Your A+ school report card is a financial struggle waiting to happen. Unsettling, isn’t it? All that money and hardwork… is useless? Unfortunately, that's exactly what Robert Kiyosaki, author of "Rich Dad Poor Dad," wants us to consider. Once upon a time, young Robert was caught between two father figures with wildly different views on money. On one side, his highly educated biological father - the "poor dad" - who believed in the traditional path of good grades, a stable...
Lesson 1 The Rich Don’t Work For Money – Make Money Work For You
The story begins with two young boys, the author and his friend Mike, working for Mike's dad, the Rich Dad, for 10c/hour. That’s almost free! Now, why would anyone work for nothing? Well, Rich Dad had a plan to teach them something valuable about money.Most people work for money, but the rich have money work FOR them. Let's pause for a moment and think about that. It's quite a shift from what we're usually taught, isn't it? Rich Dad believes...
Lesson 2 is Teach Financial Literacy to Get Started
Mitochondria is the powerhouse of cell. Yes, good. Now, can you do your taxes? It’s a famous meme which tells you that financial literacy is crucial, people! And yet it's nowhere in our traditional education. Worry not! Rich Dad to the rescue. He’s gonna teach you not just about how to make money, but how to keep it!The first concept he wants you to understand is the difference between assets and liabilities. We’ll get straight to it. Assets put money...
Lesson 3 is Mind Your Own Business – Focus on Assets Income Rather Than Job Income
The third lesson, people! Minding your own business. Now, before you think we're encouraging nosiness, let's clarify what this really means. And our teacher for this lesson is McDonald’s!Ray Kroc, the founder of McDonald's, once asked a group of MBA students what business he was in. They confidently answered, "The hamburger business!" But Ray's response might surprise you. He said, "Ladies and gentlemen, I'm not in the hamburger business. My business is real estate." Slay! While McDonald's sells burgers, their...
Lesson 4 is on The History of Taxes and Utilising the Power of Corporations to Safeguard Your Earnings
Don’t let the title bore you. Kiyosaki calls this the biggest secret of the rich! And this lesson begins with an unexpected twist on a classic tale. Remember Robin Hood? Rich Dad says he wasn't a hero - he was a crook! Why? Because the idea of "taking from the rich to give to the poor" has led to some unintended consequences in our modern tax system.A quick history lesson on taxes: In the past, taxes were temporary measures to...
Lesson 5 is The Rich Invent Money
By now, we’ve said a billion times that the wealthy approach money differently. Lesson 5 is another one of their different approaches. A quick recap before we explain lesson 5. Financial intelligence doesn't mean you need a high IQ, but rather the ability to see opportunities and act on them creatively. Remember that? Financial intelligence is also knowing that money isn't just something you earn and save - it's something you can CREATE through smart financial strategies. This is the...
Lesson 6 is Work to Learn—Don't Work for Money
You’d think with all the focus on working smart and all, there’d be not much about learning. But lesson 6 is one hell of a counterintuitive idea: the importance of working to learn, rather than working for money. It just messes with all the ideas of job security and career advancement that we’ve been taught.Kiyosaki once met a young journalist in Singapore. Despite being a talented writer, she was struggling to achieve her dream of becoming a best-selling author. When...
Overcoming Obstacles
So! These 6 lessons are well and good. Everything is set. You know you want money and success. You have the tried-and-tested techniques, but even then, there are some big obstacles that will trip you up. Which one is it?Is it fear? Kiyosaki takes a guess that it’s the fear of losing money. People! It's normal to feel this way - even rich people get scared sometimes. The key is how we handle that fear. Rich Dad is a fan...
Getting Started With A Plan
A not so fun fact: 90% of people who receive a sudden windfall, like lottery winners, end up broke within a few years. Why? Because they never learned how to handle money. It's not about how much you make; it's about what you do with what you have. So, getting started means planning the path. First, find your "why." Money alone isn't enough motivation. You will need a deeper reason to STAY rich. For example, Kiyosaki’s reasons were not wanting...
Chapter 11
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Summary
Alright, let's wrap this up! "Rich Dad Poor Dad" teaches us that true financial success comes from smart thinking, not just hard work. In 6 awesome lessons, he teaches us that it's all about making your money work for you, not the other way around. Kiyosaki wants you to get smart about finance, focus on buying things that put cash in your pocket, and always be on the lookout for opportunities to create wealth. He encourages using strategies like corporations...
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About the Author
Robert T. Kiyosaki, best known as the author of Rich Dad Poor Dad—the #1 personal finance book of all time—Robert Kiyosaki has challenged and changed the way tens of millions of people around the world think about money. He is an entrepreneur, educator, and investor who believes the world needs more entrepreneurs who will create jobs.
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