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book review of rich dad and poor dad

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Rich Dad Poor Dad - a quick book summary and review

Jeff Rohde

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

Rich Dad Poor Dad

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.”

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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.”

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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

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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.

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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

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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.

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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.

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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

Book Cover of Rich Dad, Poor Dad

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.

Sign up for free on ClickUp and explore its financial features and more!

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Rich Dad Poor Dad Book Summary, Review, Notes

Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter is a book that came out in 1997 and focuses on the importance of financial literacy from an early age. 

Throughout the book, the author explains how a person can increase their wealth by investing in assets and by being smart with money.

Book Title—  Rich Dad Poor Dad Author —  Robert Kiyosaki, Sharon Lechter Date of Reading—   February, 2023 Rating—   9/10

Table of Contents

What is being said in detail.

Rich Dad Poor Dad follows snippets of Robert Kiyosaki’s childhood as he starts learning about money from the young age of nine. 

The name of the book comes from Kiyosaki’s real father who was the “poor dad” and his friend’s father who was the “rich dad”. 

His real father was a professor who earned a lot yet always struggled financially, while his friend’s father, an entrepreneur who left school at an early age ended up as one of the richest people in Hawaii. 

Kiyosaki often tried to understand the perspective of both his rich dad and poor dad, however, his rich dad’s advice is what helped him gain knowledge of finances and acquire wealth.

The book introduces the concepts of cash flow, balance sheet, income statement, assets, and liabilities in a simple manner, easy for everyone to understand. 

The author wishes that everyone was taught the basics of finances from childhood like he was, which he lists as one of the reasons for writing this book. 

The importance of knowing the difference between assets and liabilities and focusing on investing in assets is emphasized through multiple chapters and called “the number one and the only rule”.

Rich Dad Poor Dad consists of 10 chapters and an epilogue. 

Chapters contain simple explanations of basic finance concepts, often followed by pictures and examples from the author’s life or from his family and friends.

Introduction

Introduction explains the idea behind the book and emphasizes the importance of financial literacy over the standard, outdated education received at school. 

In the wake of constant global and technological changes, knowledge of finances might just be of the greatest use for financial independence.

Chapter One 

Chapter 1 highlights the contrast between Robert’s rich dad and poor dad,  as it shows both of their perspectives on money and wealth. 

Robert decides to follow the rich dad’s advice, which were based on six lessons: 

  • The Rich Don’t Work for Money, 
  • Why Teach Financial Literacy, 
  • Mind Your Own Business, 
  • The History of Taxes and the Power of Corporations, 
  • The Rich Invent Money, and 
  • Work to Learn Don’t Work for Money.

Chapter Two – Lesson One: The Rich Don’t Work For Money

In Chapter 2 Robert and his friend Mike ask Mike’s dad, the rich dad, to teach them how to be wealthy and successful. 

They start working for him every Sunday, and at the age of 9 learn what it is like to live as an average adult – earning money and spending it. Rich dad advises them to use their head over emotions when it comes to money.

Chapter Three – Lesson Two: Why Teach Financial Literacy?

In Chapter 3 Robert speaks about, as he says, ‘rule number one and the only rule’, which goes as follows “You must know the difference between an asset and a liability, and buy assets”. 

This chapter contains simple drawings explaining the basics of cash flow, income statements, and balance sheets.

Chapter Four – Lesson Three: Mind Your Own Business

Chapter 4 suggests that a person should focus on increasing their assets and in that way “work for themselves”, instead of working and earning money for someone else their whole lives (for employer, government, bank).

Chapter Five – Lesson Four: The History of Taxes and The Power of Corporations

Chapter 5 talks about the history of taxes and how understanding that concept and making it work to one’s advantage makes the difference between the rich and poor or middle class. 

The importance of financial IQ is also mentioned and it is based on four areas: accounting, investing, understanding markets, and the law. 

Chapter Six – Lesson Five: The Rich Invent Money

Throughout Chapter 6 Robert explains how even “risky” investments are not gambling if one knows what they are doing; it becomes gambling “if you’re just throwing money into a deal and praying”. 

He argues that financial intelligence is knowing how to take good opportunities that come your way. 

Kiyosaki also talks about CASHFLOW, the investment game he came up with in order to make investing easier to comprehend for people with different backgrounds

Chapter Seven – Lesson Six: Work to Learn – Don’t Work for Money

Chapter 7 describes how knowing a little bit about a lot is better than specializing in just one thing. 

Kiyosaki notes that the main management skills needed for success are management of cash flow, management of systems, and management of people.

Chapter Eight – Overcoming Obstacles

Chapter 8 states five reasons why even financially literate people might not acquire assets that will produce a satisfying cash flow.

  •     Arrogance . The cure to arrogance is realizing and accepting our ignorance, and choosing to educate ourselves on the subject.

Chapter Nine – Getting Started

Chapter 9 offers ten steps to awaken financial genius:

Another important thing to note is that a person needs to stay true to themselves on the road to wealth.

Rather than what we know, how fast we learn is more important in the information age.

If we want knowledge, money, or information, we should first give those things to others in order to receive them.

Chapter Ten – Still Want More? Here are Some To Do’s

In Chapter 10 the author shares some practical steps on how to start the journey of financial literacy and wealth, such as looking for new ideas, finding someone who has done what we want to do, taking classes, reading and attending seminars, making a lot of offers, and learning from history.

One of the more compelling steps instructs that “ action beats inaction ”.

In Epilogue the reader is offered an example of how to afford education for children and provide for retirement based on the case of Robert Kiyosaki’s friend. 

The author also invites the reader to learn how to make money work for them and therefore have an easier and happier life.

Most Important Keywords, Sentences, Quotes

Introduction.

“Getting a good education and making good grades no longer ensures success, and nobody seems to have noticed, except our children.”

“At my table was a banker, a business owner and a computer programmer. 

What greatly disturbed me was how little these people knew about either accounting or investing, subjects so important in their lives.”

Robert Kiyosaki Quote

“He knows that the world has changed, but education has not changed with it. 

According to  Robert, children spend years in an antiquated educational system, studying subjects they will never use, preparing for a world that no longer exists.”

“Remember that financial intelligence is the mental process via which we solve our financial problems.”

CHAPTER ONE 

“Both men offered me advice, but they did not advise the same things. Both men believed strongly in education but did not recommend the same course of study.”

“Although both dads worked hard, I noticed that one dad had a habit of putting his brain to sleep when it came to money matters, and the other had a habit of exercising his brain. 

The long-term result was that one dad grew stronger financially and the other grew weaker.”

“My poor dad would also say, ‘I’m not interested in money,’ or ‘Money

doesn’t matter.’ My rich dad always said, ‘Money is power.’”

CHAPTER TWO – Lesson One: The Rich Don’t Work For Money

“Most of the time, life does not talk to you. It just sort of pushes you around.

Each push is life saying, ‘Wake up. There’s something I want you to learn.’”

“Or if you’re the kind of person who has no guts, you just give up every time life pushes you. If you’re that kind of person, you’ll live all your life playing it safe, doing the right things, saving yourself for some event that never happens.”

“I’ll bet you that I earn more than your dad, yet he pays more in taxes.”

“They work very hard, for little money, clinging to the illusion of job security, looking forward to a three-week vacation each year and a skimpy pension after forty-five years of work.”

“Let me finish the other emotion, which is desire. Some call it greed, but I prefer desire. It is perfectly normal to desire something better, prettier, more fun or exciting.”

“The main cause of poverty or financial struggle is fear and ignorance, not the economy or the government or the rich. It’s self-inflicted fear and ignorance that keeps people trapped.”

CHAPTER THREE – Lesson Two: Why Teach Financial Literacy?

“Our assets are large enough to grow by themselves. It’s like planting a tree. You water it for years, and then one day it doesn’t need you anymore.”

“Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.”

“An intelligent adult often feels it is demeaning to pay attention to simplistic definitions.”

“Rich dad believed in the KISS principle—Keep It Simple, Stupid (or Keep It Super Simple)—so he kept it simple for us, and that made our financial foundation strong.”

“‘In accounting,’ rich dad would say, ‘it’s not the numbers, but what the numbers are telling you. It’s just like words.’”

Robert Kiyosaki Quote 2

“Cash flow tells the story of how a person handles money.”

“What is missing from their education is not how to make money, but how to manage money.”

“A person can be highly educated, professionally successful, and financially illiterate.”

CHAPTER FOUR – Lesson Three: Mind Your Own Business

“To become financially secure, a person needs to mind their own business.”

“The better I was at understanding the accounting and cash management, the better I would be at analyzing investments and eventually starting and building my own company.”

“An important distinction is that rich people buy luxuries last, while the poor and middle class tend to buy luxuries first.”

CHAPTER FIVE – Lesson Four: The History of Taxes and The Power of Corporations

“My rich dad did not see Robin Hood as a hero . He called Robin Hood a crook.”

“It was difficult to go to work for one of the biggest capitalists in town and come home to a father who was a prominent government leader. It was not easy to know which dad to believe.”

“The harder you work, the more you pay the government.”

“If you work for money , you give the power to your employer. If money works for you, you keep the power and control it.”

“My money was working hard to make more money. Each dollar in my asset column was a great employee, working hard to make more employees and buy the boss a new Porsche with before-tax dollars.”

CHAPTER SIX – Lesson Five: The Rich Invent Money

“We all have tremendous potential, and we all are blessed with gifts. Yet the one thing that holds all of us back is some degree of self-doubt.”

“Old ideas are their biggest liability. It is a liability simply because they fail to realize that while that idea or way of doing something was an asset yesterday, yesterday is gone.”

Robert Kiyosaki Quote 3

“Most people have an opportunity of a lifetime flash right in front of them, and they fail to see it. A year later, they find out about it, after everyone else got rich.”

“Financial intelligence is simply having more options.”

“The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth.”

“Another case for developing your financial intelligence over a lifetime is simply that more opportunities are presented to you.”

“It is not gambling if you know what you’re doing. It is gambling if you’re just throwing money into a deal and praying.”

“Great opportunities are not seen with your eyes. They are seen with your mind.”

CHAPTER SEVEN – Lesson Six: Work to Learn – Don’t Work for Money

“I am constantly shocked at how little talented people earn.”

“‘You want to know a little about a lot’ was rich dad’s suggestion.”

“Job is an acronym for ‘Just Over Broke.’”

“Once people are trapped in the lifelong process of bill-paying, they become like those little hamsters running around in those metal wheels.”

“So I wonder: Are workers looking into the future or just until their next paycheck, never questioning where they are headed?”

“I know of no other skills to be more important than selling and marketing.”

“The better you are at communicating, negotiating, and handling your fear of rejection, the easier life is.”

CHAPTER EIGHT – Overcoming Obstacles

“The primary difference between a rich person and a poor person is how they manage that fear.”

“For most people, the reason they don’t win financially is because the pain of losing money is far greater than the joy of being rich.”

“Losers avoid failing. And failure turns losers into winners.”

“Rich dad explained that criticism blinded while analysis opened eyes. Analysis allowed winners to see that critics were blind, and to see opportunities that everyone else missed. And finding what people miss is key to any success.”

“So what is the cure for laziness? The answer is—a little greed.”

“If I pay myself first I get financially stronger, mentally and fiscally.”

“When you know you are ignorant in a subject, start educating yourself by finding an expert in the field or a book on the subject.”

CHAPTER NINE – Getting Started

“A reason or a purpose is a combination of ‘wants’ and ‘don’t wants’.”

“I’ve learned that, without a strong reason or purpose, anything in life is hard.”

“Financially, with every dollar we get in our hands, we hold the power to choose our future: to be rich, poor, or middle class.”

