Rich Dad, Poor Dad

date Mar 4, 2007
authors Robert Kiyosaki
reading time 1 min

Must read it if you wanna know how we are actually caught up in the rat race! It basically talks about the mentality of a rich dad (Kiyosaki’s friend’s dad) and a poor dad (Kiyosaki’s dad) and what they each teach their kids and how are they different.

but, there are opposing views about the advice given in this book. Read them here and there. 

And here are some of my learning points from this book…

the 4 keywords that always came cropping up in the book:

  1. Income
  2. Expense
  3. Liability
  4. Asset

The Financial IQ is made up of:

  1. Accounting
  2. Investing
  3. Understanding markets
  4. the law- tax advantages + protection from lawsuits

10 step process to develop god given powers:

  1. I need a reason greater than reality
  2. I choose daily
  3. Choose friends carefully
  4. master a formular and then learn a new one
  5. Pay yourself first
  6. Pay your brokers well
  7. Be an “Indian” giver
  8. Assets buy luxuries
  9. The need for heroes
  10. Teach and you shall receive