assets that will allow you to generate income.

The problem is not how to know how much you are earning, but how much you are able to put aside.

Read my book review of A Second Chance , Robert Kiyosaki’s advice on investment and enrichment in a time of global insecurity.

The first step towards getting out of the rat race is to:

Understand the difference between an asset and a liability.

An asset is a title or contract that allows its owner to generate income . A liability , on the other hand, is to generate expenditure.

Some examples:


Real Estate	Morgage
Shares	Consumer credit
Bonds	Credit cards
Intellectual Property	Borrowing

Saving the money - Rich Dad Poor Dad - Robert Kiyosaki

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.

TYPES OF ASSETS:

Here is why your principal residenc e is NOT an asset:

You will work your whole life to pay back the mortgage you took out.
Your maintenance costs represent a significant amount.
You must pay property tax.
Your principal residence may depreciate if the real estate market drops or if you buy at the top of the cycle.
Rather than investing in an asset that earns you money regularly, you repay your monthly credit to the bank. In other words, the real owner of your home is the bank!

If you genuinely want to acquire your principal residence, you must first generate the income to finance your monthly repayments.

“Winners are not afraid of losing. But losers are. Failure is part of the process of success. People who avoid failure also avoid success.” ― Robert T. Kiyosaki, Rich Dad, Poor Dad

Here are a few examples of real assets :.

An apartment that you rent out and whose rent as paid for by the tenant allows you to repay the monthly loan repayment contracted to acquire the property,
A business that does not require you to be present but of which you are the main shareholder.

In a nutshell, the main steps to get out of the rat race are:

Understand the difference between an asset and a liability,
Concentrate your efforts on purchasing assets that generate a steady income,
Keep your spending and your debts to a minimum,
Mind your own business!

Speaking about assets, take time to read my book review of Rich Dad’s Guide to Investing , in which Robert Kiyosaki shares detailed information about investment strategies.

Lesson No. 3: Mind Your Own Business!

Keep your current job but begin to think about your own Business.

Kiyosaki began his professional career by selling photocopiers for Xerox. Using his revenue, he invested in real estate.

In the space of just 3 years, the revenue generated by his investments in real estate exceeded his salary.

He then decided to leave the company and to take care of his own business full-time.

He knew that it was the only solution to get out of the rat race .

Do not spend all your income. Build yourself a diversified portfolio of assets and you will spend later when these assets make you enough.

Planning the business - Rich Dad Poor Dad - Robert Kiyosaki

Lesson No. 4: The History of Taxes and the Power of Corporations

Income tax first came into being in England in 1874. In the United States, it was introduced in 1913. What was originally a plan to have the rich contribute to the growth and development of the Nation was later extended to the middle classes and the poor.

The rich have a secret weapon to protect themselves from heavy taxes. It is quite simply their company. It offers them a number of advantages in terms of taxation.

The mechanism by which the rich minimize their taxes is the following:


1. Earn money	1. Earn money
2. Spend their money	2. Pay their taxes
3. Pay their taxes	3. Spend their money

In other words: PAY YOURSELF FIRST!

Kiyosaki now invites us to take into consideration the main components of what he calls Financial IQ:

Accounting. You don’t have a choice. If you want to invest in the stock market, you will need to have a few basic notions of accounting to read the annual reports of the companies in which you want to invest. It will be the same if you want to create your own business.
Investment strategy. This faculty is honed with experience. Chat with investors and observe how they behave. Attend seminars on the subject.
Market law. Master the law of supply and demand. No company owner can succeed if s/he has not mastered this basic knowledge. Understand the needs of your customers.
Law. You must have a minimum amount of legal knowledge for your business to grow in the right way. Takes lessons if you have to!

“You must know the difference between an asset and a liability, and buy assets. If you want to be rich, this is all you need to know. It is rule number one. It is the only rule.” ― Robert Kiyosaki, Rich Dad, Poor Dad

Lesson no. 5: the rich invent money.

Self-confidence associated with a high Financial IQ will no doubt be your safest allies when it comes to achieving financial freedom. Of course, you will need to save each month before investing. But this alone will not suffice.

Use your time wisely and find the best opportunities

Let’s take an example. At the beginning of the 1990s, the economy of Phoenix was at its lowest point. Houses that have been purchased for $100,000 were selling for $75,000. Kiyosaki used as his market public auctions of houses that had been repossessed and he acquired the same type of houses for $20,000. He went on to sell them for $60,000, thereby making a very comfortable profit.

