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Saturday, July 25, 2020

My Rating - 5 out of 5 stars
Publisher - Plata Publishing
Genre - Non-Fiction/Finance
Publishing year - 1997
Language - English
ISBN - 978-1612680194
Pages - 352

My Review - 

Rich Dad Poor Dad is the debut book written by Robert T. Kiyosaki. It was first published in 1997 autonomously because publishers didn't recognize the potential in Robert's work. But his novel changed their way of thinking by becoming the number one financial book of all time. The title is intriguing, and that's the primary reason so many people chose it to understand what it is about.

Rich Dad Poor Dad Summary - The author's biological father is a school teacher who told him to work hard, study, save money, which he considered him as a poor dad. The rich dad is the father of Mike, one of his childhood friends. He told Robert and Mike to work smart, invest, and understand how the money works. The rich dad is a businessman, but don't have a college degree, but he understands the importance of study, so it is the only thing common between both dads. 

One day Robert went to his dad asking how to become rich, but his poor dad had nothing to offer on this subject. Then he set up a meeting with Mike's father, and start working for him. The rich dad focuses on learning by doing, he doesn't believe in giving lectures. When most nine years old enjoy their free time, Mike and Robert were learning about the power of money. 

According to rich dad, the school needs to give financial education that helps in the long run. Instead, they teach students to land a high earning job and then pay enormous amounts of taxes to the government. Poor dad did the same throughout his life, he works for money without understanding that job is a short-term solution to a long-term problem. 

Due to his rich dad's teachings, Robert retired at the age of 47 with growing and high-paying assets, that are well established. He taught him that if you want to be rich, you need to be financially literate. Most people think that their house is their asset, but the rich dad explains that it is a liability. We are all taught to do hard work, but this book helps you to understand that by doing hard work, you're doing what the other 80% of people do. One needs to be out of a rat race to achieve and acquiring assets that will be fruitful. 

An important distinction is that rich people buy luxuries last, while the poor and middle class tends to buy luxuries first, this quote is so real. People purchase things impulsively, and after some time, they fancy a different device. They eventually wind up with debts. A rich person buys stuff from the interest money they receive from their investments. This is the reason why the rich get richer, and the poor get poorer.

The author further describes how a person ends up paying high taxes, while the rich pay a minimal amount to the government. The part where he talked about the permanent tax story about 1874 and the 16th Amendment and how people got fooled and views about Robin Hood makes me think that corporations are cruel, but they are smart. The owners do think about themselves because they know that people like us crave for the job, and not for the business. Poor and middle-class people do not believe in taking risks, they work hard, earn a promotion, and always try to be happy with whatever small amount they left after paying taxes and buying liabilities. 

The reality is that the rich are not taxed. It's the middle class who pays for the poor, especially the educated upper-income middle class.

Rich people take calculated risks, Robert T. Kiyosaki gave examples of people who made billions and some who are too afraid to see the opportunities in front of them. Their stories will help you to understand that it is never too late to begin, but yes, if you start early and lost, you have enough time to get up and rise again. All you need is to educate yourself, understand your investments, market, and connect with the people who are in this field, learn from them. 

The author worked at various departments, learned new pieces of information, and still doing it to keep his mind active. He worked on skills that are profitable to him and urge others to do the same. The impact of both dads shown in his judgments. They made him a hard-core capitalist, but also someone who is ethically culpable. 

If there is money involved, the fear of losing it is always there. No one likes to lose money, even the rich. The only difference is that they overcome their fear, laziness, arrogance, bad habits, and cynicism. Rich sees failure as an opportunity to grow and try to understand things better. It makes them stronger and smarter. A thing poor and middle-class people need to learn. 

Robert T. Kiyosaki describes 10 steps that one can use to awaken their financial earnings. I am not going to explain it here, but sharing the pointers. 

1. Find a reason greater than reality.
2. Make daily choices.
3. Choose your friends carefully.
4. Master a formula and then learn a new one.
5. Pay yourself first.
6. Pay your brokers well.
7. Be an Indian giver.
8. Use assets to but luxuries.
9. Choose heroes.
10. Teach and you shall receive.

Some of my favorite quotes from the Rich Dad Poor Dad book are - 

1. There is a difference between being poor and being broke. Broke is temporary. Poor is eternal.
2. It's not how much money you make. It's how much money you keep.
3. To become financially secure, a person needs to mind their own business.
4. Great opportunities are not seen with your eyes. They are seen with your mind.
5. Job is an acronym for "Just Over Broke." Unfortunately, that applies to millions of people.
6. I can't afford it, causes sadness, helplessness that leads to despondency, and often depression. How can I afford it? opens up possibilities, excitement, and dreams.

This book is a gem. It gives you simple explanations of how money works. It will not give you any trading tips, but it helps you understand the things no one teaches us in school or at home. The financial insights aid you to take action, and be your own boss. Many people don't like this book, but I think every novel is different and written by diverse authors who have distinct experience makes it more interesting to read. Whether you're an experienced financer or a newbie, this book is perfect for you. I highly recommend it. 

In this version, you'll find a summary of each chapter. So, if you don't have time to read the whole book, you can go through it and gain knowledge. The only question is, are you ready for that? If yes then,

Grab your copy now - Amazon IN Amazon US

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