📖 My Thoughts on Rich Dad Poor Dad: Why It's a Must-Read for Anyone Interested in Building Wealth 💰 (2024)

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📖 My Thoughts on Rich Dad Poor Dad: Why It's a Must-Read for Anyone Interested in Building Wealth 💰? ›

In conclusion, Rich Dad Poor Dad is a must-read for anyone interested in building wealth and achieving financial freedom. The book offers practical advice, challenges traditional financial beliefs, and provides inspiration and motivation to take action.

Part of maturing and growing up is recognising the variety of frameworks and understanding the other's perspectives. This is something that Rich Dad Poor Dad encapsulates in its very title. By labelling it “Rich Dad” and “Poor Dad”, the book represents two different perspectives about how one should approach money.

Rich Dad Poor Dad is about Robert Kiyosaki and his two dads—his real father (poor dad) and the father of his best friend (rich dad)—and the ways in which both men shaped his thoughts about money and investing. You don't need to earn a high income to be rich. Rich people make money work for them.

“The philosophy of the rich and the poor is this: the rich invest their money and spend what is left. The poor spend their money and invest what is left.” “Financial struggle is often the result of people working all their lives for someone else.” “So many people say, 'Oh, I'm not interested in money.

'Rich Dad, Poor Dad' by Robert Kiyosaki offers powerful money lessons on financial education, passive income, risk-taking, leveraging resources, controlling spending, handling debt, and personal growth.

Hence, the question has been solved in detailed explanation manner. 1) What is rule #1? Rule #1 is "Don't work for money." Rich Dad explains that the rich don't work for money, they make money work for them. This means investing in assets that generate income, such as rental properties, businesses, and stocks.

In conclusion, "Rich Dad Poor Dad" serves as a guiding light on the path to financial wisdom and independence. It challenges conventional financial beliefs and encourages readers to think differently about money.

Rich and Poor is a novel of a man who washes dishes for a living and decides to kill a billionaire as a political act. It is literature as political theory and theory as pure literary pleasure—a spiralling, fast-paced parable of joyous, overly self-aware, mischievous class warfare.

In Chapter 4 of Rich Dad Poor Poor Dad, Kiyosaki teaches us how the rich avoid taxes legally by using corporations. He gives several examples of how middle class people pay much higher taxes than the rich. He then teaches us the four most important business skills for financial freedom.

How do I change my life from poor to rich? ›

Chapter 8 of "Rich Dad Poor Dad" emphasizes the importance of taking action and starting the journey toward financial education and independence immediately. It also underscores the value of real-life experiences and mentors in the learning process.

The size of your success is measured by the strength of your desire; the size of your dream; and how you handle disappointment along the way.

Chapter 1: The rich don't work for money

At a very young age, Robert Kiyosaki had his first business partner, his schoolmate Mike. They worked for Mike's dad, who taught them lessons on how to make money. The first rule they learn was that the rich don't work hard for money, their money works hard for them.

In the book Robert focuses on four characters; himself, his best friend Mike, Poor Dad and Rich Dad. Robert's biological dad represents poor dad. In the book Robert describes his dad as a highly educated man who received his undergraduate degree in two years instead of four.

It advocates the importance of financial literacy (financial education), financial independence and building wealth through investing in assets, real estate investing, starting and owning businesses, as well as increasing one's financial intelligence (financial IQ).

Is the Advice in 'Rich Dad Poor Dad' Still Relevant? The advice offered in "Rich Dad Poor Dad" is still relevant in the sense that it's practical, actionable, and covers some of the foundational principles that are necessary to build wealth.

Complaints about the book

There are many reports that Robert's “Rich Dad” does not exist and was made up. This is more than likely true, but there have been many personal finance books that are works of fiction. (The book Wealthy Barber comes to mind.)