Before reviewing,I want to say that are great,they first think by heart about their children.Author mainly talk about assets and liabilities.Rich Dad Poor Dad is about Robert Kiyosaki and his two dads—his real father (poor dad) and the father of his best friend (rich dad)—and the ways in which both men shaped his thoughts about money and investing.
You don’t need to earn a high income to be rich.
Rich people make money work for them.
The Five Big Ideas
The poor and the middle-class work for money. The rich have money work for them.
It’s not how much money you make that matters. It’s how much money you keep.
Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.
Financial aptitude is what you do with money once you make it, how you keep people from taking it from you, how to keep it longer, and how you make money work hard for you.
The single most powerful asset we all have is our mind.
Rich Dad Poor Dad Lessons
Lesson 1: The Rich Don’t Work for Money
Lesson 2: Why Teach Financial Literacy?
Lesson 3: Mind Your Own Business
Lesson 4: The History of Taxes and The Power of Corporations
Lesson 5: The Rich Invent Money
Lesson 6: Work to Learn—Don’t Work for Money
Rich Dad Poor Dad Summary
“There is a difference between being poor and being broke. Broke is temporary. Poor is eternal.”
“Money comes and goes, but if you have the education about how money works, you gain power over it and can begin building wealth.”
“People’s lives are forever controlled by two emotions: fear and greed.”
“So many people say, ‘Oh, I’m not interested in money.’ Yet they’ll work at a job for eight hours a day.”
“Thinking that a job makes you secure is lying to yourself.”
“Intelligence solves problems and produces money.”
“You must know the difference between an asset and a liability, and buy assets.”
An asset puts money in your pocket. A liability takes money out of your pocket.
“The rich focus on their asset columns while everyone else focuses on their income statements.”
“Financial struggle is often directly the result of people working all their lives for someone else.”
“The mistake in becoming what you study is that too many people forget to mind their own business. They spend their lives minding someone else’s business and making that person rich.”
“To become financially secure, a person needs to mind their own business.”
“Financial struggle is often the result of people working all their lives for someone else.”
“The primary reason the majority of the poor and middle class are fiscally conservative—which means, ‘I can’t afford to take risks’—is that they have no financial foundation.
“A new car loses nearly 25 percent of the price you pay for it the moment you drive it off the lot.”
“Keep expenses low, reduce liabilities, and diligently build a base of solid assets.”
Kiyo Saki says he owns business that do not require his presence. “If I have to work there, it’s not a business. It becomes my job.”
Start minding your own business.
“The best thing about money is that it works 24 hours a day and can work for generations.”
“An important distinction is that rich people buy luxuries last, while the poor and middle class tend to buy luxuries first.”
“A true luxury is a reward for investing in and developing a real asset.”
Kiyosaki’s rich dad did not see Robin Hood as a hero. He called Robin Hood a crook.
“If you work for money, you give the power to your employer. If money works for you, you keep the power and control it.”
Financial intelligence is simply having more options.”
“The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth.”
“The world is always handing you opportunities of a lifetime, every day of your life, but all too often we fail to see them.”
Richard uses two main vehicles to achieve financial growth: real estate and small-cap stocks.
“Simple math and common sense are all you need to do well financially.”
“The problem with ‘secure’ investments is that they are often sanitized, that is, made so safe that the gains are less.”
“Education is more valuable than money, in the long run.”
“The reason so many talented people are poor is because they focus on building a better hamburger and know little to nothing about business systems.”
The main management skills needed for success are:
Management of cash flow
Management of systems
Management of people
“The most important specialized skills are sales and marketing.”
“To be truly rich, we need to be able to give as well as to receive.”
“Failure inspires winners. Failure defeats losers.”