"Rich Dad Poor Dad" Robert Kiyosaki Summary & Review
"Rich Dad Poor Dad" is a personal finance book written by Robert Kiyosaki that challenges traditional views on wealth and financial success. The book is a bestseller and has been translated into many languages, inspiring millions of readers worldwide to take control of their finances.
Recommended Making Money Books
Kiyosaki's book tells the story of his two fathers – his biological father (Poor Dad), a highly educated government employee who struggled to make ends meet, and his best friend's father (Rich Dad), a successful entrepreneur and investor who became Kiyosaki's mentor.
Through the contrasting experiences and perspectives of these two father figures, Kiyosaki offers his readers invaluable lessons on building wealth and achieving financial freedom.
The book is divided into ten chapters, each one focusing on a different financial lesson. Here is a brief summary of each chapter:
Chapter One: Rich Dad, Poor Dad
Kiyosaki introduces his two fathers and explains how their different approaches to money influenced his own financial education.
Chapter Two: The Rich Don't Work for Money
Kiyosaki explains how the rich use money to work for them, rather than working for money themselves. He introduces the concept of passive income and encourages readers to think creatively about how they can generate income outside of traditional employment.
Chapter Three: Why Teach Financial Literacy?
Kiyosaki argues that schools do not teach financial literacy and that it is up to parents and individuals to educate themselves about money. He explains the importance of financial education and how it can help people build wealth and avoid financial pitfalls.
Chapter Four: Mind Your Own Business
Kiyosaki encourages readers to think of themselves as a business and to focus on building their own assets rather than working for someone else. He explains the difference between assets and liabilities and how to build a balance sheet that reflects true wealth.
Chapter Five: The History of Taxes and the Power of Corporations
Kiyosaki discusses the history of taxes and how the rich use corporations to minimize their tax liability. He encourages readers to think like business owners and to understand the tax benefits of owning and operating a business.
Chapter Six: The Rich Invent Money
Kiyosaki explains how the rich use their creativity and entrepreneurial spirit to invent money-making opportunities. He encourages readers to think outside the box and to look for opportunities to generate passive income.
Chapter Seven: Work to Learn—Don't Work for Money
Kiyosaki argues that traditional education does not prepare people for the real world and that people should focus on learning rather than earning. He encourages readers to seek out mentors and to invest in their own education.
Chapter Eight: Overcoming Obstacles
Kiyosaki discusses the common obstacles that prevent people from achieving financial success, including fear, cynicism, and laziness. He encourages readers to overcome these obstacles by developing a strong sense of purpose and focusing on their goals.
Chapter Nine: Getting Started
Kiyosaki provides practical advice for getting started on the path to financial freedom, including creating a budget, reducing expenses, and investing in assets. He encourages readers to take action and to start building their wealth today.
Chapter Ten: Still Want More? Here Are Some To Do's
Kiyosaki offers additional resources and tips for readers who want to continue their financial education.
Overall, "Rich Dad Poor Dad" provides valuable insights and advice for anyone looking to take control of their finances and build wealth. Kiyosaki's writing style is engaging and easy to understand, making complex financial concepts accessible to readers of all backgrounds. While some of his advice may be controversial, his overall message of taking responsibility for one's financial future is both empowering and inspiring.
Critics of the book argue that some of Kiyosaki's advice is oversimplified and may not apply to everyone's financial situation.