Lessons from the book “Rich Dad Poor Dad”

2018-12-11_19-10-21

Rich Dad Poor Dad is a book about the writer Robert Kiyosaki’s path to amassing wealth. The book is built upon the advice he obtained from his well educated natural dad, whom he describes as ‘poor dad’ and of his friend’s father who had a considerably lower level of schooling but whom he acts as’wealthy daddy’ Both dads had very different viewpoints on how one is to achieve success as Well as the book contrasts the two approaches finally making it clear to the reader that the excellence of the wealthy dad’s cash producing principles.

Interestingly, his dad is portrayed at being more concerned about education than money in the belief that more education will eventually cause more money. He likens his natural dad’s plan to that held by most parents since the societal standard for
monetary security – send the kids to college and college to acquire a good education
His natural father’s notion of monetary success was built about what a task provided – stability, promotions and societal security.

Robert Kiyosaki calls that being confined to some Rat Trap – his normal daddy appeared to operate continuously and relentlessly but not moved forward financially. His friend’s father (rich dad) was much less educated. However, he’s the person who supplied
the sensible answers on which is necessary to make the transition out of your Rat Trap to riches. ‘Rich Dad’ held on to the tenet that schooling simply produced people for job instead of people who may sensibly manage their own finances.

Robert Kiyosaki learnt by Rich Dad the question in the mind of any man or woman that he desired to maintain charge of their financial goals should always be how to earn more money. Robert immediately known that’Rich Dad’ was quite enthusiastic on investments.

This is because assets create income while liabilities use up income.

It is only once you clearly differentiates between their assets and liabilities that they will subsequently have the ability to form a stable financial foundation.

If you aren’t smart in currency matters, it will be difficult for you to make sound financial decisions even when presented with a huge amount of money hence causing
you to lose it as quickly as you got it.

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