Tag: rich dad poor dad

Rich Dad Poor Dad: Concise Summary

This post may contain affiliate links which means I may receive a commission for purchases made through links.

“Rich Dad Poor Dad” is a personal finance and self-help book written by Robert T. Kiyosaki. The book contrasts the financial philosophies and practices of two father figures: the author’s biological father (referred to as “Poor Dad”) and the father of his childhood best friend (referred to as “Rich Dad”). Here’s a brief summary of the key concepts from the book:

  1. The Rich Don’t Work for Money:
    • Rich Dad emphasizes the importance of financial education and learning to make money work for you instead of working for money.
    • He encourages the development of assets that generate passive income, such as investments or businesses.
  2. Assets vs. Liabilities:
    • The author introduces the concept of assets and liabilities.
    • Assets are things that put money in your pocket, while liabilities are things that take money out. Building wealth involves acquiring assets and minimizing liabilities.
  3. Mindset and Education:
    • Rich Dad stresses the importance of having a mindset geared towards financial independence and wealth-building.
    • The author criticizes the traditional education system for not providing sufficient financial education and recommends seeking knowledge outside of conventional channels.
  4. Entrepreneurship and Investments:
    • The book encourages readers to think like entrepreneurs and investors.
    • Building and owning businesses, investing in real estate, and making informed financial decisions are highlighted as key paths to wealth.
  5. The Importance of Taking Risks:
    • Rich Dad emphasizes the importance of taking calculated risks and learning from mistakes.
    • He believes that fear and the avoidance of risks often hinder financial success.
  6. Work to Learn, Not to Earn:
    • The author advocates for gaining experience and knowledge over simply working for a paycheck.
    • Acquiring new skills and expanding one’s knowledge base can lead to greater financial opportunities.
  7. The Power of Passive Income:
    • Rich Dad emphasizes the significance of creating and acquiring assets that generate passive income streams.
    • Passive income allows individuals to earn money without actively working for it, providing financial freedom.
  8. Understanding Taxes:
    • The book discusses the importance of understanding tax laws and using them to one’s advantage.
    • Learning how to minimize taxes legally can contribute to financial success.

“Rich Dad Poor Dad” encourages readers to rethink their approach to money and work toward financial independence. It challenges conventional beliefs about money, wealth, and success, promoting a mindset shift towards entrepreneurship and financial education. Keep in mind that while the book has been influential for many, opinions on its advice may vary, and it’s essential to consider individual circumstances when applying financial principles.

Best Finance Books of All Time

This post may contain affiliate links which means I may receive a commission for purchases made through links.

Rich Dad Poor Dad

Rich Dad Poor Dad…
• Explodes the myth that you need to earn a high income to become rich
• Challenges the belief that your house is an asset
• Shows parents why they can’t rely on the school system to teach their kids about money
• Defines once and for all an asset and a liability
• Teaches you what to teach your kids about money for their future financial success

The Intelligent Investor

The classic text of Benjamin Graham’s seminal The Intelligent Investor has now been revised and annotated to update the timeless wisdom for today’s market conditions.

The greatest investment advisor of the twentieth century, Benjamin Graham, taught and inspired people worldwide. Graham’s philosophy of “value investing”—which shields investors from substantial error and teaches them to develop long-term strategies—has made The Intelligent Investor the stock market bible ever since its original publication in 1949.

The Little Book That Still Beats the Market 

In 2005, Joel Greenblatt published a book that is already considered one of the classics of finance literature. In The Little Book that Beats the Market—a New York Times bestseller with 300,000 copies in print—Greenblatt explained how investors can outperform the popular market averages by simply and systematically applying a formula that seeks out good businesses when they are available at bargain prices. Now, with a new Introduction and Afterword for 2010, The Little Book that Still Beats the Market updates and expands upon the research findings from the original book. Included are data and analysis covering the recent financial crisis and model performance through the end of 2009. In a straightforward and accessible style, the book explores the basic principles of successful stock market investing and then reveals the author’s time-tested formula that makes buying above average companies at below average prices automatic. Though the formula has been extensively tested and is a breakthrough in the academic and professional world, Greenblatt explains it using 6th grade math, plain language and humor. He shows how to use his method to beat both the market and professional managers by a wide margin. You’ll also learn why success eludes almost all individual and professional investors, and why the formula will continue to work even after everyone “knows” it.

The Millionaire Fastlane

Crack the Code to Wealth and Live Rich for a Lifetime!

Just some of what you will learn:

  • Why jobs, 401(k)s, indexed-funds, and 40-years of mindless frugality will never make you rich young.
  • Why most entrepreneurs fail and how to immediately put the odds in your favor.
  • The real law of wealth: Leverage this, and wealth has no choice but to be magnetized to you.
  • The leading cause of poorness: Change this, and you change everything.
  • How the rich really get rich – and no, it has nothing to do with a paycheck or a 401K match.
  • The indisputable mathematics of wealth: how you and any “Joe Schmo” can tap into real wealth real fast.
  • Why the guru’s sacred deities – compound interest and indexed fund investing – are impotent wealth accelerators.
  • Why popular guru platitudes like “do what you love” and “follow your passion” will most likely keep you poor, not rich.
  • And 250+ more poverty-busting distinctions…

I Will Teach You To Be Rich

No Excuses. No B.S. Just a 6-Week Program that Works

At last, for a generation that’s materially ambitious yet financially clueless comes I Will Teach You To Be Rich, Ramit Sethi’s 6-week personal finance program for 20-to-35-year-olds. A completely practical approach delivered with a nonjudgmental style that makes readers want to do what Sethi says, it is based around the four pillars of personal finance- banking, saving, budgeting, and investing-and the wealth-building ideas of personal entrepreneurship.