Rich Dad Poor Dad Book Review with Summary

Rich Dad Poor Dad Book Review

Rich Dad Poor Dad Book Summary

Read Our Rich dad Poor dad book Review and Summary for incredible life change. So, keep learning these things before starting business. Rich Dad Poor Dad is a book that can transform your life into one of true luxury. It reveals many hidden truths that are often overlooked. If you read this book casually, you might miss its value. However, if you approach it with a business mindset, you will find it incredibly insightful. Many reviewers fail to uncover these hidden details. This article will explore all the essential points for you. Keep reading the following summary before diving into the full Rich Dad Poor Dad book review.

Rich Dad Poor Dad Overview

Rich Dad Poor Dad Written by Robert T. Kiyosaki. He has been a popular choice for personal finance advice since it came out in 1997. Co-authored with Sharon Lechter, the book mixes memoir and financial tips, sharing lessons Kiyosaki learned from his two “dads” – his real dad (Poor Dad) and his best friend’s dad (Rich Dad).

Main Themes

  • Financial Literacy
  • Financial Independence
  • Building Wealth through Investing, Real Estate, and Business Ownership

What’s the Book About?

The book vividly contrasts Kiyosaki’s two father figures. Poor Dad is his highly educated biological father who works a stable job but struggles with money. Rich Dad, on the other hand, didn’t finish school but became a successful businessman who knows how to make and grow money. You can adopt for investment instead of saving money.

Story Structure

The book is structured like a parable based on Kiyosaki’s life. It compares his financially savvy “Rich Dad” with his hardworking but financially insecure “Poor Dad.” This comparison highlights how the rich and the poor approach money and wealth creation differently.

Kiyosaki encourages readers to think like entrepreneurs and investors instead of just working for money.. Additionally, Owning a business can lead to financial freedom.

He also describes the “rat race” as the endless cycle of earning money just to pay bills. To break free, you need to create passive income through investments or businesses.

Additionally they focus many things about finance. That details you will know in following topics.

6 Lessons Takeaways

  1. The Rich Don’t Work for Money – Money Works for Them:
    • Kiyosaki emphasizes that schools don’t teach you how to manage money. But You understand how money works and making it work for you is essential for financial success. The wealthy focus on building assets that generate income, such as real estate, stocks, or businesses, and avoid liabilities that drain resources.
  2. Buy Assets, Not Liabilities:
    • A major point in the book is understanding the difference between assets and liabilities. Here Assets put money in your pocket (like investments and real estate), while liabilities take money out (like a mortgage or car loan). Finally, Kiyosaki’s advice? Focus on building assets. So, The key is to invest in things that generate income (assets) and avoid buying things that lose money over time or incur large expenses (liabilities).
  3. Mind Your Own Business:
    • Owning a business gives you greater control over your financial future and the ability to generate passive income. A solid business plan and focusing on providing value to customers are essential.
  4. The History of Taxes and the Power of Corporations:
    • Kiyosaki explains how the wealthy use corporations to minimize their tax liabilities and encourages readers to understand tax laws and use legal tools to their advantage.
  5. The Rich Invent Money:
    • The wealthy are always looking for opportunities to create new sources of income by identifying market inefficiencies, solving problems, and providing value.
  6. Work to Learn – Don’t Work for Money:
    • The book highlights the importance of a mindset that sees opportunities and isn’t afraid of risks. So, You take calculated risks are necessary for financial growth. Here Kiyosaki promotes a lifelong learning mindset, focusing on acquiring new skills and knowledge. Becuase education is key to success in today’s rapidly changing world.

What’s Good About It?

  • Easy to Read: Kiyosaki uses personal stories to explain complex financial ideas, making the book engaging and easy to understand.
  • Inspiring: It motivates readers to rethink how they approach money and strive for financial independence.
  • Practical Tips: The book offers solid insights into the importance of financial literacy and investing.

What Could Be Better?

  • Vague at Times: Some readers feel the book is more motivational than providing concrete steps for financial success.
  • Risky Advice: Not all of Kiyosaki’s tips, like heavy investment in real estate, are suitable for everyone and can be quite risky.
  • Oversimplification: The book simplifies the concept of assets and liabilities, which can be more complex in real life.

