Rich Dad Poor Dad Book Summary by Robert Kiyosaki
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Rich Dad Poor Dad Summary : Book Introduction :-
Robert Kiyosaki had two fathers. One father was his real father whom he calls poor dad. And the other father whom he calls rich dad was his friend's father. Both were successful in their career. my poor dad was very educated and had intelligence and had done PHD. But he was struggling financially.
On the other hand, rich dad did not even complete his high school studies. But he was one of the rich men of America.
Both the fathers had very different views on money. Poor dad used to say that love of money is the root of all problems. But Aamir dad used to say that lack of money is the root of all problems.
Poor dad left many unpaid bills for his family after his death. Whereas rich dad left crores of property. His poor dad always used to say, study well, get a degree so that you can get a secure job. While Rich Dad used to say study. But also think how you can keep people for your work.
The words of both the fathers were different. That's why in the beginning Kiyosaki used to worry about whom to listen to and whom not to. But later he decided to listen to his richdad to become rich. ,
RichDad taught Kiyosaki for 30 years. Due to which his financial knowledge increased a lot. And this is the secret of his becoming successful and rich. Kiyosaki has told all those lessons very well in the book Rich Dad Poor Dad Summary. And also take a look at the mistakes that most people make. Which then does not allow them to become rich.
Why should read Rich Dad Poor Dad Book? What does it teach?
This book is about Financial Literacy. If you want to be rich, then it is very important to know Financial Literacy along with normal studies. Rich Dad Poor Dad (Summary) is one of those books.
Just earning a lot of money is not enough to become rich. Money management, making more money with money, all this work leads to wealth. That's why whoever wants to become rich. Must read this book. It breaks a lot of misconceptions that people have about money.
Rich Dad Poor Dad Chapter 1: Rich people don't work for money
First of all, understand this small story, a man who had a donkey. When that person had to make his donkey work hard, he hangs a carrot in front of that donkey. On seeing that carrot, the donkey starts working hard in the greed of eating it.
That donkey hopes that one day or the other he will reach that carrot, but the poor donkey can never reach that carrot because this carrot is just an illusion, but for that person this carrot, to make the donkey work harder Well, it turned out to be a good idea.
Most people are like that donkey, who go on working hard in the hope that one day they will become rich. But money remains just a dream for them, they never become rich.
If you want to be rich, don't just work to earn money, but let money work for you, because as soon as we take our first step on the road to becoming rich, our fear and greed will dominate us. It seems that we may not remain the poorest of the poor.
In this chapter, the author talks about those people who want to play the game safe, that is, those who are afraid to take risks, because they have never been taught to take risks.
There is always fear about some things in the mind of such people. Like fear of not being able to repay the loan installment, fear of losing job, fear of not having enough money and fear of starting again etc. Because of these fears, most people do jobs.
This fear and greed ensnares us in such a cycle, which never takes the name of ending. We work hard so that we can earn more, but then our expenses also start increasing accordingly.
This is what rich dad calls RAT RACE, which is a trap. We have to avoid this trap of greed and fear. Because most of us who want to become rich fall prey to this trap.
The author says that there are opportunities in the life of every human being, but where the rich people recognize those opportunities and convert them into their goals, the poor people do not see these opportunities, because the poor people always , keep on running after money and security.
The author says that money can work for us 24 hours a day, but if we are working for money, it only benefits our boss or the company where you are working.
And if we put money to work for us, then all the power and control is in our hands, so instead of making money work for you, make money work for you.
If you really want to be rich, you must first understand that you are responsible for yourself! Not for others. Whatever question you have, ask yourself because only you have the answer.
Your first step in the path of becoming rich should be to first remove the fear from your mind, because the fear of not earning much money and greed only forces you to act without thinking and sets you on the path of failure. You are reading "Rich Dad Poor Dad Chapter 1 summary": Rich people don't work for money.
