Book Review

Rich Dad Poor Dad

Robert Kiyosaki

Personal finance/self-help.

Rich Dad Poor Dad by Robert Kiyosaki is a personal finance book that explores the differences in mindset between the author’s “rich dad” (his best friend’s father) and his “poor dad” (his biological father). Set in Hawaii and later in California, the book follows Kiyosaki’s upbringing and the lessons he learned from both of his “dads” about money, investing, and building wealth.
The book’s themes include the importance of financial education, the difference between assets and liabilities, and the value of taking calculated risks. Kiyosaki’s writing style is straightforward and conversational, making it easy to understand even complex financial concepts.
One of the strengths of the book is its emphasis on changing one’s mindset about money. Kiyosaki argues that many people are trapped in a “poverty mentality” and that shifting one’s thinking towards abundance and opportunity is key to building wealth. Additionally, the book provides practical advice on investing in real estate and starting a business.
However, one weakness of the book is that it oversimplifies some financial concepts, such as the difference between assets and liabilities. Additionally, some of Kiyosaki’s advice, such as investing in real estate with no money down, may not be feasible or advisable for everyone.
Overall, I would recommend Rich Dad Poor Dad to anyone looking to improve their financial literacy and mindset. The book provides valuable insights into the world of investing and entrepreneurship, and encourages readers to take control of their financial futures.
Key takeaways from the book include:
1. The importance of financial education
2. The difference between assets and liabilities
3. The value of taking calculated risks
4. The benefits of starting a business
5. The power of passive income
6. The importance of building a strong network
7. The dangers of relying solely on a paycheck
8. The value of learning from mistakes
9. The importance of constantly seeking new opportunities
10. The benefits of thinking outside the box.
In conclusion, Rich Dad Poor Dad is a valuable resource for anyone looking to improve their financial literacy and mindset. While it may oversimplify some concepts and not be applicable to everyone’s situation, the book provides practical advice and encourages readers to take control of their financial futures.

Rich Dad Poor Dad is a personal finance book written by Robert Kiyosaki. The book is a memoir of Kiyosaki’s life and the lessons he learned from his two fathers: his biological father (poor dad) and the father of his best friend (rich dad). The book challenges traditional views on money and investing and provides practical advice on how to achieve financial independence. The central theme of the book is that financial education and taking control of your finances are key to building wealth and achieving financial freedom.

Rich Dad Poor Dad is divided into ten chapters, each of which focuses on a specific lesson about personal finance and wealth creation.
Chapter 1: Rich Dad, Poor Dad – In this chapter, Kiyosaki introduces the two main influences in his life: his real father (Poor Dad) and his best friend’s father (Rich Dad). He contrasts their different approaches to money and wealth creation.
Chapter 2: The Rich Don’t Work for Money – Kiyosaki explains that the wealthy don’t work for money, but rather they make their money work for them. He introduces the concept of passive income and the importance of financial education.
Chapter 3: Why Teach Financial Literacy? – This chapter discusses the importance of financial education and how it can help individuals make better financial decisions.
Chapter 4: Mind Your Own Business – Kiyosaki suggests that individuals should focus on building their own businesses and investments rather than working for others. He also explains the importance of understanding financial statements.
Chapter 5: The History of Taxes and the Power of Corporations – In this chapter, Kiyosaki discusses the history of taxes and how the wealthy use corporations to minimize their tax liability.
Chapter 6: The Rich Invent Money – Kiyosaki explains that the wealthy are constantly looking for new ways to make money and create assets.
Chapter 7: Work to Learn – Don’t Work for Money – Kiyosaki argues that individuals should focus on learning new skills and gaining knowledge rather than just working for a paycheck.
Chapter 8: Overcoming Obstacles – Kiyosaki shares his own experiences with overcoming financial obstacles and encourages readers to persevere through their own challenges.
Chapter 9: Getting Started – This chapter provides practical advice for getting started on the path to financial independence, including setting goals and taking action.
Chapter 10: Still Want More? Here Are Some To Do’s – The final chapter provides a summary of the book’s main lessons and offers some additional resources for further learning.

