Rich Dad Poor Dad Book Review Pdf

rich dad poor dad book review pdf

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Disclosure: This post may contain affiliate links. I recommend Rich Dad Poor Dad to many people who are just starting out learning about personal finance.

Book Review: Rich Dad, Poor Dad

Rich Dad, Poor Dad is one of the best-selling financial books in history, selling over 35 million copies. The two dads are a parable for two different approaches to wealth : Poor Dad recommends getting a secure job with good benefits and retiring with a pension. Rich Dad recommends amassing assets that make money for you , becoming financially literate, and practicing independent thinking. The Poor Dad represents the traditional view on work and money - go to school, get a good job and climb the ladder, prize stability over independence, buy a house, and spend money without a clear long-term plan.

The Rich Dad represents what was then a more contrarian view - work for salary if you have to, but aim for financial independence; have your money generate more money; and take calculated risks boldly.

Most people adopt the Poor Dad view of finances and life. Even worse, they let money control their life:. They get rich by owning things that make them more money. Wealthy people use their Income to buy Assets that return more Income. Meanwhile, they minimize their spending on Expenses and buying Liabilities, to have more money to buy more Assets.

The key to financial independence is having money that makes more money. The key is to buy things that generate income assets. You do NOT want to buy things that lose money over time or incur large expenses liabilities. This is obvious enough. But the most deceptive investments look like assets, but are actually liabilities. Think about each dollar as your employee that works 24 hours a day tirelessly to make you more money. Every dollar you spend today is a dollar that does not work for you again, in perpetuity.

Kiyosaki advises that people set up corporations to deduct expenses without paying taxes. The major thing worth noting here is that corporations let you deduct legitimate business expenses pre-tax, instead of paying from post-tax dollars.

Even if you have Rich Dad goals, you still need to execute your plan. Several common mental obstacles get in the way.

Rich Dad, Poor Dad is one of the best-selling financial books in history, selling over 35 million copies since its publication in Unfortunately, as many critics have commented, much of Rich Dad, Poor Dad is flawed. Here are some caveats to set the advice in context. Examples of useful questions to cover:. Kiyosaki includes pretty outlandish examples of fantastic investment opportunities.

Here they are, for your understanding:. Rich Dad, Poor Dad has some advice that can be interpreted irresponsibly and lead to disaster. Robert Kiyosaki seems to lean toward the libertarian. He has standard anti-taxation, anti-entitlement, pro-gold-standard party lines.

Again, despite its flaws, the book has useful things to say. Robert Kiyosaki got conflicting advice from both dads on how to manage money, career, and financial risk.

While Robert Kiyosaki might really have had two dads, the more important point is that the two dads are a parable for two types of financial thinking. The traditional view worked better in the 20th century, when strong growth and decades-long employment meant stability was a viable strategy.

Nowadays, pensions are rarely guaranteed; job security at a loyal employer is rare; professional education and academic success are no longer guarantees for security.

But the traditional thinking is still common. Rich Dad, Poor Dad aims to shake readers out of their current passive path and taking a proactive strategy to building wealth and working for their best interest. Figure out what to do with money once you earn it, learn how to keep people from taking it from you, and make the money work for you. Rich Dad and Poor Dad look at the world differently.

Here are quotes and perspectives taken from throughout Rich Dad, Poor Dad that exemplify their different mindsets and approaches to wealth. The problem is how to spend the money you do get. Rework the cashflow pattern first before getting more money. Spread across a few chapters in Rich Dad, Poor Dad , the author narrates his experience with Rich Dad learning the principles of money and work. As a 9 year old, Robert Kiyosaki is rejected socially by the rich kids in his public school.

He asks his dad, a teacher, how to get rich and make money, but his dad has no satisfactory answer. He commiserates with his best friend Mike, the only other non-visibly-wealthy kid in the school. They start a misguided idea to melt down metal toothpaste tubes and mint their own nickels. Rich Dad is busy, but meets with them early in the morning between his regular business meetings with his managers.

Rich Dad has this dialogue:. They know this is an unfair wage. After laboring for 3 hours over 3 weekends, Robert Kiyosaki gets upset and wants to quit. Before the meeting, Poor Dad advises the author to demand what he deserved - at least 25 cents an hour.