After 6 months of acting in this way, he had made a total net income of $190,000 for just 30 hours of actual work!

Girl holding money - Rich Dad Poor Dad - Robert Kiyosaki

Rich Dad explains that there are types of investors:

Two types of investor.

Those who buy “investment packages”

You are in this situation when you entrust your money to a real estate developer or a fund manager. It is a simple and clear way to invest your money.

The professional investor

You are in this situation when you look after your own investments. You seize the opportunities that present themselves to you. This is this kind of behavior that Rich Dad encourages. To do so, you have to work on 3 types of skills:

Identifying an opportunity that no-one else has spotted,
Raising funds,
Working” with intelligent people.

“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.” ― Robert Kiyosaki, Rich Dad, Poor Dad

Identify an opportunity that no-one else has spotted.

Learn how to identify what REALLY gives a business added value. Do you honestly think that hamburgers are at the heart of the McDonald’s business?

In reality, the heart of the Business of the fast-food chain is real estate and the search for strategic locations in the most fashionable neighborhoods in every city in the world.

There is one last thing that you will absolutely have to master to succeed in your investments: acceptance of risk. You must learn to control your emotions and not care about the possible failures that you will endure.

Your ability to bounce back is what will bring you success, not your desire to succeed immediately.

Read my book review of Before You Quit Your Job . In this business book, Robert Kiyosaki shares clever strategies on how to set the game up to win for aspiring entrepreneurs and investors.

Lesson No. 6: Work to Learn – Don’t Work for Money

The biography of Robert Kiyosaki

After college, Robert Kiyosaki joined the Marine Corps. Among other things, he learned how to lead troops, furthermore an essential lesson when learning how to manage a business.

He went on to join Xerox, where he learned to overcome his fear of rejection by becoming one of the 5 best salespeople in the company . Having reached his objective, he left the company and began to take care of his own business.

BECOME AN EXPERT IN MARKETING, MANAGEMENT, AND COMMUNICATION

A different education..

Schools train professionals who become so specialized in a particular field. That they no longer know how to cope with any other and they then need to unionize to protect their work.

Specialization is not necessarily the optic that we are interested in; it is more important to retain the essential lessons in every field to master the 20% that provide 80% of the added value of your future business!

This is this kind of teaching that Rich Dad passed on to Robert and Mike. Mike went on to take over the empire that his father left him. While at the same time Robert created his own empire through real estate, launching new products and educational programs.

3 essential skills for management

The cash flow management
Management of systems (including time spent with family and friends!)
People management

5 obstacles that can hurt you in your quest for financial freedom

Fear Do not act solely based on what you think is a “sure” thing. If you cannot commit and you cannot think big, probably you will never succeed.
Cynicism. Don’t listen to the people around you who don’t give themselves the means to succeed but, allow themselves to criticize what you are achieving.
Laziness. Don’t give in to the call of the rat race. If you sit back on your laurels, you will never escape from the unsatisfactory daily grind. Be proactive and persevere!
Bad habits. Your usual expenses must turn into savings and investments. This is the price of freedom!
Arrogance. Don’t think that you know everything about money. Listen to what others tell you. Train yourself!

“There is a difference between being poor and being broke. Broke is temporary. Poor is eternal.” ― Robert Kiyosaki, Rich Dad, Poor Dad

10 steps to awaken your financial genie.

Find something above and beyond your reality – your wildest dream. Imagine the freedom, the lifestyle you could have if you could control time. Think about what you don’t want to be and put a line through it.
Put your free will to the test, every day. You can choose to watch “Wheel of Fortune” or “Bloomberg”. It all depends on the way in which you want to occupy your time and your energy. It all depends on you!
Choose your friends wisely. Don’t allow yourself to be polluted by the firmly held opinions of some people who have an opinion on everything and never do anything. Surround yourself with creative people who genuinely want to take control of their lives.
Learn a lesson about your finances. Learn another one, in the same way, learn quickly!
Pay yourself first. Cultivate self-discipline by keeping your level of spending as low as possible. Your tenants must serve to finance your spending and your savings are to invest and not to settle your bills!
Pay the people who work for your finances generously . If they are efficient, know how to be grateful. This will only make them more motivated!
Act like venture capitalists. This is the concept behind ROI (Return On Investment). Invest and then take back your money once the investment earns you enough without your initial contribution.
Treat yourself. Once you generate sufficient income via your investments, please do not hesitate to treat yourself to the New Audit. Go for it!
Find yourself a mentor. And act like him or her every day. The more you feel as though you are acting in an extraordinary way is the more you will become extraordinary. It’s as simple as that.
Give and you will receive. If you give freely without expecting anything in return, you will receive the equivalent a hundred times over. It is the law of attraction in action!

