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2.05k reviews for:
Rich Dad, Poor Dad: What the Rich Teach Their Kids about Money – That the Poor and Middle Class Do Not!
Robert T. Kiyosaki
3.54 AVERAGE
2.05k reviews for:
Rich Dad, Poor Dad: What the Rich Teach Their Kids about Money – That the Poor and Middle Class Do Not!
Robert T. Kiyosaki
3.54 AVERAGE
hopeful
informative
inspiring
reflective
slow-paced
Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
Author: Robert T. Kiyosaki
Publication Year: 1997
Publication Year: 1997
"Rich Dad Poor Dad" by Robert T. Kiyosaki is one of the most popular personal finance books of all time. It presents fundamental financial lessons through a compelling contrast between the author’s “two dads”: his biological father (the "poor dad") and the father of his best friend (the "rich dad"). The book is a beginner-friendly guide to understanding money, financial independence, and building wealth.
Summary
The book is structured around Kiyosaki's childhood experiences growing up with two father figures, each offering radically different views on money.
- Poor Dad: Kiyosaki’s biological father was highly educated, worked hard in a government job, and believed in traditional financial security through steady employment and saving money. However, he struggled financially throughout his life.
- Rich Dad: His best friend’s father, a self-made businessman, had little formal education but believed in financial education, entrepreneurship, and investing in assets to generate wealth.
Through anecdotes and lessons, Kiyosaki shares the financial principles he learned from his "rich dad," emphasizing the importance of financial literacy, passive income, and investing.
Key Lessons
- The Importance of Financial Education: Schools teach academic skills but rarely provide education on managing money. Kiyosaki stresses the need for financial literacy.
- Assets vs. Liabilities:
- Assets are things that put money in your pocket (e.g., investments, real estate, businesses).
- Liabilities are things that take money out of your pocket (e.g., loans, depreciating assets).
- Wealth is created by acquiring assets and minimizing liabilities.
- The Rat Race: Many people work hard in jobs to pay bills and taxes, falling into a cycle of earning and spending without building wealth. Breaking free from this "rat race" requires generating passive income.
- Make Money Work for You: Instead of working for money, invest in assets that generate cash flow.
- Entrepreneurship and Investment: Building businesses and investing in real estate and the stock market are key paths to financial freedom.
- Mindset Shift: Kiyosaki emphasizes the need to think differently about money, embracing risks and opportunities rather than relying on job security.
Strengths
- Engaging Storytelling: The use of personal anecdotes and a conversational tone makes the book accessible and relatable.
- Simple Concepts: The distinction between assets and liabilities is presented in a straightforward and memorable way.
- Inspiring and Motivational: The book encourages readers to take control of their financial future and think beyond conventional norms.
- Focus on Financial Independence: It provides a roadmap for escaping the cycle of paycheck dependency and achieving long-term wealth.
Weaknesses
- Lack of Specific Strategies: While the book is motivational, it often lacks detailed, actionable advice or step-by-step guidance.
- Over-Simplification: Some concepts, like the distinction between assets and liabilities, are overly simplified, which may not apply universally.
- Repetition: Certain ideas are repeated multiple times, which can feel redundant.
- Risky Advice: Kiyosaki advocates for taking risks in investments and entrepreneurship, which might not suit everyone’s financial situation or risk tolerance.
Conclusion
"Rich Dad Poor Dad" is an eye-opening and motivational read, especially for beginners who are new to personal finance and wealth-building concepts. It shifts the reader’s mindset about money and encourages financial independence through investing and entrepreneurship. While it may lack depth in practical advice and strategy, the book excels in its ability to inspire readers to think differently about money.
Rating: 4/5
It’s an excellent starting point for those seeking financial literacy, but readers may need to supplement it with more detailed guides on investing and financial planning.
informative
inspiring
reflective
medium-paced
I have always had very poor money management skills, and now that I have established my career path this is something that I decided I very much wanted to focus on improving. I had this book in mind as I had heard it mentioned by Matt D'Avella (Youtuber) as one of the main factors in him being able to get out of debt. Over the past couple of days, I have devoted a lot of focus to this book and started attempting to put Kiyosaki's teachings into practice.
Kiyosaki discusses a range of different tools and advice he used to gain and maintain his wealth. He mentions a few important topics such as understanding money in order to maintain wealth and building transferrable skills that will help you add to your assets. This book has definately given me a new understanding of money as well as working. I would absolutely recommend this book to anyone who struggles to look after their money or wants to focus on increasing their wealth overall.
Kiyosaki discusses a range of different tools and advice he used to gain and maintain his wealth. He mentions a few important topics such as understanding money in order to maintain wealth and building transferrable skills that will help you add to your assets. This book has definately given me a new understanding of money as well as working. I would absolutely recommend this book to anyone who struggles to look after their money or wants to focus on increasing their wealth overall.
hopeful
informative
inspiring
reflective
Interesting perspective, great way to blend personal anecdote with financial advice. Dad doesn’t like because real estate lol
challenging
informative
reflective
fast-paced
Very educational!
Starts off very strong with real life examples and distinguishing the difference between broke and poor. Lots of great quotes, will definitely keep this book on my side table to come back to later.
Starts off very strong with real life examples and distinguishing the difference between broke and poor. Lots of great quotes, will definitely keep this book on my side table to come back to later.
Wow, I liked this WAY more than I thought I was going to. Best book I got for free ever.
informative
medium-paced
informative
medium-paced
This book opened my eyes up to the values of financial intelligence, and really changed the way I think about and understand money. It’s educational, inspirational, and gives lots of practical advice on making money work for you, rather than working for money. Kiyosaki provides useful and easy-to-understand diagrams to explain cashflow and how different classes use their money. If you are easily offended, don’t read this book, because it will tell you everything you are doing wrong with your money. I wish I had read this book a year ago because it’s a game changer.
My criticisms are Kiyosaki’s support and admiration for billionaires such as Warren Buffet and Donald Trump. Again, you must realise that this book is not about living a moral life, but about how to live a life of wealth, risk, and reward. “Gold is everywhere, but most people aren’t trained to see it”.
My criticisms are Kiyosaki’s support and admiration for billionaires such as Warren Buffet and Donald Trump. Again, you must realise that this book is not about living a moral life, but about how to live a life of wealth, risk, and reward. “Gold is everywhere, but most people aren’t trained to see it”.