So don't let fear and greed dominate you so much that you keep taking wrong decisions because of it. It will be better that whatever you do, do it after thinking well. Do not take any of your decisions in haste.
You should ask yourself everyday, are you able to do as much as you should according to your potential. Stop thinking like people who only work for money.
Rich dad starts his first lesson off course by hiring Robert and his friend Mike to work at one of his convenience stores.
They do not get any money for this work, yet they both keep working. They both do this work with all their heart. The advantage of this was that during this work many new ideas came to his mind.
Rich dad told them both to always keep an eye on the ways to earn money, if you recognize your opportunity once, you will start recognizing good opportunities throughout your life.
They both remembered rich dad's story, and they saw that Mrs. Martin, the clerk at that store, used to tear the front page of the comic book in half, and she kept half of it, and the other half Used to throw away
The comics distributor would come to the store in the evening, take the upper half of the comic book from the store clerk Mrs. Martin on credit and exchange it for new comic books.
One day they both asked the distributor if you can give us the old comic books. The comics distributor agrees to provide comic books on the condition that he will not sell the comic books. They thought why not rent out these old comic books to read, and they did.
He started renting out comic books to his friends and other kids to read. Instead, he used to charge 10 cents for two hours, in these two hours the customers could read any number of books.
The two of them hired Mike's sister to help them with this work at a salary of one dollar a week. In this way, both of them were earning an average of $ 9.50 every week for three months. From this he learned how to put money to work for himself. Friends, I hope you are liking our Rich Dad Poor Dad Summary.
Lesson 2: Why it is important to educate people about money
Robert tells that in 1923 a meeting took place at the Edgewater Beach Hotel, Chicago. Leaders and very rich business men from all over the world took part in this meeting. Among them were Charles Schwab, the owner of a large steel company, and Samuel Insull, the president of the largest utility at the time, among other big business men.
After 25 years of this meeting, it was seen that many of these people died in poverty, some had committed suicide and some had lost their mental balance. The fact is that people earn money, but they forget to learn how to keep money.
No matter how much money you earn, but maintaining it is the most important thing, and if you learn this skill then you can face any problem very easily.
Friends, it is very important to understand the topic about which you are going to read in this post. When it comes to money, many questions often arise in our mind.
Like- how and where to start earning money? Which books would be good to read? What is the secret of success? How can we earn lakhs of rupees? Wager-wager but most people keep their attention only on money, and do not pay attention to their biggest wealth, which is called Financial Education.
If you think that only money can solve your problems, then the coming time will be very troublesome for you. Keep in mind that intelligence solves problems, and money comes from it.
If you do not have the understanding of money, then even if money comes to you, it will not last long. Most people go through life never realizing that what really matters is not how much money you make, but how much money you keep.
You must have heard the stories of those poor people who win the lottery, who suddenly become rich, but after some time they become poor again. These people win lakhs, crores of rupees, yet they come back from where they started.
Apart from this, you must have also heard stories of sportsmen and film stars who would have been millionaires in their youth, but are forced to beg in old age. The reason for this is lack of understanding of money.
It is not important how much money you earned, but what is important is how much money you saved, and for how many generations you kept that money. Understand this very well that if you want to become rich, then you must have a good sense of money.
Let's understand from this example, if we want to build a house, we have to dig a 6 feet foundation, whereas if we want to build a multi-storey building, we have to dig a deep pit first, and put a strong foundation. Most of the people want to build a multi-storey building on the foundation of 6 feet only in order to become rich.
Our school system dates back to the time when agriculture was the basis of the economy. Even today it believes in houses without foundation. That's why the children coming out of school-college do not have any economic foundation.
If seen, Accounting is the most boring subject in the world. This is a very complicated subject. But if you want to stay rich for a long time, then this is the most important thing. The question is how you can easily understand this boring and confusing subject. You are reading - Rich Dad Poor Dad book Summary
Understand the difference between Liabilities and Assets and buy only Assets
The easiest and most important rule to become rich is that you should know the difference between assets and liabilities, and always buy assets. If you want to become rich, then all you need to know is Is.
