Robert Kiyosaki’s Rich Dad Poor Dad was first published in 1997 and soon became a must-read book for people interested in investing, money and the global economy. The book has been translated into many languages, sold worldwide, and has become the # 1 Personal Finance Book of All Time.
The theme of the Rich Poor Father is how he spends money as a tool for wealth development.
It breaks down the myth that the rich are born rich, explains why your home may not be truly a property, explains the real difference between property and debt, and much more.
Key Takeaways
Having the Right Attitude
Many people have the same attitude toward money as poor Robert’s father. Poor people consider money to be a bad thing.
Most poor and middle-class people want to play safe when it comes to money and like to blame everyone for their financial loss.
Robert’s poor father always had a bad attitude about money and finances. He said that money was not important to him and that he was suffering financially.
A wealthy father, on the other hand, always considered money to be a virtue. My rich father had a very positive attitude toward money and finances. He also taught Robert how to become rich.
Spend Assets, Not Debts
Robert did so from a very young age and knew that if he wanted to get rich, he needed to invest.
When kids his age were spending their money on jokes and toys, Robert started a small library of other children’s comic books and charged them money.
This shows that creating and acquiring property is the key to getting rich.
Property is the source of wealth, and debt is the source of wealth.
Real estate, stocks, bonds, gold, silver, business, etc. are assets. Although cars, gadgets, houses, expensive clothes, etc. are debts. Debt does not create wealth, it reduces your wealth.
Look for new ideas and opportunities
When Robert was only nine years old, he started a small library of local children’s comic books and charged for them.
This shows us that Robert was always looking for new ideas and opportunities. Like Robert, we must also keep our minds open to new ideas and look for new opportunities.
Read before leading
Robert talks about how he used to go to various conferences and read books. He says, if anyone wants to make more money, they should learn more.
Roberts used to attend various seminars to learn about accommodation and investing. He also recommends reading a book on investing, finance, and articles on money.
When Robert graduated from college he got a good job at Standard Oil. But he changed many jobs as he wanted to learn about different fields.
Get an expert
In Robert’s case, he already had a wealthy father to guide him. But neither you nor I have a rich father to guide us.
We need to find a rich father who can help us get rich. Your rich dad can be in the form of a person, book, podcaster, essays, etc. The context here is to learn from an expert.
Most people learn from their friends and family and there is nothing wrong with that. But if they are not rich themselves they cannot teach you to be rich.
