Rich Dad Poor Dad Book Summary Within An Minute

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About the book - Rich Dad, Poor Dad by Robert Kiyosaki

A Rich Dad, Poor Dad was written by Robert Kiyosaki. This book was a financial guide for people who wanted to be rich. And it's the story about Robert Kiyosaki and his two dads (i.e., his dad and his friend Mike's dad).

Here, one dad did a PhD, and another dad just did 8th grade. One struggled with money, and another was happy with money. 

One says, 
"Go to school, get high marks, and get a safe n secure job,"

And another says,
"Go to learn, understand money, and take a risk."

Robert got advice from both dads and wrote this book from their advice. 

So the book says..

➤ The poor and middle-class people work for money. The rich people have money to work for them.

➤ It doesn't matter how much money you make; it’s how much money you keep.
 
➤ When money comes into play, people are controlled by fear and greed.

➤ It tells the difference between assets and liabilities. Assets give money to you, and liabilities get money from you.

➤ Some people think of liabilities as assets. For example, our home
 
➤ He explained the cash flow of the rich and poor:


CASH-FLOW DIAGRAM


➤ Keep your expenses low, reduce your liabilities, and build a base of solid assets.
 
➤ You can buy the luxuries with the profits of assets.
 
➤ Not only do your job, do your business that gives money without your presence.
 
➤ Try to manage the risks instead of avoiding them.
 
➤ To achieve financial success, you must have management skills in cash flow, systems, and people.
 
➤ Pay yourself first before paying your bills. So, you can get extra motivation.
 
➤ You must have knowledge of accounting, investing, understanding markets, and law.
 
➤ Even financially literate people struggle when they have fear, cynicism, laziness, bad habits, and arrogance. 
 

I may not add some points, and this is just an overview of this book. If you want a detailed explanation, then you have to read this book.

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Edited: I heard, Even that author was getting great financial crisis 





 
 



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