Rich Dad Poor Dad

Title:Rich Dad Poor Dad
Author:Robert Kiyosaki and Sharon Lechter
Genre:Business Book

Review: The book is simply the comparison between the two kinds of dads that Robert saw in his life. One Dad is his own father, and the other dad, as he is referred to, is the father of his friend. Robert’s own father Jon, is a hard-working man, struggling to maintain a form while the other dad, Ben, is working better hours.

Some ideas that Robert learnt from this comparison are easy to get along, and some you might not quite get the idea of.  The need to earn money is more into the poor dad while the other dad is not money-pushed. And even while both the dads are shown to be different, according to Robert, the understanding of how to save is the key to be rich too. Although that is correct, but we believe that today, no man is dumb enough not to understand how to save for the times of need.

Also, the strategy with which the money is saved is the more prominent factor of being rich. When we value a rich man, it is by the appearance of his clothing, house and car. Whoever knows that all he has is only those things named. That is why the book has more emphasis on assets than on car or things etc. Assets can help you earn money with the money you spent on the assets.

Also, when the named person is earning good, one must be aware of the accounting facts and the tax and law that apply to the amount of money he earns. Using the minor loopholes in the rule-book to help you keep more of the money to yourself is a strategy. We are against that. Every country gets its revenue from the tax and cutting on that tax means you are cutting from the state’s rights.

Risk is a fact in business, and rich have the boldness to actually go ahead with the risk while the poor does not have a backup to that kind of money if the risk goes wrong. So, it is a point that is not much validated for us. When driven with the need to earn to provide for your family, your mind will automatically give you the goal “be able to provide good for the family”, which will leave out the drive to learn more from the work. Can be changed too, but in most cases, it is a self-driven need. But managing that fear is the skill for that mindset. It is one of the many fears that a person can have as the obstacle to a better earning.

Understanding your finances is the best way to analyze the path that you need to take in order to be better than before and best among many.

Learning Outcomes:

  • Learn to save and invest money
  • Time is your best investment, invest it to get the best results
  • Savings; it is the amount of money that was left after you spent all you needed.
  • That savings can be doubled if invested wisely.
  • Riches only on the forefront do not make you rich. Investment that lasts do.

WinningGo Thinks:

Money driven minds normally lose their potential to be content and happy. Satisfaction though is not bought with money, but we need it to fulfill our necessities. Investment reaps fruit later, and as time is never sure, investments never hurt.