ACTION WILL ALWAYS BE YOUR BEST ALLY, NOT A CHRONIC WAIT-AND-SEE ATTITUDE

To conclude your plan of action and to achieve financial freedom:.

Stop what you are doing. Assess your current situation. Give up what is not working and consider all possible options.
Always be on the lookout for new ideas.
Act! Find people who have already done what you want to achieve and meet with them, ask them questions, and ask for their tips. Invite them to lunch!
Train yourself and buy podcasts and/or training videos.
Make many offers. Negotiate , explore the field and interact with your future clients if you want to create your own business. Be proactive!
Take a tour of your surroundings and be attentive to small ads for real estate. A great deal may be just at the corner of your street.
Think big. Don’t limit yourself to what you consider to be good enough.
Learn from history. Draw inspiration from the biographies of billionaires around the world to understand the paths they took and their way of thinking. It is a veritable gold mine of learning.

“If fear is too strong, the genius is suppressed” ― Robert Kiyosaki, Rich Dad, Poor Dad

Conclusion of the book rich dad poor dad.

Rich Dad, Poor Dad is an extraordinary book, in the literal sense. I cannot fully express how much this book transformed my vision of money and most especially my perception of wealth.

Before I read Rich Dad, Poor Dad , part of me was convinced that all “rich people” were born that way. That you needed to have money to get rich and that the only solution was to join the rat race, although that is not what I called it at the time.

Nowadays, I am firmly convinced that you can learn how to become rich and that financial freedom is a realistic goal if you move towards it methodically and patiently.

I have become a true investor, in Kiyosaki’s sense of the word, and even if my assets do not yet make enough for me to live on. I am quite hopeful that this will be the case within 5 to 10 years. In any case, I will do it one day!

Advise and Objectives

My advice is that if you need to start your financial education with one book, begin with Rich Dad, Poor Dad and I guarantee you that you will not regret it. And you should not make a mistake.

The objective of Kiyosaki is to coach you and to motivate you to allow you to take the path that leads to financial freedom. Not to offer you any ready-made answers.

So read the book Rich Dad, Poor Dad and set yourself objectives, and also take the plunge!, Most importantly, never lose sight of the fact that wealth is first and foremost an extraordinary life experience. Have a good trip!

Book review of Rich Dad Poor Dad :

Strong points of the book rich dad poor dad :.

The original idea of the book Rich Dad, Poor Dad , and also the extremely effective presentation of educational financial concepts are not as simple as they seem.
An incredibly motivating book inspired by the personal experience of Robert Kiyosaki, who is himself a millionaire , and his road to successful investment
There are countless testimonies from people across the web who say they got started in network marketing, real estate investment, or opened a business after reading the book Rich Dad, Poor Dad.

Weak Points of the book Rich Dad Poor Dad :

A certain lack of detail in some areas mentioned by Robert Kiyosaki is regrettable.
As he says himself, his books are motivational tools , not books by a financial expert .

Have you read Rich Dad Poor Dad ? How do you rate it?

Rich Dad, Poor Dad is one of the top-selling self-help business books of all time. Here are other important bestselling classics that will boost your road to success:

Think And Grow Rich , Napoleon Hill – The massive bestseller Think and Grow Rich explains why some people amass great fortunes while others fail to form ends meet. Since its launch in 1937, it has often been the reference for people who seek to become rich.
How to Win Friends and Influence People , Dale Carnegie – To make friends, influence others and bring them to our team, it’s important to understand the way to take care of their ego. This happens after a crucial change in our everyday behavior, which consists of never criticizing, being genuinely curious about others, smiling, remembering the primary name of the person we are speaking with, making them feel important, never telling them they’re wrong, talking about our own mistakes before talking about theirs, motivating, sincerely complimenting, and usually always taking care of their self-esteem.
The 4-Hour Workweek , Tim Ferriss – A ground-breaking book that is considered to be the ultimate how-to guide by many digital nomads and young entrepreneurs. A follower of the 80/20 principle , Ferris shares methods to automate your workflow and reach success by becoming the person who you’re meant to be.