This is the first rule and this is the only rule, which seems very simple, but most of the people do not know the importance of this rule. Most people get entangled in money related problems simply because they do not know the difference between assets and liabilities.
Rich people accumulate assets, while poor and middle class people accumulate liabilities, and the funny thing is that poor and middle class people think they are accumulating assets. Let us now understand the difference between Assets and Liabilities.
What are Liabilities and Assets?
Assets are the things that put money in your pocket, while Liabilities are the things that take money out of your pocket. That's all you need to know.
If you want to become rich, then you keep buying assets throughout your life. If you want to be poor or middle class man, then you can buy liabilities.
Not knowing the difference between Liabilities and Assets, most people struggle with money crunch throughout their life. The money story of 80% families is that they keep working hard to earn money, yet they are not able to become rich.
It doesn't mean that they don't earn money, the real reason is that they keep buying liabilities instead of assets throughout their life.
What to do with the money after earning it? For how long should the money be held with you? How to make money work hard? If you know the answers to these questions, then it means that you have an understanding of money.
Most of the people are not able to tell that what is the reason for their money crunch? This also happens because they do not understand cash flow. Yes Cash Flow! A person may be very educated, may be successful in his business, but still it may be that he does not understand money at all.
Such people often work harder than necessary, because they have learned to work hard, but have not learned to make money work hard for them.
Let us understand the difference between asset and liability with this short story. Recently married couples living in a rented house feel like they are saving money, because the cost of living together for two people is about the same as that of a single man. Of.
Now the problem is that the house in which he lives is very small. They both start saving money to buy their dream house, so that they can have children. Now they have two salaries and they start focusing more on their career.
His income starts increasing. Due to the increase in his income, he decides that he will no longer live in a rented house, but will buy his dream house.
And they both buy a new house, after buying a house they are burdened with a new tax, which is called property tax, then they both buy a new car, buy new furniture and new accessories, so that their The house looked luxurious.
Both of them are buying all these things considering them as assets, but they are not assets, they are liabilities, because money is not coming in their pocket from all these things but is going out.
Suddenly he wakes up from his dream and finds that his liability column has gone up and he is in debt and has to pay car loan and credit card loan installments.
Now they too are caught in the rat race. A child is born. Only then they get a credit card from some other bank, they use it. When it ends, a person from a loan company comes and tells them that it would be wiser to repay this consumer loan with their credit card for its high interest rate and this would also save them tax from the interest charged on the house. Will get discount.
Friends, they do the same and pay off the credit cards with high interest rates. After this he breathes a sigh of relief, he has cleared the credit card account.
Now he has converted his consumer loan to home loan. He has to give his Passive Income because he has to pay his home loan installment in 30 years. They think this is the smart way to deal with this problem.
Now he will have to pay the installments for the next 30 years and face financial crunch. The fear of money will always dominate them, lest they lose their job, otherwise how will they pay the installments.
We don't even know that the problem is not to earn money, but to spend money properly and this is the reason for money crunch.
Friends, if you feel that you have trapped yourself in a pit, then stop digging the pit. Poor and middle class people are often controlled by the power of money.
They get up early in the morning and go to work hard, that is, to do a job, and do not even ask themselves whether it is wise to do so.
Due to lack of understanding of money, most people allow the fearsome power of money to control them. The power of money is used against them. Can we ask ourselves the question whether it makes sense? Instead of trusting our inner wisdom, we go along with the crowd.
Often out of ignorance we repeat what we have been taught. Moving in with the crowd and copying the luxuries of the neighbors creates a lot of money problems.
The most important rule to become rich is to recognize the difference between Assets and Liablities and always try to buy the Assets that give money. Along with this, keep trying to reduce your Liablities and expenses as well. You are reading— Rich Dad Poor Dad Summary.
