Are you tired of feeling like you can never get ahead financially, no matter how hard you work? Are you sick of being told that you need to earn a high income to be rich? If so, Robert Kiyosaki’s Rich Dad Poor Dad is the book for you.
In this #1 personal finance book of all time, Kiyosaki shares his story of growing up with two dads: his real father, who had a steady job but struggled to make ends meet, and his best friend’s father, who was wealthy and taught him about money and investing. Through these two contrasting experiences, Kiyosaki learned the difference between working for money and having your money work for you.
One of the biggest takeaways from Rich Dad Poor Dad is the myth that you need to earn a high income to become rich. Kiyosaki explains that it’s not how much money you make, but what you do with it that matters. He encourages readers to focus on building assets instead of buying liabilities, like expensive cars or a big house.
Speaking of houses, Kiyosaki challenges the belief that your house is an asset. Many people think that their home is a good investment because it will appreciate in value over time. However, Kiyosaki argues that a true asset is something that puts money in your pocket, not takes it out. Your house may have value, but it also comes with expenses like mortgage payments, property taxes, and maintenance costs.
Parents, listen up: Kiyosaki also explains why you can’t rely on the school system to teach your kids about money. Even if your child gets good grades and goes to a prestigious school, they may not learn the financial literacy skills they need to succeed in life. Kiyosaki believes that it’s up to parents to teach their children about money and provide them with the tools they need for financial success.
One of the most helpful parts of Rich Dad Poor Dad is Kiyosaki’s clear definition of what constitutes an asset and a liability. To put it simply, an asset is something that puts money in your pocket, while a liability is something that takes money out of your pocket. This may seem obvious, but it’s a concept that many people struggle with. Kiyosaki encourages readers to focus on acquiring assets and minimizing liabilities in order to build wealth.
If you’re wondering what you should teach your kids about money, look no further than Rich Dad Poor Dad. Kiyosaki provides practical advice for parents, including teaching your children the difference between an asset and a liability, encouraging them to start thinking about passive income streams, and instilling the importance of financial literacy.
The 20th anniversary edition of Rich Dad Poor Dad includes an update from Kiyosaki on what we’ve seen over the past 20 years related to money, investing, and the global economy. He reflects on how the principles taught by his rich dad have stood the test of time and offers sidebars throughout the book that take readers “fast forward” from 1997 to today.
In many ways, the messages of Rich Dad Poor Dad are even more relevant today than they were 20 years ago. With rising income inequality, student loan debt, and an uncertain job market, it’s more important than ever to take control of your own financial future. Kiyosaki’s book offers practical advice and a refreshing perspective on how to do just that.
Overall, Rich Dad Poor Dad is a must-read for anyone looking for financial freedom and success. Kiyosaki’s insights are invaluable, and his writing style is both engaging and entertaining. Whether you’re a seasoned investor or just starting out on your financial journey, you won’t regret picking up this classic book.
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(as of Mar 25, 2023 19:55:57 UTC – Details)