This blog is a review on Rich Dad Poor Dad by Robert Kiyosaki, will be discussing the author, summary, and the book reviews and ratings.
About the Author and the book:
The author of Rich Dad Poor Dad is Robert Kiyosaki, he is an American businessman and an author. The book Rich Dad Poor Dad was written in the year 1997 and 32 million copies of the book have been sold and has been translated into many languages.
The prime objective of the book is to inspire and stimulate a person to the Nirvana of financial freedom by guiding them to obtain and hone with financial knowledge like investing in assets, real estate, starting business, financial IQ, as well as improving financial Intelligence.
The story revolves around two Dads; a Rich Dad and a Poor Dad who had an overwhelming influence over the author, the Poor Dad was the author’s biological father whereas the Rich dad was the father of his best friend. The Poor Dad was hard working, intelligent and well educated and believed in a typical study, get good grades and get a high paying job mentality. In spite of the productive traits that the Poor Dad possessed, he didn’t thrive financially.
Contrastingly, the Rich Dad, the father of his best friend, was an eighth-grade drop out, with a similar work ethic like that of the Poor Dad but with a slight change.The Rich Dad believed in financial education like the working of money and how money can work for you. Due to Rich Dad’s pursuit of richness, he amassed huge fortunes by applying the techniques and the ability of money to toil for him.
In this book, the author outlines the perspectives of both the Dads and the reasons for the financial failures of the Poor Dad. About two-thirds of the book elaborate about the lessons Kiyosaki learned from his Rich Dad.
The author also sheds light on the fact that the Rich Do not work for Money, instead the Rich or those who have the mentality to become rich make money work for them. Whereas the poor and the middle class they work for money. Kiyosaki also points out that most of the poor and the middle class have fear that drives them to keep working such as the fear of not paying the bills, fearing of being laid off, fear of not possessing sufficient money and the fear of reestablishing.
By seeing the lives of Rich Dad Poor Dad, the author Robert Kiyosaki enlightens the readers on the distinction between assets and liabilities. Assets are things that have value, which produces income or appreciates, and can be bought and sold.
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Contrarily, liabilities are things which cost you money and it depreciates over time. The author advises those who want to get rich to buy income inducing assets whilst slashing the liabilities and expenses.
The book also mentions about the loopholes in the corporate taxation and how the rich play the game to cut down their tax load using every legal means possible.The author even advices regarding Financial IQ, which can be summed in four broad domains of expertise: Accounting, Investment Strategy, Market Law (Understanding) and Law.Kiyosaki moreover suggests young people to seek work for what they will learn, over the money that they will earn.
The book Rich Dad Poor Dad furthermore advises the people to learn Management skills required for success, which are Management of Cash Flow, Management of System, Management of People.
The difference between the Rich and the Poor is how they manage their fear. There are five vital obstacles people face on the way to becoming Financially Independent are: Fear, Cynicism, Laziness, Bad Habits, Arrogance.
The author mentions numerous cases of people backing each of his points, the book is a must read for entrepreneurs, businessmen and even an average person to get a basic understanding of the book. The summary is just to give you an overview of the book, it is best to read this amazing book at least once.BUY PDF