“In today’s fast-changing world, it’s not so much what you know anymore that counts, because often what you know is old. It is how fast you learn.”

“Simply put, people who have low self-esteem and low tolerance for financial pressure can never be rich.”

“Too often today, we focus on borrowing money to get the things we want instead of focusing on creating money.”

“Copying or emulating heroes is true power learning.”

Robert Kiyosaki Quote 4

“Whenever you feel short or in need of something, give what you want first and it will come back in buckets.”

CHAPTER TEN – Still Want More? Here are Some To Do’s

“The definition of insanity is doing the same thing over and over and expecting a different result.”

“I also attend and pay for expensive seminars on what I want to learn. I am wealthy and free from needing a job simply because of the courses I took.”

EPILOGUE 

“Without financial training, we all too often use the standard formulas to get through life: Work hard, save, borrow, and pay excessive taxes. Today, more than ever, we need better information.”

“It takes only a few dollars to start and grow it into something big.”

“With each dollar bill that enters your hand, you and only you have the power to determine your destiny. Spend it foolishly, you choose to be poor. Spend it on liabilities, you join the middle class. 

Invest it in your mind and learn how to acquire assets and you will be choosing wealth as your goal and your future.”

Book Review (Personal Opinion):

I often heard about this book but the thought of reading it has not crossed my mind until recently, and I am very glad that I decided to do so. 

Even with some background knowledge of finances and accounting, the book somehow broke it down and helped me understand the practical and real-life aspects instead of just theoretical ones. 

The whole point of the book was the author explaining to the readers these concepts the way it was explained to him when he was a child – simple and comprehensible.

The chapter builds on each other and it starts from the pure basics – the difference between assets and liabilities, and continues onto the history of taxes, overcoming setbacks on road to financial literacy, and other useful topics. 

My favorite part was the last chapter which gave us practical advice for beginners to implement to become wealthy and financially independent. 

Rating : 9/10

This Book Is For:

  •   Parents who want to teach their children to be responsible and smart with money
  •   Young individuals who seek wealth and independence and need a place to start
  •   People who want to invest in assets such as real estate

If You Want To Learn More

Robert Kiyosaki explains how you can make money from nothing and other topics contained in his book in this 2018 interview at New Orleans Investment Conference . 

How I’ve Implemented The Ideas From The Book

This book motivated me to start taking matters into my own hands through small steps. 

I started reading about investing and subscribed to the Wall Street Journal, where I sometimes spend hours reading articles on current business affairs and following stock market news.

One Small Actionable Step You Can Do

Kiyosaki mentions the educational board game he came up with multiple times in the book, called CASHFLOW. 

It is a game designed for people who want to learn the fundamentals of investing through a fun simulation. Try playing it for free on Kiyosaki’s website www.richdad.com and see how well you understand the principles explained in the book.

Rich Dad Poor Dad -Robert Kiyosaki -Summary Infographic

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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:

Rich Dad Poor Dad Summary

Table of Contents

Video Summary

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

YouTube video

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

book review of rich dad and poor dad

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.

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Robert Kiyosaki – Rich Dad, Poor Dad Book Review

book review of rich dad and poor dad

One of the best books I've come across on financial education has been Rich Dad, Poor Dad by Robert Kiyosaki .  I've since become a huge fan of Robert Kiyosaki and have read many of his other books and watched a lot of videos of him.  In this book review, I want to share some of the most important lessons that I've learned from Rich Dad, Poor Dad.

Become Financially Educated

This is one of the biggest things I've taken from Robert Kiyosaki.  He says most people spend years in school but learn nothing about money or finances.  He stresses how money is something learned at home and is usually taught by your parents, not through the school or education system.  We all need to take it upon us to become financially educated and literate.

One of the reasons the rich get richer, the poor get poorer, and the middle class struggles in debt is because the subject of money is taught at home, not in school.  Most of us learn about money from our parents.  So what can a poor parent tell their child about money?  They simply say “Stay in school and study hard.”  The child may graduate with excellent grades but with a poor person's financial programming and mind-set.  It was learned while the child was young. Money is not taught in schools.  Schools focus on scholastic and professional skills, but not on financial skills.  This explains how smart bankers, doctor and accountants who earned excellent grades in school may still struggle financially all of their lives.

One of my favorite segments of the book is when he talks about learning as much as possible and developing your skill sets in different areas.  To learn areas such as sales, marketing, communication, management, etc… and how valuable they are.

He tells a story about how he was interviewed in Japan by a woman.  This woman was an extremely talented writer and had written many novels, however, none of them had cracked the best-seller list.  When Robert was talking to her, he asked her why doesn't she learn sales?  She says “Oh, I hate sales.  I don't want to be one of those people” and she goes on and on.

Robert Kiyosaki said , “There's a reason why I'm a best-selling author instead of a best-written author.”

The lesson from that is to learn to sell.  Sales is a valuable asset and will get you far.  You could write the best book in the world, but if you can't sell it, then what's the point?  This is something I can definitely relate to, as I publish a lot of books on Kindle and it all comes down to the marketing of the books.

Have Money Work For You

Most people  WORK FOR MONEY , instead of having money  WORK FOR THEM.

The poor and the middle class work for money.  The rich have money work for them.

Most people spend their lives going through school and getting an education so that they can  WORK FOR MONEY.   They spend all their time working for someone else.  For example, they work for a paycheck and are making the owner/shareholders richer.  Then they work for the government, which takes its share from their paycheck before they even see it.  And of course, the harder they work and more money they make, the more of it is taken from the government.  And finally, they work for the bank to pay off their mortgage and credit card debt.

Instead, acquiring assets that produce income is a way of having money work for you.  Examples are passive income (real estate), portfolio income (stocks, bonds, etc…), or businesses.  Part of the reason why I'm so big into online marketing is that I've been able to create automated streams of income through it.  Check out my blog post on how to make passive income .

Acquire Assets, Not Liabilities

robert kiyosaki rich dad poor dad

Rich people acquire assets.  The poor and middle class acquire liabilities, but they think they are assets.

Here are more examples of assets that Robert Kiyosaki recommends we acquire:

  • Businesses that do not require your presence.
  • Mutual Funds
  • Income-generating real estate
  • Notes (IOU's)
  • Anything that produces income or appreciates or has value.

A liability is anything that is an expense or depreciates in value.

Own a Corporation  

Another great thing Robert talks about is the tax advantages of owning a business.  He mentions how a corporation can do so many things that an individual cannot.  Like pay for expenses before it pays taxes.

Employees earn and get taxed and they try to live on what is left.  A corporation earns, spends everything it can, and is taxed on anything that is left.  It's one of the biggest legal tax loopholes that the rich use.

A fantastic summary he has for it is:

The Rich with Corporations

1. Earn 2. Spend 3. Pay Taxes

People Who Work for Corporations

1. Earn 2. Pay Taxes 3. Spend

In this book, there are tons of other nuggets of gold like the ones I mentioned above.  Everything I covered here is just the tip of the iceberg.  I hope you enjoyed this Rich Dad, Poor Dad review and take the next step to further your financial education.

To find out more about Rich Dad, Poor Dad by Robert Kiyosaki , click here .

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book review of rich dad and poor dad

Rich Dad, Poor Dad Summary – Robert Kiyosaki Book

Rich Dad Poor Dad is Robert Kiyosaki’s best-selling book about the difference in mindset between the poor, middle class, and rich. In this Rich Dad Poor Dad book summary, we’ll break down some of the best lessons Kiyosaki shares to help you become more financially literate. So, let’s dive in. 

Post Contents

20 Years… 20/20 Hindsight

Introduction, chapter one: lesson 1: the rich don’t work for money, chapter two: lesson 2: why teach financial literacy, chapter three: lesson 3: mind your own business, chapter four: lesson 4: the history of taxes and the power of corporations, chapter five: lesson 5: the rich invent money, chapter six: lesson 6: work to learn – don’t work for money, chapter seven: overcoming obstacles, chapter eight: getting started, chapter nine: still want more here are some to do’s, final thoughts.

book review of rich dad and poor dad

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book review of rich dad and poor dad

Rich Dad’s Lesson 1: “The rich don’t work for money.”

In today’s world, there’s never been a more significant divide between the rich and all other income classes. Some economists in California even noticed that about 95% of income gains between 2009-2012 went to the wealthiest people in the world– the one percent. Thus, showing that the biggest increases in income go to entrepreneurs and investors– not employees.

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Rich Dad Lesson: “Savers are losers.”

The emphasis on saving is only found in the poor and middle class. However, the reason why savers are losers is that since 2000 there have been three massive stock market crashes. 

  • Dotcom Crash: 2000. 
  • Real Estate Crash: 2007
  • Banking Crash: 2008

stock market crashes

The first three crashes of the 21st century pale in comparison to the great crash of 1929. When you look at the data visually, you can see how big of an impact the crashes were.

Notably, after each stock market crash, the American government and the Federal Reserve Bank started “printing money.”

Today’s interest rates are relatively close to zero, which is what makes savers losers. And the biggest savers are the poor and middle class. 

Rich Dad Lesson: “Your house is not an asset.”

When Robert Kiyosaki first published Rich Dad, Poor Dad in 1997, every publisher who had rejected his book had criticized the lesson regarding a person’s house not being an asset. Historically, people believed that your home was the biggest investment you can make. 

However, it wasn’t until 2007 when “subprime borrowers began to default on their subprime mortgages,” that people realized that a house wasn’t an asset.

The real estate crash was caused by the rich, not the poor. “The rich created financially-engineered products known as derivatives.” Even Warren Buffett hated these, calling them “weapons of mass financial destruction.” The derivatives were the cause of the housing market collapse. Yet, somehow, the poor were blamed even though there were approximately $700 trillion in financial derivatives. Believe it or not, but that number has since exploded to $1.2 quadrillion in financial derivatives. 

warren buffet quotes

Rich Dad Lesson: “Why the rich pay less in taxes.”

Poor people often get angry when they learn rich people pay less in taxes. Instead, they should focus on learning from the rich as they pay fewer taxes legally.

The poor and middle class will always pay more taxes than the rich. This statement is true because it’ll always be the person who works for money who gets taxed the most.

When presidents promise to raise taxes on the rich, they typically mean the middle class. Not the real rich. 

Robert Kiyosaki had two fathers: a rich one and a poor one. One was highly educated with a Ph.D. and so intelligent he completed his undergraduate degree in only two years. The other father didn’t even finish the eighth grade. While both men worked hard, were successful, and earned a lot of money, there was always one who struggled with money. And the other dad, well, he became one of the richest people in Hawaii. 

By having two dads, with entirely different mindsets, Kiyosaki found himself comparing the two dads a lot. It was hard to figure out which dad he should listen to. Neither had found success yet. And both were experiencing financial struggles as they were still early in their careers.

Schools don’t provide financial education. Thus, causing the poor and middle class to be in debt. If millions of people need financial or medical assistance, Medicare and Social Security may run out. 

Transitioning from the mindset of “I can’t afford it” to “How can I afford it?” forces you to think instead of letting yourself off the hook. 

rich dad poor dad

Poor Dad: The rich should pay more in taxes

Rich Dad: Taxes reward those who produce

Poor Dad: Study hard so you can find a good company to work for

Rich Dad: Study hard so you can find a good company to buy

Poor Dad: I’m not rich because I have children

Rich Dad: I must become rich because I have children

Poor Dad: Don’t talk about money over dinner

Rich Dad: Talk about money and business over dinner

Poor Dad: “Don’t take risks.”

Rich Dad: “Learn to manage risk.”

