Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! – Robert Kiyosaki

What was the advice that Robert Kiyosaki’s rich and poor dad gave him? According to his rich dad, those who are rich are financially literate and those who aren’t rich are financially illiterate. A major difference between the poor and the rich is that the poor work for money, however, the rich make money work for them. In the book, Robert outlines the lessons learned from his rich dad and states how he has applied these lessons to make himself rich. Points from the book:

 

1. To become rich, you can’t play the blame game. Blaming other people for certain things doesn’t help you or your cause at all. Learn to take responsibility for your own actions and results. Stop blaming me, thinking I’m the problem. If you think I’m the problem, then you have to change me. if you realize that you’re the problem, then you can change yourself, learn something and grow wiser. Most people want everyone else in the world to change but themselves. Let me tell you, it’s easier to change yourself than everyone else.

 

2. Learn to control your emotions towards money; don’t become a slave to the fear and desire for money. You can’t let others dictate how you should live and how you should feel about your image. The media is constantly trying to sell us an image or get us to buy things we don’t really need. By falling into their trap, you’re entering the cage of their hamster wheel.  Never forget, because your two emotions, fear and desire, can lead you into life’s biggest trap, if you’re not aware of them controlling your thinking. To spend your life living in fear, never exploring your dreams, is cruel. To work hard for money, thinking that money will buy you things that will make you happy is also cruel. To wake up in the middle of the night terrified about paying bills is a horrible way to live. To live a life dictated by the size of a paycheck is not really a life. Thinking that a job will make you feel secure is lying to yourself. That’s cruel, and that’s the trap I want you to avoid, if possible. I’ve seen how money runs people’s lives. Don’t let that happen to you. Please don’t let money run your life.

 

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3. If you want to become rich, you need to understand the language of money. If learning it is too difficult for you, then perhaps you don’t deserve it. Time and time again do I read/hear about the importance of this. I highly doubt that there’s a single successful self-made person who doesn’t understand the language of money. I recently bought a new VCR. It came with an instruction book that explained how to program the VCR. All I wanted to do was record my favorite TV show on Friday night. I nearly went crazy trying to read the manual. Nothing in my world is more complex than learning how to program my VCR. I could read the words, but I understood nothing. I get an ‘A’ for recognizing the words. I get an ‘F’ for comprehension. And so it is with financial statements for most people. ‘If you want to be rich, you’ve got to read and understand numbers.’ If I heard that once, I heard it a thousand times from my rich dad. And I also heard, ‘The rich acquire assets and the poor and middle class acquire liabilities.'”

 

4. Keep learning and learn fast. This is exactly why I learned how to read faster. The more you learn, the more you’ll earn as said by Warren Buffett. The second you let your knowledge guard down to others, those who are hungrier than you are for it will one day out perform you.  INVEST FIRST IN EDUCATION: In reality, the only real asset you have is your mind, the most powerful tool we have dominion over. Just as I said about the power of choice, each of us has the choice of what we put in our brain once we’re old enough. You can watch MTV all day, or read golf magazines, or go to ceramics class or a class on financial planning. You choose. Most people simply buy investments rather than first invest in learning about investing. A friend of mine, who is a rich woman, recently had her apartment burglarized. The thieves took her TV and VCR and left all the books she reads. And we all have that choice. Again, 90 percent of the population buys TV sets and only about 10 percent buy books on business or tapes on investments.

By Ryan Lee

 

My rating:
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Check out the book here:
Amazon USA
Amazon Canada
Amazon UK

 

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