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Wisdom from Rich Dad, Poor Dad
A mini abridgement of the #1 Personal Finance book of all time, Wisdom from Rich Dad Poor Dad tells the story of Robert Kiyosaki and his two dads -- his real father and the father of his best friend, his rich dad -- and the ways in which both men shaped his thoughts about investing. You don't need to earn a high income to be rich -- find out the difference between working for money and having your money work for you.
128 pages, Hardcover
Published October 25, 2016
2273 people are currently reading
12245 people want to read
About the author
Robert T. Kiyosaki
633 books9,426 followersRobert Toru Kiyosaki is an American businessman and author, known for the Rich Dad Poor Dad series of personal finance books. He is the founder of the Rich Dad Company, a private financial education company that provides personal finance and business education to people through books and videos, and Rich Global LLC, which filed for bankruptcy in 2012.
Since 2010, Kiyosaki was the subject of a class action suit filed by people who attended his seminars, and the subject of investigative documentaries by the CBC, WTAE-TV and CBS News. In January 2024, Kiyosaki revealed that he was more than $1 billion dollars in debt.
Since 2010, Kiyosaki was the subject of a class action suit filed by people who attended his seminars, and the subject of investigative documentaries by the CBC, WTAE-TV and CBS News. In January 2024, Kiyosaki revealed that he was more than $1 billion dollars in debt.
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Displaying 1 - 30 of 860 reviews
August 15, 2024
I'm a bit of a personal finance nut. I've been investing & teaching personal finance for about ten years. I've helped folks get out of debt, manage their monthly budgets, dream big--I love the teaching from finance teachers like Vicki Robins, Ramit Sethi, Mr. Money Mustache, and Grant Sabatier who teach practical and sensible help. Normally, I love reading this kind of book. I'm good with my own money. I enjoy it.
Frequently these personal finance/personal investing bestsellers carry gems & one-liners that are valuable even if I disagree with some of the mechanics, but this book didn't even have those.
This book has aged horrifically. It carries a very boot-strap perspective. That "if you just tried a little harder you wouldn't be poor" privilege, that I've grown to be so exhausted by. At one point he writes: "The poor are poor because they choose not to be rich." I just want to rage at bullshit like this. This mentality comes from a place of such enormous privilege. We're not equally talented, we don't equally have access to education or safety, we don't equally have opportunities & we aren't equally lucky. Part of being smart and hard working and ethical and successful is the ability to recognize when you've had a bit of old-fashioned, good luck. So Kiyosaki comes across as, at best, obtuse and at worst, sort of morally reprehensible.
The core philosophy of the book is this:
An asset puts more money into your pocket. Learn this and then focus on buying assets. Own things that generate money, whether that's in property or investing. The point is pay your self first and buy true assets.
This is great advice.
(Note he primarily talks investing in real estate and stocks, but also discusses his practice of bringing companies to their IPOs.)
My problem is entirely with the package it's delivered in. Kiyosaki is seemingly immune from considering people of any disadvantage--moreover he really has nothing to offer them and no care for them. He frequently talks about how his Rich Dad made money on taking advantage of folks that "didn't know better except to work in the rat race." Ignoring the dignity in all work, and instead placing great pride in winning a competition others don't know they're playing. Make no mistake, the Rich Dad in Kiyosaki's life is an asshole through and through who gets treated like a tough-love guru because he's successful. I call bullshit.
The writing style is slow, repetitive and somehow, convoluted. The conclusions don't always match the logic, and for all the story-telling and reminiscing he does about his childhood, there's not much heart in this book.
Hated this book. Wouldn't recommend.
Oh and he lists one of his heroes as Trump. Which, I know this was written two decades ago, but still. Fuck Donald Trump.
Frequently these personal finance/personal investing bestsellers carry gems & one-liners that are valuable even if I disagree with some of the mechanics, but this book didn't even have those.
This book has aged horrifically. It carries a very boot-strap perspective. That "if you just tried a little harder you wouldn't be poor" privilege, that I've grown to be so exhausted by. At one point he writes: "The poor are poor because they choose not to be rich." I just want to rage at bullshit like this. This mentality comes from a place of such enormous privilege. We're not equally talented, we don't equally have access to education or safety, we don't equally have opportunities & we aren't equally lucky. Part of being smart and hard working and ethical and successful is the ability to recognize when you've had a bit of old-fashioned, good luck. So Kiyosaki comes across as, at best, obtuse and at worst, sort of morally reprehensible.
The core philosophy of the book is this:
An asset puts more money into your pocket. Learn this and then focus on buying assets. Own things that generate money, whether that's in property or investing. The point is pay your self first and buy true assets.
This is great advice.
(Note he primarily talks investing in real estate and stocks, but also discusses his practice of bringing companies to their IPOs.)
My problem is entirely with the package it's delivered in. Kiyosaki is seemingly immune from considering people of any disadvantage--moreover he really has nothing to offer them and no care for them. He frequently talks about how his Rich Dad made money on taking advantage of folks that "didn't know better except to work in the rat race." Ignoring the dignity in all work, and instead placing great pride in winning a competition others don't know they're playing. Make no mistake, the Rich Dad in Kiyosaki's life is an asshole through and through who gets treated like a tough-love guru because he's successful. I call bullshit.
The writing style is slow, repetitive and somehow, convoluted. The conclusions don't always match the logic, and for all the story-telling and reminiscing he does about his childhood, there's not much heart in this book.
Hated this book. Wouldn't recommend.
Oh and he lists one of his heroes as Trump. Which, I know this was written two decades ago, but still. Fuck Donald Trump.
March 14, 2022
Oof - this books was big major yikes. At first I was curious why my parents recommended me this books. It was in my parents bookshelves for yeaaaaaaars and I finally got to read it like 10 years later lol. Umm what can I say, I kinda agree with the other reviewers about how this book aged badly in the current times(?) like this book did not foresee the “future” (of course - what the heck) but I guess the author did not include his own privileges of how he was able to reach towards his success.
Like, first of all - he’s American. Well, Japanese-American to be precise but he grew up with the American identity and so western-like perspectives(?) I don’t know - it rubs me in the wrong way. He did not include his privileges and just…I don’t know - he’s a guy and came from well educated family too. He’s saying his poor dad who is a teacher is poor? Like his lifestyle based on the decisions of his finance is poor because he puts himself that way?? The disrespect lmao but it was interesting to see him calling out on his “poor” dad’s flaws about financial decision-making choices.
