There are so many great books on wealth building. You would think it would be a tough to narrow it down to just one, but for me the decision was easy. Without a doubt the most impactful book has to be Robert Kiyosaki’s “Rich Dad, Poor Dad.” This book is a must-read for anyone who wants to build wealth and achieve financial freedom. Hence, I had to write this Rich Dad Poor Dad Book Review.
Kiyosaki lays out a simple, yet powerful, framework for creating wealth. He breaks down the myths and misinformation that keep people from building wealth, and provides a step-by-step plan for creating and growing your own wealth.
If you’re serious about building wealth, then “Rich Dad, Poor Dad” is a book you need to read. It’s helped countless people achieve financial freedom, and it can do the same for you.
If I could only recommend one book which you should read on wealth building, it would be Rich Dad Poor Dad. In this book, Kiyosaki shares the story of his two “dads” – his biological father, who was a highly educated but poor man, and his friend’s father, who was a rich man with no formal education.
Kiyosaki argues that the rich dad was more successful not because he was smarter or had more opportunities, but because he had a different mindset when it came to money. The rich dad believed that money could be used to make more money, while the poor dad believed that money was something to be saved and spent carefully.
This book is an eye-opening read for anyone who wants to learn more about wealth building. Kiyosaki provides readers with practical advice on how to change their mindset about money and start building real wealth.
Why do so many Millionaires attribute their success to this book?
There’s a podcast which I listen to called the Bigger Pockets Podcast. At the end of each episode, the hosts asks the interviewee 4 simple questions to wrap up the interview. One of them being, if you could recommend one book which has helped you in the journey to success, what book would it b? Incredibly 8 out of 10 people credited Rich Dad Poor Dad!. The book’s simple but powerful message – that anyone can become a millionaire by investing in assets, rather than liabilities – has resonated with people all over the world.
Rich Dad Poor Dad has sold over 32 million copies and has been translated into over 50 languages. It has become a global bestseller, and its message has helped to change the way people think about money and investing.
Robert Kiyosaki has become a world-renowned financial expert, and his book has had a profound impact on the way people think about money. If you’re looking to become a millionaire, Rich Dad Poor Dad is a must-read.
They key lessons from Rich Dad Book Dad
There are many key lessons to be learned from Rich Dad Poor Dad. One of the most important lessons is that financial education is essential for success. Kiyosaki stresses the importance of learning about money and investing, and he provides readers with practical advice on how to do this. He also emphasises the importance of taking risks and being entrepreneurial. These are essential lessons for anyone wanting to build wealth and achieve financial freedom.
Lesson one – In his book, Rich Dad, Poor Dad, author Robert Kiyosaki says that your house is not an asset. He explains that an asset is something that puts money in your pocket, and a liability is something that takes money out of your pocket. He goes on to say that your house is a liability because you have to pay for upkeep, taxes, and insurance. The bottom line is that your house is not an asset because it doesn’t make you money; it costs you money.
Essentially, the rich buy assets, not liabilities. This is a simple, but powerful, concept that is often lost on people who are trying to get ahead financially. An asset is something that puts money in your pocket, while a liability is something that costs you money. The rich understand this distinction and focus their efforts on acquiring assets. This is one of the key reasons they are able to amass wealth over time.
Lesson two – According to Kiyosaki, financial literacy can only be learned through experience. He believes that people must first get their hands dirty in order to understand how money works. Kiyosaki advocates for a hands-on approach to learning about finances, rather than simply reading about it or listening to someone else talk about it. He believes that only by experiencing the ups and downs of managing money can one truly understand how to be financially literate.
He has said that “experience is the best teacher” when it comes to personal finance and that people should not be afraid to make mistakes. Kiyosaki believes that mistakes are essential to learning and that financial literacy is something that can only be gained through trial and error. He urges people to get out there and start learning about money, even if it means making a few mistakes along the way.