Chapter 1: Rich Dad, Poor Dad
The author introduces his two “dads” – his biological father (poor dad) and his friend’s father (rich dad) – and explains how their different approaches to money and wealth shaped his own financial philosophy.
Chapter 2: The Rich Don’t Work for Money
Kiyosaki argues that the traditional approach of working for money is flawed and that the rich focus on building assets that generate passive income.
Chapter 3: Why Teach Financial Literacy?
The author emphasizes the importance of financial education and how it can help individuals make better financial decisions and increase their chances of becoming wealthy.
Chapter 4: Mind Your Own Business
Kiyosaki encourages readers to start their own businesses and to focus on building assets rather than relying on a single source of income.
Chapter 5: The History of Taxes and the Power of Corporations
The author explains how corporations and the wealthy use the tax system to their advantage and how individuals can do the same by understanding the tax code.
Chapter 6: The Rich Invent Money
Kiyosaki argues that the rich are able to create money through their investments and business ventures, and encourages readers to think creatively and take calculated risks.
Chapter 7: Work to Learn – Don’t Work for Money
The author emphasizes the importance of continuous learning and personal development, and how it can lead to greater financial success.
Chapter 8: Overcoming Obstacles
Kiyosaki shares his own experiences of overcoming financial obstacles and encourages readers to embrace failure as a learning opportunity.
Chapter 9: Getting Started
The author provides practical advice for getting started on the path to financial freedom, including setting goals, creating a financial plan, and taking action.
Chapter 10: Still Want More? Here Are Some To Do’s
The final chapter offers additional resources and action steps for readers to take in order to continue their financial education and pursue their goals.

1. “The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth in what seems to be an instant.”
2. “The poor and middle-class work for money. The rich have money work for them.”
3. “The love of money is not the root of all evil. The lack of money is the root of all evil.”
4. “The fear of being without money is the force that keeps us working at a job. But it’s also the force that keeps us from what we want in life.”
5. “If you’re not a risk taker, you should get the hell out of business.”
6. “The most successful people in life are the ones who ask questions. They’re always learning. They’re always growing. They’re always pushing.”
7. “The problem with school is that it teaches you to be a good employee, but not a good investor.”
8. “The more you learn, the more you earn.”
9. “The only difference between a rich person and a poor person is how they use their time.”
10. “Money comes and goes, but if you have the education about how money works, you gain power over it and can begin building wealth.”

Chapter 1: The Rich Don’t Work for Money
– The rich focus on acquiring assets that generate passive income, while the poor work for money and rely on their income from a job.
– The importance of financial education and understanding the difference between assets and liabilities.
Chapter 2: Why Teach Financial Literacy?
– The lack of financial education in schools and the importance of parents teaching their children about money.
– The impact of emotions and mindset on financial decisions.
Chapter 3: Mind Your Own Business
– The importance of starting and owning a business to achieve financial freedom.
– The difference between being self-employed and owning a business.
Chapter 4: The History of Taxes and the Power of Corporations
– The history of taxes and how they have been used to benefit the wealthy.
– The advantages of owning a corporation and the tax benefits it provides.
Chapter 5: The Rich Invent Money
– The importance of creativity and innovation in creating wealth.
– The difference between working hard for money and using your mind to create money.
Chapter 6: Work to Learn—Don’t Work for Money
– The importance of continuous learning and acquiring new skills.
– The value of taking risks and learning from failures.
Chapter 7: Overcoming Obstacles
– The common obstacles that prevent people from achieving financial freedom, such as fear and self-doubt.
– The importance of taking action and not letting failure hold you back.
Chapter 8: Getting Started
– The importance of taking the first step towards financial freedom.
– The value of setting goals and creating a plan to achieve them.
Chapter 9: Still Want More? Here Are Some To Do’s
– Practical steps to take towards achieving financial freedom, such as reducing expenses and increasing income.
– The importance of taking control of your finances and not relying on others to manage them for you.

“Rich Dad Poor Dad” by Robert Kiyosaki is a personal finance book that offers practical advice on how to build wealth. The author suggests several actionable steps that readers can take to achieve financial independence:
1. Understand the difference between assets and liabilities: Kiyosaki argues that assets put money in your pocket, while liabilities take money out of your pocket. He suggests focusing on acquiring assets that generate income, such as rental properties, stocks, and businesses.
2. Invest in yourself: Kiyosaki emphasizes the importance of continuous learning and personal development. He suggests investing in education and developing skills that will increase your earning potential.
3. Start a business: Kiyosaki believes that starting a business is one of the best ways to build wealth. He suggests identifying a need in the market and creating a product or service to meet that need.
4. Take calculated risks: Kiyosaki encourages readers to take calculated risks and not be afraid of failure. He suggests learning from mistakes and using them as opportunities for growth.
5. Surround yourself with successful people: Kiyosaki suggests surrounding yourself with successful people who can offer guidance and support. He believes that the people you surround yourself with can have a significant impact on your success.
Overall, “Rich Dad Poor Dad” offers practical advice on how to build wealth and achieve financial independence. By understanding the difference between assets and liabilities, investing in yourself, starting a business, taking calculated risks, and surrounding yourself with successful people, readers can take actionable steps towards achieving their financial goals.