There are so many things that I do not agree with this book. Maybe I’m just dumb or too stupid to notice anything super important. As a Southeast Asian, most of our people did not have the privilege to adopt such mindset of “becoming rich on our own without caring for the others” because of our past history and its impacts. Not that we cannot, but in reality most rich people we come to know didn’t necessarily put in a good “personality” or “caring mindset” to people around them, they just need to make a good image and impression to avoid negative talks and such (but people still talk about how rich people can be rich because they can get access to better networks and resources while the rest were ignored because they don’t have the same opportunities - talk about “poor people stay poor because they want to be poor.” nggoookey dude👍🏼)
Anyways, for those of you who are curios; yes this book is interesting. It teaches you a bit of how money come and go, what can we do to improve our financial stability and secure our money for future. He also talks about investing is better than spending money for necessities (yeah when you’re richer and earn better income but for poor people? How? Put money in investment? Then how to live everyday necessities?? Magic money?? Side business when they have no resources and opportunities luck for them?? Lmao). This book is the definition of “capitalism” personality traits (can be interpreted in a good or bad way, it depends on the readers. Personally, I don’t like it lmao)
It is interesting to read but meh, not really recommended. Whatever lol (´ω｀)
Like, first of all - he’s American. Well, Japanese-American to be precise but he grew up with the American identity and so western-like perspectives(?) I don’t know - it rubs me in the wrong way. He did not include his privileges and just…I don’t know - he’s a guy and came from well educated family too. He’s saying his poor dad who is a teacher is poor? Like his lifestyle based on the decisions of his finance is poor because he puts himself that way?? The disrespect lmao but it was interesting to see him calling out on his “poor” dad’s flaws about financial decision-making choices.
There are so many things that I do not agree with this book. Maybe I’m just dumb or too stupid to notice anything super important. As a Southeast Asian, most of our people did not have the privilege to adopt such mindset of “becoming rich on our own without caring for the others” because of our past history and its impacts. Not that we cannot, but in reality most rich people we come to know didn’t necessarily put in a good “personality” or “caring mindset” to people around them, they just need to make a good image and impression to avoid negative talks and such (but people still talk about how rich people can be rich because they can get access to better networks and resources while the rest were ignored because they don’t have the same opportunities - talk about “poor people stay poor because they want to be poor.” nggoookey dude👍🏼)
Anyways, for those of you who are curios; yes this book is interesting. It teaches you a bit of how money come and go, what can we do to improve our financial stability and secure our money for future. He also talks about investing is better than spending money for necessities (yeah when you’re richer and earn better income but for poor people? How? Put money in investment? Then how to live everyday necessities?? Magic money?? Side business when they have no resources and opportunities luck for them?? Lmao). This book is the definition of “capitalism” personality traits (can be interpreted in a good or bad way, it depends on the readers. Personally, I don’t like it lmao)
It is interesting to read but meh, not really recommended. Whatever lol (´ω｀)
October 21, 2023
I had to DNF. This book is an ode to capitalism written by a man obsessed with money who doesn’t realise his own privilege and good luck in life. His obsession seems to stem from an incident in his childhood when another child’s mother refused to take him and friend up to a lake house because they were ‘poor’ kids. After that he became determined to be rich. But the author doesn’t seem to realise how lucky he is. He’s grown up in America during the boom years of the 1950s onwards. He grew up with security and good health, access to education, he didn’t have to act as a carer for a sick relative, or cope with abuse and neglect. Most of all he’s a man. He was free to do as he pleased.
And his answer to making all this money? Don’t work for money, make money work for you! Invest and wait for the cheque to arrive in the post. But the author chooses to ignore that this system exploits people. If you’re making money out of money, then somewhere at the start of the chain there is a worker being overworked and underpaid. But the author will tell you that it’s their choice to be overworked and underpaid. Really? How many people have a choice? What if they’re working in sweatshops in China and Bangladesh? Many sweatshops operate in first world countries staffed with migrant workers and controlled by gangs. Women have fewer options than men because of culture, religion and family responsibilities. Lack of access to education and racism play a big part too. But the bottom line is, there need to be workers actually working or nothing would get done. But the author is fine about exploiting those vital people.
And, not everyone is doing miserable, menial work. Let’s not forget the people who do skilled jobs. The author feels getting a good job is not that important compared to simply getting rich. Education is overrated. Ok. See how that works out when all the doctors and nurses quit in pursuit of simply chasing money.
This book is about the capitalist dream with rich ‘business men’ at the top taking all the money and not paying workers their fair share for their time, skills and labour. The book really should be called, Greed - How to take advantage of hard working people so you can live a lazy life of luxury. Of course, if we all do that, who’s actually doing anything? Maybe the author should have written a book about the importance of paying workers properly, based on his teenage experience of being paid ten cents an hour.
And his answer to making all this money? Don’t work for money, make money work for you! Invest and wait for the cheque to arrive in the post. But the author chooses to ignore that this system exploits people. If you’re making money out of money, then somewhere at the start of the chain there is a worker being overworked and underpaid. But the author will tell you that it’s their choice to be overworked and underpaid. Really? How many people have a choice? What if they’re working in sweatshops in China and Bangladesh? Many sweatshops operate in first world countries staffed with migrant workers and controlled by gangs. Women have fewer options than men because of culture, religion and family responsibilities. Lack of access to education and racism play a big part too. But the bottom line is, there need to be workers actually working or nothing would get done. But the author is fine about exploiting those vital people.
And, not everyone is doing miserable, menial work. Let’s not forget the people who do skilled jobs. The author feels getting a good job is not that important compared to simply getting rich. Education is overrated. Ok. See how that works out when all the doctors and nurses quit in pursuit of simply chasing money.
This book is about the capitalist dream with rich ‘business men’ at the top taking all the money and not paying workers their fair share for their time, skills and labour. The book really should be called, Greed - How to take advantage of hard working people so you can live a lazy life of luxury. Of course, if we all do that, who’s actually doing anything? Maybe the author should have written a book about the importance of paying workers properly, based on his teenage experience of being paid ten cents an hour.
January 7, 2018
Bearing in mind that this book is directed at teaching your children, the first half is fairly introductory, but the second half launches into more tax-related ideas. In addition, I prefer a financial book that is a little more practical rather than heavy on the exhortation.
What I learned or what was reinforced:
* Don't quit your day job to become an investor!
* Keep learning, especially about finance and investment.
* The required financial knowledge is (1) accounting; (2) investment strategy; (3) market research; (4) law, specifically tax law.
* Paying yourself first means buying assets first and then paying your expenses, even if you miss a payment--with the admonition against piling up consumer debt, mainly credit card debt. (My thought is probably because it immediately accrues interest, late charges, and other fees. He could do a better job of explaining this.)
* Assets are things that generate you income without you being there. For example, royalties from books. Yay!
* Don't invest in something or buy an asset that you don't love; you won't take care of it.
* Go broke before you're 30; you'll still have time to recover.
