If you’re not sure whether to purchase the audiobook or read the book, you’re not alone. Many people are wondering how the author, Robert Kiyosaki, managed to make so much money in such a short period of time. The book was first published in 2020 and has since been updated. In this Rich Dad Poor Dad book summary, you’ll learn how Kiyosaki became financially independent.
Robert Kiyosaki’s father
The wealthiest man in the world is not the one who is born with money. It is someone who works hard, and who understands the power of passion and anger. Robert’s father believed that money is power and that passion and anger are two sides of the same coin. In Rich Dad Poor Dad, Robert Kiyosaki relates a personal story from his own father. The father wanted to teach his son the importance of money and to reassess his mindset about money. His son started learning how to invest and lost over $2,000 in the stock market. Kiyosaki praises investors like George Soros, Peter Lynch and Warren Buffett.
The rich father of Robert Kiyosaki was a real person, but the author kept his name confidential for 13 years. Kiyosaki says he had an agreement with his family not to discuss the subject with anyone, but the father did share a name with his son. But if the rich dad was real, would his son be able to do the same?
Robert Kiyosaki’s path to financial independence
When you’re looking for a way to build a substantial net worth, you’ve probably come across books written by Robert Kiyosaki. During his youth, he spent hours playing the game of Monopoly and learned the winning strategy, which is to buy four green houses. Kiyosaki modeled his path to financial independence by buying small houses when the market was bad, and he later used the cash flow from his real estate investments to support his lifestyle.
While the idea of earning big money to build a substantial net worth is enticing, Kiyosaki says that you should invest your money to produce income instead of just sitting on it. By investing your money in income-producing assets, you will begin to earn passive income as a reward for your efforts. As your income increases, you’ll be able to identify wealth creation opportunities easier.
A rich dad has a lot to teach his son. He can show them how to become wealthy by investing in real estate. But first, he must convince his son to follow his advice. This can only happen if he is willing to work hard for his money. The author of the Rich Dad Poor Dad book uses numerous examples to make his point. In the end, the rich dad reveals his pro-capitalist stance and helps his son realize that he must earn for his success.
As Kiyosaki explains in his Rich Dad Poor Father book summary, real estate is a good asset to invest in. While your own personal residence isn’t an asset unless it appreciates in value, you can earn passive income by renting out a property to a tenant. By investing in real estate, you can also generate passive income from rentals, which can help you pay off your debts.
Robert T. Kiyosaki’s book Rich Dad Poor Dad tells the story of how his father learned to pay taxes at an early age. Unlike many of us, he was never interested in the tax code until he began his own business at age nine. Today, you can use that knowledge to make your own business and achieve financial freedom. Here are some ways that you can start avoiding taxes and start living the Rich Dad, Poor Dad lifestyle today!
Invest in income-producing assets. As Kiyosaki explains, personal residences are not assets unless they appreciate in value. A rental property, on the other hand, can yield passive income. This method of investing will allow you to accumulate more money than you would have had if you paid taxes every month. Rich Dad, Poor Dad teaches that you should pay off your debts and invest in income-producing assets.
Small-cap stocks are one of the hottest new investment ideas for investors right now. They have the potential to be a great way to create a substantial amount of wealth without a large investment. The authors of Rich Dad Poor Dad argue that the key to making money in the stock market is to learn a lot. While it may seem counterintuitive to spend a lot of time learning, it’s a crucial part of building wealth.
While Robert Kiyosaki’s Rich Mom, Poor Father book first hit the shelves in 2003, the market had already seen three crashes in less than 30 years, and he recommended ignoring those downturns and investing in stocks that were booming in their time. Similarly, he advises paying no more than 50% of your income taxes and earning the remaining 5% tax-free. Most of Kiyosaki’s financial growth comes from real estate and small-cap stocks.