In less than a month, you sound like most of my employees. Over employees work in my companies, and not a single one has come to me to learn about money. They ask for a job or a bigger paycheck, but never to educate themselves about money.

When Kiyosaki is confused, Rich Dad advises him to use his head. Does that excite you? Do you want to take it? Rich Dad keeps raising the stakes - a dollar an hour. Each person has a weak and needy part of their soul that can be bought.

Each person also has a part of their soul that is strong and can never be bought. The point of the lesson: most people run endlessly in a loop between fear and greed. Rich Dad was trying to teach the kids not to give into emotions around money, but rather to delay reactions and think.

Many then take their earnings to 1 buy stuff they think will make them happy but this is short-lived , 2 save the remainder in a conservative way. They get rich so by owning things. No one on the Forbes billionaire list got there purely with a salary. This can be a piece of a business, real estate, natural resource, intellectual property, or other similar things. But somehow or other, you need to own equity in something, instead of just selling your time. Time only scales linearly.

When you work for an employer, you get paid only a fraction of the value that you generate for the employer otherwise, if the business would go bankrupt.

The top box is an income statement, measuring how much income you get in a period, and how much expenses you pay out. The bottom diagram is the balance sheet. It shows how much in assets and liabilities you have.

Assets are things that make money over time. Liabilities are something that spend money over time. Your profession is how you draw a salary. Your business is how, independent of you, your money makes more money. You might have the goal of financial independence, which is to no longer be dependent on your wages.

Ideally, you can live forever off of the extra income your money generates - you make more money doing nothing than you consume. So how do you put your money to work for you? And, typically, the monthly mortgage payment is lower than the monthly rent of the home, which is where people often get tripped up. Going through the exercise, neither option is a clear home run, depending on your assumptions of how the housing market and stock market change.

There are better places to put your money with better returns and more robust diversification. This is the cause of the vicious cycle putting you in the rat race. This includes bigger houses, fancier cars, house renovations, handbags, jewelry, and golf clubs. Be especially careful when buying the thing just causes you to go further into debt.

This is a major way to increase expenses without increasing income, thus digging you into a deeper hole. You can still buy nice things and live life well. But ideally, afford your luxuries using extra cash flow from your assets. Rich people buy luxuries last. Shortform caveat: we consider this the worst chapter in the book.

And taken incorrectly, it could get you into trouble. Treat none of this as actual tax advice; seek a tax attorney for real advice, and executing some of this too liberally is illegal.

Say you have a business that buys and sells real estate. To travel to see new properties, you can pay for a car. You have business dinners that you can partially expense. You can have board meetings in exotic locations you would have vacationed anyway. This profit can then be distributed to shareholders as a dividend. Again, be very careful with this.

Rich Dad, Poor Dad Summary and Review

And Kiyosaki likes to say things over and over… and over. There are two basic themes that I got out of the book, after wading through the hokey stories:. Assets, such as real estate especially real estate , stocks, and bonds, make you money. Liabilities, such as your house, car, gadgets, take away your money. This is probably the one thing to get out of this book, perhaps minus the real estate focus. He includes very many vague stories about buying real estate properties for cheap with little or no money down and flipping them for great profits. Or investing in start-ups with great results.

Rich Dad Poor Dad has been called the number one personal finance book of all time. Robert Kiyosaki illustrates the mindsets and beliefs that define those who become wealthy. He contrasts these mindsets with those who are poor. The only meaningful difference, though, was their mindset. The latter focuses on private financial education through the mediums of books, videos, and speeches.


In the Rich Dad Poor Dad PDF summary you will learn: The key differences between Rich Dad and Poor Dad; A quick review of financial statements (assets and.


Rich Dad Poor Dad Book Summary (PDF) by Robert T. Kiyosaki

Rich Dad, Poor Dad is one of the best-selling financial books in history, selling over 35 million copies. The two dads are a parable for two different approaches to wealth : Poor Dad recommends getting a secure job with good benefits and retiring with a pension. Rich Dad recommends amassing assets that make money for you , becoming financially literate, and practicing independent thinking.

Kiyosaki Want to learn more about Robert T. Pick up the main ideas of the book from our quick summary. We all know what phrase rat race refers to, but if someone asked, how would you define this concept? When we think about the rat race , we feel that we are all somehow involved and most of the time, it is something that we all hate.