* The US income tax was made permanent in 1913.
* Passive investments (for example, stocks, bonds, mutual funds, real estate) are generally taxed less than regular income.
* Corporations (probably LLCs too--but they are also superior to sole proprietorships) are not taxed as heavily as individuals and they can deduct many more expenses than individuals.
* Because the "rich" are more heavily invested in passive investments and corporations, they are not taxed as much as the poor or middle class.
* 1031 tax-deferred exchange = if you buy another property with the proceeds of another property sale, then you can defer taxes on that sale. Don't know if it still exists.
* Teach your kids how to invest.
What I learned or what was reinforced:
* Don't quit your day job to become an investor!
* Keep learning, especially about finance and investment.
* The required financial knowledge is (1) accounting; (2) investment strategy; (3) market research; (4) law, specifically tax law.
* Paying yourself first means buying assets first and then paying your expenses, even if you miss a payment--with the admonition against piling up consumer debt, mainly credit card debt. (My thought is probably because it immediately accrues interest, late charges, and other fees. He could do a better job of explaining this.)
* Assets are things that generate you income without you being there. For example, royalties from books. Yay!
* Don't invest in something or buy an asset that you don't love; you won't take care of it.
* Go broke before you're 30; you'll still have time to recover.
* The US income tax was made permanent in 1913.
* Passive investments (for example, stocks, bonds, mutual funds, real estate) are generally taxed less than regular income.
* Corporations (probably LLCs too--but they are also superior to sole proprietorships) are not taxed as heavily as individuals and they can deduct many more expenses than individuals.
* Because the "rich" are more heavily invested in passive investments and corporations, they are not taxed as much as the poor or middle class.
* 1031 tax-deferred exchange = if you buy another property with the proceeds of another property sale, then you can defer taxes on that sale. Don't know if it still exists.
* Teach your kids how to invest.
August 2, 2025
Despite the book's short nature, the reading process was painful and lengthened. It took me two months to finish this book, I just couldn't get myself to actually read it any further.
"You are the best SELLING author, not the best WRITING one" is the quote I think best describes Kiyosaki's works. The main points the book indicated about financials could be well explained within 50 pages at most. Yet, Kiyosaki wrote over 130 pages with his life stories, conventionally repeating himself as if to make the book visually bigger, manipulating the unconscious of the buyer to take it as the book having more lessons to it than it actually does.
Sure, the book contained some valuable life lessons and approaches, but whenever I read it I felt I had to focus most of my attention on filtering all the information he provides, because the minority of it was valuable enough to let through. This process was absolutely draining.
This book was not created to teach you. This book was created to make Kiyosaki money. That is the impression I am leaving this work with.
Bothered to say, I am immensely dissappointed.
"You are the best SELLING author, not the best WRITING one" is the quote I think best describes Kiyosaki's works. The main points the book indicated about financials could be well explained within 50 pages at most. Yet, Kiyosaki wrote over 130 pages with his life stories, conventionally repeating himself as if to make the book visually bigger, manipulating the unconscious of the buyer to take it as the book having more lessons to it than it actually does.
Sure, the book contained some valuable life lessons and approaches, but whenever I read it I felt I had to focus most of my attention on filtering all the information he provides, because the minority of it was valuable enough to let through. This process was absolutely draining.
This book was not created to teach you. This book was created to make Kiyosaki money. That is the impression I am leaving this work with.
Bothered to say, I am immensely dissappointed.
July 6, 2021
Awful book. All the ideas emphasized the privileged perspective of an author that tell's you that the poor are poor because they choose to.
Education and knowledge are despised (even though the author says those are important) as it only highlights financial expertise devaluing other knowledge areas.
Furthermore, it outstand's me how one simply says that the workers of rich dad "exploit themselves" like it's their fault he's taking advantage of them.
The writing is cheap and repetitive.
I don't recommend this book.
Education and knowledge are despised (even though the author says those are important) as it only highlights financial expertise devaluing other knowledge areas.
Furthermore, it outstand's me how one simply says that the workers of rich dad "exploit themselves" like it's their fault he's taking advantage of them.
The writing is cheap and repetitive.
I don't recommend this book.
January 5, 2023
I never hated a book more than this one. First off, my teacher forced us to read this sayin g it will help us understand finances. Understood literally nothing!!! It’s terrible, the author is obviously favoriting his “rich dad” because of money and how he’s so successful. I don’t get why people like this. If I had a physical copy(which I’m glad I don’t) I would light it on fire and watch it burn with a smile on my face.
-20/10 do not recommend.
-20/10 do not recommend.
June 15, 2021
I will write a review after I reread the book with my daughter
May 28, 2025
A must read for all
February 5, 2021
Favorite Quote:
"In today’s fast-changing world, it’s not so much what you know anymore that counts, because often what you know is old. It is how fast you learn. That skill is priceless. It’s priceless in finding faster formulas—recipes, if you will—for making dough. Working hard for money is an old formula born in the day of cavemen."
"In today’s fast-changing world, it’s not so much what you know anymore that counts, because often what you know is old. It is how fast you learn. That skill is priceless. It’s priceless in finding faster formulas—recipes, if you will—for making dough. Working hard for money is an old formula born in the day of cavemen."
October 8, 2021
Анх удаа санхүүгийн боловсролтой холбоотой ном уншиж үзлээ. Бүх насаараа ажил хийж цалингаас цалингийн хооронд амьдрах гээгүй л юм бол хөдөлмөрлөж олсон орлогоо яаж пассив орлого болон хөрөнгө оруулалтын өгөөж руу хувиргах вэ гэдэгт л суралц гэнэ дээ. Үүнийг санхүүгийн ухаан гээд байгаа юм байна. Хөдөлмөрлөж олсон орлого буюу цалингаас хамгийн өндөр татвар авдаг бол нөгөө хоёр төрлийн орлогоос хамгийн бага татвар авдаг гэжээ. Нээрээ л үнэн шүү.
November 23, 2025
Normally, I don’t read finance or self-help books, so I don’t have many others in this genre to compare this book to. However, I was pretty disappointed by this book. Here’s the many points of this book:
- assets are things you own that put money in your pocket
- financial literacy is important
- working a normal 9 to 5 job will not get you rich
- take risks
- hire people smarter than you in areas you don’t excel
That’s it. Once he has made those points, he just repeats himself countless times and gives you examples of what he or his friends have done.
In this book, Kiyosaki describes his own dad who was educated but didn’t make a lot of money (Poor Dad), and the father of his best friend who owned a lot of businesses (Rich Dad). He talks about his own father’s “bad” financial habits and teachings, and his “Rich Dad’s” “good” ones.