Lesson 3: Mind your own business :-
In this chapter, the author says that rich people pay attention to their assets, while poor or middle class people pay more attention to their income statement.
McDonald's founder Ray Krock gave a speech to an MBA class at the University of Texas. This thing is from 1947, his speech was wonderful and inspiring. After this speech, the students of the class requested to spend some time with them, then McDonald's founder Ray Kroc agreed to drink beer with those students.
In the meanwhile, Ray Kroc asked the students, do you guys know what business I am in? After this question, at first the students started laughing, then one of them gathered courage and replied that apparently you are in the business of selling hamburgers.
Hearing this answer, Ray Kroc laughed and said, "I knew that would be your answer, but I'm not in the hamburger business, I'm in the real estate business."
The franchisee's land and its location play an important role in McDonald's success. The one who buys McDonald's franchise has to buy that land too. It simply means, it is also a real estate business.
Today McDonald's is the largest owner of real estate in the world, occupying some of the world's most valuable squares and street corners.
That's the lesson rich dad taught Robert about how people work for everyone but themselves. Rich dad knew this secret, that's why he always used to say that focus all your attention on your own work, don't waste your whole life working for others.
Most of us work for the government by paying taxes. We work for the company where we are employed. Money comes in the life of most of the people because they keep working for others all their life and are unable to save anything for themselves.
Our present day education system is such that it only prepares the youth to get good jobs. You all know, you become what you read.
That is, if you study cooking, you become a chef. If you study law, you become a lawyer, and if you study mathematics, you become an engineer.
Now the problem is that even this does not help the students because they do not understand the difference between job and business and spend their whole life caring for other's work and making them rich.
There is a big difference between a profession and your own work. Robert says when I ask a person working in a bank, what is your own job? So his answer is that I am a banker. Then I ask that person if you are the owner of that bank, then his answer is no, I work there.
Actually that person has considered his profession and his own work to be the same. But here his profession is that of a banker but his own work is nothing.
Author says that people should focus on their own work and keep buying real properties while doing their jobs. We should avoid buying liabilities or personal belongings that lose their value once we bring them home.
Because if you buy a new car from the showroom and bring it to your home, then its price is reduced by 25% at the same time. This means that the car is not a real asset. Similarly, there are other things, whose price keeps decreasing continuously.
Do you know, what is doing business? Let's understand, a business where there is no need for your presence, which is managed by other people for you, is called doing business. If you also have to work being present there, then it is not a business but a job.
Robert never advises to quit the job, rather he always insists on making the Assets column bigger and stronger. So start minding your own business and always avoid buying liabilities or personal items that lose value once you bring them home. (Rich Dad Poor Dad Summary)
What Kind of Assets Should You Buy?
Robert Kiyosaki always advises to buy real assets, assets that give you benefits like-
Businesses in which you do not need to be present, you are only the owner but other people run it.
investing in stocks
buy bonds
buy income generating real estate
Royalty received from intellectual property like- Music, Scripts, Patents, Books etc.
Apart from this, everything that is valuable, that gives income and whose value increases with time.
Not that you shouldn't buy your luxuries (obligations), but as Robert points out, the rich tend to buy luxuries last, while the poor and middle class tend to buy luxuries first.
Having understood this much, you are now ready to learn the biggest secret of the rich. That is, the secret that takes the rich far ahead of the rest. You are reading— Summary of Rich Dad Poor Dad Book.
Lesson 4: The History of Taxes and the Power of Corporations :-
In the beginning, tax was imposed only on the rich people. In the beginning, the tax meant that the person who earns more money, he will give some part of his earning to the government as a fine. Later the tax was also collected from those people who advocated it ie poor and middle class.
Everyone thinks that rich people pay more tax, but in reality it is not so at all. In today's time, middle class people pay more tax while rich people pay the least tax, because rich people understand tax and all the laws related to it very well. Rich people either learn themselves or hire people who are well-versed in this field.