Poor Dad: A house is the biggest asset you own

Rich Dad: A house is a liability

Poor Dad: Pay your bills first

Rich Dad: Pay your bills last

Poor Dad: struggles to save a few dollars

Rich Dad: creates investments

Poor Dad: teaches how to write a strong resume

Rich Dad: teaches how to write a strong business and financial plan

Poor Dad: “I’ll never be rich.”

Rich Dad: “I’m a rich man, and rich people don’t do this.”

“The poor and middle-class work for money. The rich have money work for them.”

robert kiyosaki quotes

Growing up, Robert Kiyosaki went to the same school as the rich kids, simply because he lived on a different side of the street. Being poor, in a school filled with affluent students, made him seek an answer to the question, “how do I make money ?”

His best friend Mike was also poor, and so a friendship was struck between the two. The two spent an entire morning one Saturday brainstorming all the ways they could make money. Their first project wasn’t a success, nor was it legal. They decided to cast nickels out of lead to make money– literally. With a quick explanation of the laws of counterfeiting from Robert Kiyosaki’s poor dad, the pair went back to the drawing board. 

Robert Kiyosaki’s poor dad suggested that the two learn how to make money from Mike’s dad (Robert Kiyosaki’s rich dad). Poor dad had heard from his banker how good the rich dad is at making money. Mike arranged a meeting time, and the two began their lessons.

Robert Kiyosaki arrived at 8 o’clock sharp for his meeting with Mike’s dad. When the meeting began, the rich dad told the two that he’d be happy to teach them but won’t be doing it in a classroom style. He proposed that the two boys work for him so that he can teach them faster. The two weren’t allowed to ask questions about the deal. And so the first lesson was learned: opportunities are fleeting, so you need to jump on them when they arrive. He offered to pay Robert and Mike 10 cents an hour, for three hours, every Saturday. 

After a couple of weeks doing excruciatingly boring work, Robert told Mike that he wanted to quit . This response is what Mike’s dad was hoping for.

Before his meeting with his rich dad, Robert Kiyosaki’s poor dad told him to demand what he deserves at least 25 cents an hour and to quit his job immediately if he didn’t get a raise. Robert went to meet with his rich dad but was forced to wait 60 minutes longer than expected, which infuriated him. Robert felt that his rich dad hadn’t kept his end of the bargain of teaching him and that he was just trying to exploit him by making him work for him.

His rich dad noticed that Robert had sounded like his employees after only one month. Rich dad insisted that he was teaching Robert, but in a way that life teaches, not in the way that school does. The most effective way to learn is by doing, though most people consume education from books, which is the least effective way.

The main lesson he taught in the office that day was that Robert could either end up like his employees who blame others for his problems, or he could take another path and become a wealthy man.

Rich dad had suggested that the two boys find a new way to make money outside of working for someone else. 

Lesson 1: “The poor and middle-class work for money. The rich have money work for them.” 

Rich dad also shared how happy he was that Robert Kiyosaki got angry. He said, “anger is a big part of the formula, for passion is anger and love combined.” Fear is what controls employees that causes them to exploit themselves.

rich dad quotes

Rich dad continued, “…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.”

Employees often feel disappointed looking at their paychecks– especially after tax and deductions. This was nine-year-old Robert’s first introduction to taxes. It’s also how he learned that the rich don’t let the government do that to them, even though they earn more.

In a new deal, rich dad negotiated that Robert continues working for him, but for free. For the next three weeks, Robert and Mike worked for their rich dad for free. Then, on the third Saturday, he took them out to a park for some ice cream. He decided to introduce him to the trap of the rat race. He did this by offering to pay them twenty-five cents an hour. They said no. Rich dad then offered a dollar an hour. They said no. Then, two dollars an hour. They said no. Then, five dollars an hour. And they once again said no. The boys knew that they couldn’t be bought. They were committed to becoming wealthy. 

Rich dad later pointed out that poor people often say they’re not interested in money. Robert Kiyosaki thought back to the times his dad would say, “I’m not interested in money. I work because I love my job.” This is how poor people often cover themselves up.

It’s essential to not give in to your emotions, such as fear, so that you can prevent any quick reactions and think objectively about a situation. The reality is a job is merely a short-term solution to a long-term problem. Rich dad’s focus is on teaching the boys how to have a choice of thoughts instead of a knee-jerk reaction to things. 

One of the most empowering lessons rich dad taught in this section of Rich Dad Poor Dad was to “keep using your brain, work for free, soon your mind will show you ways of making money far beyond what I could ever pay you. You will see things that other people never see. Most people never see these opportunities because they’re looking for money and security, so that’s all they get.”

rich dad poor dad quotes

This lesson inspired the two boys to find a new way to make money. On one Saturday, they noticed Mrs. Martin cutting off the cover of the comic books and throwing them into a cardboard box. Since they weren’t allowed to resell the comic books, they decided to create a library for a fee where other kids could come over to read as many comic books as they like between 2:30 p.m. and 4:30 p.m. every day after school for only 10 cents. This deal was a bargain for the other kids who might’ve spent 10 cents buying a comic book. Each week, they averaged around $9.50, while paying Mike’s sister one dollar a week to manage the library. After three months, a fight broke out in the library, and Mike’s dad advised them to shut down the business. But they did manage to learn how to make money work for them instead of working for money. 

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

Robert Kiyosaki retired at the age of 47. He still works, but for him and his wife, Kim, working is an option as their wealth will continue to grow automatically.

In this section of Rich Dad, Poor Dad, Robert Kiyosaki shares a simple story. In 1923, the greatest leaders and richest businessmen joined together for a meeting in Chicago. Twenty-five years later, nine of them had their life end in the following ways:

  • Four died broke
  • One went insane
  • Two were released from prison
  • Two committed suicide

This unfortunate turn was likely due to their lives being drastically affected by the 1929 stock market crash and the Great Depression. 

The biggest financial lesson to learn is that it’s all about how much money you keep, not how much you make. And without financial literacy, you’ll lose your money soon.

Growing up, poor dad recommended that Robert read books while rich dad recommended that Robert master financial literacy. Robert shares, “If you are going to build the Empire State Building, the first thing you need to do is dig a deep hole and pour a strong foundation. If you are going to build a home in the suburbs, all you need to do is pour a six-inch slab of concrete. Most people, in their drive to get rich, are trying to build an Empire State Building on a six-inch slab.”

robert kiyosaki quotes

It’s vital to learn the subject of accounting if your long-term goal is to be rich – no matter how boring you think the topic is.

Rule #1: You must know the difference between an asset and a liability– and buy assets.

“Rich people acquire assets. The poor and middle class acquire liabilities they think are assets,” rich dad says.

The biggest challenge poor people have is knowing the difference between an asset and a liability. Knowing the difference between the two can help you become rich. 

So, what’s the difference?

An asset puts money into your pocket. A liability takes money out of your pocket. 

Assets add to your income. Liabilities add to your expenses. And the job of a poor person pays you an income that then covers your expenses. The job of a middle-class person pays you an income then pays down liabilities then pays expenses. However, for a rich person, their assets pay them an income. For example, their assets may give them rental income, dividends, interest, or royalties.

Here are a few examples of liabilities that the middle class own:

  • Credit card debt
  • School loans

Here are a few examples of assets that rich people own:

  • Real estate
  • Intellectual property

Many people who are poor or in the middle class often say, “I’m in debt, so I need to make more money.” However, getting money isn’t a problem. It’s the lack of financial literacy that’s the problem. So if they simply had more money, the problem might become worse. That’s why when people win the lottery or get a pay raise, they usually end up back in the same financial situation as they did before. If a person spends all they have, the pattern will continue every time they make money.

Professional success isn’t directly tied to academic success anymore. Most students leave their schools with limited financial literacy. Later in life, they find themselves struggling financially. What they need to know more than how to make money is how to manage their money. This skill is called financial aptitude. Most people learned how to work hard instead of how to make money work hard for them.

Taxes end up costing the poor and middle class in the long run. People often buy bigger homes to grow a family, and property tax rises. People’s salaries increase over time, and so social security tax also sees a rise. And before long, their liabilities column is filled up with a mortgage and credit-card debt. Thus, trapping them in the rat race. 

The secret to knowing how to make money is simply about creating assets instead of liabilities. 

Golden Rule: “He who has the gold makes the rules.”

golden rule

“Most financial problems are caused by trying to keep up with the Joneses.” You might choose to buy a bigger house, work harder, or get a promotion or pay raise.

As teenagers, Mike and Robert would work with their rich dad. They studied how he held meetings with his bankers, attorneys, accountants, investors, so forth. Even though his rich dad had left school at 13, he was now directing some very educated people.

Rich dad regularly told the two teens, “An intelligent person hires people who are more intelligent than he is.”

As a teenager, Robert realized he had more financial literacy than his poor dad as he was able to keep books and spent a lot of time listening to bankers, tax accountants, real estate brokers, and others like them.

In this section of Rich Dad Poor Dad, Robert Kiyosaki shares that many people view their home as an asset. However, in many cases, the value of a home doesn’t always go up. Sometimes people buy million-dollar houses that would sell for far less. Retirees such as Kim’s parents had a strain on their budget when their property taxes increased to $1,000 a month.

When Robert plans on buying a bigger house, he “first buys assets that will generate the cash flow to pay for the house.” He shares that as you continue to grow your asset column, over time, you’ll also see the growth of your income. And that’s why the rich keep getting richer– however, the reason why the middle-class struggles are because taxes increase as their salaries increase.

Employees work for three key groups:

  • Company: Making the owners and shareholders rich
  • Government: Possibly 100% of the work you do from January until May goes towards taxes
  • Bank: Your biggest expenses are your mortgage and credit card debt

“Wealth is a person’s ability to survive so many number of days forward– or, if I stopped working today, how long could I survive?”

For example, if a person has $1,000 a month in cash flow from their asset column and they have monthly expenses of $2,000 a month, they will only be wealthy once they have $2,000 a month of cash flow to their asset column.

The average American only has less than $400 in savings, with an astounding 34% with none at all.

So to sum up:

  • “The rich buy assets.
  • The poor only have expenses.
  • The middle class buy liabilities they think are assets.”

“The rich focus on their asset columns while everyone else focuses on their income statements.”

While most people assume that Ray Kroc, the founder of McDonald’s, is in the hamburger business, Kroc once told an MBA class that he’s actually in the real estate business. That’s why he carefully chose every location for his franchises. Today, McDonald’s owns more real estate than any other organization in the world – even the Catholic church.

When someone asks the average person, “What is your business?” they typically respond with their profession. However, they are not owners of the company they work for. They still need their own business. Otherwise, they’ll spend their life working for everyone but themselves. That’s the importance of minding your own business.

Financial hardship comes from spending your life putting money into someone else’s pocket instead of your own. But by working for others, they’ll be dependent on pay raises, getting second jobs, or working overtime. 

Without a financial foundation, you’ll be stuck to your job and its security for the rest of your life.

However, it’s important to note that entrepreneurship can be a tricky path. In one instance, Robert Kiyosaki tried to get a loan. The loan committee saw that he owned a lot of real estate properties. However, they struggled to understand why he didn’t have a salary or a 9 to 5 job. Even though, at the time, he did own many assets such as Armani suits, art, golf clubs, and of course, property. 

It’s also good to note that as you sell your assets, the government taxes you on the gains. Robert recommends to “keep your expenses low, reduce liabilities, and diligently build a base of solid assets.” If you have children, advise them to build assets before they move out or fall into the trap of the rat race.