One of his main pillars in this book is that everyone can be rich they just choose not to be, which is complete bullshit. By making this point, he ignores the struggles and disproportionate disadvantages of poor people. He tells countless stories of him buying real estate for little money and selling it for more than double most of the time. Good for you! He offers very little to no detail of how to get started or what to do. He advises you read other books about finance. Wow! That thought never crossed my mind…why do you think I read your book? To get financial advice…
The best thing he wrote was a story about a journalist who was upset about not being discovered. He advised her to take a marketing class, to which she was offended. He followed by pointing out that he is a best SELLING author not a best WRITING author. That point is the truest thing you wrote.
I wouldn’t recommend this book to anyone. If you want to read a book to give you financial advice, go to a book store and choose just about any book by any other author.
- assets are things you own that put money in your pocket
- financial literacy is important
- working a normal 9 to 5 job will not get you rich
- take risks
- hire people smarter than you in areas you don’t excel
That’s it. Once he has made those points, he just repeats himself countless times and gives you examples of what he or his friends have done.
In this book, Kiyosaki describes his own dad who was educated but didn’t make a lot of money (Poor Dad), and the father of his best friend who owned a lot of businesses (Rich Dad). He talks about his own father’s “bad” financial habits and teachings, and his “Rich Dad’s” “good” ones.
One of his main pillars in this book is that everyone can be rich they just choose not to be, which is complete bullshit. By making this point, he ignores the struggles and disproportionate disadvantages of poor people. He tells countless stories of him buying real estate for little money and selling it for more than double most of the time. Good for you! He offers very little to no detail of how to get started or what to do. He advises you read other books about finance. Wow! That thought never crossed my mind…why do you think I read your book? To get financial advice…
The best thing he wrote was a story about a journalist who was upset about not being discovered. He advised her to take a marketing class, to which she was offended. He followed by pointing out that he is a best SELLING author not a best WRITING author. That point is the truest thing you wrote.
I wouldn’t recommend this book to anyone. If you want to read a book to give you financial advice, go to a book store and choose just about any book by any other author.
This entire review has been hidden because of spoilers.
June 27, 2022
better than many other business books!! it kept me engaged with all the little stories and real life examples. however i wish there had been more instances where the author lost his money whilst making investments for a greater idea of the risks. There were a few lines about it but they were vague and abstract. and secondly there should have been more information about how to, Exactly, make more money. i felt like most of the book was spent in stressing the importance of financial intelligence rather than the main stuff, which came at the end
November 21, 2020
I agree that financial literacy should be included to school curriculum as early as possible. In reality, people are not really taught on how to handle money and wealth building which subsequently result to losses of all sorts- poverty, living from paycheck to paycheck, loans, bankruptcy, etc.
If you wish to awaken the financial genius in you, this book is a total jumpstart.
„“
Don’t let life push you into submission.
Don’t work for money, let money work for you.
If you wish to awaken the financial genius in you, this book is a total jumpstart.
„“
Don’t let life push you into submission.
Don’t work for money, let money work for you.
February 21, 2025
Simple, repetitive, and misleading. Tells you what you should be doing (in a way that you would hear from a regretful family member who doesn’t know anything about how finance actually works) but not how to do it. Could be summed up by - “if you worked harder you would be richer”
June 11, 2024
Makes me want to quit my job but I need to lock in for a bit
September 27, 2024
Padre Rico, Padre Pobre" de Robert Kiyosaki es un libro que me abrió los ojos sobre el dinero y la educación financiera. A través de las experiencias de Kiyosaki con sus dos "padres", aprendemos lecciones valiosas sobre la inversión, la mentalidad empresarial y la importancia de trabajar para aprender, no solo para ganar. Su estilo directo y sus ejemplos prácticos hacen que los conceptos financieros sean fáciles de entender y aplicar. Si quieres tomar el control de tu futuro financiero, este libro es una lectura obligada.
May 29, 2023
I've read this in arabic...
THIS IS THE BEST PERSONAL FINANCE BOOK.
THIS IS THE BEST PERSONAL FINANCE BOOK.
January 2, 2025
Super fast paced, easy to read and great useful tips for financial literacy.
November 19, 2021
Simple and compelling ⭐️⭐️⭐️⭐️ Excellently advised on how to manage one’s finances with some education and data on income management 👌👌👌👌…….. let money work hard for you ❤️❤️❤️❤️
February 3, 2021
I was recommended this book by a few people who thought very highly of it. I was even told by someone that this book was one of the most influential in changing their perspective on money and personal finance, so I was excited to give it a shot.
The shtick of getting his points across through the anecdotal use of a "rich dad" and "poor dad" to illustrate his beliefs of how the rich and poor think about money and finance was interesting and hooked me in the beginning. It even had me analyzing and questioning my own relationship and history with money, what I've grown up learning it to be and why... If anything, this introspection was one of the more valuable things I took away after reading this book.
The book itself has some good points, for example: the emphasis on paying yourself first before anything else, invest money into assets and awareness on what a true asset is, and the overall emphasis on not being afraid of money and analyzing why we see money the way we do is all good advice I can get behind, but it's all pretty vague and not very specific. A good part of the book is full of anecdotal stories that reinforce the ideas above and very little is filled with practical advice, which would have been fine...
...had I not had some issue with his more specific advice:
At one point he specifically advises joining a MLM in order to learn sales skills... when you could literally learn sales skills anywhere else
His only real financial solutions to getting out of the "rat race" is to invest in stocks and real estate
He really likes to besmirch the educated (those who go to school, get PhD's and get a job in a specialized setting such as education, like his poor dad). I get that sometimes school isn't always necessary in order to be successful but he really seems to lay into this point a lot and so emphatically that I can't help but think he has some financial trauma around this subject
In the end he encourages making rich friends to discuss stocks and participate in "legal insider trading"
...And other things I left out of my notes because I was listening to this as an audiobook.
Some more things I really didn't like:
He doesn't acknowledge the effect of privilege on our relationship with money, he speaks as though everyone is on the same level of playing field when it comes to building wealth and that if you are poor it is purely of your own doing
His statement that if you don't take risks with your money and you play it safe, you're thinking "poor"
If anything, I'm happy this book offered some different advice than a lot of other financial help books I've read. I also appreciate it opening my mind to being aware of how I see and think about money and wealth. However, there were too many issues I had with some of the advice that kept me from rating it any higher than 2 stars.
The shtick of getting his points across through the anecdotal use of a "rich dad" and "poor dad" to illustrate his beliefs of how the rich and poor think about money and finance was interesting and hooked me in the beginning. It even had me analyzing and questioning my own relationship and history with money, what I've grown up learning it to be and why... If anything, this introspection was one of the more valuable things I took away after reading this book.
