Rich Dad Poor Dad Summary

Robert Kiyosaki and Sharon Lechter

Rich Dad Poor Dad

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Rich Dad Poor Dad Summary

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Rich Dad Poor Dad is a popular self-help book by author and motivational speaker Robert Kiyosaki. The book explores different aspects of building wealth and making informed decisions about one’s finances based on positive willpower and intent. The book has been so successful that it has gone through several additions and reprints, and there are also audio versions. Kiyosaki also travels and lectures on the various aspects of wealth building found within the book.

The narrative of Rich Dad Poor Dad focuses on a unifying theme that is also the subtitle of the book. Kiyosaki homes in on what he believes are the lessons that rich parents teach to their children. These lessons, says Kiyosaki, are invaluable, but are lessons that poor and middle-class parents do not—or cannot—teach to their children. As such, the book is an indispensable tool for parents seeking to better equip their children in the matter of finances, as well as an informative guidebook for those parents and/or individuals who were never taught these “lessons” that Kiyosaki speaks of.

Though some critics have taken issue with the fact that building wealth is subjective endeavor, and that there are no quick schemes or solid answers to amassing financial resources, it is important to note that Kiyosaki’s book does not set out to give specific, get-rich quick answers. Instead, the book circles around a central pillar: teaching wealth and learning about wealth are instrumental tools to understanding one’s finances. More than anything, the book works as an example of how Kiyosaki himself benefited from these lessons, and how others might benefit if their mind and willpower are receptive to growth.

Rich Dad Poor Dad addresses specific ideas regarding teaching and learning about wealth. One of the issues Kiyosaki addresses is the myth that one must earn an exceedingly high income to be wealthy. With the right mindset, says Kiyosaki, even those who are not titans of industry can learn to invest and improve their financial situations. Kiyosaki also takes issue with the common belief that owning a house is an asset. By doing so, he explains to the reader what exactly “assets” and “liabilities” are, and how each affects one’s path to financial growth and freedom.

An important tenet of the book is teaching children to become financially savvy. Kiyosaki attempts to show and train parents the value of teaching kids about money, a vital step to their maturation process and one that can help in their future success as far as finances are concerned. Moreover, Rich Dad Poor Dad highlights various reasons why parents should not rely on school systems to teach their children the value of money. For Kiyosaki, it is the place of parents to impart these “lessons” on their children. School systems have other agendas and place necessity on other matters. For children to be properly educated concerning money, parents must become their own systems of learning for their children.

Kiyosaki delves into the lessons he learned about riches by addressing certain strategies that may aide in becoming rich. For Kiyosaki, “becoming rich” is more aligned with the concept of “thinking like a rich person.” The first of the three strategies that Kiyosaki outlines is the strategy the rich use whereby they form and own their own corporations. By doing so, they can benefit from paying less taxes than people who earn their income as employees working for someone else. The second strategy Kiyosaki addresses is the way the rich invest in real estate, ways that are often not known to the layperson, thus allowing the rich to earn great rewards on their investment with little risk, and with little to no liability for their taxes. The third strategy Kiyosaki addresses is how the rich manage to share information, like the book’s own concept of teaching and learning. The rich use tips and knowledge gleaned from friends and those ‘in the know’ to make informed decisions about the stock market.

Ultimately, Kiyosaki’s belief is that turning your mindset toward the power of belief can result in a startling payout for your finances. Mental fortitude goes a long way toward achieving your dreams. By learning what the rich have been taught by their parents and applying these lessons to your own finances – as well as passing them down to your own kids – you can become wealthy and put your children on the same path.