70 thoughts on “ Rich Dad Poor Dad: What The Rich Teach Their Kids About Money ”

Pingback: THE RICHEST MAN IN BABYLON - Books that can change your life
Pingback: 30 LIES ABOUT MONEY- Books that can change your life
Pingback: Think and Grow | Self Improvement Books | Personal development books
Pingback: THE 80/20 PRINCIPLE | Personal growth books | Self Improvement Books
Pingback: BEFORE YOU QUIT YOUR JOB - Books that can change your life
Pingback: RICH DADS GUIDE TO INVESTING - Books that can change your life
Pingback: SECOND CHANCE - Books that can change your life
Pingback: O Homem mais rico da Babilônia, ouro e trabalho | Coworking Offices
Pingback: MILLIONAIRE MIND - Books that can change your life
Pingback: 3 Ways To Teach Your Kids About Work Ethic - AScientistInTheKitchen.net
Pingback: Starting a Small Business on a Budget - Investing Value
Pingback: How To Make More Money In Your Business - Blind in Business
Pingback: 3 Tips For Preparing Your Children For A Life Without You - radicalbreeze.com
Pingback: 5 Steps To Better Your Family’s Financial Situation This Year - Trendipia
Pingback: 5 Tips to Help You Save Money - Confused Matthew
Pingback: READ AND GET RICH - Books that can change your life

Am motived and I know now know how to start my own business

Pingback: 5 Personal Finance Tips for Job Seekers - Career Renegade

I am impressed..I am a Small and medium enterprise owner currently operating a fishing project and decided to sift to phase two of this business. I find this book very helpful..

Pingback: 130 SUCCESS QUOTES TO INSPIRE AND MOTIVATE YOURSELF
Pingback: How to Travel and Earn Money at the Same Time - Borders Blog
Pingback: Tips and Tricks to Help You Save - Change By Us
Pingback: Save money to invest it - The Cheap Girl
Pingback: SIDE HUSTLE: FROM IDEA to income - Books that can change your life
Pingback: A guide for the people who love traveling
Pingback: Easy Tips for Managing Your Personal Loans When You Shop According to Your Fashion - beauty chat blog
Pingback: This book will changes you life. | Gagalin blog
Pingback: This book will change you life. | Gagalin blog
Pingback: TIPS: HOW TO BECOME A SUCCESSFUL TRADER
Pingback: What The Rich Teaches Their Kids About Money – My Blog
Pingback: Management - How you can be a great Budget Manager - Business AFF
Pingback: QUOTES FROM CONFUCIUS - Books that can change your life
Pingback: BOOKS ON PERSONAL FINANCE - Books that can change your life
Pingback: Smart Ways to Spend $100 | Fashion Network Seattle
Pingback: How Working From Home Can Save You Money | Office Comm Set Up
Pingback: Tips As a Effective Entrepreneur – Money Papers
Pingback: Make Earnings Online – Study From Effective Internet Marketers | No Green Economy
Pingback: Millennial Money Management: How to Better Handle Your Finances
Pingback: Investing journey is all about the basics | Nqf Training
Pingback: Get Out of the Rat Race - Jeff Heggie Coaching
Pingback: Common Financial Mistakes that Fresh Grads Make - Go Blue Sun - Follow Recent Business and Finance Trends
Pingback: Personal Financial Literacy For Beginners - What You Need To Know
Pingback: Feature Interview With Corporate Attorney Garrett Sutton | Equa
Pingback: Feature Interview With Corporate Attorney Garrett Sutton - Equa
Pingback: Should I get critical illness insurance now that my body is in good shape? - APKTOLOAD
Pingback: Book Review: Rich Dad Poor Dad -
Pingback: HOW TO GET RICH - Books that can change your life
Pingback: How these Books helped me quit my job and start a small business
Pingback: INCREASE YOUR FINANCIAL IQ - Books that can change your life
Pingback: Making a move from Saving to Investing: A Wakeup Call
Pingback: Top 5 Ways to Get Passive Income for a Wealthier Life - Marc Wallace's Blog
Pingback: Financial Strategies to Help you Achieve a Sound Future - Entrepreneursdb.com
Pingback: 10 STEPS TO financially independent - Books that can change your life
Pingback: A BOOK THAT CHANGE YOUR LIFE - Books that can change your life
Pingback: How to Manage your Money to Get Financial Freedom?
Pingback: 5 Rich People Habits That Will Change Your Life
Pingback: A Guide to Achieving Financial Freedom - Yours Answer
Pingback: Want to be told a lot of concerning Finances? Browse On
Pingback: Tips on How To Manage Your Business - Global Chance
Pingback: 10 Money Habits Of Self-Made Millionaires!
Pingback: 12 Money Secrets Everyone Should Know
Pingback: Looking to scale up your business with venture capital?
Pingback: How can you earn extra money as a dancer and be financially stable?
Pingback: Great Real Estate Investing Tips, When You Decide Investment
Pingback: What Lifestyle Should You Live – Luxurious Or Financially Stable? - Divine Magazine
Pingback: Best Budgeting Methods After Having Kids - Mummy Matters
Pingback: 4 Ways You Can Take A Closer Look At Your Finances To Make Improvements - Mummy Matters
Pingback: TEACH TO BE RICH - Books that can change your life
Pingback: 6 RULES AND 14 TIPS have a business- Books that can change your life
Pingback: BOOKS ABOUT PERSONAL FINANCE - Books that can change your life

