Why Should I Read Rich Dad Poor Dad
Posted by Kristi Jencks on Tuesday, November 23, 2021 at 1:59 PM
By Kristi Jencks / November 23, 2021
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Why Should I Read Rich Dad Poor Dad
The Book: Rich Dad Poor Dad
The Author: Robert Kiyosaki
Rich Dad Poor Dad is the story of two fathers; one has a collection of diplomas but is financially poor and the other is a high school drop-out but financially wealthy. The book explains the financial habits passed within families that help families with resources achieve upward mobility, while families with less money struggle to do the same. Financial literacy, acquiring wealth through assets and financial freedom are all discussed in detail Key Lessons from Rich Dad Poor Dad "Poor Dad" represents the traditional view on work and money - go to uni, get a 9-5 job, climb the corporate ladder. This worked well in the 20th century, but not anymore. "Rich Dad" represents the independently wealthy views on work and money - build assets, invest wisely, work for salary only if you enjoy and have to. The fear of not having money makes people work hard, which in turn leads to compensation through frivolous spending. This is the "Rat Race", a never ending loop between fear and greed. Fear of losing makes you play safe. "Failure" is a learning experience that will make you stronger and wiser. When you recognize a great opportunity, exercise the courage to take it. The rich don't work for money - money work for them. They are getting rich by owning assets. Every dollar that you spend (and not invest) is a dollar that does not work for you. Think of each dollar as your employee that can work 24 hours a day. Buy assets, not liabilities. An asset is anything that produces income, appreciates in value, and does not require your active management. The journey to financial independence is less about how much money you make and more about how much money you keep Change your mindset- from I can’t afford it to- How can I afford it?
Quotes from the Book: "I can't afford it' shut down your brain...'How can I afford it?' opened up the brain." "Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets"
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