Here are a few more assets that Robert recommends that you or your children acquire:

  • “Businesses that do not require my presence. I own them, but they are not managed or run by other people. If I have to work there, it’s not a business. It becomes my job.
  • Income-generating real estate
  • Notes (IOUs)
  • Royalties from intellectual property such as music, scripts, and patents
  • Anything else that has value, produces income, or appreciates, and has a ready market”

Rich dad used to say, “If you don’t love it, you won’t take care of it.”

robert kiyosaki quotes

You can keep your day job, but you should also start buying assets like those listed above.

Since 90% of companies fail, Robert Kiyosaki’s goal is to sell the entire stock of a company within a year of going public.

To become rich, you’ll need to buy luxuries last. People who buy luxuries first are often in much debt. The aim is to build income-generating assets that can buy luxuries.

“My rich dad just played the game smart, and he did it through corporations– the biggest secret of the rich.”

rich dad quotes

The poor often say, “‘Why don’t the rich pay for it?’ or ‘The rich should pay more in taxes and give it to the poor.’” However, the real rich never pay taxes. The people who pay taxes are the educated, middle class.

While poor dad knew the history of education, rich dad knew the history of taxes. Taxes originated in England and America temporarily to pay for wars. It wasn’t until 1874 when England permanently added income taxes as a requirement of its citizens. It started in 1913 for Americans. An interesting tidbit about taxes is that it was initially only for the rich to pay. That’s what governments told the poor and middle class to help get them on board with the idea. That was how it got voted into law in the first place.

Poor dad: paid to spend money and hire people; government gains respect the bigger it gets

Rich dad: gains respect of investor by spending and hiring less

Poor dad: the rich are ‘greedy crooks’

Rich dad: the government are ‘lazy thieves’

The rich don’t get taxed as tax laws help them to create jobs and provide housing. Thus, the government is dependent on the middle class for their tax revenue.

The rich put their money into a corporation. Their asset puts income into their corporation, and then corporate income can be used as income for their personal income statement. And the expenses from their personal income statement can go into the expenses for the corporation. Even though the masses continuously try to find ways to tax the rich, the rich consistently outsmart them.

Something to remember about the government is that if they don’t spend their allotted funds, they’ll risk losing money when the next budget is announced. They aren’t rewarded for being efficient spenders. Yet, entrepreneurs are rewarded for financial efficiency. The mindsets between the two are polar opposite.

The rich look for legal loopholes to avoid paying taxes. That’s why they often hire the smartest accountants and attorneys.

In real estate, Robert Kiyosaki uses one of these legal loopholes as well. There’s a section called 1031 in the Internal Revenue Code that allows a seller to delay the payment of taxes in w when they sell real estate provided that they buy a more expensive piece of real estate. Thus, by consistently trading up, he delays getting taxed until the time comes to liquidate. This strategy also allows him to continue building his asset column.

Knowing the law can help save you money (while also making sure you follow it).

Poor dad: climb the corporate ladder

Rich dad: own the corporate ladder

When Robert was in his mid-twenties working for Xerox, he realized how disappointing it was to look at his paycheck. His bosses would talk to him about promotions and pay raises. However, that only made him see his deductions rise too. He could see himself becoming his poor dad. This realization is what made him realize he needed to follow his rich dad’s path. So Robert turned to minding his business by building out his asset column so he could invest in Hawaii’s real estate market. This newfound motivation made him work harder at selling Xerox machines at work. He knew he was building something bigger than himself. 

After three years of hard work, his real estate business was making more than he was at Xerox. His company bought him his first Porsche. His coworkers had no idea that he wasn’t spending his commissions on the Porsche but assets. 

Financial IQ is made up of four key areas:

  • Accounting: ability to read numbers
  • Investing: the concept of money making money
  • Understanding markets: knowing supply and demand
  • Tax advantages: corporations can pay expenses before taxes, which employees can’t do. A corporation can spend everything it can and be taxed only on everything left over. You can expense car payments, insurance, repairs, health club memberships, and most restaurant meals.
  • Protection from lawsuits: The rich use corporations to protect their assets from creditors, whereas the poor and middle class try to own everything themselves.

Business Owners with Corporations

Employees Who Work for Corporations

“Often in the real world, it’s not the smart who get ahead, but the bold.”

When companies downsize, employees often blame the owners for being unfair. In a news story he saw, Robert Kiyosaki shares, “A terminated manager of about 45 years of age had his wife and two babies at the plant and was begging the guards to let him talk to the owners to ask if they would reconsider his termination. He had just bought a house and was afraid of losing it.” Inside of us is both someone brave and someone who will get on their knees and beg.

However, when we’re so afraid that we start doubting ourselves, we fail to push forward. Instead, it’s the bold who get ahead. 

Aim to convert your fear into power.

The result of gaining financial literacy and taking risks is “having more options.”

In the future, we’ll be seeing a rise in successful companies being created but also a surge in companies failing– downsizing and laying off employees. It’s better to be making millions from the assets you build than aiming to get a raise. This period is a great era to be building assets.

Wealth over the years

  • 300 years ago: the person who owns land
  • Later: the person who owns factories and production
  • Today: the person with the most timely information

“The players who get out of the Rat Race the quickest are the people who understand numbers and have creative financial minds.”

rich dad poor dad

It is possible to have the money yet still struggle to move ahead financially.

Some people have a great opportunity present itself only to fail to have enough money to take advantage of it. Others have a fantastic opportunity present itself only to lack the ability to recognize that it’s a great opportunity (and they may even have the money to take advantage).

The strategy of the average person is: “Work hard, save, and borrow.” But instead of working hard, they should aim to improve their financial intelligence so that they can make more money. The people who get rich the fastest are those who realize that money isn’t real.

“The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth.”

Today, savers are considered losers. The reason for this is because interest rates have never been lower. Plus, banks now charge you for holding your money.

During the stock market crash, Robert Kiyosaki was short of cash as he had his money in the stock market and apartment houses. However, he knew this was the time to buy. He and his wife had about a million dollars to invest in some amazing deals. He decided to shop for houses at the bankruptcy attorney’s office. He asked a friend for a $2,000 loan with a return of $200, so he could buy a $20,000 home that was worth about $75,000. He then ran an ad promoting the house for $60,000. It sold within minutes. He asked for a $2,500 processing fee. Thus, giving his friend his money back without using any of his own money. Thus, earning him a profit of $40,000 with a promissory note. The whole process took him five hours.

At the time Rich Dad Poor Dad was published, there had been three stock market crashes in 30 years.

  • 1989-1990: real estate
  • 2001-2002: dot-com bubble burst
  • 2008-2009: housing bubble burst

All of these stock market crashes were investment opportunities.

Which one sounds harder?

  • “Work hard. Pay 50% in taxes. Save what is left. Your savings earn 5%, which is also taxed. OR
  • Take the time to develop your financial intelligence. Harness the power of your brain and asset column.”

Most of Robert Kiyosaki’s financial growth comes from real estate and small-cap stocks.

“The problem with ‘secure’ investments is that they are often sanitized, that is, made so safe that the gains are less.”

In one example, Robert Kiyosaki paid $45,000 on the house worth $65,000 that the owner was struggling to sell. The first year he rented it out to a local professor. And after expenses, he nets $40 a month. However, a year later, when the market picked back up, he sold it for $95,000. Since he had used the money to buy a bigger property, a 12-unit apartment, he was able to defer the payment of capital gains. He spent $300,000 on the apartment. And only two short years later sold it for $495,000 and bought a 30-unit apartment building with a cash flow of $5,000 a month. A few years later, he sold it for $1.2 million.

The best deals aren’t usually offered to newcomers. They’re often reserved for the rich. But the more sophisticated you get at the game, the more opportunities you’ll be presented with. Most of Robert Kiyosaki’s millions started with as little as $5,000 or $10,000 investments.

In the past, Robert has bought 100,000 shares at 25 cents a share before a company goes public. Then, the company goes public, and whether it’s $2 each or if it flies to $20, you can sometimes make a million dollars in less than a year.

“It’s not gambling if you know what you’re doing. It’s gambling if you’re just throwing money into a deal and praying.”

Robert Kiyosaki shares, “Most people never win because they’re more afraid of losing. That is why I found school so silly. 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.”

People’s fear of losing causes them to not be rich. “People who avoid failure also avoid success.”

rich dad poor dad

Three skills of an investor:

  • Find an opportunity that everyone else missed: see with your mind instead of your eyes
  • Raise money: know how to raise capital outside of a bank
  • Organize smart people: hire people more intelligent than you

“Job security meant everything to my educated dad. Learning meant everything to my rich dad.”

rich dad poor dad

During an interview with a journalist, Robert Kiyosaki learned that the journalist strived to become a best-selling author. He realized she was a great writer and that she should pursue that. She told him that she had tried, but no one was interested. He accidentally offended her when he told her to take a sales course so she could promote herself. She became defensive. 

She replied, “I have a master’s degree in English literature. Why would I go to school to learn to be a salesperson? I am a professional. I went to school to be trained in a profession, so I would not have to be a salesperson. I hate salespeople. All they want is money.” She packed her things. Robert Kiyosaki gently pointed out that he was the best-selling author, not the best-writing author. This statement only infuriated her more, and the interview ended.

The world has many successful and talented people: doctors, lawyers, dentists. And still, they struggle financially. But as a wise business consultant once said, “They are one skill away from great wealth.” If you took your skillset and paired it with financial intelligence, accounting, investing, marketing, or law, you could achieve great wealth.

If that journalist had instead picked up a job at an ad agency to learn how to sell, she could go on to create great wealth with her writing.

Rich dad says, “You want to know a little bit about a lot.” In school and at work, you’re expected to specialize. Those who earn promotions tend to be specialists. However, Robert Kiyosaki’s rich dad always recommended the opposite. That’s why, throughout the years, Robert would work in different areas of his rich dad’s company. He was expected to attend meetings with lawyers, bankers, accountants. It was essential to the rich dad for Robert to know every aspect of creating an empire.

When Robert Kiyosaki had quit his high-paying job, his poor dad had a heart to heart talk with him, failing to understand his mindset for quitting.

Poor dad: values job security

Rich dad: values learning

Poor dad: assumed Robert went to school to learn how to be a ship’s officer

Rich dad: knew Robert went there to study international trade

The reason Robert had quit his job was so that he could learn how to lead people as his rich dad said, “If you’re not a good leader, you’ll get shot in the back, just like they do in business.”

“Job is an acronym for ‘Just Over Broke.’”

Robert Kiyosaki recommends taking on jobs where you can learn new skills instead of jobs that pay the most.

The biggest fear for aging Americans is running out of money before they die. When you add up health costs and long-term nursing home care, it’s quite likely that the average American will run out of money during their retirement.

“Are workers looking into the future or just until their next paycheck, never questioning where they are headed?”

The best advice Robert Kiyosaki has for those looking to earn more money is to pick up a second job that’ll teach them a second skill. 

It’s normal to feel a bit of resistance to that idea; you might not be excited to do something you aren’t passionate about. But remember, you go to the gym not because you want to but because you want to be healthy and live a long life. 

Robert shares the story of an artist in Hawaii who inherited $35,000. He used the money to run ads in an expensive magazine that targeted the rich. However, not a single person reached out. He lost his entire savings. The artist is now trying to sue the magazine for misrepresentation. However, the reality is that he didn’t have any advertising experience. When Robert asked this artist if he’d be interested in taking a course, he said, “I don’t have the time, and I don’t want to waste my money.” Most people focus on improving their product rather than learning how to sell it.

Management Skills Needed for Success:

  • Management of cash flow
  • Management of systems
  • Management of people

“The most important specialized skills are sales and marketing.”

Robert Kiyosaki’s friend Blair Singer shares, “Sales = Income. Your ability to sell– to communicate and position your strengths– directly impacts your success.”

Most people fear rejection, which is why they’re often intimidated by sales and marketing.

