Rich Dad Poor Dad teaches readers how a rich man thinks, and how you need to think if you want to become rich. Robert Kiyosaki, the author, focuses more on mindsets than on pure practical advice on how to get rich. And he shares the wisdom in parable-like stories. To stop working your life for someone else.

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To browse Academia. Skip to main content. By using our site, you agree to our collection of information through the use of cookies. To learn more, view our Privacy Policy. Log In Sign Up. Rich Dad, Poor Dad. Kelechi W Amala. The first two thirds of the book covers six lessons taught to Robert by his rich dad. The rich in fact do work, and they work quite hard. They work to learn things, and the things they learn can easily be applied to make money over and over again.

I agree with this sentiment entirely — good ideas are always more valuable than good labor, because you can keep mining good ideas, while good labor is spent the second you do the work. Too many people equate rich with material things, so I enjoy it when it is shown that being rich often has very little connection to material possessions.

Without a doubt, this was my favorite part of the entire book, even with the short, out of place rant about the gold standard actually a misnomer, because the only way the book makes any sense in terms of time is if the rich dad is actually talking about the Bretton Woods system and not the true gold standard and how the United States was doomed if they abandoned it.

Lesson 2: Why Teach Financial Literacy? This is the section of the book that causes a lot of controversy when discussed. In a nutshell, this chapter redefines the term asset. For most, an asset is something that has value.

For example, your home is an asset because it is something you own that has value. Well, this section of the book redefines the word. To Robert Kiyosaki, an asset is something that generates income, while a liability is anything that has costs.

In other words, by this definition, your primary residence is not an asset but a liability. Instead, assets are forms of passive income that you control, like a rental property or intellectual property. Basically, you become rich by accumulating assets, assets as defined by this book.

This basically means that, in my case for example, my truck is not an asset but The Simple Dollar is an asset it generates revenue on its own — I write because I enjoy it. Wealth comes from having enough assets that generate enough income so that all of your expenses are covered and there is enough left over to invest in more assets.

Lesson 3: Mind Your Own Business The point of this chapter is that a financially healthy individual should be spending their spare time not spending their paychecks, but investing as much of it as possible in assets as defined by this book. This is another lesson I strongly agree with: pay off your debts and start investing as soon as you can into things that can generate revenue.

This lesson was short and sweet. Lesson 4: The History of Taxes and the Power of Corporations This is the section of the book that made me start disbelieving in the overall ideas presented. You can justify a company jet as being needed for travel, but what necessity for business does a Porsche provide that another car does not?

If you ever need to liquidate out of a need for cash, playing these games will mean that the IRS will eat you alive. There are some advantages of keeping money in a corporate structure as an individual person, but they mostly relate to minimizing taxation on reasonable expenses related to money you earn independent of employment. With the internet, there are many ways to distribute and monetize your intellectual property: sell crafts you can make, create websites out of your own ideas, sell your music or performances.

Everyone should strive to learn as much as they can when they work, because it can transform your understanding of the world and perhaps build into methods of starting your own business and being self-employed. He was employed by General Electric for forty years. Related Papers. Malaysia economy in the wellbeing of B By intan lyana. How to Write a Business Plan. By ilham ilham nofi yoga. Download file. Remember me on this computer.

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Rich Dad Poor Dad Summary & Review in PDF


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