The book itself has some good points, for example: the emphasis on paying yourself first before anything else, invest money into assets and awareness on what a true asset is, and the overall emphasis on not being afraid of money and analyzing why we see money the way we do is all good advice I can get behind, but it's all pretty vague and not very specific. A good part of the book is full of anecdotal stories that reinforce the ideas above and very little is filled with practical advice, which would have been fine...
...had I not had some issue with his more specific advice:
At one point he specifically advises joining a MLM in order to learn sales skills... when you could literally learn sales skills anywhere else
His only real financial solutions to getting out of the "rat race" is to invest in stocks and real estate
He really likes to besmirch the educated (those who go to school, get PhD's and get a job in a specialized setting such as education, like his poor dad). I get that sometimes school isn't always necessary in order to be successful but he really seems to lay into this point a lot and so emphatically that I can't help but think he has some financial trauma around this subject
In the end he encourages making rich friends to discuss stocks and participate in "legal insider trading"
...And other things I left out of my notes because I was listening to this as an audiobook.
Some more things I really didn't like:
He doesn't acknowledge the effect of privilege on our relationship with money, he speaks as though everyone is on the same level of playing field when it comes to building wealth and that if you are poor it is purely of your own doing
His statement that if you don't take risks with your money and you play it safe, you're thinking "poor"
If anything, I'm happy this book offered some different advice than a lot of other financial help books I've read. I also appreciate it opening my mind to being aware of how I see and think about money and wealth. However, there were too many issues I had with some of the advice that kept me from rating it any higher than 2 stars.
This entire review has been hidden because of spoilers.
November 1, 2022
My ex made me read this. I'm a completionist so I made myself finish reading it. I will never agree with some of the stances on education in this book. It is poorly written and repetitive. Kiyosaki is another male that highlights the privileges he was given during his life. Perhaps there is some sound advice in there somewhere, however the delivery of his opinions was a personal attack to how I choose and prefer to live my life. Becoming a rich asshole is not everyone's dream.
February 2, 2024
Hat schön angefangen, aber sich gegen Ende wie ein Kaugummi in die Länge gezogen. Viele Wiederholungen.
Hatte die Version des Buches, in dem ein zusätzliches Kapitel war. Habs nicht mehr gelesen, ich war etwas gelangweilt.
Bereue es aber nicht es gelesen zu haben, weil die Information, die ich mitnehmen konnte, es mir Wert war.
Hatte die Version des Buches, in dem ein zusätzliches Kapitel war. Habs nicht mehr gelesen, ich war etwas gelangweilt.
Bereue es aber nicht es gelesen zu haben, weil die Information, die ich mitnehmen konnte, es mir Wert war.
May 25, 2023
Great book to get people interested in personal finance, but the advice given are a bit poor for the majority
November 24, 2020
p. 2 // for the poor and middle-class saving money is a religion, financial salvation from poverty and protection from the cruel world. For many people calling savers losers it’s like taking the gods name in vain
p 10 // as a young boy having two strong fathers both influencing it was difficult. I wanted to be a good son and lesson but the two followers to not say the same things. The contrast of their points of view, particular about money was so extreme I grew curious and intrigued
p 13 // he other believed in total financial self-reliance. He spoke out against the entitlement mentality and how it created weak and financially needy people. He was empathetic about being financially competent.
I noticed that my poor dad was poor not because of the amount of money he earned which was significant but because of his thoughts and actions
p 16 // the lessons are not meant to be answers, but guide post that will assist you and your children and your families to grow wealthier no matter what happens in world of increasing change and uncertainty
p. 29 // if you learn this lesson, you will grow into a wise, wealthy, happy young man. If you don't, you will spend your life blaming a job, low pay, or your boss for your problems. You'll live life always hoping for that big break that will solve all your money problems
p. 30 // If you think I'm the problem, then you have to change me. If you realize you're the problem, then you can change yourself, learn something, and grow wiser. Most people want everyone else in the World to Change but themselves. Let me tell you, it's easier to change yourself than everyone else.
Emotion is motion with energy. Be an observer of your emotions.
p. 46 // A doctor wanting more money to buy better for his family, races his fees. By raising us bees it makes Healthcare more expensive rev. It hurts poor people the most, so they have worse Health than those with money. Because the doctors raise their fees, the attorneys raise their fees. Because the attorneys fees have gone after school teachers want to raise which races are taxes and on and on and on. Soon there'll be a horrifying gap between the rich and the poor that chaos will break out another great civilization will collapse. History proves that great civilizations Collapse when the gap between the Haves and The Haves Nots is too great. Sadly America's on that same course because we haven't learned from history. We only memorize historical dates and names not the lesson.
p. 47 // learn to use your emotions to think, not think with your emotions. When you boys mess with your emotions by agreeing to work for free, I knew there was hope.
p. 48 // A job is only a short-term solution to a long-term problem.
p 49. // the poor, the middle class, and ignorant will have their lives simply ruined because they will continue to believe that money is real and the company they work for the government will look after them.
p 63 // I retired. I was 47, and my wife was 37. Our assets are large enough to grow by themselves. It’s like planting a tree. Do you water it for years and one day doesn’t need you anymore. It’s roots are implanted deep enough. Then the tree provide shade for your enjoyment.
p 64. // if you think money solves problems they will have a rough ride. Intelligent solves problems and produces money. Money is without financial intelligence is money gone soon.
p 67. // the difficulty comes in asking adults to unlearn or become children again. An intelligent adult often feels it’s demeaning to pay attention to simplistic definitions.
p 68 // if you want to be rich, you’ve got to read and understand numbers.
Futurist Alvin Toffler. “The illiterate of the 21st century will not be those who cannot read and write but those who cannot learn unlearn and relearn”
p 70 // illiteracy both in words and numbers is a foundation of financial struggle. If people having difficulties financially, there’s something they don’t understand, either in words or numbers. The rich or rich because they’re more literate in different areas than people who struggle financially. So if you want to be rich and maintain your wealth, it’s important to be financially literate in words as well as numbers.
p 75 // that is the reason it is so hard to motivate kids in school today. They know that professional success is no longer solely link to economic success isn’t once was. Because students leave school without financial skills, millions of educated people pursue their profession successfully, but later for themselves struggling financially. They work harder but don’t get ahead. What is missing from their education is not how to make money but how to manage money. It’s called financial attitude what do you do with the money once you make it, how do you keep people from taking it from you, how to keep it longer, and how to make that money work for you. A person can be highly educated professionally successful and financially illiterate
p 79 // the fear of being different prevents most people from seeking ways to solve the problems.
p 81 // we started understand why a rich dad told us that schools were designed to produce good employees instead of employers.
p 83 // I really don’t expect most people to agree with it because your home is an emotional thing when it comes to money, I emotions tend to lower financial intelligence. I know from personal experience that money has a way of making every decision emotional.
