Rich Dad and Poor Dad Book Summary
About the Autor
Robert Toru Kiyosaki is an American businessman and author. Kiyosaki is the founder of Rich Global LLC and the Rich Dad Company, a private financial education company that provides personal finance and business education to people through books and videos.
Source: Wikipedia Robert Kiyosaki
1) Rich people use debt to create new assets
When you hear the word debt what comes to your mind? Right a negative emotion/Felling, That the debt means something wrong. A person with a poor mindset takes a loan to show off even some can't clear a home loan in 30 years, but rich people take debt/loan to create a new asset and make a return on it.
2) Rich people Create Asset and the Asset and then Asset
When the author Robert Kiyosaki was 12 years old he was on the beach with his friend Mike and his Rich Dad so when they were walking Rich Dad said that the property you are seeing is ours Robert saw the property and got shocked. He had that common sense that property near the beach is expensive. And the real Dad of Robert who was a Ph.D. and takes a high salary from the government Also couldn't afford it. When the Rich Dad saw that Robert was confused Then the rich dad said Actually this property is bought by the company. Rich People make assets and make other assets from the assets (i.e Assets+Assets=Assets). Then the magic of Compounding works.
3) Rich people Maximize Expense, Minimize Income
It may sound Really odd to you but this is also one of the secrets of the rich. In Robert's book the Guide to Investing he has shared that people with Rich Mindset increase Expenses to show less Income. For example: Imagine there is a person named Tim and he earns $50K per month at first he pays tax and the second needs and only saves or invests. While it is the opposite in the case of Rich.
A real-life example is MR Beast(Jimmy Donaldson) he invests his income in video and donations and has to pay less tax.
4) Rich people invest in Learning
Rich people know that learning is a lifetime process and if you will stop learning the downfall of your's start so they invest much of the time in learning.
Get Books(No affiliate)