What the rich dad teach their kids about money, and the poor dad and the middle-class don’t!
If you want to make money then listen to the rich dad, if you want to have a secure job then listen to the poor dad, if you want to do both- listen to Robert. In this article, we are sharing Rich Dad Poor Dad pdf.
Rich Dad Poor Dad pdf Summary
Rich dad poor dad has been the best seller book in the personal finance genre of all the time for it’s an interesting economic approach to the idea of using money and with logical explanations to reduce the fear that encircles the idea of spending money.
Rich Dad Poor Dad pdf Download link is given at the end of the post.
This book talks about real issues and real concepts like cash flow, investment, real estate and taxes. Robert Kiyosaki attempts to teacher six Golden lessons through the perspective of the rich and the poor respectively named The Rich Dad and the Poor Dad.
One of the first lessons in the book is to have your power over the money and not the other way around the book beautifully described the importance of making money work for you rather than spending your whole life working for money and letting it push you around, the author makes it a point to make the reader realize that the former path is a lifelong trap and it is not logical to fall in it, that of course, if financial freedom is the goal here.
Next, it puts great emphasis on mega-importance financial literacy. We all use money, we earn it, spend it, give taxes on it and dream of making a heavy load of it but for most people a dream is only what it stays to be but the author argues that it doesn’t have to be this way, from time to time he blames the old traditional system of formal education for the poor use of money by individuals as it doesn’t put any focus on financial literacy.
The author says, “There are far too many talented people in this world who are only one skill away from selling their talent and making money, our education system puts way too much emphasis on specialisation but none of it on selling that skill and making money out of it.”
The author moves on to say a that one must not limit themselves to a profession but rather than have a business of their own which doesn’t necessarily mean To own businesses or be a business owner but rather engage in money-making activities which produce extra income in addition to their paycheque every month. One can engage in activities like money-making planning and strategies of investment and look for opportunities which can produce extra income.
Then comes one of the most interesting chapters of the book which talks about the history of the taxes and the power of corporation and how it came into being.
In this chapter he tells us about how to taxes were only created during wars or when the government really needed them but then the economic mindset of the Robinhood claims of taking it from the rich and giving it to the poor became widely popular among the masses and soon permanent laws were made to charge taxes but as the history holds evidence, the government appetite became larger and larger with time and the taxes were levied on the middle class and the poor classes as well so the very law that was made to give money to the poor started taking money from the poor. As usual the rich started looking for escapes and loopholes and therefore came the existence of corporations. The authors say and I quote,
“True capitalists used their financial knowledge to simply find a way to escape. They headed to the protection of a corporation.
A corporation is merely a legal document that creates a legal body without a soul. The use of corporations became poplar- once the permanent laws were passed- because the income tax rate of the corporation was less than the individual income tax rates.”
With this chapter, the author presents the current problem in our financial system and makes our eyes burn bright with the light of determination and an urge to not get trapped in this ensemble but rather reached out to make oneself free from the vicious cycle of getting the paycheque and paying the bills.
And as the last chapter is sitting into the minds of The Reader And The Reader is still processing the terrifying reality of taxes and corporations while on the other hand are author gives us a more solution-based chapter and describe the four pillars a financial literacy and how one can make them self competent enough to make good use of money.
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In this chapter, Robert Kiyosaki talks about the limited options that an average person seems to have when it comes to “inventing your own money” and states how developing financial literacy can open more options to them for asset growth and cash flow.
Robert describes four pillars of financial literacy being the knowledge of accounting, investing, market and law which will allow you to receive greater returns on your money and build up your assets much faster than the average person.
The key to unlocking new sources of assets and cash flow can be summed up in this quote by Robert Kiyosaki: “The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth in what seems to be an instant.”
Lastly, the author again focuses on a learning-based route to success rather than a secure one, he says that learning is a life long process and one must work to learn rather than just to make money and pay bills, he gives several instances from his own life when he took up jobs in different sectors just to learn from them! He tells us that job security meant everything to his poor dad whereas learning was more important to his rich dad.
In addition to these golden gems, the author gives us three highly valuable chapters as well where he talks about overcoming our internal hurdles, empowering our inner strengths, and some really fun to-dos to boost our financial aptitude and be a great success in life!
Rich dad Poor dad is a delightful read with high value and relevance in today’s world, it is a truly great investment of time and energy as the author provides the world with real insights into the investment world and workable solutions to real problems, with this book author has open several eyes to the mass opportunities surrounding us just waiting to be seized!