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I read this book . this really nice book . it is life changing book . so i advice to everyone read this book , it can change your thinking and it great help to reform of your financial thinking . poor and middleclass to growth of your life and status . and you become in future in one of richest man in the world . It give to help to great Idea and change your thinking.
After reading this book📚, I can relet our current life style, in other words our hole middleclass family, or struggling people in life, they all can find solution in this book. Change life. And make our life easy, peaceful. I'm still reading this book repeatedly.. To learn more thing. Where I'm lacking..
This kind of knowledge should be given in school and colg also, this book differentiate why rich become richer and middleclass and poor become pooer so that every person can make decision easily, I advice every one must be read this book
Hey there all, I recently completed reading Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and MiddleClass Do Not!. Let me tell you that this book has been in my peripheral vision for quite some time. Or at least the title of it has been! I finally read it and found that it completely fits in my current learning cycle, so there was much that I was able to readily see and almost immediately able to apply.
First off I will preface this with a fact that the title always sounded to me like it was how to transform yourself from a poor dad to a rich dad. This was not so. Although it has the information within to create that transformation, at least if you choose to apply some fo the principles, and of course in theory! Know this, though, this is not a rags to riches overnight book. It is a journey over a fair span of a lifetime.
Robert T. Kiyasaki tells his tale as a young man growing up in Hawaii, his paternal father being a well-educated man who throughout this book always seems to be on the verge of monetary disaster, even though he followed in seemingly appropriate steps required to climb the ladder to success.
His adopted father had the school education of 8th grade; what his adopted father had was a key understanding of finance, of assets, debits, expenses etcetera and had over time become incredibly wealthy.
Now how Robert came to adopt rich dad is by way of Rich Dad's son Mike. The two of them were close friends and at a young age (3rd grade). They had made the decision that they would like to become rich. The wanted to make money. Which is what they quite literally did attempt to do. They went around and collected empty toothpaste tubes, created a cast, and began to mint their own nickels. Rich dad saw this and while found the overall situation to be humorous, he informed them of the imposing legalities of their situation and offered to have them stop by his office to work for him. Initially, the boys worked for him for a very low wage, 10c an hour! After some time, Rober becomes fed up and demands a raise or else he is going to quit. Whereby rich dad imparts a critical lesson: Most people will work for the money and if they don't receive the respect or monetary wage that they feel is appropriate, they will go elsewhere. However, once they do so, they find themselves in the same situation. They were more than likely going to accept a paycheck knowing that they will struggle financially. Some may even take a second job, working harder and still accepting a measly gain. Robert asks "So what will solve the problem?"
Rich dad points to his head and says "This stuff between your ears." All of this is distilled into what Robert calls lesson #1 :
"The poor and the middle-class work for money. The rich have money work for them."
What's entertaining is that immediately following this even, rich dad has the boys work for him for free! This imparted the lesson that you work to gain knowledge, not necessarily money AKA the rich don't work for money.
He then proceeds to illustrate in the book through a few diagrams of how the rich and poor view their money in a cash flow pattern and how the poor view the job as income and expenses as food, shelter, transport, etc, neglecting the assets and liabilities columns. The middleclass is fairly similar with income being received for their job, however, they do tend to recognize the liabilities column.
Where the rich differ is that they have an assets column in which you will find stocks, bonds, real estate and intellectual property which will provide them with their income, which they continue to invest into more assets. Assets create wealth. Seems like a fairly simple formula. The major takeaway here is not so much that assets create wealth, it's how to identify an asset, that little gem didn't really seem to present itself clearly while reading, but it is there nonetheless!
These views and philosophies are fully fleshed out in the remainder of the book,