This Rich Dad Poor Dad book summary includes some informal notes and favorite quotes by the author. It is a great way to gain insight into the book and the author’s ideas. It is an excellent read for those who are looking to improve their finances and personal relationships. You can also learn about the financial crisis and the Subprime mortgage crisis.
Rich Dad Poor Dad
This book is not just a financial advice book, it is also a personal experience story about one man who had two fathers, a poor dad and a rich one. The author compared and contrasted the two in order to discover which made more financial sense. The author’s own father was a poor dad, while the father of his childhood friend Mike was a rich one.
The author is fortunate enough to have two fathers, and compares their views and habits. In his book, he also explains how he got his financial sense from conversations with the rich dad, and gives many examples to illustrate his point. While this book is an excellent motivational tool, it is not a book for financial experts.
In Robert Kiyosaki’s Rich dad, poor dad, and why we should all learn how to be rich, we learn about the fathers who raised him. One was a Ph.D., while the other had no college degree and had only finished eighth grade. Both had a struggle with money, but one eventually became the richest man in Hawaii. The author often compares his own life to that of his fathers. While the two fathers were very different, they shared similar experiences. They both struggled financially, especially during the early years of their career.
Kiyosaki served in the Vietnam War as a helicopter gunship pilot, earning an Air Medal. After his military service, he enrolled in a two-year business school program at the University of Hawaii. After a year, he was honorably discharged. After graduating from the program, he became a Xerox salesperson.
Rich Dad Poor Dad is a book that describes the lives of two influential figures in Mike Kiyosaki’s life – his biological father and his best friend. While Mike’s father was highly educated but never accumulated wealth, his friend’s father was the richest man in Hawaii, and owned many businesses and investments.
Both Robert and Mike were very curious about money and wanted to become rich. They tried to make their own coins out of toothpaste tubes and asked their dads for advice. Robert’s dad told them that money is the most important thing, but that they would have to study hard to get it. The rich dad also said that they should find a good job to make money.
Rich Dad represents the independently wealthy core of society, but he intentionally takes advantage of tax laws and accounting knowledge to achieve his success. In other words, his dad deliberately took advantage of his own wealth and did not learn about money in school. But the book’s theme boils down to two basic concepts: financial literacy and fearless entrepreneurship. The book also stresses the importance of having an entrepreneurial mindset and overcoming obstacles.
Subprime mortgage crisis
The first book in the Rich Dad Poor Dad series by Robert Kiyosaki, Rich Dad Poor Dad, was published in 1997. When it was first released, every publisher rejected it. The lesson about the home being a liability was controversial, especially since historically people believed that their home was the largest investment. But then the subprime mortgage crisis hit, and more people started defaulting on their mortgages.
The subprime mortgage crisis was caused by an earlier boom in mortgage credit, which contributed to the fast rise in home prices. Potential homebuyers, however, had a hard time getting mortgages and lenders would often turn them down. Occasionally, some high-risk families could get small mortgages that were backed by the Federal Housing Administration. Home construction reflected the fluctuations in mortgage interest rates.
Misguided advice for poor dads
The book Rich Dad Poor Dad contains some ethically dubious advice. For example, Robert Kiyosaki gets out of contracts that don’t seem right by using contingency clauses. This is a classic scam because the other party could sue if they find out the truth.