Rich Dad poor Dad- by Robert T Kiyosaki
Ranked #9,071 in Books, Poetry & Writing, #320,079 overall
Rich Dad Poor Dad
I recently read a few books on finance. And of all the books I read, I found this book "Rich Dad Poor Dad" to be particularly interesting. Unlike typical complicated books, this is interesting yet easy to understand. It contained materials that even a 15-year-old could comprehend. Even if it contained big words, it simplified it in terms of which everybody could understand. This book is written by Robert T. Kiyosaki. He is a fourth-generation Japanese- American. He is an investor, entrepreneur and an educator. He is also known as the millionaire school teacher. He learnt about finance at the age of 9!!
Book Review
What the rich teach their kids about money that the poor or middle class do not!
Quoted by the author: "The main reason why people struggle financially is because they have spent years in school but learned nothing about money, but never learn to have money work for them..." I like this quote very much because it reflects what most of the world think. According to the author, parents usually tell their kids to go to school and get a good job, But it is NOT ENOUGH! I've learned that to be rich and successful you have to acquire something call financial literacy. (don't worry, the book is going to tell you what it is)
Table of Contents
- Book Review
- Lessons of the rich
- Conclusion
- My recommendations
- Lessons from the Guru himself!
- Lesson 1- The 3 types of education
- Lesson 2-Cash flow Quadrant
- Lesson 3-Why savers are losers
- Lesson 4-Assets vs Liability
- Lesson 5-Good debt vs Bad debt
- Lesson 6-Live above your means
- Lesson 7- 3 types of income
- Lesson 8- Investing isn't risky
- Lesson 9- Life's 4 Quarters
- Lesson 10- The Cashflow game
- Lesson 11- The core of learning
- Comments
- Education system
- Games
Lessons of the rich
Lesson 1: The Rich Don't work for Money
The author uses his life experience as a young boy to teach people about money. This represents his creativeness in his field as well as innovativeness. It helps because it doesn't bore you to death like most financial books do. The story starts with his best friend Mike's dad, whom he calls his rich dad and his real dad who he calls his poor dad. One day he went to ask rich dad to teach Mike and him about money, but instead his rich dad told him to work for him for 10 cents an hour! Less then a month went by, and the author was furious. He went and demanded a raise. His rich dad just chuckled. Then he told him the most important lesson in Robert's life. "THE POOR AND MIDDLE CLASS WORK FOR MONEY, THE RICH HAVE MONEY WORK FOR THEM" And so begins Robert's life long journey on the path to financial freedom... Lesson two:Work to Learn-Don't work for money
This is one statement that has really enlighten me. It teaches us that if we work for money, then you would certainly take a longer time earning . But if you work to learn then you would find that money comes easily. For example: Mary is a teenager who works in Macdonald who pays her RM5 per hour to serve people. If Mary sets her mindset that she "works to earn" then she will only go home with RM20 (she works 4 hours) and nothing else. BUT if she were to have the mindset of "work to learn" Then a hundred possibilities open up to her. When she works, she pays attention to the personalities of people who eat over there. From there she unconsciously hone her communication skills and she even gets a free survey of what people like or what people don't like. Furthermore, she even studies how and what makes Macdonald so famous. By the end of her workday, she goes home not only with a RM20 pay, but also a wealth of knowledge. Similarly I hone my writing and marketing skills through Squidoo. I work to learn and not to earn and from there money just flow in.
Conclusion
Well I would like to elaborate further on the book but that would be copy writing. This is just the tip of the iceberg! There are lots more to discover in this book! I really recommend this book to fellow teenagers and adults out there who either like me is a first timer at finance or an adult who just want to earn extra cash. This book really is a life-changing experience for me as well as my family, even my brother who is 12 years old showed interest in that book!
My recommendations
Lessons from the Guru himself!
In the ten part video below Robert will explain a few Rich Dad philosophies that will enlighten you on your pursue of financial freedom
Lesson 1- The 3 types of education
Here is a myth about money that you don't know...
powered by Youtube
Lesson 2-Cash flow Quadrant
By understanding the cash flow quadrant you are able to analyse where you are right now financially and take steps to improve your current financial situation.
powered by Youtube
Lesson 3-Why savers are losers
Here is a brief explanation by property guru Robert T Kiyosaki
powered by Youtube
Lesson 4-Assets vs Liability
The reasons why poor and middle class people don't get rich is because they do not know how to differentiate between assets and liabilities. In this video Robert will explain the basics of an asset and liability. "Your house is not an asset" a quote that is emphasize again and again by the author. So what did he mean by that? Click the video below to find out...
powered by Youtube
Lesson 5-Good debt vs Bad debt
Another important lesson aside from the one above...
powered by Youtube
Lesson 6-Live above your means
What did he meant by that? Didn't our parents taught us to live BELOW our means? Now what could he be blabbering about? Click the video below to find out
powered by Youtube
Lesson 7- 3 types of income
There are altogether 3 TYPES of income- Passive, Portfolio and Earned income. The author will go into details about this in the video below
powered by Youtube
Lesson 8- Investing isn't risky
How often have you heard someone saying- "Investing is risky, or for geniuses only" ? Well this only holds true for someone who lacks in financial education...
powered by Youtube
Lesson 9- Life's 4 Quarters
powered by Youtube
Lesson 10- The Cashflow game
powered by Youtube
Lesson 11- The core of learning
Children do not do well in school because our education systems were not design according to our natural way of learning that is- BY PRACTICAL MEANS or HANDS-on. Instead it is design to turn out robots, capable of regurgitating everything they have learned but not able to apply it in life.
powered by Youtube
Education system
Based on video 11 from above, what do you think of the current education system. Please vote below or share your opinions. Thanks
Loading poll. Please Wait...
Games
These are the games I recommend for a hands-on experience on financial education
by debbie95
HI people.My name is Debbie. You can add me in facebook (weiyuen_95@hotmail.com)I am just a typical person who is trying to find ways to earn money th... more »
- 1 featured lens
- Winner of 5 trophies!
- Top lens » Rich Dad poor Dad- by Robert T Kiyosaki
Feeling creative?
Create a Lens!
Explore related pages
- Robert T. Kiyosaki Robert T. Kiyosaki
- The Discworld Series and Other Books By Terry Pratchett The Discworld Series and Other Books By Terry Pratchett
- Early Retirement Extreme - You can retire sooner than you think Early Retirement Extreme - You can retire sooner than you think
- Technical Analysis (Charting) Technical Analysis (Charting)
- Rich Kid Smart Kid by Robert T. Kiyosaki--Book Review Rich Kid Smart Kid by Robert T. Kiyosaki--Book Review
- Finance and Investment Books and Advice For Beginners Finance and Investment Books and Advice For Beginners