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Rich Dad Poor Dad: What the Rich Teach Their Kids About Money-That the Poor and the Middle Class Do Not! Mass Market Paperback – January 1, 2010
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About the Author
Robert Kiyosaki has received all sorts of awards and honors over the years, based upon his global message of financial literacy. Among others, he was inducted into the Amazon Author's Hall of Fame.
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Some people complain that this book does not give a step by step process for change. I would counter that one size shoe does not fit all feet. There are many individual paths to wealth, and Kiyosaki sets the guiding stars to navigate by, but you have to walk your own individual road.
Some key concepts of this book are: 1) Assets put money in your pocket even when you are on vacation. Liabilities take money out of your pocket, therefore your house is a liability [unless you rent out rooms and the garage as one person I know did while rebuilding his asset base].
2) Wealthy people buy assets first, and then let their assets buy their luxuries from the surplus cash flow.
3) Wealthy people continuously increase their assets by reinvesting their surplus cash flow in more assets.
4) There are 3 primary asset classes: Real Estate, Businesses, and Paper assets (stocks bonds notes, etc)
5) Cash Flow is more important than Net Worth. Net Worth is similar to potential energy, to use it you have to spend it, then it is gone. Cash Flow is like power from a hydroelectric dam, constantly replenished.
The rich don't work for money, they work for assets.
The tax laws are fair from the standpoint that the laws that the rich spent billions of dollars to have modified and interpreted apply to everyone who learns how to use them.
A great foundation book for beginning to improve your financial intelligence so that you don't work 4 or more month's of every year for the Tax man, more months for the banks that hold your mortgage and credit cards, and whatever is left making the company you work for wealthy. Good luck on your journey to being Rich, poor, or middle class.
After reading the book, I registered an account on the rich dad website to play the online cashflow game. Both the book and the cashflow game encourage passive income in a way that is simple to understand.
I think this is a good book but after digesting the content and honing my ability to play the cash flow game, I'm ready for the next level.
The only ask for the author would be to add an easy to follow list in a summary section of the book that would suggest next steps on continuing the journey to improve the readers' financial knowledge. There are some suggestions throughout the book but a more in-depth summary would be great.
Overall, I enjoyed this book. It was easy to understand the concepts and together with the online cashflow game, helps in solidifying the need to build passive income.
There was so much practical, applicable advice in this book. I think I may have worn my highlighter out on my Kindle! My favorite part was the story about Robert as a kid when his rich dad first started teaching him about money, especially the story of Robert and his friend "making money". That was hilarious, but so ingenious and simple!
This book made me rethink my decisions and emotions about money and nearly every chapter, though some parts were repetitive, offered new insight and ways to consider finances, even down to how, as a business owner, I should be paying myself first and then the bills. I NEVER would have considered that, but the way it was presented makes so much sense!
I was highlighting and sharing tips with my husband all throughout reading this book and he even agreed to most of it, and that rarely happens!
If you are looking to change your situation, you must first change how you think and feel about money, and this is a perfect tool to help you do that just! I highly recommend it!