Rich Dad Poor Dad Book Review
BEDA Day 4 of 31
So today. I have a book review for you.
Rich Dad, Poor Dad By Robert Kiyosaki
Rating – 4 out of 5 – Must have.
Pages – 243
Readability – Medium
Of course, a used Amazon purchase for me. It’s where I get 85% of my books. The other 15% is through e-books. I’m excited because I recently applied for and obtained my Brooklyn Public Library and New York Public Library cards. They both have tons of access to e-books and some article reserves.
This is a book that I’ve seen on the market forever. My interests are very self-help heavy right now, and have been for a few years. Rich Dad, Poor Dad strikes me as a kind of… Top 20 of your self help/personal finance books. I know that I’ve struggled to be strategic with my finances. I used to be very carefree and just for the love type of person. But quite frankly I respect my craftmenship too much to not try to strategically invest in my business and personal financial futures.
This book was a great foundational book for my financial literacy. I started reading this book as a skeptic. I see too many of his get rich quick feeling adds over my instagram and facebook. I’m currently in a space in my reading journey where I’m trying to reach out to books that I normally wouldn’t have read before.
This was a great selection to prove that you never really know the true value of a book until you crack its cover and give it a chance.
Robert takes us through his childhood living in the city with a Rich Dad and a Poor Dad. His Rich Dad was actually the father of one of his friends. This father owned a business and helped expose the boys to life situations geared specifically to develop their understanding and familiarity with money. Robert’s Poor Dad was his biological father. This father was a teacher, long-time government employee. His love for Robert was real, but he taught Robert to be scared of money and as a result taught him many bad money-making habits.
I pulled a lot from the book. One thing I’ve been absolutely obsessed with since reading the book are my assets. Assets are one part in a 4-part money equation (Income, Expenses, Assets, Liabilities). Robert says that we have income, assets, liabilities, and expenses. His main argument is that we grow up in a society that doesn’t teach us and prepare us to find and develop our own personal assets. We rely on incomes derived from salaries, which never allow us to develop true streams of wealth.
An assets is defined as something that brings money into your pool of wealth, automatically and in perpetuity. Robert says many people assume their house is an asset. But he argues that true assets can be bought, created, inherited, and invested in. Smart people focus on accumulating assets, while poor people focus on accumulating liabilities and expenses.
I’ve been laser focused on creating assets ever since I’ve read this book. This alone was a huge take away from the book.
Some of the other highlights I found in this book:
- Income – Rental Income, Salary, Royalties, Dividends, Interest
- Expense – Taxes, Mortgage, Rent
- Asset – Stocks, Bonds, Real Estate (rental), Intellectual Property
- Liability – Credit Cards, Mortgage, Loans
- Financial Literacy 101
- Planting seeds and cultivating your Asset Column
- Tax benefits of different business structures
- Working to learn skills, not working for money
- Defeating Self Doubting behaviors (pic)
- Working to develop assets that value more than your monthly expenses (pic)
I definitely recommend you get this book is you’re looking to transition to making more wealth based decisions in your life. Reading this book made me so much more confident in my current ability to begin collect my own assets. I feel super capable of constructing a strong asset column and can’t wait to make my first few contributions before the end of the year.
What about you? Have you read the book before?
What did/didn’t you like about the book?
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