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Rich Dad Poor Dad by Robert Kiyosaki
₹475.00
Rich Dad Poor Dad by Robert T. Kiyosaki
Rich Dad Poor Dad by Robert T. Kiyosaki
About Robert Kiyosaki
Robert Kiyosaki, author of Rich Dad Poor Dad – the international runaway bestseller that has held a top spot on the New York Times bestsellers list for over six years – is an investor, entrepreneur, and educator. Robert has earned a reputation for straight talk, irreverence, and courage. Rich Dad Poor Dad ranks as the longest-running bestseller on all four of the lists that report to Publisher’s Weekly – The New York Times, Business Week, The Wall Street Journal, and USA Today – and was named “USA Today’s #1 Money Book” two years in a row.
About Rich Dad Poor Dad
Robert Kiyosaki’s Rich Dad Poor Dad was first published in 1997 and soon became a must-read for people interested in investing, money, and the global economy of the world. The book has been translated into more than dozens of languages, sold worldwide, 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 and increase income. It destroys the myth that the rich are born rich, explains why your residence may not be an asset, describes the real difference between an asset and a liability, and much more terms related to investment.
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 ten chapters plus the introduction, but much of the book is focused on the first six parts or lessons. The first 6 chapters of the book are listed below.
- 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
Robert Kiyosaki, the author of Rich Dad Poor Dad, had two main influential fathers in his life. 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.
Chapter -1 – The Rich Don’t Work for Money
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 emphasizing the word “money” this section takes on an entirely different meaning of the word.
The fact is that the majority of rich people 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 to work for them.”
Chapter -2 – Why Teach Financial Literacy?
The second chapter of Rich Dad Poor Dad’s book explains the difference between an asset and a liability. Chapter two 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 the 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
Chapter -3 – Mind Your Business
There are two key messages in this chapter.
First, pay off your debts and start investing in income-producing assets as soon as possible.
Next, stay financially healthy by spending your time (instead of your paycheck) and investing as much of your money as possible in assets.
Kiyosaki notes in Chapter 3 of Rich Dad Poor Dad that most people confuse their profession with their business. In other words, they spend their entire lives working in somebody else’s business and making other people rich.
One of my favorite quotes from this section is:
“The primary reason the majority of the poor and middle class are fiscally conservative is that they have no financial foundation. They have to cling to their jobs and play it safe. They can’t afford to take risks.”
Chapter – 4 – The History of Taxes and the Power of Corporations
While 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 related to any kind of Investment.
For example, Kiyosaki writes about the time he bought a Porsche and treated it as a business expense, using before-tax. 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 Porsche aside, the points made in this chapter discuss how to tackle the investment game smartly. The rich understand the power of company structures and the tax code and use every legal means they can to minimize their tax burden.
Chapter – 5 – Rich Invent Money
Here is Rich Dad Poor Dad explains there are two types of investors:
Investment packages are bought by people who entrust their money to a 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 investments, research the market to find deals that make sense, then hire professionals to manage the daily oversight. Professional investors have three things in common:
- Identify opportunities that other people have not found
- Raise funds for investment
- Work with other intelligent people
Chapter – 6 – Work to Learn – Don’t Work for Money
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.”
That’s exactly what Kiyosaki did. Kiyosaki joined the Marines after graduating from college and learned the essential business skills of leading and managing persons. After serving his country, Kiyosaki joined Xerox, overcame his fear of rejection to become one of the top five salespeople in the company, then left the corporate world to form his own business.
Strengths Facts about Rich Dad Poor Dad
Provides a contrarian view that is different from the “common knowledge” found in most personal finance education
- 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
- Focuses on turning income you earn into assets that produce even more income
- Encourages controlling spending and expenses
Weakness Facts about Rich Dad Poor Dad
- 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 expert
- 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
Top FAQs related to Rich Dad Poor Dad
Q. When was the book Rich Dad Poor Dad Published?
Ans:- The book Rich Dad Poor Dad was published in the year 1997.
Q. How many total pages are there in Rich Dad Poor Dad?
Ans:- There is a total of 336 Pages in the book Rich Dad Poor Dad.
Q. How many total chapters are there in the book Rich Dad Poor Dad?
Ans:- There is a total of 10 chapters in which the first 6 chapters are very much important.
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