News By/Courtesy: Aakash Raj | 16 Jan 2021 14:35pm IST

HIGHLIGHTS

  • Money management
  • be out from the rat race
  • key elements analysis

The debut book written by Robert T. Kiyosaki is Rich Dad Poor Dad. It was first published independently in 1997 because the potential of Robert's work was not recognized by publishers. But by being the number one financial book of all time, his novel changed their way of thought. The title is interesting and is the key reason so many individuals chose it to grasp what it's about. R.Kiyosaki had 2 major influential fathers during his lifespan. Poor Dad was the biological father of Kiyosaki, a man who was very well educated and extremely intellectual. Poor Dad invested in getting good grades and working hard, then seeking a well-paying career. However, amid these seemingly optimistic qualities, poor dad did not do well financially. Rich Dad was Kiyosaki's best friend's dad. He had a work ethic equal to Kiyosaki's actual dad, but with a twist. Rich Dad believes in financial education, understanding how money works, and knowing how to work with you to make money. Though he was an eighth-grade dropout, by putting the power of cash to use for him, Rich Dad finally became a millionaire. The book is written from the point of view of Kiyosaki as to how Rich Dad went about making money and while the Poor Dad kept making mistakes. The first six chapters make up almost two-thirds of the book and address the six lessons learned by Kiyosaki from his Rich Dad. Robert retired at the age of 47 with rising and high-paying properties that were well-founded thanks to the teachings of his wealthy dad. He taught him that you need to be financially literate if you want to be wealthy. Most people believe their house is their wealth, but it's a liability, explains the rich dad. We are all taught to do hard work, but this book makes you realize that by doing hard work, you do what the other 80% of individuals do. To accomplish and gain riches that would be fruitful, one wants to be out of a rat race. A famous quote from the book states that rich individuals purchase luxuries in the end while the poor and middle-class individuals tend to buy luxuries from the very beginning. People impulsively buy things, and they fancy a new gadget after some time. They end up with debts finally. From the interest money they earn from their savings, a wealthy individual buys a thing. This is why the affluent get wealthier, and the poor get poorer. He also states that poor and middle-class people do not believe in taking risks they work hard, earn a promotion, and still strive to be content for the small sum they have left after paying taxes and purchasing liabilities. At the same time, wealthy individuals endure calculated risks and opportunities. Robert T. Kiyosaki offered examples of persons who make billions and those who are too terrified to see the potential in front of them. Their tales will make you remember that it's never too late to start, but yes, you have ample time to get up and grow up again if you start early and fail. Strengths: 1. It offers an opposite perspective that differs from the "common knowledge" found in most personal finance education programs. 2. Focuses on converting earned income into assets that create still more income 3. Encourages budget and cost management 4. Explain why buyers should rely on real estate vs. other forms of assets 5. Stresses the strength of thinking and continuous learning Weakness: 1. Examples of performance in the book are unique to the specific case of Kiyosaki and can be impossible to reproduce. 2. Some sections of the book still lack description, which can make it more difficult to incorporate the ideas explored. 3. It also demeans people who follow the herd more easily rather than looking about themselves. 4. Rich Dad Poor Dad is not a novel written by a finance analyst, but a motivational book. This book presents you with simple examples of how money functions. It won't give you any advice for trading, but it allows you to understand the things that nobody tells us at school or at home. Economic perspectives motivate you to take initiative and be your leader. While nearly 25 years ago, Kiyosaki first published Rich Dad Poor Dad, the lessons he wrote about back then can still be put into effect today. Start with your financial education and build your personal goals to continue your journey to financial independence and long-term prosperity. 

 

This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being.

Section Editor: 5thVoice.News | 16 Jan 2021 17:17pm IST


Tags : #RichDadPoorDad #Robert Kiyosaki #BeALeader

Latest News







Copyright Kalyan Krishna MediaZ Private Limited. All rights reserved. Unless otherwise indicated, all materials on these pages are copyrighted by Kalyan Krishna MediaZ Private Limited. All rights reserved. No part of these pages, either text or image may be used for any purpose. By continuing past this page, you agree to our Terms of Service, Cookie Policy, Privacy Policy and Content Policies.