This book is the story of Robert Kiyosaki's life in some ways as he talks about the 2 most influential figures in his life. If you don't find it, just search for my name: Mani Vaya. Most people understand the difference between income and expenses, but they do not understand the difference between assets and liabilities. Poor Dad believed in conventional education. He was a teacher himself but he never really learned about money.

Rich Dad Poor Dad Book Summary (PDF) by Robert T. Kiyosaki

Сьюзан была озадачена. - Это по-латыни, - объяснил Хейл.

poor daddy rich daddy

 Si. Si! - вскрикивала она в интервалах между его рывками и впивалась ногтями ему в спину, стараясь ускорить его движения. Все смешалось в ее голове - лица бесчисленных мужчин, склонявшиеся над ней, потолки гостиничных номеров, в которые она смотрела, мечты о том, что когда-нибудь все это кончится и она заведет детей… Внезапно, без всякого предупреждения, тело немца выгнулось, замерло и тут же рухнуло на .

К началу 1990-х годов некогда тщательно охраняемый правительством Интернет превратился в перенаселенное пространство, заполненное общедоступными почтовыми серверами и порнографическими сайтами. Вскоре после не получившего огласки, но причинившего колоссальный ущерб государственной безопасности проникновения в базы данных Военно-морского флота стало абсолютно очевидно, что секретная информация, хранящаяся на компьютерах, подключенных к Интернету, перестала быть тайной. По предложению министерства обороны президент подписал тайное распоряжение о создании новой, абсолютно безопасной правительственной сети, которая должна была заменить скомпрометировавший себя Интернет и стать средством связи разведывательных агентств США. Чтобы предотвратить дальнейшее проникновение в государственные секреты, вся наиболее важная информация была сосредоточена в одном в высшей степени безопасном месте - новой базе данных АНБ, своего рода форте Нокс разведывательной информации страны. Без преувеличения многие миллионы наиболее секретных фотографий, магнитофонных записей, документов и видеофильмов были записаны на электронные носители и отправлены в колоссальное по размерам хранилище, а твердые копии этих материалов были уничтожены. Базу данных защищали трехуровневое реле мощности и многослойная система цифровой поддержки. Она была спрятана под землей на глубине 214 футов для защиты от взрывов и воздействия магнитных полей.


Kiyosaki's book Rich Dad, Poor Dad? Pick up the main ideas of the book from our quick summary. We all know what phrase rat race refers to, but.


Rich Dad, Poor Dad

The Book in Three Sentences

Сьюзан была согласна с этим, но в то же время прекрасно понимала: Фонд электронных границ никогда не узнает, насколько важен и нужен ТРАНСТЕКСТ. Эта машина помогла предотвратить десятки преступлений, но связанная с ней информация строго засекречена и никогда не будет раскрыта. Причина такой секретности проста: правительство не может допустить массовой истерии. Никто не знает, как поведет себя общество, узнав, что группы фундаменталистов дважды за прошлый год угрожали ядерным объектам, расположенным на территории США. Ядерное нападение было, однако, не единственной угрозой.

У подножия ступенек Беккер споткнулся и, потеряв равновесие, неуправляемо заскользил по отполированному камню. Острая боль пронзила вес его тело, когда он приземлился на бок, но мгновение спустя он уже был на ногах и, скрываемый занавешенным входом, сбежал вниз по деревянным ступенькам. Превозмогая боль, он бежал через гардеробную.

Да и весь мир криптографии изменился. Новые обязанности Сьюзан были засекречены, в том числе и для многих людей в высших эшелонах власти. - Шифры, - задумчиво сказал Беккер - Откуда ты знаешь, с чего начинать. То есть… как ты их вскрываешь. Сьюзан улыбнулась: - Уж ты-то мог бы это понять.

Он ничего не сказал о том, что поменялся с тобой дежурством. У Чатрукьяна ком застрял в горле. Он молчал.

Rich Dad Poor Dad by Robert Kiyosaki [BOOK SUMMARY & PDF]

5 COMMENTS

Jimmy V.

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Drawing on his own experiences, Kiyosaki discusses how to create financial independence through investing, property ownership and building businesses.

Joshua R.

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The book has been translated into dozens of languages, sold around the world, and has become the 1 Personal Finance book of all time.

Fitaconling

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Goodreads helps you keep track of books you want to read.

Richard W.

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Broke is temporary.

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