Probably one of the most popular books on personal finance is “Rich Dad Poor Father.” Its simple, yet profound premise teaches us that the rich never fail to learn. Regardless of how hard one tries, they never stop learning. They take risks, they don’t specialize, and they always strive to learn from every experience. Those are all valuable lessons to follow if you want to have a prosperous life.
Robert Kiyosaki’s father taught him how to make money
Robert Kiyosaki was raised by two “dads”: one of whom had a Ph.D. while the other had only finished eighth grade. One father struggled with money, and the other grew up to become the richest man in Hawaii. Kiyosaki often compares his fathers to each other. Both were well educated, but they both struggled with money in the beginning of their careers.
During the first few months of working as a waiter, Robert was paid a low wage, so he had to figure out how to make money on his own. His poor dad told him to demand 25 cents an hour, and quit if he wasn’t given it. But after a month, he was forced to wait 60 minutes longer than he expected to.
After the stock market crash in 2008, Robert’s father wanted to teach his son how to make money. He gave him $3,000 to invest, but he couldn’t use the money directly to buy a car. He learned about investing in stocks, and lost $2,000 of his own money. But he didn’t stop there. His financial growth came from small-cap stocks and real estate, and he credits his father’s guidance as the reason for his success.
Robert Kiyosaki’s father taught him to take risks
In Rich Dad, Poor Dad, Robert Kiyosaki lays out his experiences growing up with two different fathers. His biological father was middle class, and his friend’s father was rich. As a child, he learned that the rich buy assets and don’t earn money. His father never completed high school, but left his son with a financial empire. In Rich Dad, Poor Dad, Robert Kiyosaki shares his experience and advises young people to make the same choices.
As a young boy, Robert was influenced by two influential father figures. His educated father wanted him to attend college and eventually start his own company. His rich father was his best friend and later became one of the wealthiest men in Hawaii. His father also taught him to take risks, but it was a risk he was able to repay later. The resulting wealth, while he never succeeded in the first place, has allowed him to become rich.
In his early twenties, Kiyosaki’s father told him to take chances and learn from failure. He repaid the money by making investments that turned out to be a success. The money he made was the result of a few small investments that paid off big-time. Kiyosaki’s father’s advice to his son was incredibly powerful.
Robert Kiyosaki’s father taught him not to specialize
There are two types of specialization: generalization and specialization. The former enables a person to know a lot about a specific subject and can attack it in many different markets. The latter makes it possible to be a good employee or an expert in a particular field, but knowledge gained from one specific field can become obsolete when another profession arises. In this interview with Robert Kiyosaki, we will discuss both types of specialization and why they are necessary to succeed.
The rich dad had a Ph.D., while the poor dad never finished eighth grade. Both fathers struggled with money, yet one ended up being the richest person in Hawaii. Kiyosaki compared his fathers often, revealing that he learned not to specialize in a field because his father had taught him not to do so. One of them was struggling with money, but the other was struggling to make ends meet.
After working for Xerox for a few years, Kiyosaki was frustrated with his lack of advancement and the increase in deductions. His rich father had taught him to stay on the path his father had paved, and he heeded this advice. Investing in real estate in Hawaii and taking advantage of its low-interest rate allowed him to build a huge asset column, while working even harder to sell Xerox machines.
