Rich Dad Poor Dad is considered by many to be the best book on personal finance ever written. In this book, Robert Kiyosaki contrasts the mindsets of rich and poor people. He draws on personal experience with his own father and mentor as a way of explaining why rich people have different mindsets from poor people. His father was a genius, while his mentor only got through the eighth grade. In the end, the only difference was the mindset of the two men.
“Rich Dad, Poor Dad” is one of the most influential books of the past decade. The authors, Robert Kiyosaki and Sharon Lechter, advocate for financial independence and financial literacy. They emphasize building wealth through assets, real estate investing, and business ownership. The book teaches readers how to increase their financial intelligence.
Kiyosaki was not born rich, but he had an ambitious father. He graduated from the US Merchant Marine Academy in 1969 and joined the Standard Oil tanker fleet. After six months, he quit the company to join the marines. Although the job offered him the opportunity to learn about international trade routes, it was not ideal. The Marines also taught him leadership skills, which he would later use in his business.
Kiyosaki’s two fathers were opposites in their approaches to money. His biological father was a well-educated government worker. His poor dad, on the other hand, believed that the key to making money was to work hard for it. He encouraged his son to get a college degree and climb the corporate ladder. He also valued job security.
Kiyosaki’s advice is sound, but his methods may not be for everyone. Purchasing property without any experience can be risky. However, if you have the right knowledge, you can turn your down payment into a million dollar investment. But he fails to address the pitfalls of business ownership. In addition, he offers tax strategies that use business entities as shields from taxes, such as using a corporation to write off vacations as board meetings and health club fees as expenses. Kiyosaki also downplays the importance of a college education. He argues that those who follow general wisdom end up stressed.
The author’s father wanted to teach his son about money, but was not able to give him money directly. He gave his son $3,000 to buy a car, but had to invest it indirectly. He then started learning how to invest in stocks and eventually lost the money. His ideas are based on the best advice from the world’s most successful investors, including Warren Buffett, George Soros, and Peter Lynch.
Robert Kiyosaki’s “Rich Dad, Poor Dad” book aims to teach the average person how to be a successful investor. The author argues that a person’s financial destiny depends on how they spend money and time. The choice you make today will determine your family’s future.
Robert Kiyosaki’s father
Robert Kiyosaki’s father was a real person in his own right, but the character he created in Rich Dad Poor Dad was not based on a real person. He made up the character based on his own influences. Although the author didn’t mention his real father, he does acknowledge that the book was based on his experiences. He says that the character has inspired millions of people.
As a child, Robert Kiyosaki had two “dads,” one who was well-educated and went on to get a Ph.D., and another who didn’t complete high school. While the former had more financial literacy than his father, the latter was struggling financially. Both fathers encouraged Robert to get a respectable degree and climb the corporate ladder, and they both valued job security.
Kiyosaki’s father also advised him not to specialize in a particular field. He told Robert to spend time in different areas and attend various meetings. This way, he could become familiar with all aspects of building an empire. This helped him achieve his goals. In fact, he was able to retire at the age of 47 with his wife Kim. This experience was the catalyst that made him become a rich person, and it shaped his character.
Kiyosaki’s real father had a similar work ethic to his own, although his real father was an eighth-grade dropout. Kiyosaki’s real father believed that financial education and knowing how money works are essential elements to success. Although he wasn’t a wealthy person, Kiyosaki’s father gave him the lessons that would ultimately make him a rich man.
Kiyosaki’s father’s advice about how to invest money was extremely helpful. The first step in making money is to understand the concept of risk. Risky investments are not the right path for everyone. The second step is to understand the basics of investing in real estate. Investing in real estate can be profitable. Kiyosaki suggests focusing on four aspects of investing: accounting, investment strategy, market law, and law.
As a young man, Robert was working for Xerox as a salesman. His bosses would talk about promotions, raises, and higher deductions, and Robert felt discouraged. It was then that he realized that he had to follow his rich father’s path. He put in more effort to sell Xerox machines, and began to see profits from his work.