Rich Dad Poor Dad

Rich Dad Poor Dad

A lot of people have read Robert Kiyosaki/' s books (and he has a lot of them)- but this is the one that started them all. I think what endears people to Rich Dad Poor Dad is the story. It seems to Contd...

A lot of people have read Robert Kiyosaki/' s books (and he has a lot of them)- but this is the one that started them all.

I think what endears people to Rich Dad Poor Dad is the story. It seems to me that whenever a non-fiction book teaches with stories- it does very well. So- if you/' re going to write a non-fiction book- weave your info into a story.

Rich Dad Poor Dad is the story of Robert learning the habits of the rich from his best friend/' s dad. Robert/' s own dad was a highly paid- highly educated government official- but who ended up poor (this is his "poor dad"). His best friend/' s dad was not highly educated- but he started lots of businesses- bought lots of real estate- and invested in stocks. He is "rich dad".

Some lessons or themes that keep coming up:

*School prepares you for a job while financial education prepares you for better financial habits that lead to a more prosperous life
*The rich invest in ways that the poor and middle class do not

*The rich invest in assets that produce class flow- and then reinvest that cash flow into other assets

*The poor invest in liabilities- or things that take money out of their pockets

*The middle class tend to go to school- get a job- buy everything on credit- get raises- then buy bigger houses and nicer cars- under-save and under-invest- and then retire on less than what they should have.
*There are 3 kinds of income:
-Earned income (what you make when you/' re there)
-Passive income (money that comes to you when you/' re not there...that can come through businesses- real estate income- intellectual property- etc)
-Portfolio income (money that also comes when you/' re not there...but specifically from stocks- mutual funds- and other such paper investments)

As it turns out- Robert didn/' t go on to become a rich guy too soon into his adult years- like his best buddy did. Robert went into the Navy to learn how to sail ships- then to the Marines to fly helicopters in the Vietnam war. I might have the timeline wrong- but he he was a top-selling Xerox sales rep for several years. And then he went on to start a successful business importing/selling those Velcro nylon surfer wallets from the eighties. Remember those? After a few years- that business went bust.
Eventually he made the jump into buying assets...income producing real estate...and within 8 to 10 years- he and is wife retired. Then six months later he came out of retirement to start his financial education business...which includes his books- board games- tapes- seminars- etc. In reality- it sounds like he/' s started a whole ton of other businesses too- but that/' s what I/' ve pieced together from other books of his that I/' ve read. Notice that most of his activities center around passive income?

It/' s a great and easy read and should shock you out of your usual way of looking at money. Another one of his books that I like a lot is one he didn/' t even write by himself...aptly named "Success Stories". It/' s a collection stories by many of Robert/' s students that have taken his advice and who started businesses or are collecting assets that produce cash flow.

There/' s so much more that can be said- but it/' s time for you to start the adventure of reading a new book. Try to think of "Rich Dad Poor Dad" as financial education; it will make the purchase that much easier to justify.

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