Book Reviews · Finance

Rich Dad Poor Dad by Robert T. Kiyosaki

rich dad poor dad

 

About the Book

You don’t remain on a best-seller list for 20 years unless you’re providing REAL value and that’s exactly what Rich Dad Poor Dad delivers!

I love Robert’s breakdown of assets and liabilities, and many of the lessons will stay with me for a very long time.

Here are just some of the countless highlights…

 

Favourite Passages

  • “People’s lives are forever controlled by two emotions: fear and greed.” Chapter One: Lesson 1: The Rich Don’t Work for Money

 

  • “‘I’ve met so many people who say, ‘Oh, I’m not interested in money.’ Yet they’ll work at a job for eight hours a day. That’s a denial of truth. If they weren’t interested in money, then why are they working?'” Chapter One: Lesson 1: The Rich Don’t Work for Money

 

  • “It’s not how much money you make. It’s how much money you keep.” Chapter Two: Lesson 2: Why Teach Financial Literacy?

 

  • “Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets… An asset puts money in my pocket. A liability takes money out of my pocket.” Chapter Two: Lesson 2: Why Teach Financial Literacy?

 

  • “As an employee, it appears as if Social Security tax [National Insurance]… is roughly 7.5 percent, but it’s really 15 percent since the employer must match the Social Security amount. In essence, it is money the employer can’t pay you.” Chapter Two: Lesson 2: Why Teach Financial Literacy?

 

  • “Most people work from January to May just for the government.” Chapter Two: Lesson 2: Why Teach Financial Literacy?

 

  • “The rich focus on their asset columns while everyone else focuses on their income statements.” Chapter Three: Lesson 3: Mind Your Own Business

 

  • “But there is a big difference between your profession and your business. Often I ask people, ‘What is your business?’ And they will say, ‘Oh, I’m a banker.’ Then I ask them if they own the bank. And they usually respond, ‘No, I work there.’ In that instance, they have confused their profession with their business.” Chapter Three: Lesson 3: Mind Your Own Business

 

  • Businesses that do not require my presence I own them, but they are managed or run by other people. If I have to work there, it’s not a business. It becomes my job.” Chapter Three: Lesson 3: Mind Your Own Business

 

  • “Once a dollar goes into your asset column, it becomes your employee,” Chapter Three: Lesson 3: Mind Your Own Business

 

  • “The rich will never be taxed. More and more often we see governments use the tax laws to provide incentives to business owners and investors to create jobs and housing.” Chapter Four: Lesson 4: The History of Taxes and The Power of Corporations

 

  • “The government ideal is to avoid having excess money. If you fail to spend allotted funds, you risk losing it in the next budget. You would certainly not be recognised for being efficient.” Chapter Four: Lesson 4: The History of Taxes and The Power of Corporations

 

  • “A corporation can do many exciting things than an employee cannot, like pay expenses before paying taxes.” Chapter Four: Lesson 4: The History of Taxes and The Power of Corporations

 

  • “The main reason that over 90 percent of the American public struggles financially is because they play not to lose. They don’t play to win.” Chapter 7: Overcoming Obstacles

 

  • “‘Poor people are more greedy than rich people.’ He would explain that if a person was rich, that person was providing something that other people wanted.” Chapter 8: Getting Started

 

Star Rating:

4.5/5

This is right up there with Money: Master the Game for me! Robert provides so many valuable lessons for those with both some financial background and without, and I can’t believe it’s taken me this long to get round to reading it!

Highly recommend!

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