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Is Rich Dad Poor Dad Still Relevant to You for Financial Freedom? You Decide.

https://www.drwealth.com/is-rich-dad-poor-dad-still-relevant-to-you-for-financial-freedom-you-decide/

drwealth.com

Is Rich Dad Poor Dad Still Relevant to You for Financial Freedom? You Decide.
First published around 2000s, Robert Kiyosaki's Rich Dad Poor Dad quickly became an international best-seller. Translated into 51 languages across more than 109 countries, it has been on the New York Times bestseller list for over six years.

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Robert Kiyosaki

“A person can be highly educated, professionally successful, and financially illiterate.”

Robert Kiyosaki

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Financial Literacy Questions

A financially literate person should be able to answer these questions:

  • How much are they earning after tax and after saving for retirement? Is it fair considering their education level and job title?
  • Are they earning above sector median rates, below, or on par?
  • How much goes to their retirement accounts?
  • How much goes into their investments?
  • What are the rates of return on their investments when benchmarked against an index like the S&P 500?
  • What are their financial plans?
  • Can they read a company's financial statement?
  • Do they understand their tax benefits?
  • Do they understand their retirement requirements?
  • Do they have a plan for retiring?

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Rich Dad, Poor Dad

Rich Dad, Poor Dad

"Rich Dad, Poor Dad" is a best-selling personal finance book, written by Robert T. Kiyosaki and Sharon L. Lechter.

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“Poor dad” vs "Rich Dad" Mentality

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?”

Key lessons for becoming a "Rich Dad"

According to Kiyosaki in his book "Poor Dad, Rich Dad", rich people do certain things poor people don't:

  1. The rich buy assets (things that generate revenue like bonds), not liabilities (things that cost money like rent).
  2. The rich become financial literate through experience, not by studying hard at fancy schools.
  3. The rich learn to sell early on.
  4. The rich manage fear better. They take more risks and don't play it safe.