A corporation is just a legal document that creates a legal entity. It's not really a thing, it's not a factory or a group of people, but the corporation's income tax rate is lower than the individual income tax rate.
Apart from this, the corporation is allowed to spend some money before paying tax. That's why rich people invest their money in corporations, and taking advantage of it, reduce their tax.
Now we will see how rich and middle class people pay tax. Rich people who have big companies, first earn profits, then spend, and then pay tax only on the money that is saved.
Middle class people first earn money, then pay taxes, and then spend what is left. The author says that if you want to become rich, then you also have to understand the tax system of your country and think of new ways to save tax.
Lesson 5: Rich people invent money :-
The author begins with the story of Alexander Graham Bell. Alexander Graham Bell invented and later patented the telephone.
He was very upset due to the high demand for his new invention, because Graham Bell was having a lot of trouble in handling such a big business, so Graham Bell went to the famous company Western Union of that era and asked him that Will they buy his patent and small company?
Graham Bell wanted $100,000 for the whole deal, but the president of Western Union scoffed at him and turned down the offer saying you were asking too much. The rest of history witnessed the birth of AT&T, a multi-billion dollar company.
Robert has been in the teaching profession since 1984. After teaching thousands of people, Robert saw one thing common in all people, that is potential. There is some potential in every human being, which makes them great. But one thing holds all of us back to some extent or the other and that is self-doubt.
Most of you would know that once you are out of school and college, degrees or good grades don't matter much. In real life, grades are not enough because in the world, not smart, courageous people get ahead.
Robert says that financial genius requires both technical knowledge and courage. Most people do not want to take any risk in terms of money, but if you want to become rich, then you have to take risk.
Now you have to decide what do you want to be? If you increase your financial IQ, you can achieve a lot in life and if you don't, then the time ahead will be even more scary for you.
Robert says that even in today's time, I have seen many people struggling and working hard because they are still stuck with old ideas. They keep blaming technology, the economy or their boss for losing their job, losing their house. They do not realize that they themselves are the cause of these problems.
Robert created a game he calls "Cash Flow". This game teaches people how money works? How to invest? What is the right way to become rich? Robert has tried to explain all these things through this game.
One day a lady came to Robert. This woman had lost a valuable learning opportunity. He got a boat card while playing the game in the opening round. Which meant that he had won a boat.
The woman was very happy but when she came to know that she would have to pay a huge amount as tax to get this boat, she became very sad. That boat had not become an asset but a liability for that woman.
That woman started to feel that this boat will take her life like this. He did not understand this game and demanded a refund. She took the money back and went away. But later he called and told that now he has started understanding this game. She was able to relate her life to that game.
Most of the people do the same thing, which is beyond our understanding, often we start getting angry on that thing. So it will be better for you that you should understand things.
There are many people who play Cashflow, who earn a lot of money in this game, but they do not know what to do with that money?
Same thing happens in real life, some people have a lot of money but they are financially weak, their old thinking does not allow them to move forward and they spend their life sitting just looking for the right opportunity. Are .
Robert says that some people get the right opportunity but still they cannot take advantage of it because they will say that they do not have money. Now there are some people who have money as well as opportunity but they do not understand that this is an opportunity.
Financial intelligence means thinking through more options. If opportunities are not coming your way, what can you do to improve your financial situation? If an opportunity falls in your lap, but you do not have money, and the bankers are not ready to lend, how can you take advantage of that opportunity? All these things depend on your financial intelligence.
Most of the people know only one solution to all these things that by working hard earn a lot of money and take loan. If you want to be a person who makes his own luck, then don't just sit around waiting for the opportunity, but you have to learn how to create the opportunity for yourself.
If you keep waiting for the right conditions to come, you may have to wait a very long time.
Rich people know that money is not real. Our mind is our most powerful asset. You need to know about Financial Intelligence. Robert gives a simple example of making money, he explains that in the early 1990s the economy of Phoenix and Arizona was very bad.
