Rich Dad, Poor Dad
What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
Editorial Review
The book is a story of Robert Kiyosaki, the author and narrator, who has two dads: the biological father (the poor one), and the other dad who was the father of his close childhood friend. Both dads taught the author how to achieve success but from different perspectives, and throughout the book, the author compares between the dads, their principles, approaches, and financial opinions. This comparison makes the book vital, and gives the reader deep experiences and comprehensive view for financial growth and welfare. It also enlightens the main means to be rich. These means are not taught in schools or colleges, as they are the summary of decades of hard work, success and failures.
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Wisdom to Share
For the majority of people, when it comes to money, they tend to play the safe game with fear instead of passion; so that they become poor or stuck in the middle class.
If people believe that money will solve problems, they are totally wrong. Instead, being smart will solve problems and produce money.
Financial struggle of poor and middle class people is because they work all their life for someone else to end their working days with nothing except some money to pay for taxes and bills.
To achieve financial security, one needs to have his/her own business. This business relies mainly on assets as a source of income.
Financial literacy is the ability to read and understand financial statements in order to identify the strengths and weaknesses of any business. It is an important skill if you want to create an empire.
Fear of losing money is the most common type of fear, even among the rich. The main goal isn’t not to fear, but how to manage this fear. The primary difference between a rich person and a poor person is how they handle fear.
To achieve financial success, you must overcome arrogance. Every time you are arrogant, you will lose money, because when you are arrogant, you can't differentiate between what is important and what is not.
To be rich, you have to do more than just having a job. You need to be free enough to take the risk of having your own life.
With every dollar we get in our hands, we hold the power to choose our future to be rich, poor or middle class. Our spending habits reflect who we are. Poor people simply have poor spending habits.
The only and the most important asset we all have is our mind; so you have to invest in yourself first, then to buy other investments.
You’re only poor if you give up. The most important thing is that you did something. Most people only talk and dream of getting rich.
Life is the best teacher of all. Most of the time, life does not talk to you, it just pushes you around. Each push is life saying, ‘Wake up. There’s something I want you to learn.
If you learn life’s lessons, you will do well. If not, life will just continue to push you around. People do two things. Some just let life push them around. Others get angry and push back. But they get angry and push back against their boss, or their job, or their husband or wife. They don’t know it’s life that’s pushing.
An asset is something that puts money in [your] pocket. A liability is something that takes money out of [your] pocket.
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