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Book196 pages • 1 hours reading time

Rich Dad Poor Dad - What the Rich Teach Their Kids About Money

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About this book

In Rich Dad Poor Dad, the #1 Personal Finance book of all time, Robert Kiyosaki shares the story of his two dad: his real father and his rich dad. One was educated and an employee all his life, the other's education was street smarts" over traditional classroom education and he took the path of entrepreneurship?a road that led him to become one of the wealthiest men in Hawaii. Robert's poor dad struggled financially all his life. and these two dads had varying points of view of money and investing.Rich Dad Poor Dad will?? explode the myth that you need to earn a high income to become rich? challenge the belief that your house is an asset? show parents why they can't rely on the school system to teach their kids about money? define, once and for all, an asset and a liability? explain the difference between good debt and bad debt? teach you to see the world of money from different perspectives? discuss the shift in mindset that can put you on the road to financial freedom
Language
English
Publisher
Lulu.com
Release date
January 1, 2021
Downloads
6

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A clearer way to understand Rich Dad Poor Dad - What the Rich Teach Their Kids About Money through themes, characters, and key ideas

This reading guide highlights what stands out in Rich Dad Poor Dad - What the Rich Teach Their Kids About Money through 5 core themes, 3 character profiles, and 11 chapter-level ideas. It is meant to help readers decide whether the book fits their taste and deepen the reading once they begin.

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About this book

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Get the shape of the book before you commit: what it is about, what mood it carries, and what ideas readers tend to stay with afterward.

~5h readbeginnerinformativeempoweringthought-provoking

What the book is doing

Robert Kiyosaki's 'Rich Dad Poor Dad' presents a fundamental re-evaluation of personal finance through the lens of two paternal figures: his highly educated 'Poor Dad' who struggled financially, and his friend's entrepreneur father, the 'Rich Dad,' who amassed wealth through unconventional wisdom. The book challenges traditional beliefs about money, assets, and liabilities, advocating for financial literacy and entrepreneurship over job security. Kiyosaki uses personal anecdotes to illustrate how a shift in mindset—from working for money to having money work for you—is crucial for achieving financial freedom. It serves as a foundational text for understanding the principles of investing, asset building, and tax advantages from an entrepreneurial perspective.

Key Themes

Financial Education vs. Traditional Schooling

This is the foundational theme, arguing that traditional academic education, while valuable, fails to equip individuals with essential financial literacy. Kiyosaki posits that schools teach people to be good employees, not good employers or investors, leading to a lifelong struggle in the 'rat race.' He champions self-directed financial learning.

The Definition of Assets and Liabilities

Kiyosaki fundamentally redefines assets and liabilities based on cash flow rather than traditional accounting definitions. An asset puts money in your pocket, while a liability takes money out. This challenges common beliefs, particularly that a personal home is always an asset, and forms the core of his financial philosophy.

A line worth noting
The rich don't work for money. They make money work for them.
A good discussion starter

Do you agree with Kiyosaki's definition of an asset and a liability? How does this challenge or confirm your current understanding?

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