Rich Dad Poor Dad

Rich Dad, Poor Dad
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Rich Dad Poor Dad is Robert's story of growing up with two dads — his real father and the father of his best friend, his rich dad — and the ways in which both men shaped his thoughts about money and investing. The book explodes the myth that you need to earn a high income to be rich and explains the difference between working for money and having your money work for you.

Rich Dad, Poor Dad by Robert T. Kiyosaki

Key Takeaways

Learn to make your money work for you, in the form of assets. In order to get rich, be willing to take risks, invest in assets, understand accounting, learn market trends, know the law and don’t forget to teach others along the way.

About the Author

In 1974, Kiyosaki’s career and life were transformed after attending an Erhard Seminars Training session. He then went on to found the Rich Global LLC and Rich Dad Company, the latter of which provides personal financial education through literature and multimedia products. Aside from Rich Dad Poor Dad, Kiyosaki has written over 25 books. Rich Dad Poor Dad has sold over 27 million copies internationally. Kiyosaki has founded several business ventures, including a retail clothing company and a velcro wallet company, both of which have since gone bankrupt.

Chapter 1

-Instead of working to earn money for someone else’s pocket, work to earn money for your own pocket.

-Learn to get out of the “rat race” of working just to get by instead of building wealth and getting rich.

Chapter 2

-The poor work for money and are driven by fear and greed (which leads to ignorance and poverty).

-Most people are afraid of taking risks and therefore, play it safe. As a result, most people end up working for a job and to sustain life, not to build wealth and get rich.

-Don’t be too busy chasing money and security to see and seize life’s opportunities.

Chapter 3

-If you want to get rich, get a financial education and an understanding of how to acquire and maintain assets.

-Financial literacy is vital to staying safe and protecting wealth.

-Lack of financial literacy is why many successful, rich athletes end up poor.

Chapter 4

-Find ways to ‘mind your own business’, instead of working to tend to the business of other bosses and managers.

-Acquire assets like real estate, stocks, bonds and mutual funds in order to acquire wealth.

Chapter 5

-Your most powerful asset is your mind.

-The poor get manipulated by big corporations whereas the rich use them to their advantage, for their own gain.

Chapter 6

-Rich people work to learn, not for job security. Learn a little bit about a lot of subjects.

-Instead of focusing on a job, focus on gaining wealth and acquiring assets.

-Don’t sit around waiting for an opportunity to come to you, go create it.

Chapter 7

-Don’t work for money. Instead, work to learn.

-Learn a few key things about many different subjects.

Chapter 8

-The five personality traits holding people back from being rich: fear, cynicism, laziness, bad habits, arrogance.

-Greed can be a healthy trait. Ask yourself: “What’s in it for me?”

Chapter 9

-Get motivated by a reason other than reality: figure out your purpose in life.

-Pay yourself first. Many business owners don’t do this.

Chapter 10

-When you discover what you’re doing isn’t getting you where you want to be, stop doing it. Do something different.

-Keep your learning curve fresh by enrolling in new classes and learning new skills.

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