Have you been looking to step up your game when it comes to finances? If so, reading Rich Dad Poor Dad is the perfect way to start. Not only is it entertaining, it offers readers an opportunity to enhance their own financial intelligence too by way of relatable, true-life events.
A story of a person with two fathers: one father being an academic man with a PhD, the biological, and “poor” one, the other, the father of the author’s childhood best friend, who dropped out of the eighth grade, the “rich dad.” The two father figures both play a role in moulding the author into becoming successful, but with very different approaches.
As I read, I noticed the author compares the two fathers throughout the book. He compares their ideas, financial practices, principles, efforts, and how his biological father, the “pay-check to pay-check” but well-educated man, is miles behind his rich dad in terms of asset formation and business acumen.
How can I Afford it?
One of the biggest lessons rich dad teaches the author is to never say “I can’t afford it”, because it makes your brain stop working, forcing you to give up. Instead, we should ask “How can I afford it?”. To teach him this lesson, Rich Dad made the author work for extremely low wages so he would learn, in order to get ahead he must work for himself, and to teach him to understand that he must find his own ways of making more money.
Like me, you’ll probably feel inspired after reading this book and have the overwhelming urge to get cracking with some of the ideas in it, which is understandable. Remember though, it all comes back to the most basic principle of business and personal finance – ensuring costs stay low.
Seems simple enough, right? If you save money, you’ll have more of it to invest. Of course, we know real life can be far more complicated than that. This book shows readers a real-world view of various situations that can occur. It demonstrates how a financially intelligent person deals with long-term financial decisions in contrast to someone who is just living in the moment.
Rich Dad Poor Dad – Number One Selling Finance Book
I can understand why Rich Dad Poor Dad has become the number one selling finance book of all time. Of the personal finance books I’ve read, it’s one of my favorite to date. The book, with all its prevailing truths, grabbed me by the shoulders, shook me, and left me feeling rather wide awake.
While I may still be tempted to want grown-up toys instead of cash-generating assets, Rich Dad’s message comes into my head and reminds me to think further than the instant gratification I’d get from these purchases. I know that buying assets before “toys” requires self-control, but the freedom in the future will undoubtedly be worth it.
Overall, the fundamentals of personal finance are covered thoroughly in this book. Save money, accumulate assets, and start a business to make more money. The author is somewhat of an inspiration, and makes his story fun to read. He mentions memories like jogging around neighborhoods he thought of investing in, and although it’s difficult to imagine someone following his exact path to success, this book certainly inspires one to think.
Being in my early 20’s, I’m no personal finance expert… I’m very much a newbie in the department, but with Rich Dad Poor Dad already playing a hugely positive role in my financial thought process, I recommend people from all walks of life give it a go. You’re never too old or too young to learn the language of money!
I hope you learnt something from our rich dad poor dad book summary… Stay tuned for more book recommendations and summaries ranging from personal finance and business to self-help, motivational and how-to guides!