Robert Kiyosaki’s book “Rich Dad, Poor Dad” tells a compelling story about the difference between the two types of financial fathers. The two men have different financial IQs, but they both invest and own assets. Their differences are striking, but the same message is still relevant.
Rich Dad is Robert Kiyosaki’s father
“Rich Dad, Poor Dad” has become one of the best selling personal finance books of all time, with over 40 million copies sold. In fact, it’s the sixth most popular book on Amazon. The author of the book Robert Kiyosaki was raised by two fathers, one of whom was a teacher, and another who went into business after graduating from university. While Robert never claimed to be Rich Dad himself, he did interview his real-life son, Alan.
It’s possible that Kiyosaki’s father was the inspiration for the character, but the truth is unknown. While many claim that he was inspired by Marshall Thurber, it’s not clear that his life experiences would have inspired the rich father character. In fact, some sources say that the concept was adapted from a series of seminars given by Keith Cunningham, who was the same age as Robert Kiyosaki and worked with him.
They have different financial IQs
Robert Kiyosaki, the author of Rich Dad Poor Dad, is an advocate for financial literacy. He encourages readers to build wealth through real estate investments and businesses, and increase their financial IQ. His methods include investing in real estate, learning about capitalism, and creating a personal investment strategy.
The financial IQ of the rich and the poor differ in many ways. Rich people make more money, but they don’t keep much of it. Poor people work for their money, while the rich use their income to build wealth. They keep it in their portfolio, acquiring assets and liabilities.
They buy assets
Rich Dad and Poor Dad are a great example of contrasting approaches to investing. Both have emphasized the importance of buying assets and avoiding liabilities. This is important because many investments look like assets, but are really liabilities. This book explores both sides of the coin. Here are some reasons to buy assets over liabilities.
Assets are more valuable than liabilities. According to Robert Kiyosaki, houses are the most valuable asset a person can own. But, they can become expensive. The problem with a high-end house is that it comes with a large monthly payment. Even if it appreciates, it won’t help if you’re not able to pay for it.
They blame the economy
In his book, Rich Dad Poor Dad, author Robert Kiyosaki says the economy is in a slump and the financial markets are headed for a crash. He blames rising inflation and shortfalls in social security and healthcare funding. He claims that the baby boomer generation will be hit hard by this economic crisis.
In Rich Dad’s philosophy, money isn’t just a tool to pay the bills. It’s a passion. It’s a powerful force that unites love and anger. It controls people’s actions and makes them exploit their own fears. For example, many employees are disappointed with their paychecks after taxes are deducted.
They put money to work
Poor Dad and Rich Dad put money to work in different ways. Putting money to work for the poor is an important way to get out of debt, but it can be very difficult to do. Fortunately, both parents have examples of how to do this. One example is the story of Robert Kiyosaki’s son Mike, who worked for Xerox. He heard about his father’s money making habits from his banker, so he set up a meeting and began the lessons.
Robert and Mike worked with the rich dad as teenagers, and they were often at their meetings with professionals. Robert worked for the rich dad, and he realized that he had more financial literacy than his own poor father. He listened to real estate brokers, tax accountants, and bankers. This allowed him to get a real-world understanding of how money works.