Law of Money: “Give, and you shall receive.”

Robert shares, “In conclusion, I became both dads. One part of me is a hard-core capitalist who loves the game of making money. The other part is a socially responsible teacher who is deeply concerned with this ever-widening gap between the haves and the have-nots. I personally hold the archaic education system primarily responsible for this growing gap.”

“The primary difference between a rich person and a poor person is how they manage fear.”

There are five core reasons why even the financially literate don’t become financially independent:

Not even the rich, like losing money. No one does really. Rich dad says, “Some people are terrified of snakes. Some people are terrified of losing money. Both are phobias.” That’s why it was so crucial for Robert’s rich dad to teach his two sons how to take risks at a young age. The younger you are, the easier it is to become rich. 

Approach risk like a Texan. Texans both win big and lose big. Their attitude is what’s game-changing. They feel a sense of pride when they win, but they still brag even if they lose. They lack a fear of loss. Their loss inspires them.

Before you win, you lose. Like all those times you fell off a bicycle before you learned how to ride it. Before people became rich, they lost money. Most people are more afraid of the pain of losing money than the happiness of becoming rich.

“Rich dad knew that failure would only make him stronger and smarter.”

Losers are defeated by loss. Winners are inspired by loss. You can still hate losing without being afraid of it.

Most people invest in low-yield mutual funds because it’s the safe thing to do. But that’s not the portfolio of a winner.

To be successful, you’ll need to be focused, instead of balanced.

FOCUS: Follow One Course Until Successful

robert kiyosaki quote

Don’t let doubt cause you not to act. Avoid remarks from friends and family, such as, “‘What makes you think you can do that?’ ‘If it’s such a good idea, how come someone else hasn’t done it?’ ‘That will never work. You don’t know what you’re talking about.’”

Investors know that when it’s a period of doom and gloom, that’s the best time to make money.

Robert’s friend Richard recently asked him for advice on buying property. The two of them identified a two-bedroom townhouse for only $42,000. Others at the time were selling for $65,000. He bought it. But after talking to a neighbor, he backed out, thinking he got a bad deal. A short few years later, the property was worth $95,000. And Richard’s small investment of $5,000 could’ve helped him get out of the Rat Race. Doubt can be a deal killer.

When it comes to financial education, you need to know the difference between good debt and bad debt. Analyze instead of criticizing. 

Most people say they’re too busy to focus on their wealth and health, but really they’re avoiding it.

“Rich dad believed the words ‘I can’t afford it’ shut down your brain. ‘How can I afford it?’ opens up possibilities, excitement, and dreams.” Instead of buying his kids everything they wanted, rich dad asked them to think about how they can afford it. Rich dad never gave Robert or Mike anything. The boys had to pay for college on their own.

The financial struggle often comes from bad habits. You need to pay yourself first. Otherwise, you likely won’t be left with anything after paying your bills. That’s because if you pay yourself first and fail to have enough money left over for bills, you’ll need to find new ways to earn more money. It becomes a motivator – especially when debt collectors start calling.

“What I know makes me money. What I don’t know loses me money.”

A gold miner in Peru once told Robert Kiyosaki, “There is gold everywhere. Most people are not trained to see it.”

Robert said this was also true for him in real estate. He said he could find about four to five excellent properties a day, whereas others may look and find none.

10 Steps to Develop Your God-given Powers

  • A young woman who dreamed of going to the Olympics would swim every morning for three hours before going to school. She also spent her weekends studying to maintain high grades. When asked why, she responded, “I do it for myself and the people I love. It’s love that gets me over the hurdles and sacrifices.”
  • With every dollar we receive, we choose whether we become: rich, poor, or the middle class. However, you need to train your children to know how to manage your assets. Otherwise, they’ll be lost in the next generation.
  •  It’s important to learn how to invest before investing.
  • You don’t have to choose friends based on their financial statements.
  • Choose friends who talk about money and are interested in the subject.
  • People with money often report that their friends without money never ask them how they did it. But they do ask for: a loan or a job.
  • Study what you want to do. For example, if you want to be a cook, study cooking.
  • If you want to make money, don’t work for it.
  • Most people learn but fail the most crucial step: action.
  • It’s not what you know but how fast you learn.
  • Without self-discipline, you wouldn’t know how to manage a million dollars if you were to receive it.
  • You’ll only get pushed around in life if you lack self-discipline and internal control.
  • Personal time
  • People who pay themselves first end up using the money to acquire assets that pay for their expenses, and then they’re leftover is income. People who pay themselves last, lose all their money with expenses.
  • Even if your cash flow is far less than your bills, you need to pay yourself first.
  • Robert Kiyosaki has more liabilities than most of the population, but he uses tenants to pay for his debts.
  • “Don’t get into large debt positions that you have to pay for. Keep your expenses low.”
  • Don’t dip into your savings when pressure builds. Use the pressure to find new ways of making more money.
  • Savings need to be used to make more money instead of paying bills.
  • Pay professionals well and have expensive attorneys, accountants, real estate brokers, and stockbrokers. Their services should be making you money. Those professionals who make more will also make you more money.
  • Poor people will often tip restaurant servers 15-20 percent even with lousy service but get mad when they need to pay a broker three to seven percent.
  • Have a board of directors; it’s essential to have people working for you who are smarter than you.
  • “The sophisticated investor’s first question is: ‘How fast do I get my money back?’ They also want to know what they get for free, also called a ‘piece of the action.’ That is why the ROI, or return on investment, is so important.’
  • When Robert Kiyosaki wanted to buy a small condominium in foreclosure, he submitted a bid $10,000 less than asking. But since he presented a cashier’s check with the full amount, the bank knew it was a serious deal and accepted it. After three years of renting out the property, Robert Kiyosaki officially owns the asset, which continues to make him money.
  • When you acquire an investment, you should aim to get something free with it– for example, a condominium, a piece of land, stock shares, etc.
  • McDonald’s founder, Ray Kroc, wanted the land underneath every McDonald’s location for free with every franchise he opened
  • A father wanted to teach his child how to make money. His son had been asking for a car but didn’t want him spending his college money on it. His father gave him $3,000 that the son could use to buy a vehicle indirectly. So he couldn’t use the cash to buy a car. His son started learning how to invest in stocks. He read every book, he read publications, and even though he lost $2,000 in the stock market, his interest had been piqued.
  • Don’t buy luxuries with liabilities like credit, buy them from your asset column
  • 80 would have spent it all or gone further in debt
  • 16 would’ve increased the amount by 5-10 percent
  • Four would have either doubled it or grew it to the millions
  • Robert Kiyosaki’s heroes are Warren Buffett, Peter Lynch, George Soros, etc. 
  • When Robert Kiyosaki analyzes a deal, he tries to look at it the same way Warren Buffett would. This strategy helps him tap into raw genius.
  • Robert’s rich dad taught him to be charitable. His poor dad taught him to give away his time and knowledge, but not money.
  • Rich dad says, “If you want something, you first need to give.”
  • If you want money, give money.

rich dad quotes

Stop doing what you’re doing.

  • If it’s not working, try something new.

Look for new ideas.

  • Read how-to books with formulas on topics you want to learn more about.
  • Read: The 16 Percent Solution by Joel Moskowitz

Find someone who has done what you want to do.

  • Find the expert who has done something you want to do and pick their brain so you can learn from them.

Take classes, read, and attend seminars.

  • Many classes are free or low cost, search the internet for them so you can absorb more knowledge.

Make lots of offers.

  • Robert submits offers on multiple real estate properties that he wants. He leaves the deal up to the real estate agent, who is the expert, whereas he isn’t.
  • Most sellers ask for too much money, and until there’s a second offer, it’s hard to know what the right price is.
  • You’d be surprised at how many people would say yes to an offer.

Jog, walk, or drive a certain area once a month for ten minutes.

  • You’ll find some of the best real estate investments by driving around. He might talk to postal workers, moving truck workers, retailers, and so forth to better understand a neighborhood. 

Shop for bargains in all markets.

  • “Profits are made in the buying, not in the selling.”

profit quotes

Look in the right places. 

  • Most people buy with real estate agents. Robert Kiyosaki buys at the foreclosure auction.

Look for people who want to buy first. Then look for someone who wants to sell.

  • When buying property, find a seller first then find a person who’s looking to sell their property and buy through them.
  • If your business is buying something in bulk, call some friends up to see if they’re looking for that as well. Then, you can negotiate deals for having a large bulk purchase, so you get the best deal on what you’re buying.

Learn from history.

  • “All the big companies on the stock exchange started out as small companies.”

Action always beats inaction.

Robert’s friend was once trying to save up for his four children’s college educations. But with only $12,000. It was clear it wasn’t going to happen any time soon. He advised his friend to buy a property in Phoenix since there was a slump in the market. After two weeks, they found a three-bedroom, two bathroom home in a good area. The homeowner was desperate to sell. They ended up buying the property for $79,000, even though the owner wanted $102,000.  His friend needed a down payment of $7,900. Each month after all expenses were paid, his friend pocketed $125. He planned to keep the house for 12 years. He used his $125 to pay down the mortgage even faster. Three years later, someone offered him $156,000 for the house. Robert advised him to sell it using a 1031 tax-deferred exchange. Next, he bought a mini-storage facility. After three months, he was making $1,000 a month that he put into the college fund. A couple of years later, he sold that mini-warehouse for close to $330,000. His next investment made him $3,000 a month in income, going back to the college fund. The man now feels confident in his ability to pay for his children’s college education. And it all started with only $7,900.

There are three types of income

  • Ordinary earned

Poor dad: ordinary earned, get a safe and secure job

Rich dad: portfolio and passive, make money work for you

“The key to financial freedom and great wealth is a person’s ability to convert earned income into passive and/or portfolio income.”

passive income quotes

Warren Buffett advises that “Risk comes from not knowing what you’re doing.”

Rich dad would often say, “If you want to be rich, you must know what kind of income to work hard for, how to keep it, and how to protect it from loss. That is the key to great wealth… If you do not understand the differences in those three incomes and do not learn the skills on how to acquire and protect those incomes, you will probably spend your life earning less than you could and working harder than you should.”

Your destiny relies on how you spend your money and your time. Your family’s future will be determined by your choices today.

You can buy Rich Dad Poor Dad by Robert Kiyosaki on Amazon .

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Rich Dad Poor Dad: Book Review, Summary & Key Takeaways :Holistic

Rich Dad Poor Dad: Book Review, Summary & Key Takeaways

by Holistic Leave a Comment | Filed Under: Wealth Management

book review of rich dad and poor dad

Today we are looking at “Rich Dad, Poor Dad” by Robert Kiyosaki. One of the very famous books on personal finance.

I will quickly take you through the gist of what the book is all about.

This book was first published in 1997, and the overarching theme of this book is How to Make Money as a Tool for Wealth Development.

This is a very interesting book because it destroys the age-old beliefs that you and I inherited from our forefathers. It also denies the fact that the majority of rich people are born with a silver spoon!

Table Of Contents

1.)Quick Summary 2.)Rich Dad Poor Dad – Wealth Creation 3.)Six Lessons From Rich Dad Poor Dad 4.)Stay Rich! 5.)Rich Dad Poor Dad – Steps For Financial Genius 6.)Assets vs Liabilities – Insights From Rich Dad Poor Dad 7.)Concept Of Tax 8.)Rich Invent Money 9.)About The Author 10.)Conclusion

1. Quick Summary

Rich Dad and Poor Dad revolves around three main characters: Poor Dad, Rich Dad, and Son (the author himself as the narrator of the book).

The Rich Dad is the father of his best friend who happens to be an eighth-grade dropout, not qualified and did not study well, but this dad believed in financial education, not just academic education. The Poor Dad is actually Kiyosaki’s biological father.