Your email address will not be published. Required fields are marked *

Notify me of follow-up comments by email.

Notify me of new posts by email.

Notify me of followup comments via e-mail. You can also subscribe without commenting.

'Rich Dad Poor Dad' Author: Hang On Tight As Bitcoin Enters ‘Banana Zone’

Robert Kiyosaki, a vocal Bitcoin supporter and entrepreneur, widely known for authoring a classic book on financial literacy, “Rich Dad Poor Dad,” has addressed his 2.5 million followers with a tweet about Bitcoin entering the “Banana Zone.”

In his post, Kiyosaki explains what it means for the world’s flagship cryptocurrency and how renowned investor Raoul Pal converted him into buying a large BTC stash.

Bitcoin hits "Banana Zone"

In his tweet, Kiyosaki mentioned investor and cryptocurrency supporter Raoul Pal (a former Goldman Sachs executive), emphasizing that currently Pal is "creating a lot of excitement talking about Bitcoin hitting 'the Banana Zone.'"

Is the Banana Zone real?

Raoul Pal is creating a lot of excitement talking about Bitcoin hitting “the Banana Zone.”

Q: Does he know what he is talking about? Q: What is the Banana Zone? A: Yes, I believe Raoul PAL knows what he is talking about. A: “The Banana Zone” is…— Robert Kiyosaki (@theRealKiyosaki) June 25, 2024

The financial guru also said that he has been receiving a lot of questions as to what that “Banana Zone” means and whether Pal knows what he is talking about. Kiyosaki here supports Raoul Pal, saying “yes” to the second question. As for the first one, he provided an explanation as to what “the Banana Zone” is about – it means that Bitcoin is going parabolic.

Kiyosaki bought 30 BTC at $6,000

Jestingly, Kiyosaki added that this is when people start regretting that they did not buy Bitcoin when it was affordable for them or that they did not buy enough of it. The “Rich Dad Poor Dad” author also said that he fully trusts Raoul Pal because of his professional experience at Goldman Sachs banking giant. Kiyosaki revealed that several years ago, it was Pal who convinced him to start investing, and back then he bought 30 BTC when Bitcoin was trading at $6,000.

Now, as Bitcoin is changing hands at approximately $60,000, Kiyosaki continues to accumulate BTC every month. He again made a statement about U.S. dollars being “fake” fiat “debt-based money,” while he referred to Bitcoin as “rules-based money.” Bitcoin makes one richer, he tweeted, while “debt-based money” makes one poorer.

While continuing to acquire BTC regularly, Kiyosaki believes that this year, BTC is going to skyrocket to $300,000 due to spot ETFs buying more BTC and thanks to the halving that occurred in April.

Now that the largest cryptocurrency is tumbling, Kiyosaki waits to buy more BTC, according to his recent tweet. He believes that rough times are ahead for the U.S. economy, and stacking Bitcoin may save one’s holdings.

IMAGES

Review Carnival: Book Review- Rich Dad, Poor Dad by Robert T. Kiyosaki
BOOK REVIEW: "RICH DAD POOR DAD"
Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter
Book Review: Rich Dad Poor Dad by Robert Kiyosaki
Rich Dad Poor Dad: The #1 Best-Selling Personal Finance Book Ever
Rich Dad Poor Dad

VIDEO

Book review: Rich Dad Poor Dad
Book Review : Rich Dad Poor Dad
Book Review : Rich Dad Poor Dad
My book review on 'Rich Dad, Poor Dad' drops next week!
Rich Dad Poor Dad By Robert Kiyosaki |Detailed Summary in Hindi
Chapter-2/RICH DAD POOR DAD BY ROBERT KIYOSAKI/Cash Flow Quadrant/Hindi