p 108 // that secret is mind your own business. Financial struggle is often directly the result of people working all their lives for someone else. Many people simply have nothing at the end of their working days to show for their efforts. There is a big difference between your profession and your business. Their profession may be a banker but they still need their own business. They spend their lives minding someone else’s business and making that person rich.
p 111 // keep expenses low, reduce liabilities and diligently build a base is a lot assets.
p 113 // an important distinction is that rich people by luxury’s last or the poor and middle-class to buy luxury’s first.
p 124 // at one time Americans are anti-tax. It had been the tax on the TV that led to the famous tea party in the Boston Harbor. It took approximately 50 years in both England and the United States to sell the idea of a regular income tax.
p. 128 // average americans today work four to five months for the government just to cover their taxes. In my opinion that is simply too long. The harder you work, the more you pay the government. That is why I believe that the idea of “take from the rich” backfired on the very people who voted it in. Every time people try to punish the rich, the rich don’t simply comply. They don’t just sit there and voluntarily pay more taxes. Instead they search for ways to minimize their tax burden. They use their resources to effect change.
p 129 // and with money comes great power that requires the right knowledge to keep it and make it multiply. Without that knowledge the world pushes you around.
p 132 // accounting is financial literacy or the ability to read numbers. The more money you're responsible for, the more accuracy is needed
p 133 // investing is the science of “money making money”
p 134 // the rich had much of their wealth using Vehicles such as corporations and trusts protect their assets from creditors. When someone sues the wealthy individual they often are met with layers of legal protection and often find that the wealthy person actually owns nothing. They control everything but own nothing. The poor middle-class try to own everything and lose it to the government.
p 146 // yet the one thing that holds us all back is some degree of self-doubt. It is not so much the lack of technical information that holds us back, but more the lack of self-confidence.
In my personal experience, your financial genius requires both technical knowledge as well as courage. If Fear is too strong, genius is suppressed
I'd rather be welcoming change than dreading change
p 149 // i began teaching through games and simulations and I still rely on these tools today. I always encouraged adult students look at games as reflecting back. Most importantly games reflect Behavior. Their instant feedback systems
p 163 // the more we learn, and there is a lot to learn, the more money we make simply because we gain experience and wisdom as the years go on. We have friends were playing it safe, working hard at their profession, and failing to gain Financial wisdom which takes time to develop. Our overall philosophy it's a plant seeds inside my acik home. That is the formula. We start small and plant seeds. Them grow some don't.
p 164 // it is not gambling if you know what you're doing. The idea in anything is to use your arm technical knowledge, wisdom and Love of the Game to cut the odds down, to lower the risk. Of course there is always risk. It is financial intelligence that improves the odds. What is risky for one person is less risky to someone else.
p 165 // that is why I found school so silly. In school we learned that mistakes are bad and we are punished for making them. Yet if you look at the way humans are designed to learn, we learn by mistakes. We learn to walk by Falling Down.
p. 180 // it says best-seling author, not best-writing author
p 184 // I was a shy person and the thought of selling was the most frightening subject in the world. I worked for Xerox for four years until I overcame my fear of knocking on doors and being rejected.
p 190 // he never understood the more specialized you become, the more trapped you are independent on that specialty.
191. There once high-paying position is gone and they have limited skills to fall back on
p 205 // but having that fear is not the problem. It's how you handle the fear. It's how you handle losing. It's how you handle failure that makes a difference in ones lives. The primary difference between a rich person and a poor person is how they manage that fear
p 207 // i have noticed in my own life that winning usually follows losing…. Ive never met a golfer who has never lost a golf ball.
p. 213 // cynics criticize and winners analyze
HOW CAN YOU AFFORD IT
Eleanor Roosevelt “do waht you feel in your heart to be right - for you’ll be criticzed anyway. You’ll be damned if you do and damned if you dont’
p 239 // You become what you study
p. 246 // we live in the information age, information is priceless.
p 10 // as a young boy having two strong fathers both influencing it was difficult. I wanted to be a good son and lesson but the two followers to not say the same things. The contrast of their points of view, particular about money was so extreme I grew curious and intrigued
p 13 // he other believed in total financial self-reliance. He spoke out against the entitlement mentality and how it created weak and financially needy people. He was empathetic about being financially competent.
I noticed that my poor dad was poor not because of the amount of money he earned which was significant but because of his thoughts and actions
p 16 // the lessons are not meant to be answers, but guide post that will assist you and your children and your families to grow wealthier no matter what happens in world of increasing change and uncertainty
p. 29 // if you learn this lesson, you will grow into a wise, wealthy, happy young man. If you don't, you will spend your life blaming a job, low pay, or your boss for your problems. You'll live life always hoping for that big break that will solve all your money problems
p. 30 // If you think I'm the problem, then you have to change me. If you realize you're the problem, then you can change yourself, learn something, and grow wiser. Most people want everyone else in the World to Change but themselves. Let me tell you, it's easier to change yourself than everyone else.
Emotion is motion with energy. Be an observer of your emotions.
p. 46 // A doctor wanting more money to buy better for his family, races his fees. By raising us bees it makes Healthcare more expensive rev. It hurts poor people the most, so they have worse Health than those with money. Because the doctors raise their fees, the attorneys raise their fees. Because the attorneys fees have gone after school teachers want to raise which races are taxes and on and on and on. Soon there'll be a horrifying gap between the rich and the poor that chaos will break out another great civilization will collapse. History proves that great civilizations Collapse when the gap between the Haves and The Haves Nots is too great. Sadly America's on that same course because we haven't learned from history. We only memorize historical dates and names not the lesson.
p. 47 // learn to use your emotions to think, not think with your emotions. When you boys mess with your emotions by agreeing to work for free, I knew there was hope.
p. 48 // A job is only a short-term solution to a long-term problem.
p 49. // the poor, the middle class, and ignorant will have their lives simply ruined because they will continue to believe that money is real and the company they work for the government will look after them.
p 63 // I retired. I was 47, and my wife was 37. Our assets are large enough to grow by themselves. It’s like planting a tree. Do you water it for years and one day doesn’t need you anymore. It’s roots are implanted deep enough. Then the tree provide shade for your enjoyment.
p 64. // if you think money solves problems they will have a rough ride. Intelligent solves problems and produces money. Money is without financial intelligence is money gone soon.
p 67. // the difficulty comes in asking adults to unlearn or become children again. An intelligent adult often feels it’s demeaning to pay attention to simplistic definitions.
p 68 // if you want to be rich, you’ve got to read and understand numbers.
