About This Book
“Rich Dad Poor Dad” by Robert Kiyosaki is a best-selling personal finance book, providing valuable lessons on how to build wealth and avoid financial struggles.
Owning Income-Generating Assets
Kiyosaki emphasizes acquiring income-generating assets, such as rental properties, stocks, and businesses, over accumulating liabilities. He believes that this is possible, even for someone with very little money, but he spends very little time explaining the details. He encourages his readers to learn, though, which is good advice for everyone.
Kiyosaki believes that the wealthy focus on acquiring cash-flowing assets rather than liabilities like cars, houses, and other consumer goods that lose value over time. Some of the things that Kiyosaki calls liabilities, however, may seem necessary to those who buy them. For example, someone who is struggling to make ends meet may feel it’s necessary to spend more than they can afford on reliable transportation so they don’t miss work. A book on how to buy a reliable used car might be more helpful to those people, but if they can learn to save money on transportation, they may be able to start directing some of the money they save toward buying more income-generating assets.
Kiyosaki writes in an easy-to-read, conversational, tone. He hints at a lot of possibilities, but his opinions may be off-putting to some, as he makes getting rich seem easy when it seems daunting to most of us. He notes, however, that he seeks out and enjoys reading and listening to different opinions and that the way he thinks is always evolving. He encourages his readers to do the same, and I encourage you to read this book along with others that offer entirely different approaches. You’ll eventually find an approach that inspires you to take the first step on your own financial wellness journey.
Laziness and Financial Struggle
Kiyosaki suggests that laziness is one reason people are poor, which is a sweeping generalization that I disagree with. I think he is correct, though, that fear, cynicism, and self-doubt contribute to financial struggle. When it comes to taking advice, Kiyosaki suggests that you listen to people who have succeeded at what you want to do, and that you ignore people who offer advice, but lack the experience themselves. This is something I whole-heartedly agree with.
Despite its flaws, “Rich Dad Poor Dad” is a worthwhile read for anyone looking to improve their financial situation. Kiyosaki’s personal anecdotes provide helpful examples of financial principles in action and his personal experiences may inspire you to find your own financial genius.
Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
Robert T. Kiyosaki
8 hrs and 22 mins