No.1 Rich Dad Poor Dad by Robert T. Kiyosaki (1997)
Part 1 Purchase Link:
If you prefer to read in paper format, feel free to purchase the paperback on Amazon UK through the below link:
Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
If you don't have time to read the book but want to quickly grasp the essentials, feel free to
purchase the mind map summary of the book from our digital store to grasp the essentials.
Part 2: What is this book about
One sentence summary: "Rich Dad Poor Dad" by Robert T. Kiyosaki is a personal finance book that advocates for financial education and entrepreneurship by sharing the contrasting beliefs and teachings of his two fathers, and how he used them to achieve financial success.
Part 3: Key ideas about this book
The mindset difference between rich dad and poor dad:
Poor Dad's Money Mindset: focused on job security and a steady paycheck, relying on others for financial security.
- focuses on working for money.
- believes that job security and a steady paycheck are the keys to financial success.
- believes that saving money is the best way to build wealth.
- avoids taking risks and prefers to stay in their comfort zone.
- believes that the government and employer are responsible for their financial well-being.
Rich Dad's Money Mindset: focused on building assets, taking calculated risks, and taking control of one's own financial future through education and investing.
- focuses on building assets that generate income.
- believes that financial education and taking calculated risks are the keys to financial success.
- believes that investing money is the best way to build wealth.
- embraces taking risks and stepping out of their comfort zone.
- believes that they are responsible for their own financial well-being.
| Aspect | Poor Dad's Money Mindset | Rich Dad's Money Mindset |
|---|---|---|
| Focus | Working for money | Building assets that generate income |
| The key to success | Job security and a steady paycheck | Financial education and taking calculated risks |
| Wealth building | Saving money | Investing money |
| Risk tolerance | avoids taking risks and prefers to stay in their comfort zone | embraces taking risks and stepping out of their comfort zone. |
| Responsibility | believes that the government and employer are responsible for their financial well-being. | believes that they are responsible for their own financial well-being. |
Understand the distinction between assets and liabilities. focusing on building assets and minimise the liability
Compare the poor, the middle class, and the rich on how they spend money.
Part 4: Who should be reading this book?
Any beginners who want to improve their financial literacy and learn how to build wealth. Young adults who are just starting out in their careers and want to make smart financial decisions.