Rich Dad Poor Dad Book Review

Rich Dad Poor Dad Book Review

April 2024 marks 27 years since the personal finance classic “Rich Dad Poor Dad” hit the shelves, and it still holds the top spot as the #1 Personal Finance book of all time. Even after almost three decades, you’ll notice that very little in the book has changed — and there’s a good reason for that. While your world is evolving at lightning speed, the lessons about money and the principles in “Rich Dad Poor Dad” stay rock solid. Today, as money continues to be a crucial part of your daily life, the insights from Robert Kiyosaki’s international bestseller are more relevant and important than ever.

As per Amazon, It is 97717+ Review and More than 84% 5 Star Rating for this book.

According to google review, It is 97717+ Review and 4.7 Rating for this book.

According to goodreads, this book got a 23,884 reviews and 623200 plus rating 4.1 out of 5.

Why “Rich Dad Poor Dad” is a Must-Read

Reading “Rich Dad Poor Dad” is an incredible investment of your time. You’ll start seeing returns as soon as you dive into its pages. For beginners aiming for financial success, Kiyosaki provides practical insights based on real-life experiences. He covers essential financial concepts that should be taught in schools or at home, like accounting, investing, understanding markets, and relevant laws, all explained in a way anyone can grasp.

rich dad poor dad book review and summary

The Importance of Financial Literacy

Kiyosaki emphasizes that sound financial knowledge is crucial for a meaningful life. He points out that academic success alone isn’t enough; without financial literacy, even the most brilliant students can struggle. The book clearly explains the difference between assets and liabilities in a way that might surprise you. According to Kiyosaki, the wealthy invest in assets and make their money work for them, while the middle class mistakenly invest in liabilities, thinking they’re assets, and end up working for money. For instance, an expensive house or car is a liability for the rich but considered an asset by the poor. The rich are willing to take risks, while the poor play it safe with their investments. The wealthy create assets to cover their expenses, whereas the poor simply balance income and expenses without much thought.

A Shift in Mindset

A Shift in Mindset

The key, Kiyosaki says, is in your mindset. “If you have to invest in something, invest in financial literacy,” he asserts. It’s the lack of financial knowledge that leads middle-class salaried people to see mutual funds as a safe investment, putting more trust in fund managers than in their own understanding. All these lessons were taught to Kiyosaki by his “rich dad,” a mentor he met in childhood. His “poor dad” would say, “I can’t afford it,” while his “rich dad” taught him to ask, “How can I afford it?” This mindset shift stems from a solid understanding of finances, and Kiyosaki hopes his experiences will help others make better financial decisions.

Another Essential Read: “The Richest Man in Babylon”

However, I’d also recommend reading “The Richest Man in Babylon” by George S. Clason. Clason’s book is a masterpiece, often overlooked in lists of must-read books. His language, expression, thoughts, and messages are unparalleled. After reading Clason, it seemed that “Rich Dad Poor Dad” might be heavily inspired by Clason’s themes. So, if you’re planning to read “Rich Dad Poor Dad” (which everyone should), I suggest starting with “The Richest Man in Babylon.”

Rich dad poor dad book review from E-commerce website

I intend to revisit this book at least three times within the next two decades to ensure that all the information stays fresh in my mind. Whenever people inquire about success, I recommend this book to them. It’s baffling that despite my suggestion, they fail to pick it up and read it.

Ilive4him24., Adam H., Amazon reviewer

This book is hands down one of the best financial advice guides I’ve ever come across. If you’re aiming for financial freedom, I highly recommend giving it a read. Remember, liabilities drain your wallet. And here’s a golden rule: don’t sweep your failures under the rug. Acknowledge them, learn from them. Overall, I can’t stress enough how much I recommend this book. It’s a must-read, and I’ll definitely be passing it along to many people in my life.

Adam H., Amazon reviewer

It’s undeniable that schools are often geared towards shaping employees rather than empowering entrepreneurs. I used to be a prime example of this mindset, focusing on job security, avoiding risks, and steering clear of money talk. The detailed breakdown of assets versus liabilities was the highlight for me.

Sainath R., Amazon reviewer

Bottom Line

“Rich Dad Poor Dad” can be a wake-up call for those looking to improve their financial literacy and challenge conventional ideas about money. It’s a great starting point for understanding money, building assets, and thinking like an entrepreneur. However, it’s important to be aware of its limitations and conduct further research before making investment decisions. While the book is inspiring and offers a new way to look at money, you’ll need personalized advice to create a detailed financial plan that works for you.