Whether it be for good or worse, I’ve personally found this to be the case. When I’ve really learnt lessons is when I’ve had to experience this myself. For example, I bought a block of land in Melton as the market was turning. I thought I’d be able to hold onto it and flip it for a profit. Instead, holding onto this empty block didn’t produce any income, therefore there were no tax deductions. Eventually, I sold it an year later for 10k less than I had bought it for, not to mention the holding costs. Roughly $30,000 down, the lesson was learnt. Buy assets, not liabilities
Lesson three – Kiyosaki is an advocate for learning to sell. He believes that selling is a skill that can be learned and that everyone has the potential to be a good salesperson. Kiyosaki provides tips on how to improve your selling skills, such as understanding your customer, identifying their needs, and using positive language. After all, he does speak from experience as he worked as a Xerox sellman for years. He also stresses the importance of body language and making eye contact. Kiyosaki believes that anyone can learn to sell, and that it is a valuable skill to have.
Whether we consider our selves to be salespeople or not, we’re constantly selling. We’re selling to our spouses, our coworkers and friends. on our ideas.
Grant Cardone is a well-known American entrepreneur and sales expert. He is the author of the best-selling book “Sell or Be Sold: How to Get Your Way in Business and in Life”. Cardone really drives this point home eching the point which Kiysaki makes.
Cardone is also a firm believer in the power of selling. He believes that selling is the most important skill that anyone can learn. He says that if you can learn to sell, you can achieve anything in life.
Lesson four – According to Kiyosaki, fear and self-doubt are your two biggest obstacles to success. He says that fear prevents you from taking risks and trying new things, while self-doubt stops you from believing in yourself and your abilities.
Kiyosaki believes that the only way to overcome these barriers is to face your fears and doubts head-on. He says that you need to take risks and put yourself out there, even if you’re not sure you can succeed. And you need to have faith in yourself and your abilities, even when others doubt you.
only by facing your fears and overcoming your self-doubt can you hope to achieve success.
Lessons Five – Kiyosaki says that always thinking in terms of opportunities is one of the most important keys to success. He believes that most people tend to focus on the problems in their lives, which can blind them to the potential opportunities that are all around them. Instead, he says, we should train our minds to see the world in terms of possibilities and potential. This way of thinking will open us up to a whole new world of opportunities that we may never have otherwise discovered. And who knows? One of those opportunities could be the key to our success.
Robert Kiyosaki says that it’s important to always think in terms of opportunities. He says that most people think in terms of security, but security is an illusion. The only real security is opportunity. When you’re thinking in terms of opportunities, you’re always looking for ways to improve your situation. You’re always looking for new ideas and new ways to make money. You’re not afraid of change, because you know that change is always an opportunity for something better. Kiyosaki says that the people who become rich are the ones who are always looking for opportunities.
Lesson Six – Passive income is a key concept in Robert Kiyosaki’s Rich Dad, Poor Dad. If you only get one message from this book, it should be this. It is the money that comes in without any effort on your part, meaning whether you’re sleeping, on vacation or playing with your kids on a Tuesday morning, the money is rolling in without your presence. The key to building wealth is to have more passive income than active income. That way, your money works for you instead of you working for your money.
There are many ways to generate passive income. You can invest in real estate, stocks, bonds, and other investments. You can also create passive income streams by writing eBooks, creating online courses, and renting out property. The key is to find a way to make money without having to work for it.
Passive income can be a great way to build your wealth. It gives you the freedom to live the life you want, without having to worry about money. If you’re looking for a way to build your wealth, passive income is a great option.
Final Thought On Kiyosaki’s Book
I initially read this over 15 years ago and at the time, I didn’t have the maturity to understand the key messages in the book other than thinking it was a nice story. Years later I read it again and finally the penny dropped. Now, this book has become a perennial for me; and many other I might add. Though the lessons seem basic, it’s these fundamentals repeated over and over again which builts empires which lasts for generations.
Make a decision today to build your empire and make your great grandkids proud to share your name.
To your health, wealth and success