Futurist Alvin Toffler. “The illiterate of the 21st century will not be those who cannot read and write but those who cannot learn unlearn and relearn”
p 70 // illiteracy both in words and numbers is a foundation of financial struggle. If people having difficulties financially, there’s something they don’t understand, either in words or numbers. The rich or rich because they’re more literate in different areas than people who struggle financially. So if you want to be rich and maintain your wealth, it’s important to be financially literate in words as well as numbers.
p 75 // that is the reason it is so hard to motivate kids in school today. They know that professional success is no longer solely link to economic success isn’t once was. Because students leave school without financial skills, millions of educated people pursue their profession successfully, but later for themselves struggling financially. They work harder but don’t get ahead. What is missing from their education is not how to make money but how to manage money. It’s called financial attitude what do you do with the money once you make it, how do you keep people from taking it from you, how to keep it longer, and how to make that money work for you. A person can be highly educated professionally successful and financially illiterate
p 79 // the fear of being different prevents most people from seeking ways to solve the problems.
p 81 // we started understand why a rich dad told us that schools were designed to produce good employees instead of employers.
p 83 // I really don’t expect most people to agree with it because your home is an emotional thing when it comes to money, I emotions tend to lower financial intelligence. I know from personal experience that money has a way of making every decision emotional.
p 108 // that secret is mind your own business. Financial struggle is often directly the result of people working all their lives for someone else. Many people simply have nothing at the end of their working days to show for their efforts. There is a big difference between your profession and your business. Their profession may be a banker but they still need their own business. They spend their lives minding someone else’s business and making that person rich.
p 111 // keep expenses low, reduce liabilities and diligently build a base is a lot assets.
p 113 // an important distinction is that rich people by luxury’s last or the poor and middle-class to buy luxury’s first.
p 124 // at one time Americans are anti-tax. It had been the tax on the TV that led to the famous tea party in the Boston Harbor. It took approximately 50 years in both England and the United States to sell the idea of a regular income tax.
p. 128 // average americans today work four to five months for the government just to cover their taxes. In my opinion that is simply too long. The harder you work, the more you pay the government. That is why I believe that the idea of “take from the rich” backfired on the very people who voted it in. Every time people try to punish the rich, the rich don’t simply comply. They don’t just sit there and voluntarily pay more taxes. Instead they search for ways to minimize their tax burden. They use their resources to effect change.
p 129 // and with money comes great power that requires the right knowledge to keep it and make it multiply. Without that knowledge the world pushes you around.
p 132 // accounting is financial literacy or the ability to read numbers. The more money you're responsible for, the more accuracy is needed
p 133 // investing is the science of “money making money”
p 134 // the rich had much of their wealth using Vehicles such as corporations and trusts protect their assets from creditors. When someone sues the wealthy individual they often are met with layers of legal protection and often find that the wealthy person actually owns nothing. They control everything but own nothing. The poor middle-class try to own everything and lose it to the government.
p 146 // yet the one thing that holds us all back is some degree of self-doubt. It is not so much the lack of technical information that holds us back, but more the lack of self-confidence.
In my personal experience, your financial genius requires both technical knowledge as well as courage. If Fear is too strong, genius is suppressed
I'd rather be welcoming change than dreading change
p 149 // i began teaching through games and simulations and I still rely on these tools today. I always encouraged adult students look at games as reflecting back. Most importantly games reflect Behavior. Their instant feedback systems
p 163 // the more we learn, and there is a lot to learn, the more money we make simply because we gain experience and wisdom as the years go on. We have friends were playing it safe, working hard at their profession, and failing to gain Financial wisdom which takes time to develop. Our overall philosophy it's a plant seeds inside my acik home. That is the formula. We start small and plant seeds. Them grow some don't.
p 164 // it is not gambling if you know what you're doing. The idea in anything is to use your arm technical knowledge, wisdom and Love of the Game to cut the odds down, to lower the risk. Of course there is always risk. It is financial intelligence that improves the odds. What is risky for one person is less risky to someone else.
p 165 // that is why I found school so silly. In school we learned that mistakes are bad and we are punished for making them. Yet if you look at the way humans are designed to learn, we learn by mistakes. We learn to walk by Falling Down.
p. 180 // it says best-seling author, not best-writing author
p 184 // I was a shy person and the thought of selling was the most frightening subject in the world. I worked for Xerox for four years until I overcame my fear of knocking on doors and being rejected.
p 190 // he never understood the more specialized you become, the more trapped you are independent on that specialty.
191. There once high-paying position is gone and they have limited skills to fall back on
p 205 // but having that fear is not the problem. It's how you handle the fear. It's how you handle losing. It's how you handle failure that makes a difference in ones lives. The primary difference between a rich person and a poor person is how they manage that fear
p 207 // i have noticed in my own life that winning usually follows losing…. Ive never met a golfer who has never lost a golf ball.
p. 213 // cynics criticize and winners analyze
HOW CAN YOU AFFORD IT
Eleanor Roosevelt “do waht you feel in your heart to be right - for you’ll be criticzed anyway. You’ll be damned if you do and damned if you dont’
p 239 // You become what you study
p. 246 // we live in the information age, information is priceless.
March 15, 2024
This is the first book I have ever read on finances; although I was nervous it would be a tedious and dry read, Kiyosaki's writing proved to be clear and enjoyable, full of anecdotes, examples, and illustrations.
Kiyosaki encourages readers to be smart about their finances and not enter the Rat Race: working hard, trying to save money, borrowing via credit, and paying taxes--this will never lead to wealth. Instead, he recommends that you let your money work for you, and that you distinguish assets from liabilities (assets make you money, whereas liabilities take money away). Rather than purchasing luxuries through credit and paying it off for the remainder of your life, he suggests that you forego those luxuries for the present, keep expenses low, educate yourself on finances, and build assets. Investing is not gambling if you become financially literate.
There are risks involved, definitely; but he suggests that you not let yourself be overcome with fear, greed, cynicism, or other bad habits. Unfortunately, many people have an "I can't afford this" mindset, but they should change their way of thinking to ask, "How can I afford this?"
My one complaint about the book is that he tends to be rather repetitive, sometimes using the same examples over the course of the book, but I'm glad to have read it. It has changed my perspective on money, especially since I appear to have held his "poor dad's" financial view.
Kiyosaki encourages readers to be smart about their finances and not enter the Rat Race: working hard, trying to save money, borrowing via credit, and paying taxes--this will never lead to wealth. Instead, he recommends that you let your money work for you, and that you distinguish assets from liabilities (assets make you money, whereas liabilities take money away). Rather than purchasing luxuries through credit and paying it off for the remainder of your life, he suggests that you forego those luxuries for the present, keep expenses low, educate yourself on finances, and build assets. Investing is not gambling if you become financially literate.