COMMENTS

Rich Dad, Poor Dad Summary & Review (2024)
A Rich Dad, Poor Dad Summary. Right from the jump, Rich Dad, Poor Dad surprised me with its style and narrative framework. I expected more technical insight and investment math, but the book primarily consists of anecdotes that hold nuggets of (supposed) wisdom for the reader to absorb as if through osmosis.
Rich Dad Poor Dad
Robert Kiyosaki's Rich Dad Poor Dad was first published in 1997 and quickly became a must-read for people interested in investing, money, and the global economy. The book has been translated into dozens of languages, sold around the world, and has become the #1 personal finance book of all time. The overarching theme of Rich Dad Poor Dad is ...
Rich Dad, Poor Dad by Robert T. Kiyosaki
629,366 ratings23,980 reviews. Rich Dad Poor Dad is Robert's story of growing up with two dads — his real father and the father of his best friend, his "rich dad" — and the ways in which both men shaped his thoughts about money and investing. The book explodes the myth that you need to earn a high income to be rich and explains the ...
Rich Dad, Poor Dad Review
Since its debut in 1997, Robert T. Kiyosaki's Robert Kiyosaki's Rich Dad, Poor Dad has been a landmark among personal finance books, a best-seller that has sold nearly 40 million copies worldwide. I first read the book back in 2000, when I was still a budding entrepreneur. I figured I would re-read it now that I have more experience under my belt.
Rich Dad Poor Dad Summary, Workbook & Review
Rich Dad Poor Dad Review. "Rich Dad Poor Dad" is not just a book; it's a paradigm-shifting guide that challenges conventional wisdom about finance, work, and wealth. Robert Kiyosaki's narrative, based on lessons from his own life, juxtaposes the financial philosophies of two father figures: his biological father, the 'Poor Dad,' and ...
Rich Dad Poor Dad Book Review
Final Thoughts: Rich Dad Poor Dad Book Review. "Rich Dad Poor Dad" is more than just a financial guide; it is a provocative insight into alternative ways to view and handle your money. This book is a must-read for anyone looking to break free from the paycheck-to-paycheck lifestyle and venture into making their money work for them.
Rich Dad Poor Dad Review & Summary
In this book, Robert Kiyosaki draws from his own life experiences with two father figures - his biological father (the 'Poor Dad') and the father of his best friend (the 'Rich Dad'). These two men represent contrasting financial philosophies: Imagine standing at a crossroads: one path leads to a luxurious mansion, the other to a ...
How 'Rich Dad Poor Dad' Changed Successful Investors' Mindsets: Review
Courtesy of Karina Mejia. Real estate investors and early retirees say that "Rich Dad Poor Dad" changed their money mindset. The book explores timeless money lessons, including the importance of ...
Rich Dad Poor Dad by Robert Kiyosaki: Book Summary & Review
1-Sentence-Summary: Rich Dad Poor Dad tells the story of a boy with two fathers, one rich, one poor, to help you develop the mindset and financial knowledge you need to build a life of wealth and freedom. Read in: 4 minutes. Favorite quote from the author: Table of Contents. Video Summary. Rich Dad Poor Dad Summary. Rich Dad Poor Dad Review.
Rich Dad Poor Dad
Rich Dad Poor Dad is a 1997 book written by Robert T. Kiyosaki and Sharon Lechter.It advocates the importance of financial literacy (financial education), financial independence and building wealth through investing in assets, real estate investing, starting and owning businesses, as well as increasing one's financial intelligence (financial IQ).. Rich Dad Poor Dad is written in the style of a ...
Rich Dad Poor Dad Book Review
Rich Dad Poor Dad is structured as several lessons to serve as a roadmap to financial literacy. In most chapters, you'll find examples of how Kiyosaki put the lessons to work in his own life. Towards the end of the book, you'll find practical advice to put the lessons you've learned into practice. Kiyosaki's style is approachable.
Rich Dad Poor Dad by Robert Kiyosaki
Rich Dad Poor Dad book review. "Rich Dad Poor Dad" by Robert Kiyosaki is a game-changing read for anyone seeking financial wisdom and a fresh perspective on wealth-building. Kiyosaki imparts invaluable insights and practical advice that can revolutionise the way you approach money.
My Review of Rich Dad Poor Dad: 20th Anniversary Edition
The book unfolds as a series of lessons on financial literacy, investment, and distinguishing assets from liabilities, enriched in this 20th Anniversary Edition with updates for today's economic ...
Is 'Rich Dad Poor Dad' a Must-Read or a Must-Avoid? Our in-depth review
Robert Kiyosaki's "Rich Dad Poor Dad" has been a best-selling personal finance book for decades, with the book even claiming to be "the #1 personal finance book of all time!" But, is it ...
Rich Dad Poor Dad Summary: Key Takeaways & Review
Rich Dad Poor Dad Book Summary at a Glance. Rich Dad, Poor Dad by Robert T. Kiyosaki is one of the most important books on personal finance that introduced a new perspective on wealth management.. The author explains key concepts of financial management by comparing and contrasting the financial philosophies of his two dads—the rich dad and the poor dad.
