Rich Dad Poor Dad (Book Review)

 

Title: Rich Dad Poor Dad
Author: Robert T. Kiyosaki
Genre: Personal finance, entrepreneurship, business, investing, economics
Published: 1 April 2000
Rating: 3.9/5

Synopsis :

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.

Review :

Thanks to everyone who recommended me this book. For the first time I tried my hands on financial management. And this book provided me immense knowledge and proved me right about choosing it.

This book includes nine chapters along with study sessions in each. I will share the essence of few chapters now.

The rich don’t work for money (Chapter 1):

Yes, you have read it right. The poor and the middle class work for money. The rich have money work for them.

Most of the middle class and poor people have failed to avoid one of the life’s biggest traps. They always run the rat race. They want to play it safe and feel secure. They are always controlled by fears but not by their passion.

If you want to be rich, you must see what others missed. Most people never see opportunities because they are looking for money and security. So that’s all they get. But the moment you see one opportunity, you will see them for the rest of your life.

“True learning takes energy, passion and a burning desire. Anger is a big part of that formula, for passion is anger and love combined.”

Mind your own business (chapter 3):

Financial struggle is often the result of people working all their life for someone else. If you have to become financially secure, you need to mind your own business.

To know more, you must know the difference between assets and liabilities. For that you have to read few chapters in the book.

“An important distinction is that rich people buy luxuries last while the poor and middle class tend to buy luxuries first.”

The rich invent money (chapter 5):

The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth seemingly instantaneously.

If you always prefer secure investments, you cannot train your mind for the greater good. The problem with secure investments are that they are often sanitized, that is, made so safe that the gains are less. But, rich people are often creative and take calculated risks.

“Often in the real world, it’s not the smart who get ahead, but the bold.”

Overall, this book is a perfect bundle to impart financial literacy. If you truly want to learn about finances and the difference between assets and liabilities, then this is what you are searching for.

P.S: This is not a perfectly crafted story telling book but a book with profoundly shared secrets about investments and finances.

I highly recommend this book for those who really want to know about the strategies of rich people and of course to the fans of Robert T. Kiyosaki.

Happy reading!!!

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