Rich Dad, Poor Dad Summary 2023 - Deepstash

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Rich Dad, Poor Dad Summary

About Rich Dad, Poor Dad Book

Although we have been successful in our careers, they have not turned out quite as we expected. We both have changed positions several times-for all the right reasons-but there are no pension plans vesting on our behalf. Our retirement funds are growing only through our individual contributions. Michael and I have a wonderful marriage with three great children. As I write this, two are in college and one is just beginning high school. We have spent a fortune making sure our children have received the best education available. One day in 1996, one of my children came home disillusioned with school. He was bored and tired of studying. “Why should I put time into studying subjects I will never use in real life?” he protested. Without thinking, I responded, “Because if you don't get good grades, you won't get into college.” “Regardless of whether I go to college,” he replied, “I'm going to be rich.”

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Rich Dad, Poor Dad by Robert T. Kiyosaki

Grow your assets

Understand the difference between an asset and a liability; and grow your income-generating assets' column.

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Stop Digging

“If you find you have dug yourself into a hole... stop digging.”

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Meaning of wealth

Wealth measures how much money your money is making and, therefore, your financial survivability.

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<p><strong><em>10 Lessons From...

10 Lessons From RICH DAD, POOR DAD.

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<p><strong>PAY YOURSELF FIRST<...

PAY YOURSELF FIRST

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<p><strong>LEARN TO LISTEN</st...

LEARN TO LISTEN

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Fear and Greed

Fear and Greed

Fear and greed can drive financially ignorant people to make irrational decisions.

If you have money, you are likely to focus on all the new things it can buy (greed). If you don't have it, you worry you might never have enough (fear).

People who are ignorant about how to manage their finances are especially prone to letting these emotions drive their decision-making.

By building up your financial knowledge about things like investments, risk and debt, you can counter these emotions, and place you in a better position to make rational decisions.

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Financial Intelligence

Financial Intelligence

Despite being vital for both personal and societal prosperity, we receive no training in financial intelligence.

Being rich is not about being talented or capable. The world is full of such people, and most of them are poor. What they lack, is financial intelligence, an aptitude for financial subjects like investing, accounting etc.

Sadly, we aren't raised with this intelligence. Our schooling doesn't cover financial intelligence amongst the myriad of concepts we learn.

Since society has left us poorly equipped in terms of financial knowledge, it is up to the individual to educate himself.

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Realistic appraisal of finances

Realistic appraisal of finances

Financial self-education and a realistic appraisal of finances are the building blocks of growing wealthy.

Earlier you start at building your personal wealth, the better. If you begin at 20, you're far more likely to become rich, than at 30.

Set financial goals based on a realistic appraisal of finances. A good look at the income, and expenses helps you plan your future accordingly. Coupled with financial education, there's a good change you'll become wealthy one day.

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Money - Two theories

1. Theory One

Money is the cause of all sufferings

2. Theory Two

Lack of money is the cause of all sufferings.

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The Money Education

Assets

The things which increase your money.

Liabilities

The things which reduce your money.

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Direction of your cashflow

Poor

People whose income gets spend on basic expenditure.

Middle class

People whose income gets spend on luxury things and unnecessary shopping.

Real rich

People whose income does not get spend, but they invest a good part of their income on money generating assets.

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The Summary Of The Book

If you wanna know the key points from the book, the following ideas are for you

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Have money work for you. Don’t work for money.

Have money work for you. Don’t work for money.

The fear is the main cause of working for money. Rich people make money work for them. Job is a short term solution to a long term problem. Emotions should not control your thinking. Money is illusion. Money is not real.

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Learn financial literacy

Learn financial literacy

It’s how much money you keep not how much you make. You need to be a financially literate. Master financial literature. Accounting is very important even though it’s boring. Account analysis is an important skill. Understanding the difference between asset and liability is crucial. Do know the difference! Keep it super simple. Buy an asset not a liability. You have to understand the numbers. Rich acquire assets. Asset is what puts money to your pocket. In financial reporting the story is important. Cash flow tells the story how the money is spending.

(Continued in next idea..)

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Teachings for understanding and succeeding financially.

ROBERT KIYOSAKI

The poor and the middle class work for money. The rich have money work for them.

ROBERT KIYOSAKI

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Differentiate between assets and liabilities

Understand that assets put money in your pocket, while liabilities take money out. Invest in assets like stocks, real estate, or businesses that generate income, rather than liabilities like cars or consumer goods that depreciate in value.

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Invest in assets that generate passive income

Look for investments that provide ongoing cash flow, such as rental properties, dividend-paying stocks, or royalties from intellectual property. This way, your money can work for you even when you’re not actively working.

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Robert T. Kiyosaki

"Rich Dad Poor Dad" is a book that compares the money philosophies of two dads: the author's real dad (Poor Dad) and a mentor (Rich Dad). 

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Think about Money

Think about Money

Rich Dad teaches that it's crucial to think about making money work for you, while Poor Dad believes in job security and a steady paycheck.

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Good Debt vs. Bad Debt

Good Debt vs. Bad Debt

Rich Dad explains the difference between good debt (investments that make you money) and bad debt (expenses that don't).

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"Rich Dad Poor Dad" by Robert Kiyosaki is a must-read bestseller that offers invaluable insights into achieving financial success and independence. If you truly wanna become rich then this is for you! Don't miss bonus points at the end! 🤍

Contrasting Views:

Contrasting Views:

Kiyosaki shares the contrasting financial philosophies of his two father figures: his own dad (Poor Dad), who followed traditional advice of getting a stable job and saving money, and his friend's dad (Rich Dad), a self-made millionaire who emphasized financial education and investment.

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Importance of Financial Education:

Importance of Financial Education:

Unlike the traditional education system, which often neglects financial literacy, Rich Dad emphasizes the importance of acquiring knowledge about money, investing, and entrepreneurship.

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Assets vs. Liabilities:

Assets vs. Liabilities:

Kiyosaki introduces the concept of assets and liabilities, emphasizing the significance of building assets (such as real estate, stocks, and businesses) that generate income, rather than accumulating liabilities (such as consumer debt and luxury items).

Check it out on Amazon and grow now Buy now

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If you don't understand money, you'll never be truly wealthy. Here are 15 money skills everyone should know:

1. Paying Yourself First

1. Paying Yourself First

What you need to do:

  • Deposit paycheck
  • Automate investments first
  • Anything left over goes to bills

The process:

  • Determine how much to invest
  • Determine investment frequency
  • Determine where it should be invested

Make your money work for you.

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2. Investing in Yourself

2. Investing in Yourself

The best investment you can make is in yourself.

How to level up right now:

  • Read a book
  • Take a course
  • Exercise for 30 mins
  • Listen more, talk less
  • Learn from past mistakes

The highest ROI is when you invest in yourself.

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3. Controlling Your Spending

3. Controlling Your Spending

Society tells you to:

  • Spend
  • Show off
  • Consume

Don't go broke trying to look rich.

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Reading is a fundamental step when attempting to improve your personal finances.

   Critical Lessons from “Rich Dad Poor Dad”

Critical Lessons from “Rich Dad Poor Dad”

There are clever methods to break free from the painful cycle of working for others your entire life while failing to preserve anything.

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1. Financial education is your greatest asset

1. Financial education is your greatest asset

"Money without financial literacy is no money"

Making money and keeping money are two different things. Never confuse the two . Remember the athlete who made millions at 24 but ended up sleeping under a bridge ten years later?

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2.Don't work to earn money; work to learn..

2.Don't work to earn money; work to learn..

Learning can increase your knowledge and equip you with unique talents to help you advance in your career.

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