People there were being advised to save $100 a month. The idea of saving a fixed amount every month was very strong. But what is the use of such money, it would be better that you keep investing some part of that money which will give you more benefits in the future.
The people of Phoenix and Arizona were facing financial crisis. People were forced to sell their properties at throwaway prices. This was the best opportunity for investors. Robert also bought a house worth $75,000 for only $20,000.
He then placed an ad in the attorney's office, and he was flooded with customers seeking his $75,000 home for $60,000. He sold it for $60,000 and earned $40,000. The whole game took only 5 hours for Robert.
Which of these tasks do you find more difficult?
Work hard, then pay 50% tax on what you earn, save what's left, your savings earn 5% interest, which is taxed again.
Take the time to increase your financial intelligence. Harness the power of your mind and asset column.
If you choose the former option, be sure to first figure out how long it will take you to earn $40,000. Because time is one of your biggest assets. So I would suggest you to choose the second option. Invest only with your mind and become financially intelligent.
So if you want to be the second kind of investor, you need to develop three core qualities:-
1-Find an opportunity that everyone else has missed —
Remember, you can see with your mind what other people can't see with their eyes.
2- Raise money-
Common people only go to the bank to raise money, but other types of investors should know that without going to the bank, money can be arranged in many ways.
3-Organize smart people -
Intelligent people are those who work with people more intelligent than themselves. Choose your advisor wisely whenever you need advice.
Lesson 6: Work to learn, not make money :-
Robert Kiyosaki tells that once a female journalist was interviewing him in Singapore. The female journalist told him that I too wanted to become a bestselling author like you. Robert had also read the articles of the woman journalist, which were very forceful and clear.
His articles had the ability to make readers his own. The lady reporter says that my novels are well liked by the people, but still nothing happens, so she asked Robert's advice what should she do?
Robert asked her, “So what is it that is stopping you from making your dreams come true” To this question the lady reporter replied that my hard work is not paying off. On this, Robert advised the female reporter to take a sales-training course.
On this the woman got angry and said, I am a professional writer, I have a master's degree in English Literature, why do I need to learn sales.
Robert says that this world is full of smart, educated and talented people. We meet such people everyday, such people are always near us. But the point is that only your talent is not enough to earn money, because until you do not know how to cash that talent, your talent is useless.
Learning the skills of selling and marketing is difficult for most people. Especially because of the fear of rejection but it is very important to learn.
One of the biggest differences between rich dad and poor dad was that the poor dad always worried about the job, because a safe job was everything to him, while the rich dad only focused on learning because to become rich. You have to learn a lot, which you can learn by reading Rich Dad Poor Dad Book Summary.
Lesson 7: Overcoming Obstacles :-
Robert says that even after understanding money, many obstacles can come in front of you in the path of achieving financial freedom. There are five main reasons why even money savvy people are unable to increase their wealth column much. That's why it is very important to overcome these obstacles.
Fear
pessimism
Laziness
bad habits
Ego
Let us understand these five obstacles one by one….
1). Overcoming fear:-
Robert says, that till date I have not found any person in this world who likes loss of money, nor have I found any rich person, who has not suffered loss of money.
But they say that I have met many such poor people who have not lost even a single rupee in investment, means have not invested even a single rupee.
Everyone is afraid of losing money but the real problem is not the fear. The problem is how you deal with this fear and how you deal with the situation after you lose money.
How do you handle failure? Failure inspires the winners and failure demoralizes the losers. The fundamental difference between a rich man and a poor man is how they deal with that fear.
Most people don't get rich because they fear losing money more than the joy of getting rich. If you are over 25 and are afraid of taking risks, you need to change yourself. You must play defensively of course but you must start early.
2- Overcoming pessimism:
"The sky is falling! The sky is falling!” Most of us know the story of the little chicken that came running to warn of doom. We all have doubts in our mind. Our doubts make us inactive. We start playing the “what if” game.