Book Review: Rich Dad Poor Dad
Rich Dad Poor Dad was the first personal finance book I read, it also happens to be one of the most popular personal finance books ever written, having sold 32 million copies (at the time of publishing this article).. In the book author Robert Kiyosaki recounts the entertaining stories from his childhood, right through to adulthood and along the way points to the lessons from his two 'Dads'.
Book Review: "Rich Dad Poor Dad" by Robert T. Kiyosaki
In conclusion, "Rich Dad Poor Dad" is a compelling book that encourages readers to reevaluate their attitudes towards money and presents alternative ways of thinking about wealth and financial independence. While some aspects might be subject to individual interpretation, the book's core message about financial education, smart investing ...
Rich Dad Poor Dad by Robert T Kiyosaki
Rich Dad Poor Dad by Robert Kiyosaki is probably the most well known 'how to be rich' books ever written.And it's also one that I have been putting off reading for a long time. I hate the branding - "what the rich teach their kids about money that the poor and middle class do not!" - and there's a sort of snobbish cult following around the book that I can't stand.
Book Review: Rich Dad Poor Dad
Rich Dad Poor Dad by Robert Kiyosaki challenges conventional beliefs about money and wealth. The author shares insights from two fathers, his own "poor dad" a well-educated but financially struggling government worker and his friend's "rich dad," a successful businessman and real estate investor. Throughout the stories of his two ...
Book Review: Rich Dad, Poor Dad (this books irks me)
The Good. Rich Dad, Poor Dad is an absolute juggernaut of a book-it's been on the bestseller lists for as long as I remember. I re-read this book yesterday. Man, there are some really great points, like how rich people make money work for them and how everyone else works for money. The first chapter is pure magic-read it.
Book Review: "Rich Dad Poor Dad"
In personal finance and self-help literature, few books have impacted as significantly as Robert Kiyosaki's "Rich Dad Poor Dad." This groundbreaking book, first published in 1997, has become essential for those looking to understand the basics of money management, investing, and financial independence. Its lessons are particularly relevant for teenagers and young adults at the […]
Rich Dad Poor Dad: What the Rich Teach Their Kids about Money That the
April of 2022 marks a 25-year milestone for the personal finance classic Rich Dad Poor Dad that still ranks as the #1 Personal Finance book of all time.And although 25 years have passed since Rich Dad Poor Dad was first published, readers will find that very little in the book itself has changed — and for good reason.While so much in our world is changing a high speed, the lessons about ...
RICH DAD POOR DAD Book Review
An incredibly motivating book inspired by the personal experience of Robert Kiyosaki, who is himself a millionaire, and his road to successful investment. There are countless testimonies from people across the web who say they got started in network marketing, real estate investment, or opened a business after reading the book Rich Dad, Poor Dad.
Summary of Rich Dad, Poor Dad: What the Rich Teach Their Kids about
Real Facts returns with another must-read, "Summary of Rich Dad, Poor Dad | A Guide To Robert T. Kiyosaki's Book." Dive into the essence of Kiyosaki's groundbreaking work without having to commit to the full read. This summary distills the core lessons of financial wisdom, making it...
6 summary point on book rich dad poor dad
6 summary point on book rich dad poor dad. Rich Dad Poor Dad" by Robert T. Kiyosaki is a personal finance classic that contrasts the different financial mindsets and practices of two father figures in the author's life. Here are six summary point . Rich Dad Poor Dad" by Robert T. Kiyosaki is a personal finance classic that contrasts the ...
5 Best Money Lessons From Robert Kiyosaki
Y ou might know finance expert Robert Kiyosaki from his book "Rich Dad, Poor Dad," which he co-wrote with Sharon Lechter in 1997. In the book, Kiyosaki dispenses financial advice that he got ...
'Rich Dad Poor Dad' Author Robert Kiyosaki Agrees With Raoul Pal's
What Happened: On Tuesday, Kiyosaki, author of the best-selling book "Rich Dad Poor Dad," voiced his agreement with Pal's prediction that Bitcoin is set to experience a significant surge ...
'Rich Dad Poor Dad' Author: Hang On Tight As Bitcoin ...
Robert Kiyosaki, a vocal Bitcoin supporter and entrepreneur, also widely known for authoring a classic book on financial literacy "Rich Dad Poor Dad" has addressed his 2.5 million followers with a tweet about Bitcoin entering the "Banana Zone."In his post, Kiyosaki explains what it means for the wo….
Rich Dad Poor Dad Book Review: Learn Financial Intelligence and Manage
5-22. Discover the importance of financial intelligence and how to manage your finances effectively. Explore valuable lessons from the book 'Rich Dad Poor Dad' by Hubert Giosaki. Enhance your mindset about money and take control of your financial future. #english #speakingenglish #language #booktok. Keywords: Rich Dad Poor Dad book review ...