His biological father is highly qualified and very well educated, and he believes in the principle that you must study hard so that you get good grades, this is what typically happened with all of us when we were children, especially in India. Right?

2. Rich Dad Poor Dad – Wealth Creation

The book explains the principles of cash flow, balance sheet, income statement, assets, and liabilities in an easy-to-understand manner. The author hopes that everyone was taught the fundamentals of finance from childhood, as he was, which is one of the reasons he wrote this book.

This is a given that parents always persuade you to study hard, and get good grades, so that you get a good job, a well-paying job. Despite all of this, his poor dad did not do financially well, which basically talks of the fact that your qualifications, your profession, and your job may not guarantee wealth creation.

Please remember I’m using the word ‘ wealth creation’ . Your good grades, your good job, your profession, and your job title could perhaps guarantee good income. You may be earning well, but you may not necessarily create wealth

3. Six Lessons From Rich Dad Poor Dad

If you look at the book, he talks about six lessons that he has learned from his Rich Dad about making money, and he also talks about the mistakes made by his Poor Dad.

That’s also important, right? For example, if you want good health, you should know what are the foods that you’re supposed to eat. Equally important is that you also should know what to avoid. Similarly, what are the lessons that he has learned from his Rich Dad, and what are the mistakes made by his Poor Dad so that you and I don’t make the same mistakes?

Lesson 1: The wealthy do not work for a living. Lesson 2: Financial Literacy Lesson 3: Take Care of Your Own Business. Lesson 4: The History of Taxes and Corporate Power. Lesson 5: The Wealthy Create Money. Lesson 6: Work to Learn, Not to Make Money.

4. Stay Rich!

“It’s not just about becoming rich, it is also important to stay rich”.

What are the obstacles that have to be overcome to become rich and stay rich?

  • Apprehension
  • Poor Habits

Shortcomings motivate the Fearless Man since they provide a learning experience from which they might improve. The Lazy and arrogant do not achieve financially because the agony and misery of losing money outweigh the delight of being wealthy.

They chose a life that is basic, safe, and little. They may buy large houses and expensive cars, but they do not prioritize large investments. The bulk of people suffer financially because they play to avoid losing rather than to win.

5. Rich Dad Poor Dad – Steps For Financial Genius

“The poor and the middle-class work for money, and the rich have money work for them”. 

There are 10 steps that Robert Kiyosaki talks about in his book to develop your financial genius. This is in a nutshell what the book is all about, and these are some of the lessons from his book.

  • 1.Have a strong emotional reason or purpose for doing what you do, a mix of wants and dislikes.
  • 2. Understand the power of choice and pick what to do on a daily basis, including developing good habits and educating yourself.
  • 3. Choose your friends carefully by utilizing the power of association, and avoid listening to impoverished or scared people.
  • 4. Master the ability to learn quickly and devise a money-making technique.
  • 5. Pay yourself first by developing the ability to handle your cash flow , people, and personal time with self-discipline.
  • 6. Choose exceptional team members and generously compensate them for their advice, because the more money they make, the more money you will make.
  • 7.”How quickly can I get my money back?” Emphasize more on getting the money back.
  • 8. By focusing on self-discipline to direct money to create more, you can use the money earned by assets you own to buy indulgences.
  • 9. Have a role model to look up to and use their genius to your advantage.
  • 10. Recognize that if you want something, you must first give something.

6. Assets vs Liabilities – Insights From Rich Dad Poor Dad

The necessity of understanding the distinction between assets and liabilities and focusing on investing in assets is highlighted throughout the book and referred to as the “one and only rule.”

Most of us, when we learned assets and liabilities, we were taught that assets are those which increase in value, and liabilities are those which reduce in value.

Robert Kiyosaki talks about an additional point.

“ That assets produce income and they also appreciate”.

They produce income, appreciate, liabilities, and take money out of your pocket. That is why he also talks about our own personal real estate. The house that we stay in may not be an asset because you are living in that house and it’s not producing any income for you.

  • Look After Yourself!

He also talks about minding your business, which is basically looking at yourself, trying to pay off your debts as much as possible, being in zero debt, and starting investing in assets that can produce income.

The book discusses looking at yourself first and trying to pay off your debts before investing in assets.

7) Concept Of Tax

The book talks about the concept of tax in a very beautiful way. The equation is very important to understand. He says that between salaried versus business owners, which is self-employed.

Companies, business owners, self-employed. The formula is, Earn → Spend → Pay Tax. Spending can be taken as an expenditure in the business. You are left with a very limited, little amount of taxes to be paid. You and I are salaried employees.

We work for companies. We also earn, but we pay tax because there’s also TDS that already takes away money. Then what remains we spend.

So, self-employed, people have flexibility. They can structure their expenses. The equation is beautiful. Earn → spend → Pay Tax.

If something remains, you pay tax, otherwise, you don’t even pay tax. You and I have no choice because there’s a TDS.

8) Rich Invent Money

In this book, Robert Kiyosaki talks about the rich inventing money. They identify opportunities that other people have not found and they work with intelligent people..“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”.

Again, this is very interesting , “It’s not learning to work, it is working to learn”.

which means you don’t work for money. Identify skills that you want to acquire before you choose a profession.

Isn’t it true that the majority of us have ended up in our profession by chance? Robert Kiyosaki says to pick a profession, and then figure out what abilities you want to develop so that you may be the highest earner in that profession.

9) About The Author

Robert Kiyosaki grew up in the small Hawaiian town of Hilo. In New York, he attended Kings Point Merchant Marine Academy. Following graduation, Robert turned down a well-paying position with Standard Oil to join the Marine Corps as a helicopter pilot during the Vietnam War.

Following his military duty, Robert went to work for the Xerox Corporation. His wealthy father advised him that the key to every successful firm is sales.

Robert rose to become Xerox’s top seller. His entrepreneurial instinct took over from there. He and his brother founded the company Rippers. Rippers was the first firm to commercialize the nylon and Velcro “surfer” wallet.

Robert and his wife, Kim, invented and launched the CASHFLOW board game in 1996 to teach people about money and investing creatively and excitingly.

In 1997, Robert published Rich Dad and Poor Dad, and they established The Rich Dad Company. The book and the board game are now more popular and relevant than ever.

Robert has written 27 books. He has appeared as a featured guest on media channels all around the world. He is the podcast host of the Rich Dad Radio Show, a world-renowned speaker, and a life-long learner.

10) Conclusion

This book questions your thought process. Robert Kiyosaki has talked about overcoming obstacles, and how to get started, and there’s a to-do list also that he provides.

Rich Dad Poor Dad is available in multiple languages for readers. The first step before handling your finances is to improve your financial literacy. One of the best ways to improve financial literacy is by reading books.

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book review of rich dad and poor dad

‘Rich Dad Poor Dad’ Author Robert Kiyosaki: You Should Never Say ‘I Can’t Afford That’

Best known as the author of “Rich Dad Poor Dad” — the No. 1 personal finance book of all time — Robert Kiyosaki has challenged and changed the way millions of people around the world think about money. He is an entrepreneur, educator and investor who believes the world needs more entrepreneurs. With perspectives on money and investing that often contradict conventional wisdom, Kiyosaki has earned an international reputation for straight talk, irreverence and courage, and has become a passionate and outspoken advocate for financial education. Kiyosaki is also the author of “Who Stole My Pension?” (co-authored with former SEC attorney and pension-fraud whistleblower Edward Siedle) and “FAKE: Fake Money, Fake Teachers, Fake Assets.”

Check Out: Grant Cardone — 7 Best Florida Cities To Buy Real Estate (and 1 To Avoid)

Explore More: Our Top Money Experts of 2024

Recognized by GOBankingRates as one of Money’s Most Influential, here he shares the importance of educating yourself about finances, why he never says “I can’t afford it” and explains the noteworthy difference between “good” debt and “bad” debt.

What advice would you give your younger self about money?

Choose your teachers wisely. The most important piece of real estate we own is the six inches between our left ear and our right ear. I’d have told my younger self to be very careful about what ideas get planted in that piece of real estate.

Read More: 7 Key Signs You’ve Reached Financial Freedom

What is the best thing you did to improve your own financial wellness?

For years, I attended investment seminars on a quarterly basis. Today I attend seminars daily on YouTube. Today I can access the best teachers on my schedule — and they teach for free.

What are some easy strategies or tools people can use to make sure they are thinking about their money smartly? 

I forbid myself from saying, “I can’t afford it.” I have disciplined myself to ask instead, “How can I afford it?” Asking myself how I can afford something opens and challenges my mind — to think. The words we say to ourselves and the words we believe are the most powerful forces in the world. In my experience saying, “I can’t afford it” is what poor people say. That is why they are poor. There is a difference, I’ve found, between “broke” and “poor.” Poor is a state of mind that we all have the power to change.

Watch Out: 25 Things You Should Never Do With Your Money

What is the biggest mistake people make when it comes to managing debt?

Without financial education, most people don’t realize that there are two kinds of debt — good debt and bad debt. Good debt makes me rich and bad debt makes me poor. One skill set every investor must have is the ability to both understand debt and how to use debt to make them richer, not poorer. The average American is loaded with bad debt. That is the price of not protecting those six inches of real estate between your left ear and your right ear. Look for and take advantage of opportunities to get smarter about money…and how to use good debt.

Jaime Catmull contributed to the reporting for this article.

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This article originally appeared on GOBankingRates.com : ‘Rich Dad Poor Dad’ Author Robert Kiyosaki: You Should Never Say ‘I Can’t Afford That’

Robert Kiyosaki author of Rich Dad Poor Dad

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Rich Dad Poor Dad Review: The Good and the Bad

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Want to know more about the book Rich Dad Poor Dad before reading it? This top-rated publication is full of lessons about money and the differences between rich and poor people.

These differences are not always what you’d think they would be, either. A read that challenges expectations and what society says will make you rich; this book is both fascinating and unique.

It is not without its downsides; there are pros and cons. But it may be a great place to begin learning about money.

Reading this review can help you figure out if this book is right for you. Check out the details below.

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Rich Dad Poor Dad is a study of author Robert Kiyosaki’s life experiences and how they relate to money. Kiyosaki grew up in Hawaii and began to make observations about money at quite a young age.

Though he did not come from money and his family was not wealthy, he ended up going to school with the rich kids because of zoning. Kiyosaki had a friend whose father owned quite a few businesses and was wealthy, though he lived a very normal life that wasn’t flashy.

Intrigued, Kiyosaki and his friend asked the friend’s father, “Rich Dad,” to teach them about wealth. Rich Dad taught the boys about money using real-life experiences instead of books or theoretical knowledge. He began teaching them in elementary school and continued to teach them through high school. 

The “Poor Dad” referred to in the book is Kiyosaki’s own father. He was a by-the-book sort of person who did all the conventionally correct things that people are supposed to do when they want to be successful.

College, degrees, and a government job. But unfortunately, he did not have practical financial sense and was not wealthy. Rather than working for himself, he chose to work for other people and didn’t take calculated risks that could have paid off. 

The Ultimate Rich Dad Library: To Elevate the Financial Well-Being of Humanity

  • Audible Audiobook
  • Robert Kiyosaki (Author) – Robert Kiyosaki, Kim Kiyosaki, Blair Singer (Narrators)
  • English (Publication Language)
  • 09/01/2022 (Publication Date) – Nightingale-Conant (Publisher)

While Poor Dad was never successful with money, he did encourage Kiyosaki in his education. Meanwhile, Rich Dad bought assets and grew his business empire.

Comparing how these two men lived their lives allows the reader to determine what actually works with money and what doesn’t.

