"Rich Dad, Poor Dad" is a best-selling personal finance book, written by Robert T. Kiyosaki and Sharon L. Lechter.
It reads like an allegorical story about Robert Kiyosaki and his two dads : a “poor dad”, a highly educated college professor & the “rich dad”, a wealthy entrepreneur who owns dozens of businesses. Both dads offer conflicting advice on money.
The “Poor dad”, a stereotype for the regular salary man, believes that one should work for money as an employee at a stable job. This mentality can trap a person into working a job they don’t love, but is willing to stick with because they have to pay the bills.
The "Rich dad", an entrepreneur, thinks wealth comes from experience-based learning (learn on the job, by becoming an entrepreneur) and multiple income streams.
When the “poor dad” encourages working your way up the ladder, “rich dad” laughs and says, “Why not own the ladder?”
According to Kiyosaki in his book "Poor Dad, Rich Dad", rich people do certain things poor people don't:
A financially literate person should be able to answer these questions:
According to John T. Reed the famous book is filled with bad advice:
There are 2 types of income:
Active Income: You are trading time for money. In order to make money you must perform something. Every day you start from zero.
Passive Income: You do not have to be present to generate income. Things like real estate, stocks, bonds are sources of passive income. You are literally making money while sleeping.