There are risks involved, definitely; but he suggests that you not let yourself be overcome with fear, greed, cynicism, or other bad habits. Unfortunately, many people have an "I can't afford this" mindset, but they should change their way of thinking to ask, "How can I afford this?"
My one complaint about the book is that he tends to be rather repetitive, sometimes using the same examples over the course of the book, but I'm glad to have read it. It has changed my perspective on money, especially since I appear to have held his "poor dad's" financial view.
May 31, 2025
I was very intrigued to read this book. Raved about by many, it’s considered one of the most famous personal finance books of all time. The story of the author’s two fathers is engaging, however when the book shifts into what’s meant to be the “advice” portion, it begins to come up short.
There could easily be a second book written alongside this one that focuses on exactly how to apply his teachings as the advice is extremely oversimplified (Mostly when it comes to running corporations for tax advantages or investing in real estate). While the guidance is sound and fundamentally correct, it’s also quite repetitive. The core message can be boiled down to just four words: Buy assets, not liabilities.
I found much of the content to be common sense, though that may be because I was raised in a family which stressed the importance of financial literacy. So maybe Robert is onto something.
There could easily be a second book written alongside this one that focuses on exactly how to apply his teachings as the advice is extremely oversimplified (Mostly when it comes to running corporations for tax advantages or investing in real estate). While the guidance is sound and fundamentally correct, it’s also quite repetitive. The core message can be boiled down to just four words: Buy assets, not liabilities.
I found much of the content to be common sense, though that may be because I was raised in a family which stressed the importance of financial literacy. So maybe Robert is onto something.
March 28, 2023
10/10 would recommend! A MUST read. Kiyosaki explains break through personal finance information in an easily digestible way.
He had countless stories of his personal experience with deals, which was super helpful in understanding how possible it is to actually have your money work for you instead of the other way around. He also made us well aware of the challenges that he experienced separating from the status quo.
I appreciate how he restates important lessons, by separating them from the previous text and writing them largely with different font. I will definitely be going back through the book to look over those.
I loved learning about how he got started in the finance space and starting the book with explaining his appreciation of having two dads with different financial philosophies was a gorgeous beginning.
Remarkable work. It made me cry, a finance book made me cry!! And laugh, the remark he made about being happy offered 4 pigs I found very amusing. All in all, I know this book has moved me to action. I feel like a little girl on Christmas morning ready to learn and implement my financial knowledge for years to come. 🥹
He had countless stories of his personal experience with deals, which was super helpful in understanding how possible it is to actually have your money work for you instead of the other way around. He also made us well aware of the challenges that he experienced separating from the status quo.
I appreciate how he restates important lessons, by separating them from the previous text and writing them largely with different font. I will definitely be going back through the book to look over those.
I loved learning about how he got started in the finance space and starting the book with explaining his appreciation of having two dads with different financial philosophies was a gorgeous beginning.
Remarkable work. It made me cry, a finance book made me cry!! And laugh, the remark he made about being happy offered 4 pigs I found very amusing. All in all, I know this book has moved me to action. I feel like a little girl on Christmas morning ready to learn and implement my financial knowledge for years to come. 🥹
November 1, 2023
The book Rich Dad Poor Dad by Robert Kiyosaki is a book that focuses on Robert’s process and experience of becoming a successful entrepreneur and financially literate. The book focuses on Robert's rich and poor dad. The rich dad is his friend Mike’s dad. He was a successful man at the time and would become one of the wealthiest men in Hawaii while the poor dad was based on Robert’s dad and his struggle with money. The book follows the advice that Robert received from his rich dad and how it helped him become so successful. He also emphasizes the importance of being financially literate and why it causes most people to struggle with money because of their lack of it. I give this book a 4/5 stars because the advice that he gives serves as a great starting point for people looking to become more financially literate but, he does not go into great detail. I recommend this book to people who are interested in personal finance and investing.
July 5, 2023
Takeaways:
- Main Management Skills: Management of Cash Flow, Management of Systems, and Management of People
- "The better you are at communicating, negotiating, and handling your fear of rejection, the easier life is"
- Financial intelligence is comprised of these four technical skills:
1. Accounting - financial literacy, the ability to read numbers. Vital skill if you want to build business or investments
2. Investing - science of money making money
3. Understanding numbers - science of supply and demand. Seizing opportunity created by the market.
4. The law - awareness of accounting corporate, state, and federal regulations.
- Don't let so-called intelligence combine with arrogance to create ignorance. Welcome new ideas, which can add value to energy of other accumulated ideas.
- Learn a little about a lot. Take new opportunities to learn.
- Using experts can help save in the long-run: accountants, attorneys, real estate brokers, stockbrokers
- Know the value in being surrounded by people smarter than you. Have your own board of directors.
Other highlights from this book include real estate strategies, the movement between income statement and balance sheet, the 16% tax lien certificates (Read: The 16 Percent Solution by Joel Moskowitz), and the value-add of opening a corporation for protection and tax benefits. One of the real estate strategies talked about several times is using IRS section 1031 to your advantage with delaying paying taxes on a piece of real estate that is sold for capital gain through an exchange for a more expensive piece of real estate. Kiyosaki also talks about the value of making lots of offers because you don't always know what will stick.
Wouldn't suggest it as a book for everyone, but definitely full of many tips and tricks for consideration.
- Main Management Skills: Management of Cash Flow, Management of Systems, and Management of People
- "The better you are at communicating, negotiating, and handling your fear of rejection, the easier life is"
- Financial intelligence is comprised of these four technical skills:
1. Accounting - financial literacy, the ability to read numbers. Vital skill if you want to build business or investments
2. Investing - science of money making money
3. Understanding numbers - science of supply and demand. Seizing opportunity created by the market.
4. The law - awareness of accounting corporate, state, and federal regulations.
- Don't let so-called intelligence combine with arrogance to create ignorance. Welcome new ideas, which can add value to energy of other accumulated ideas.
- Learn a little about a lot. Take new opportunities to learn.
- Using experts can help save in the long-run: accountants, attorneys, real estate brokers, stockbrokers
- Know the value in being surrounded by people smarter than you. Have your own board of directors.
Other highlights from this book include real estate strategies, the movement between income statement and balance sheet, the 16% tax lien certificates (Read: The 16 Percent Solution by Joel Moskowitz), and the value-add of opening a corporation for protection and tax benefits. One of the real estate strategies talked about several times is using IRS section 1031 to your advantage with delaying paying taxes on a piece of real estate that is sold for capital gain through an exchange for a more expensive piece of real estate. Kiyosaki also talks about the value of making lots of offers because you don't always know what will stick.
Wouldn't suggest it as a book for everyone, but definitely full of many tips and tricks for consideration.
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