What if I lose my money in this investment? What if things don't go according to plan? These doubts scare us so much that sometimes we are unable to start the work and good opportunities pass in front of us. We have to move ahead by ignoring these doubts.
3-Winning over laziness :-
Busy people are often the most lazy. You can understand its simple meaning from this short story.
There is a businessman, who works hard to earn money. He works late in the office, and brings office work home even on weekends. When he returns home one night, he finds the house empty as his wife has left the house with the children.
He knew that he and his wife had a weak relationship, but instead of working to strengthen the relationship, he remained busy in the office. When the family leaves, he gets disheartened and starts neglecting his work as well, due to which he also loses his job. Too busy people spend all their time in one thing and lose the rest.
The answer to how you can overcome your laziness is “with a little greed.” Always ask yourself, what would my life be like if I never had to work? In this way, with a little greed, you can try to do something better. Remember, excess of everything is bad, so don't be too greedy.
4- Avoiding bad habits:-
Our habits are more important than our education. If you compare any two persons, you will see a lot of difference in their habits.
Robert says that “If I give money to myself first, then I become stronger financially, mentally and financially.” That means, after getting money every month, first you have to set aside money for your Savings and Investments. , only after this you have to pay your bills.
If you want to be rich, you have to develop this habit, even if you have little money. The habit of paying yourself first will give you two benefits, first – your wealth column will keep increasing over time, second – you can take advantage of other earning opportunities as well.
5-Transcending Ego:- Rich dad often used to say that I make money because of what I know, and I lose money because of what I don't know. Most people use arrogance to try to hide their ignorance.
It is not necessary that you have information about everything, but it would be better to be well informed about that thing than having arrogance. (Rich Dad Poor Dad book summary)
Quotes | Precious thoughts given in Rich Dad Poor Dad Book :-
In the world, it is often not the clever, but the courageous people who get ahead.
The best opportunities are not seen by the eyes, they are seen by the mind.
Most people don't win financially because the pain of losing money is far greater than the joy of getting rich.
Failure inspires winners, and failure demoralises losers.
Anyone who wants to take the reins of his financial future into his own hands should start with the Rich Dad Poor Dad Book.
FAQ | Rich Dad Poor Dad Summary
Who is Robert Kiyosaki?
Robert Kiyosaki is a Japanese American. Who was born on 08 April 1947 in Hawaii. He is a very famous American businessman, author and investor.
What is the biggest lesson from the Rich Dad Poor Dad book?
Understanding the difference between Asset and Liability and investing your money in Asset instead of buying Liability is the biggest lesson of this book.
Who Should Read The Rich Dad Poor Dad Book?
Rich Dad Poor Dad Book should be read by every person in the world who wants to become rich, but if you are a student, then this book will prove to be even more beneficial for you because during school or college days, we only need to know about the course. are taught and nothing about the outside world is taught. The Rich Dad Poor Dad book does not give a shortcut to riches, rather it develops money understanding in you.
Can Rich Dad Get Rich By Reading Poor Dad Books?
The Rich Dad Poor Dad book does not give a shortcut to riches, rather it develops money understanding in you. From this book, you will know the rules of becoming rich, but you will have to follow them only then you can become rich.
What does the Rich Dad Poor Dad book teach you?
Rich Dad Poor Dad Book teaches you how to manage money very well.
Where should the money be spent?
Investing in stocks, buying bonds, buying income generating real estate, royalties from intellectual property such as Music, Scripts, Patents, Books, etc., and anything else that is valuable, that generates income, and that increases in value over time. goes.
When was the book Rich Dad Poor Dad originally published?
The Rich Dad Poor Dad Book was originally published on 8 April 1997.
How many pages are there in the book Rich Dad Poor Dad?
Its Hindi version-2020 has a total of 308 pages.
How much is the Rich Dad Poor Dad book price?
