Book review Rich Dad Poor Dad: What the Rich Teach Their Kids About Money—That the Poor and Middle Class Do Not!

Book review:  

Rich Dad Poor Dad: What the Rich Teach Their Kids About Money—That the Poor and Middle Class Do Not!

    Rich Dad, Poor Dad is a personal finance book written by Robert Kiyosaki and Sharon Lechter. It advocates for the importance of financial literacy and teaches readers how to build wealth through investing, real estate, and entrepreneurship.

The book is structured around the premise that the author, Robert Kiyosaki, had two "dads": his biological father, who was highly educated but financially struggling, and his friend's father, who was less formally educated but financially successful. Kiyosaki uses the experiences and lessons he learned from both men to illustrate his financial philosophy.

One key lesson from the book is the importance of financial education. Kiyosaki argues that the traditional education system does not adequately prepare people for financial success, and that individuals need to take responsibility for their own financial education. He also stresses the importance of thinking outside the box and being willing to take risks in order to build wealth.

Another key concept in the book is the idea of "assets" and "liabilities." Kiyosaki defines assets as things that put money in your pocket, such as investments and businesses, while liabilities are things that take money out of your pocket, such as consumer debt and high-maintenance assets like luxury cars. The goal, according to Kiyosaki, is to acquire as many assets as possible and minimize liabilities in order to achieve financial freedom.

Rich Dad, Poor Dad has been a popular and influential book since its release, selling millions of copies worldwide. It has received both praise and criticism for its ideas, with some people finding it to be a valuable resource for financial education and others finding it to be oversimplified or problematic. Regardless of one's opinion of the book, it has certainly had a significant impact on the personal finance industry and has sparked important conversations about financial literacy and wealth-building.

What the Rich Teach Their Kids About Money—That the Poor and Middle Class Do Not!

There are a number of things that the rich may teach their children about money that may not be as common knowledge or practice among the poor or middle class. Here are a few examples:

1. The rich often teach their children about the importance of financial literacy and financial planning from a young age. This may include concepts such as budgeting, saving, investing, and planning for the future.

2. The rich may also teach their children about the power of compound interest and the importance of starting to save and invest at a young age.

3. The rich may encourage their children to take calculated financial risks, such as starting a business or investing in real estate, in order to potentially generate wealth.

4. The rich may also teach their children the value of hard work and the importance of continuously learning and growing in order to succeed financially.

5. The rich may also teach their children about the importance of charitable giving and using their wealth to make a positive impact on the world.