Book Summary Rich Dad Poor Dad
BOOK SUMMARY RICH DAD POOR DAD
Born in Hilo, Hawaii in April 1947.
Robert T. Kiyosaki is an American investor, businessman, author, motivational speaker, and a financial coach. Robert Kiyosaki has a net worth of $80 million.
Robert started this book with the story of his two fathers and the difference of their ideas on the basis of which one his rich dad become one of the richest men of Hawaii and second his poor dad who struggled financially all his life.
This difference can be seen in the mentality of the rich and poor everywhere. So in this book, we will learn that idea, that secret which has made Robert a rich and financially strong man.
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Before starting this book summary rich dad poor dad tell me a thing.
If you were to stop working today imagine how long will you survive on your savings??..
I will get back to you with a good solution to your confusion at the end of this book summary rich dad poor dad.
In 1957, Robert was attending the same public school where the rich people use to send their children to his town. Rich parents were able to afford new bicycles, gifts, New toys, etc.
One day Robert went to his father and asked him "Dad, how to become rich".
Robert's father was a well-educated man Ph.D. to an excellent degree but he didn't know the answer to his question so he just said "well use your head son". He advised him to attend school have good grades, get a good and secure job.
He is Robert's poor dad actually he is making a lot of money but in the end, this men's life takes a turn to worst.
He has a friend mike with whom Robert tried his very first idea of making money. Mike's dad taught them the lesson of making money and making their foundation strong.
He is the Rich dad of Robert. He taught them the difference of ideas and approach to money that is the major difference.
The very first lesson is the difference in the knowledge of the difference between an Asset and a Liability. Poor people use to collect liabilities on the other hand rich people work to make their asset column strong. So, well for now what is an asset and a liability? Let us know this in simple terms.
Anything which takes money out of our pocket is called liability and on the other hand, things which put money back in our pocket are called our assets.
Our assets our like stocks, bonds, mutual funds, income-generating real estate, royalties, etc.
Taking about liabilities credit cards, loans, expensive things like mortgage or anything which do not put money back in our pocket but to take it out.
Most of the schools do not teach about money and if you do not learn this you will become a slave of money. It is the reason poor people things they are making assets but actually create their liabilities.
Money works for rich but for poor works for money. Let us learn this with a very simple example in the image below.
So here you can say for a rich person his money is his worker who works for him and make him more money in his income column. Whenever Robert has to buy anything first he grows his asset column and generates money from there and then makes his expenses.
The second lesson which Robert has discussed in Rich dad Poor dad that is I am going to mention in this Book Summary Rich Dad Poor Dad is the fear factor and greed of money. If you ever purchase a stock then there are good chances that you can lose your money let say for example in stock if there is a 60% chance that you will earn a good amount of money and 40% chances are that money will be lost. In this situation a poor people only think about that 40% chance of failure and that its fear in the future he does not see the brighter side that if he wins then what the good things will come to him and all. We want to play safely at every step but the author said that if you want to become rich or even you want to achieve any goal in your life then you must have the ability to take calculated risks. To handle this fear we need to know the power of money we need to make our financial foundation strong.
Here a famous rich dad poor dad quote.
"The main reason that 90% of the Americans public struggles financially is because they play not to lose.
They don't play to win."
Poor people think that they need a high paying job then they can buy all the joys for them but this joy is very short-lived then after this they again need more money for more joy, more pleasure, more comfort and then more security they need a high paying job. In this way, they become the slave of money working for money fell into the rat trap of money and spend all the life in this rat race. Only fear of money lets them do this if you know to handle this fear then your money will work for you and earn money for you.
All our ignorance of money in the feeling that greed of money is bad is pushing us away from a life that we deserve, that we want to live.
READ THE BOOK SUMMARIES OF YOUR INTEREST OF THE FAMOUS BOOKS OF ALL TIME.
THE SUBTLE ART OF NOT GIVING A F*CK SUMMARY
BOOK READING BENEFITS
THE 7 HABITS OF HIGHLY EFFECTIVE PEOPLE SUMMARY
LOVE STORY OF A COMMANDO SUMMARY
YOU ARE A BADASS
Robert has focused on one more thing. He told us to learn more and more skills. We are our biggest asset and our mind is the best asset so we need to grow it regularly by learning new and new ideas. If in a job you see that income is very low but there is a big opportunity to learn new things then go for it and learn it. Grow your asset they will earn money for you.
So now I guess you are aware that how long you can live if you have to stop working today.
The stronger our asset column is the more passive income we will get in our pockets.
Robert T. Kiyosaki is an American investor, businessman, author, motivational speaker, and a financial coach. Robert Kiyosaki has a net worth of $80 million.
Robert started this book with the story of his two fathers and the difference of their ideas on the basis of which one his rich dad become one of the richest men of Hawaii and second his poor dad who struggled financially all his life.