How Did Rich Dad Poor Dad Make His Money?

Rich Dad owned businesses in Hawaii. Kiyosaki’s Poor Dad worked for the government.

Kiyosaki himself is an author and has started businesses. He’s also an investor, mostly with real estate. 

Is the Book Really That Good?

It’s an excellent book for beginners who want to know more about finance. Of course, people who are already reasonably financially savvy will probably still learn something.

If you are interested in growing wealth and want to read something in story form, this is a great read. While it doesn’t include every step necessary to gain wealth, it brings up many important points. It’s an inspiring book that many have benefited from.

To snag your copy of the book, go here .

Is Rich Dad Poor Dad Worth Reading?

Rich Dad Poor Dad is an absolutely a worthwhile read. It will increase your knowledge about money and make you think differently about success. It’s also written in a story form that makes it simple to understand.

Since Kiyosaki started off learning about money as a child, he teaches from that perspective at the beginning of the book, using simple terms. It’s helpful if you’re new to finance.

What Does Rich Dad Poor Dad Teach You?

Several important points are brought up in this book. Some of them are unique compared to what is usually taught about money, but the perspective is worth hearing. I’ll talk in detail about each one.

1. Don’t be an employee.

Kiyosaki begins by discussing his first job as a young boy and what he learned from his Rich Dad when he first began to earn money. While being an employee is where most people start, Kiyosaki discusses the merits of not working for someone else. 

An employee is always making money for their employer. When you’re an employee, you can always lose your job, and your employer always decides your pay rate.

It is a bit of an unstable situation if you think about it. Because of these points, being an employee is not a good long-term strategy.

While it may be necessary to help pay bills, it is a cycle to eventually try and break free from. Becoming a business owner or making your money work for you offers you a lot more options.

2. Don’t trade time for money.

People with an employee mindset will also trade their time for money. This isn’t a great strategy because you only have so much time. And it’s better to make your money work for you, regardless of what you happen to be doing.

When you go to work for an hourly or salary amount, you trade 40 hours a week for money. But when you own the business or company, or your money comes from investments and assets, your money will make more money even if you aren’t working.

This is preferable because then you can focus on other things instead of having enough money to survive.

3. Know the asset vs. liability rule.

Wealthy people spend their money on assets, which are things that make you money. Sometimes people don’t understand assets and liabilities.

Liabilities cost you money rather than making you money. To become wealthy, you want to have lots of assets, a low number of liabilities, and a lot of income from your assets. This is a great way to gain wealth.

It may take some time, though, and you have to recognize what qualifies as an asset. Which is one of the biggest problems, according to Kiyosaki. 

4. Rich know how to spend, so they don’t pay taxes.

This book talks about the people who pay the most in taxes – the middle class. The wealthy class finds ways to not overpay in taxes, unlike the middle class.

Because of this, they keep more of their money. Kiyosaki’s Rich Dad taught him about taxes and how to keep as much of his own money as possible.

It’s an interesting topic that is not usually understood, so hearing the author’s perspective is worth it. 

5. Work to better your skills, not for money.

Rich Dad Poor Dad encourages people to learn as much as possible. It’s essential to gain new skills as often as you can.

You don’t know what you might need and how you could benefit your income and yourself in the future from those skills. Kiyosaki stresses the importance of working in many different fields to find out more about them.

Rather than getting good at one thing, he chose to become good at many things, as his Rich Dad suggested. This can help you to become rich later. 

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

  • Kiyosaki, Robert T. (Author)
  • 336 Pages – 04/05/2022 (Publication Date) – Plata Publishing (Publisher)

6. Have a mindset to succeed even if it takes you out of your comfort zone.

Kiyosaki discusses how we can all choose the way that we think. This is extremely helpful when it comes to money and success.

He also discusses how we should not be afraid of failing but instead use failure to fuel success. A running theme throughout this read is resilience and being able to use your brain to create success. 

7. Have financial IQ.

Kiyosaki believes that being smart about financial matters is key to success. He thinks financial IQ can help you throughout your life.

Kiyosaki thinks that time and your brain are some of the best things you have, and you should use them well. The more prepared you are to handle money, the better off you’ll be.

It’s important to be creative and to learn from as many people and sources as possible. 

Is Rich Dad Poor Dad Good Advice?

Yes. For the most part, Rich Dad Poor Dad offers an excellent perspective on becoming wealthy, and it is worth your time to check it out.

The author does focus a lot on real estate instead of stocks, though. So there may be some differences in preference for some readers.

It’s up to each person to do their own research about investing and money management. Of course, there may be points in the book that each person will agree or disagree with.

Rich Dad Poor Dad Criticism

While you can find a lot of good information in this book, it is not without its downsides. Since this book has been around for some time and is popular, there are many differences of opinion.

Some people may like this book more than others, but it may be worth reading just to form an opinion about it. 

The first thing that could be considered a downside is that this book is really a self-help book. While Kiyosaki discusses many situations about finance, a lot of the writing reminds you that it is up to you to be successful or not.

He gives some practical advice, but some of it can be a bit self-help-focused. Not everyone will view this as a bad thing, but it’s something to be aware of.

Another con for this book is the advice may be considered simplistic to some. It isn’t all concrete and easy to follow.

But some might argue that we make finance too complicated, and that’s why people struggle in the first place. So perhaps a simple approach is better, even if you have to form your own opinions about how to implement ideas along the way.

Some people also question if Robert Kiyosaki was rich before he wrote this book. It is a best-seller, and it’s easy to wonder if this is what made him a success.

Kiyosaki discusses this on his website , explaining that he and his wife were financially independent in 1994. The book was published in 1997.

He does not claim to have been incredibly wealthy when they reached financial independence. Still, they were able to live off of their investments, which would make them a success in the eyes of most at that point. So some would consider them rich, which is a relative term.

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

  • Robert T. Kiyosaki (Author) – Tim Wheeler (Narrator)
  • 06/15/2012 (Publication Date) – Brilliance Audio (Publisher)

Last, there are some questions about the stories in the book being accurate. And there is some confusing information out there about the truth of the stories in the book.

Kiyosaki claimed that Rich Dad Poor Dad is real but did not want to be identified. Kiyosaki did, in fact, reveal the identity of Rich Dad after some time.

But since there are, or were, some questions about the truth of the stories and characters, can the information be trusted? I still say yes, because regardless of whether the storytelling aspect is correct, most of the information is still worth hearing.

Is Rich Dad Poor Dad Outdated?

Overall, this book is not outdated. Some of the prices for real estate are a bit outdated because the author bought it over thirty years ago.

But you can easily translate this to today’s numbers and what real estate would cost now. The information and concepts can still be applied today and are still helpful.

Rich Dad Poor Dad has inspired millions of people to understand money better, but do your own research about what it teaches.

There are a lot of readers who love this book, and it has helped many understand finance better. There are many positive points and most people will find it worth their time.

But, as with anything, you may disagree with certain concepts, or you may find that it is not for you. There is controversy about the author and the story itself, though many still think the advice is excellent.

Always do your own research about what financial books teach to decide what you believe and what you will do with your own money. Reading a book is a great way to take in new ideas, and you can decide which ones to use and which to ignore.

Overall, this is a good money book for most, and it teaches a lot about life, as well. I’d recommend reading this whenever you have the time; there are a lot of timeless concepts and great things to think about.  

Related Articles:

  • Robert Kiyosaki’s Wealth-Building Cashflow Quadrant Explained
  • Best Books on Budgeting that will Transform Your Finances

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book review of rich dad and poor dad

Mike arranged a meeting with his rich dad, who agreed to teach them but in a way that life would teach them and not in a classroom style. Rich dad asked them to work for him for 10 cents per hour on Sundays for 3 hours.

However, the duo was not supposed to ask any questions about the deal. The first lesson that they learned from the rich dad was that you must jump on opportunities when they come.

After a few weeks, Robert wanted to quit, but his poor dad advised him to demand 25 cents per hour and quit if he didn’t get a raise.

At the meeting, Robert had to wait for 60 minutes, which angered him. He told the rich dad that he was only exploiting him.

Rich’s dad explained to him that he was sounding like an employee and suggested that he find another way to earn money, which is by working with anyone else.

He told him that he had two options: become an employee and blame everyone else for his problems, or choose a tough path and become a wealthy man. Rich dad suggested that the two boys find a new way to make money outside of working for someone else.

Lesson 2 that Robert learned was that the middle class works for money while the rich make money work for them.

He also told them that he was happy that Robert was angry because, apart from passion, you must have anger and a spark within you. Employees are controlled by fear, and that’s why they let themselves get exploited.

Rich Dad

Despite being unhappy with their paychecks, employees continue to work for a lifetime, and tax deductions make them even unhappier.

This was Robert’s introduction to the tax system, and at that time, he was only 9 years old. This is how he learned that rich people don’t face the same issues, and they don’t pay huge taxes.

After that, Robert and Mike made a new deal and started working for Robert again, but this time they worked for free. Rich’s dad taught them the third lesson: that they should work because they love their job and not because they want money or because of fear.

This inspired both the boys, and they started a comic library and earned around 10 dollars a week.

Although they had to shut down the business after three months due to a fight, both the boys learned how to make money at a very young age.

This chapter of the book is quite evident, and many people can relate to it. The book says that rich people never work for money. According to the book, rich people make money work for them.

However, most people who are struggling to arrange their finances don’t understand the meaning of this phrase.

Many people worldwide are seeking salary increases because they believe that more money will make them happier.

In reality, making money means taking risks and getting out of your comfort zone. To take a risk, you will have to use your knowledge, put in effort, and not fully depend on your salary.

But because of limited income options, low salaries, and debts, it seems impossible.

This chapter will tell you how you can take a risk and not succumb to your financial problems. Working for money creates fear and greed that direct your life, and it also tags you at a cheap price. But you can get out of this vicious circle. 

Rich Dad Poor Dad Book & Why Teach Financial Literacy? 

In this chapter of the book, the writer talks about saving money. He says that it is not about how much money you earn, but it is all about how much money you save.

By saving money, he means acquiring assets and not keeping them locked in your bank account. 

Rich Dad Poor Dad - Personal Finance Coach

However, people who have low incomes do the exact opposite. They take liabilities thinking they are their assets and get stuck in the rat race. The more money they get, the more they spend, and thus, they have no money to invest in. 

According to “Him,” middle-class individuals work for three main groups: 

1. The Company – they contribute to making the owners and shareholders wealthier. 

2. The Government – a significant portion of their income goes towards taxes.

3. Banks – middle-class people often have to deal with the expenses of bank mortgages and credit card debts.

The author explains that having assets will bring money to your wallet, while liabilities will take out your cash and slowly empty your wallet.

Therefore, he believes that people should have a financial education. In his book, he points out that many people around the world are educated but financially illiterate.

Without financial education, you risk failure in life. The author also provides examples of millionaire Americans from different professions who suddenly lost everything.

When you understand the importance of financial flow and learn to invest in valuable assets, you become financially literate in the true sense. This financial literacy is the starting point for your success.

Examples of Liabilities Commonly Owned by Middle-Class People:

  • School loans
  • Credit card debt

Examples of Liabilities Commonly Owned by Rich-Class People:

  • Real estate
  • Intellectual property

The Chapter is Summarized in Three Points, the Resulting Outcome is As Follows: 

  • The rich people will buy assets.
  • The poor people will only have expenses.
  • The people who belong to the middle class only buy liabilities, and they misunderstand them as assets.

One of the major rules explained in this chapter is to learn the difference between liabilities and assets.  

Mind Your Own Business:

In this section of the book, the author clarifies the distinction between a profession and a business. For instance, if you work as an accountant, you are an employee of a company, and you do not own it.