Rich Dad, Poor Dad Summary & Review (2024)

A Rich Dad, Poor Dad Summary

Robert Kiyosaki’s Best Advice

1. Learn Personal Finance (And Teach It to Your Kids)

2. Find Ways to Escape the Rat Race (Make Your Money Work For You)

3. Master Your Emotions Regarding Money

4. Develop a Broad and Valuable Skillset

Robert Kiyosaki’s Worst Advice

1. You Should Start a Business and Get Rich Because Employees are Broke and Miserable

2. Academic Learning isn’t Valuable (Rich People Don’t Need It)

3. Invest in Real Estate! It’s the Best Way to Get Rich!

4. Jump Off Cliffs and Build Parachutes On Your Way Down

Is It Worth Reading Rich Dad, Poor Dad?

By Nick Gallo

More in Book Club

The Intelligent Investor Review: Key Concepts & Actionable Tips

7 Best Books on Real Estate Investing to Read in 2024

7 Best Forex Trading Books for Beginners in 2024

Top 5 Financial Reporting Books for Investors in 2024

5 Best Investing Books Every Investor Must Read

The Millionaire Next Door Review: Best and Worst Advice (2024)

Why Are Gas Prices so High? 18 Questions Answered!

How Does Inflation Work: An Illustrated Guide for the Rest of Us

12 Valuation Ratios Every Investor Should Know

Popular Articles

The 15/3 Credit Card Payment Hack: How, Why, and When It Works

Yes, You Can Build Credit with a Debit Card. Here’s How!

Rich Dad Poor Dad - a quick book summary and review

Introduction

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

Overcoming Obstacles

Getting started

Still want more? Here are some to-do’s.

Is Rich Dad Poor Dad Worth Reading?

Roofstock makes it easy to get started in real estate investing.

Join 100,000+ Fellow Investors.

Macon, Georgia real estate market: Stats & trends for 2022

How much is a rental property: The up-front & recurring costs

How to create an S corporation for your rental properties

Rich Dad Poor Dad Book Review

Introduction

Table of Contents

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!

Overview of the Core Concept

Key Financial Lessons

“Rich Dad Poor Dad” Audiobook

Impact on Personal Finance Perspective

Critique and Considerations

Final Thoughts : Rich Dad Poor Dad Book Review

You Might Also Like

When Is World Book Day?

10 Best Audiobooks 2024

Top Audiobooks for Business and Innovation in 2024

Napoleon Hill’s Think and Grow Rich Summary & Review

Key Takeaways From Reading The Book Rich Dad, Poor Dad

Quick Links – Rich Dad Poor Dad Review

The Core Philosophy: Rich Dad vs. Poor Dad

Reshaping Our Financial Understanding

The True Meaning of Wealth

The Financial Mindset Shift

TRY AN AUDIBLE TRIAL MEMBERSHIP FOR FREE!!

Essential Book Insights: Discovering Financial Wisdom Through Two Fathers

What I Learned from “Rich Dad Poor Dad”

Why This Book is Important

Book Review of Rich Dad Poor Dad

Author’s Background: The Credibility Factor

Why This Book Matters

My Personal Takeaway

The Impact: Unlocking Financial Wisdom

Recommendation

Book Advantages & Drawbacks

Diverse Perspectives: A Community’s Take on Kiyosaki’s Teachings

A Balanced Look: Reviews from Book Rating Websites

Amazon & Reddit’s Candid Opinions

Similar Books To Read