1. The importance of financial education: In the book, Robert Kiyosaki emphasizes the importance of financial education and how it can make all the difference in a person’s financial future. He talks about how his rich dad taught him about money and investing at a young age, which helped him become financially successful. Kiyosaki also contrasts this with his poor dad, who was highly educated but struggled with money.
2. The difference between assets and liabilities: Kiyosaki explains that assets are things that put money in your pocket, while liabilities are things that take money out of your pocket. He encourages readers to focus on acquiring assets, such as real estate or stocks, rather than liabilities like a fancy car or a big house that require ongoing expenses.
3. The power of passive income: The book emphasizes the importance of creating passive income streams, which are income sources that continue to generate money without requiring ongoing effort. Kiyosaki talks about how he and his wife built a real estate portfolio that generates passive income, which has allowed them to live a comfortable lifestyle without having to work full-time jobs.
4. The dangers of relying on a single income source: Kiyosaki stresses the importance of having multiple income sources, rather than relying on a single job or business. He talks about how his poor dad worked hard at his job but was always one paycheck away from financial disaster. In contrast, his rich dad had multiple sources of income that provided him with financial security.
5. The role of mindset in financial success: Throughout the book, Kiyosaki emphasizes the importance of having a positive mindset and a willingness to take risks. He talks about how his rich dad had a mindset of abundance and was willing to take calculated risks to invest in assets that would generate income. In contrast, his poor dad had a scarcity mindset and was afraid to take risks, which held him back financially.

In Rich Dad Poor Dad, Robert Kiyosaki shares his personal experiences and financial philosophies to help readers understand the difference between the mindsets of the rich and the poor. He emphasizes the importance of financial education and building assets that generate passive income.
Key insights from the book include:
– The importance of financial education: Kiyosaki stresses that schools do not teach financial education and that it is up to individuals to seek out this knowledge. He encourages readers to learn about accounting, investing, and the stock market to become financially literate.
– The difference between assets and liabilities: Kiyosaki defines assets as things that put money in your pocket and liabilities as things that take money out of your pocket. He encourages readers to focus on acquiring assets that generate passive income, such as real estate or stocks.
– The power of passive income: Kiyosaki emphasizes the importance of generating passive income through assets. He believes that relying solely on income from a job is limiting and that passive income can provide financial freedom.
– The mindset of the rich vs. the poor: Kiyosaki argues that the rich think differently than the poor. The rich focus on acquiring assets and creating passive income, while the poor focus on acquiring liabilities and living paycheck to paycheck.
– The importance of taking risks: Kiyosaki encourages readers to take calculated risks in order to achieve financial success. He believes that fear and a lack of financial education hold many people back from taking risks and building wealth.
Overall, Rich Dad Poor Dad provides valuable insights and advice for those looking to improve their financial situation and build wealth.

Rich Dad Poor Dad is a personal finance book by Robert Kiyosaki that has become a classic in the genre. The book is written in a conversational style and is easy to read, making it accessible to readers of all levels of financial knowledge.
The book tells the story of two fathers – Kiyosaki’s biological father, who was highly educated but struggled financially, and his friend’s father, who didn’t have a formal education but was extremely wealthy. Through his experiences with both men, Kiyosaki learns important lessons about money and investing.
One of the main themes of the book is the importance of financial education. Kiyosaki argues that traditional education does not teach people how to manage money effectively, and that this is a major reason why so many people struggle financially. He also emphasizes the importance of taking risks and investing in assets that generate passive income.
Overall, Rich Dad Poor Dad is an engaging and thought-provoking book that challenges readers to think differently about money and investing. Its timeless lessons continue to resonate with readers today, making it a must-read for anyone interested in personal finance.

Overall, Rich Dad Poor Dad by Robert Kiyosaki is a must-read for anyone seeking to improve their financial literacy and mindset. Kiyosaki’s personal story and practical advice provide valuable insights into the world of money management and investing. The book challenges traditional beliefs about money and encourages readers to adopt a new way of thinking about wealth accumulation.
While some of the concepts presented in the book may seem radical or unconventional, they are grounded in Kiyosaki’s personal experience and have been proven effective by many successful investors. The book’s emphasis on financial education and taking control of one’s financial future is particularly relevant in today’s uncertain economic climate.
Overall, I highly recommend Rich Dad Poor Dad to anyone looking to improve their financial literacy and take control of their financial future. It is a timeless classic that will continue to inspire and educate readers for years to come.