If you wish to improve your financial situation, you need to put in more effort than simply working for someone else. To achieve this, you should focus not only on increasing your income but also on building your assets.

 Rich Dad Poor Dad - Business Coaching

Robert Kiyosaki, the author of the best-selling book “Rich Dad Poor Dad,” suggests that investing in real estate is one of the best ways to create wealth.

This is because real estate is an asset that doesn’t require constant management like other investments. Once you buy a property, you can just leave it and let it appreciate in value over time.

However, if you decide to sell your home, it’s important to work with a reputable company that will provide you with a competitive cash offer.

The History of Taxes and the Power of Corporations:

According to him, corporations save a lot of taxes.

The speaker clarifies that corporations are not a group of people but a legal document that helps in tax-saving and asset protection.

He explains that corporations can be used to earn money, make expenses, and pay tax on the remaining amount. However, individuals pay higher taxes because they often don’t invest in the right assets.

The Rich Invent Money:

In this chapter, the author encourages everyone to embrace boldness.

He argues that, in the real world, boldness often trumps intelligence. Boldness involves taking calculated risks and not allowing fear to govern your decisions.

The author also highlights the plight of people who possess great talent and ideas but struggle to monetize them. He emphasizes that the human mind is our most powerful asset, and with the right training, it can create immense wealth.

 Rich Dad Poor Dad -Free Investing Classes

He is quite right. Many people can do nothing despite having many ideas due to their fear. To increase your wealth, you will have to enhance your financial IQ, he says. 

Work to Learn – Don’t Work for Money

In this chapter, the author discusses the importance of learning new things.

He points out that many individuals fail to progress in their lives because they don’t acquire new knowledge and skills, which restricts their career and personal growth.

The author stresses that we must continuously update ourselves as technology advances, and having a single skill may not be adequate to achieve our aspirations.

What Are The Main Differences Between the Rich and The Poor Dad, As Per The Book?

Poor Dad said that rich people should be paying more taxes.  

Rich Dad said if you produce taxes, it will reward you.  

Poor Dad asked him to study hard so that he could find a job in a good company. 

Rich Dad asked him to study so that he could buy a good company. 

Poor Dad told him that he couldn’t become rich because he had children. 

Rich Dad told him that he became rich because he had children 

Poor Dad would be asked not to talk about money and business during dinner. 

Rich Dad asked him to do the exact opposite. 

Poor Dad would ask him not to  take the risk. 

Rich Dad , on the contrary, told him to manage the risks. 

Poor Dad told him that the house was an asset, while Rich’s dad told him it was a liability. Poor Dad: Pay your bills first.

📚 What is 'Rich Dad Poor Dad' about?

Rich Dad Poor Dad is a book that contrasts the financial philosophies of the author's two father figures. One dad is rich in knowledge and attitude towards money (Rich Dad), while the other struggles financially (Poor Dad). The book offers insights on investing, real estate, creating wealth, and financial independence.

💡 What can I learn from 'Rich Dad Poor Dad'?

You can learn the importance of financial education, the difference between assets and liabilities, why acquiring assets is key to wealth, and the power of passive income. The book emphasizes thinking like an investor rather than a consumer.

🤔 Is 'Rich Dad Poor Dad' suitable for beginners in finance?

Yes, it's highly recommended for beginners. The book uses simple language and real-life examples to explain complex financial concepts, making it accessible to everyone, regardless of their financial background.

💼 Does 'Rich Dad Poor Dad' offer practical advice on getting rich?

While it offers foundational financial principles and mindset shifts, it's more about changing your perspective on money and investing rather than providing step-by-step investment strategies.

📉 Are there any criticisms of 'Rich Dad Poor Dad'?

Yes, some critics argue that the book lacks specific financial advice and overly simplifies complex financial concepts. Others caution readers to research further before making financial decisions based on the book alone.

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Conclusion: Rich Dad Poor Dad Review 2024

This book is a bible for those who dream about becoming financially free and getting rid of their debts and liabilities.

So, if you want to become rich and increase your financial IQ, I recommend that you read this book and apply it practically in your life.

I hope this post suits your purpose well. If it helped you, kindly share it on social media channels as well.

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book review of rich dad and poor dad

book review of rich dad and poor dad

Book Review: Rich Dad, Poor Dad

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When I first discovered Rich Dad, Poor Dad , I was well into the last year of my residency. I couldn’t put it down, and I’m not exaggerating when I say that it completely changed my life. It was also probably the first non-medical book I had read since I was introduced to the works of Malcolm Gladwell during medical school.

The ideas presented in Rich Dad, Poor Dad aren’t particularly profound or fancy, but the concepts were entirely new to me. This is especially true of how the book taught me to think of money not as an end-goal, but as a tool for wealth creation.

Up until that point, I had thought that all I needed to do was to find the right job and I’d be set. After all, this was exactly the way I’d thought about getting into the right medical school, the right residency, and the right fellowship (haha).

But after reading this book, I realized that the concept of trading time for money just isn’t the smartest way to go through life. Your money should work for you—not the other way around. The author of Rich Dad, Poor Dad, Robert Kiyosaki, believes precisely that.

Here are some of his key concepts:

  • Being rich = freedom (As you’ll notice, this is a common theme in my blog)
  • Rich people make money work for them, while most everyone else works for money
  • Financial education is a key to success.

In regards to that last concept, Kiyosaki has a lot to say. For example, I just love this quote from the first chapter:

“Most people never study the subject [of money]. They go to work, get their paycheck, balance their checkbooks, and that’s it. On top of that, they wonder why they have money problems. Few realize that it’s their lack of financial education that is the problem.”

More key concepts:

  • Assets are things that produce cash-flow. You become wealthy by accumulating assets.
  • Wealth comes from having enough assets, which generate enough income to cover all of your expenses. That way, there is enough left over to invest in more assets.

A common criticism of this book is that while it is inspiring, by the time you reach the end of the book, you have no idea what the first step is. That’s actually fine with me. I believe everything starts with inspiration. What separates those that are successful from those that are not is that the successful people take that inspiration—and then they act on it. They do not let fear and never-ending analysis paralyze them (Kiyosaki calls this “analysis paralysis”).

This book awakened in me an almost insatiable appetite for financial books. Soon after reading it, I found myself tearing through book after book on personal finance, learning and absorbing all that I possibly could. As a result, I learned so much more than I would have otherwise. If nothing else, that alone is worth the price of the book.

book review of rich dad and poor dad

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COMMENTS

  1. 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 ...

  2. 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.

  3. 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.

  4. Rich Dad, Poor Dad by Robert T. Kiyosaki

    615,182 ratings23,528 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 ...

  5. 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.

  6. 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 ...

  7. Rich Dad Poor Dad Book Summary, Review, Notes

    Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter is a book that came out in 1997 and focuses on the importance of financial literacy from an early age. Throughout the book, the author explains how a person can increase their wealth by investing in assets and by being smart with money. Book Title— Rich Dad Poor Dad.

  8. The 365 CEO's review of Rich Dad, Poor Dad

    The 365 CEO 's review. Jan 02, 2024. it was amazing. "Rich Dad, Poor Dad" by Robert T. Kiyosaki is a transformative and eye-opening exploration of financial literacy and mindset that has inspired millions of readers worldwide. Through the lens of his own experiences growing up with two father figures—one rich and one poor—Kiyosaki imparts ...

  9. 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.

  10. Rich Dad Poor Dad by Robert Kiyosaki: Book Summary & Review

    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 ...

  11. Robert Kiyosaki

    One of the best books I've come across on financial education has been Rich Dad, Poor Dad by Robert Kiyosaki. I've since become a huge fan of Robert Kiyosaki and have read many of his other books and watched a lot of videos of him. In this book review, I want to share some of the most important lessons that I've learned from Rich Dad, Poor Dad.

  12. 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.

  13. Jenny Xu's review of Rich Dad, Poor Dad

    Jenny Xu 's review. Sep 07, 2023. liked it. bookshelves: self-help, personal-finance. Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter is arguably the most successful personal finance book ever written, with over 32 million copies sold since publishing in 1997. Just think, that's roughly 142 books sold every hour for over two decades!

  14. Rich Dad Poor Dad By Robert Kiyosaki [Comprehensive Book Review]

    One of the best-selling financial books of all time, Robert Kiyosaki's Rich Dad Poor Dad is a tour de force of simple but powerful advice for improving your financial position. From suggestions for how you can approach investing from the standpoint of generating cash flow rather than incurring debt to ideas for reframing your thought processes regarding wealth as a whole, the book offers a ...

  15. Rich Dad, Poor Dad Summary

    12 Final Thoughts. Rich Dad Poor Dad is Robert Kiyosaki's best-selling book about the difference in mindset between the poor, middle class, and rich. In this Rich Dad Poor Dad book summary, we'll break down some of the best lessons Kiyosaki shares to help you become more financially literate. So, let's dive in.

  16. Amazon.com: Customer reviews: Rich Dad, Poor Dad

    Robert Kiyosaki opens up the world of the elite class in his book Rich Dad, Poor Dad. I've gotten to know how the finically intelligent brain looks at problems; it's far different than how the middle and lower classes are taught to think. Recounting his youth of growing up on Hawaii, Kiyosaki compares his real poor father's lessons about ...

  17. 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.

  18. Rich Dad Poor Dad: Book Review, Summary & Key Takeaways

    Google rating score: 4.5 of 5, based on 104 reviews. The Book 'Rich Dad Poor Dad" is one of the most famous books on Personal Finance. This book breaks age-old myths about Wealth Creation. Robert Kiyosaki discusses the flaws in our understanding of Wealth Creation and Money Management. A Comprehensive Review of "Rich Dad Poor Dad" with ...

  19. 'Rich Dad Poor Dad' Author Robert Kiyosaki: You Should Never ...

    Best known as the author of "Rich Dad Poor Dad" — the No. 1 personal finance book of all time — Robert Kiyosaki has challenged and changed the way millions of people around the world think ...

  20. Rich Dad Poor Dad by Robert T. Kiyosaki

    My Review -. Rich Dad Poor Dad is the debut book written by Robert T. Kiyosaki. It was first published in 1997 autonomously because publishers didn't recognize the potential in Robert's work. But his novel changed their way of thinking by becoming the number one financial book of all time. The title is intriguing, which is why many people chose ...

  21. Rich Dad Poor Dad Review: The Good And The Bad

    Rich Dad Poor Dad has inspired millions of people to understand money better, but do your own research about what it teaches. There are a lot of readers who love this book, and it has helped many understand finance better. There are many positive points and most people will find it worth their time.

  22. Rich Dad Poor Dad Review 2024: #1 Personal Finance Book?

    Rich Dad Poor Dad Review 2024: Uncover key lessons on wealth, investing, and financial freedom. Perfect for beginners seeking a clearer financial path. ... Conclusion: Rich Dad Poor Dad Review 2024. This book is a bible for those who dream about becoming financially free and getting rid of their debts and liabilities.

  23. Book Review: Rich Dad, Poor Dad

    When I first discovered Rich Dad, Poor Dad, I was well into the last year of my residency.I couldn't put it down, and I'm not exaggerating when I say that it completely changed my life. It was also probably the first non-medical book I had read since I was introduced to the works of Malcolm Gladwell during medical school.

  24. Rich Dad Poor Dad

    Kiyosaki is especially well-known for his book Rich Dad Poor Dad, which he authored in 1997. The book has sold over thirty-two million copies in more than fifty-one languages across over 109 countries. SYNOPSIS. Rich Dad Poor Dad comprehensively destroys several myths about the lifestyle of the wealthy. The book is about the author's two dads ...