RICH DAD POOR DAD- BY ROBERT KIYOSAKI: BOOK SUMMARY AND REVIEW

 BOOK NAME: Rich Dad Poor Dad
 GENRE: Personal Finance
 AUTHOR: Robert Kiyosaki
 PUBLISHED ON: April 1, 2000

Who is Robert Kiyosaki?

He is an American businessman and author himself born on April 8, 1947. His books majorly concentrate in personal finance and business investing.

DISCLAIMER: The content in the blog is completely adapted from Robert Kiyosaki's 'Rich Dad Poor Dad'. I am summarizing and concisely writing the content to encourage people read the book which definitely will change the reader's perspective on money and its other dimensions. Therefore, ownership of the content belongs to author Robert Kiyosaki and publisher Warner books. All content provided in the blog is for information purposes only. Images used in this blog are purely for demonstrational purpose only. 

              

RICH DAD POOR DAD: SUMMARY 

       Rich people become richer, whereas middle class and poor people either remain the same for the entire life or become even poorer. Do you know why this happens? Most of us would definitely have had thought of this at least once in our lifetime. The reason behind this is very clearly explained by Robert in this book.

           Here, we discuss about the overall content of the book. Kindy note: 'only the notion of the book is shared here. In order to know what is there in it, please read the entire book. Remember- there's always a difference between eating a whole fruit and drinking it's extracted juice😜. 
                                                    

            The author very clearly gives the difference in mindsets of rich, middle class and poor people with examples. This book takes us through a path to become rich. Infact, the path which you wouldn't even had a slightest hind before including the tips and ideas for the same.
 (Continuing the blog, I am replacing the term 'author' with 'Robert'. Do not get confused thinking who he is?) 😁
                                                    

         Robert starts the book with a big information "Rich people don't work for money, money works for them. He also says that middle class and poor people who work hard for wages and salaries save the hard-earned money in a hope to gain financial security. But they are ensnared in the same place for a lifetime even without their conscious knowledge. Robert shoots readers a question- " Imagine you get a huge amount, say 1 crore or a decent job with a salary 5 lakhs per month. What will you do?" Most people would say that they will buy a piece of land and build a beautiful house or buy a flat. Some people may say they will buy a luxury car, and costly gadgets. Another set of people say they will deposit the money in a bank, and some would say they will use the money for world tour. A comparatively smaller proportion of people might use the money to take care of their parents, financially support their friends and relatives who are in need and use a part of the money for social service. Right? But if you ask the same question to a rich man- he will definitely say that "he will invest his money in his business or stock market share or some other profitable money earning source. This is the difference in mindsets of a rich man and a middle-class man- Robert says.

        Robert started his life in poverty with his father who was a government school teacher. He never got any idea to earn money from his teacher dad who was well educated and a man with many good qualities. His dad, like any common man told him that the base for financial security is to study well, work hard, earn monthly salary, and save the money. Robert unlike his dad always dreamt of becoming rich right from his childhood since he used to face ignorance from his fellow classmates who were kids of rich people, He was always in search for a way to become rich. This search ultimately led him to his close friend mike's dad whom he used to address 'Rich dad'.
 (Hope now you guys get an idea from where the book name emerges from- Rich dad is Mike's dad, Robert's mentor whom he also considered as his own. He was less educated but had lots of knowledge and ideas to face this practical world and become rich, and Poor dad is his own dad who was highly educated but lacks the knowledge to become rich and self-sufficient.) Mike's dad was an upcoming businessman with a vision and ideas to become rich. This is from whom Robert gains his financial literacy which later turned his life head over heels.

             

                                                            

Robert grew up in between his so-called Rich dad and Poor dad. Lessons he learnt from both these dad's outlook on life and money is what he wrote in this book. His life experiences that drove him to the top of financial freedom are shared in the book, which no doubt will help the readers in many ways to achieve success. 

        Remember- Born poor is not your fault, but if you die poor it's only your fault.' Many changes happen in the market and economy on a regular basis which most of us ignore to analyze, for example: one sovereign pound of gold was about 5k to 10k during my school days but now it Worths more than 35k. When and how did this difference in money value happen? To know all these we should be cautious of what's happening around us. This book definitely is an eye opener for me, and I started thinking of all these.

          Okay, I can see some gloomy and disappointed faces (in my mind 😋) who feel this summary is not enough. So, here I give some inklings from the book which you can deep dive once you start reading:

1) Money do reproduce. How? 

2) Everybody goes to school and college, but only few among them become rich. Why?

3) Robert asks us to follow the quote written in wall street- 'Greed is God' and asks to be greedy. Why?

4) Robert says he do not agree with the education system that only teaches us to earn money and not how to invest it which is equally or more important than earning. Why?

5) Subject 'Accountancy' is important in practical life, whichever stream you choose as mains. Why?

6) What is asset and what is liability? What's the difference between them? 

7) How to invest money in the right way?

8) Knowledge is the biggest asset. Why?

9) Robert strongly feels- for most of the people, school is not where education begins but where education ends. Why?

10) What is financial literacy and why is it important?

11) Once you become slave for money, you get trapped in a rat-race. How?

12) Work hard in your young age, and make money work for you for the rest of your life. How?

              HOPE THIS HELPS!!!