This difference can be seen in the mentality of the rich and poor everywhere. So in this book, we will learn that idea, that secret which has made Robert a rich and financially strong man.
Blogger's Instagram
In this Book Summary Rich Dad Poor Dad, we will learn the ideas of Robert T. Kiyosaki. What lessons his father taught him to make his financial foundation strong. Starting from the introduction of Robert T. Kiyosaki further, I will tell you his ideas in detail with images with rich dad poor dad quotes.
Before starting this book summary rich dad poor dad tell me a thing.
If you were to stop working today imagine how long will you survive on your savings??..
I will get back to you with a good solution to your confusion at the end of this book summary rich dad poor dad.
In 1957, Robert was attending the same public school where the rich people use to send their children to his town. Rich parents were able to afford new bicycles, gifts, New toys, etc.
One day Robert went to his father and asked him "Dad, how to become rich".
Robert's father was a well-educated man Ph.D. to an excellent degree but he didn't know the answer to his question so he just said "well use your head son". He advised him to attend school have good grades, get a good and secure job.
He is Robert's poor dad actually he is making a lot of money but in the end, this men's life takes a turn to worst.
He has a friend mike with whom Robert tried his very first idea of making money. Mike's dad taught them the lesson of making money and making their foundation strong.
He is the Rich dad of Robert. He taught them the difference of ideas and approach to money that is the major difference.
Lessons:
What lesson he actually taught let's see them.The very first lesson is the difference in the knowledge of the difference between an Asset and a Liability. Poor people use to collect liabilities on the other hand rich people work to make their asset column strong. So, well for now what is an asset and a liability? Let us know this in simple terms.
Anything which takes money out of our pocket is called liability and on the other hand, things which put money back in our pocket are called our assets.
Our assets our like stocks, bonds, mutual funds, income-generating real estate, royalties, etc.
Taking about liabilities credit cards, loans, expensive things like mortgage or anything which do not put money back in our pocket but to take it out.
Most of the schools do not teach about money and if you do not learn this you will become a slave of money. It is the reason poor people things they are making assets but actually create their liabilities.
Money works for rich but for poor works for money. Let us learn this with a very simple example in the image below.
Here in the above diagrams, we can see the difference between the cash flow pattern of a rich, a middle, and a poor person. You can easily observe that how the money earned by rich in his income column he uses to create assets which again give him passive back in his income column but on the other side a middle man used to buy liabilities and this increases his expenses and his money gets out of his pocket and at the last the poor person who earns money and make his expenses only.
So here you can say for a rich person his money is his worker who works for him and make him more money in his income column. Whenever Robert has to buy anything first he grows his asset column and generates money from there and then makes his expenses.
The second lesson which Robert has discussed in Rich dad Poor dad that is I am going to mention in this Book Summary Rich Dad Poor Dad is the fear factor and greed of money. If you ever purchase a stock then there are good chances that you can lose your money let say for example in stock if there is a 60% chance that you will earn a good amount of money and 40% chances are that money will be lost. In this situation a poor people only think about that 40% chance of failure and that its fear in the future he does not see the brighter side that if he wins then what the good things will come to him and all. We want to play safely at every step but the author said that if you want to become rich or even you want to achieve any goal in your life then you must have the ability to take calculated risks. To handle this fear we need to know the power of money we need to make our financial foundation strong.
Here a famous rich dad poor dad quote.
"The main reason that 90% of the Americans public struggles financially is because they play not to lose.
They don't play to win."
Poor people think that they need a high paying job then they can buy all the joys for them but this joy is very short-lived then after this they again need more money for more joy, more pleasure, more comfort and then more security they need a high paying job. In this way, they become the slave of money working for money fell into the rat trap of money and spend all the life in this rat race. Only fear of money lets them do this if you know to handle this fear then your money will work for you and earn money for you.
All our ignorance of money in the feeling that greed of money is bad is pushing us away from a life that we deserve, that we want to live.
READ THE BOOK SUMMARIES OF YOUR INTEREST OF THE FAMOUS BOOKS OF ALL TIME.
THE SUBTLE ART OF NOT GIVING A F*CK SUMMARY
BOOK READING BENEFITS
THE 7 HABITS OF HIGHLY EFFECTIVE PEOPLE SUMMARY
LOVE STORY OF A COMMANDO SUMMARY
YOU ARE A BADASS
So now I guess you are aware that how long you can live if you have to stop working today.
The stronger our asset column is the more passive income we will get in our pockets.
These are the few lessons Robert is teaching us with his book Rich dad poor dad.
RICH DAD POOR DAD Book review sources: Rich dad poor dad by Robert T. Kiyosaki
With this Book Summary Rich Dad Poor Dad, I hope you have learned many lessons. Give your valuable comments in comments.
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Great book
ReplyDeleteEveryone must read this
glad you like it.
DeleteFantastic
ReplyDeleteglad you like it
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