The Hindi version of Rich Dad Poor Dad Book is priced at Rs.299, but you can get the book for a few rupees less if you buy it online from Amazon or Flipkart.
Where to "Buy" the Rich Dad Poor Dad book?
You can buy Rich Dad Poor Dad book online from Amazon and Flipkart.
Conclusion
The main purpose of writing Rich Dad Poor Dad Book is to create money understanding among people. There is a lot to be learned about personal finance from this book. Anyone who wants to take control of their financial future should start with the Rich Dad Poor Dad book.
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Why You Should Read The "Rich Dad Poor Dad" Book?
Rich Dad Poor Dad is not an ordinary book, but it is such a book, after reading which you will definitely think why I did not read it before? No matter how much this book is praised, it is less. This book is based on the personal life of Robert Kiyosaki.
Money Management has been taught to you in a very good way in this book. Rich Dad Poor Dad book has sold more than 46 million copies worldwide. Seeing the popularity of this book, it has been translated into more than 50 different languages.
Because it is about the understanding of money, that's why I think every person in the world, no matter what profession he is from, must read this book once in his life.
If you are a student, then this book will prove to be even more beneficial for you, because we are taught only about the course during school or college days. I assure you that this book will change your perspective about money.
Rich Dad Poor Dad Book does not tell the shortcut to riches, rather it teaches, how to develop your understanding of money and how to become rich?
Let us now start the main part of the Rich Dad Poor Dad Summary.
Rich Dad Poor Dad Story
In this book, author Robert Kiyosaki tells about his Rich Dad and Poor Dad. You must be wondering how the same man can have two fathers. In fact, Robert used to call his own father Poor Dad and his friend Mike's father as Rich Dad.
Robert's own father, whom he called Poor Dad, was a highly educated and intelligent man. He was a PhD holder teacher while his other father whom Robert called his rich dad could not even pass the 8th standard.
Both of Robert's fathers were successful in their respective careers. Both fathers worked hard all their lives and made a lot of money, but one always struggled financially and the other father went on to become one of the richest men in Hawaii.
Most of us learn about money from people who themselves have been struggling with lack of money all their lives, you must have seen some people giving financial advice to other people as if they have all the knowledge in the world .
Just think about it, if you ask for advice from two people, the first of whom earns Rs 1 lakh per month and the second earns Rs 10 lakh per month, whose advice will be more effective for you? According to me, the advice of a person earning 10 lakhs per month will prove to be more effective for you.
Robert says I was fortunate enough to have two dads (one poor and the other rich), so I had a choice of two opposing viewpoints, one of a poor man and the other of a rich man.
For example, Poor Daddy used to say, “The love of money is the root of all evil. And Rich Dad used to say, “Lack of money is the root of all evil.
Poor daddy used to say, I can't buy it. And Rich Dad used to say, how can I buy it? Here one sentence is a statement and another is a question. In one the talk ends and in the other your mind is forced to think, how can it be bought? Rich dad says, "I can't afford it" is a sign of mental laziness.
Poor dad used to advise, “Study hard, so that you can get a job in a good company.” And rich dad used to advise, “Study hard, so that you can find a good company to buy you.
Poor dad used to say, "I'm not rich because I have kids to take care of." “While rich dad used to say, “I want to be rich because I want to raise children.
Poor dad used to say, “Play it safe where money is concerned. Don't take the risk. And rich dad used to say, “Learn to take risks.
Finally Robert T. Kiyosaki decided at the age of only 9, that he would only follow the advice of rich dad and follow only the path shown by him. Robert started his studies and during this study, he learned some lessons from rich dad, due to which he later became rich.
Now in this article of Rich Dad Poor Dad Book Summary, we are going to read about the same lessons one by one, which rich dad gave to Robert Kiyosaki …
Before that you can listen to the introduction of the book.
Watch :- Rich Dad Poor Dad Audio book for free :-