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1-sentence-summary: rich dad poor dad tells the story of a boy with two parents, one rich and one poor, to help you develop the financial mindset and knowledge you need to build a life of wealth and freedom.

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Rich Dad Poor Dad is a modern personal finance classic and our all-time favorite finance book. Although the book is controversial and often receives criticism, people still believe that it is worth reading. otherwise it would not have sold more than 32 million copies.

robert kiyosaki tells the childhood story of his two parents. his own father’s and his best friend’s father. Though he speaks fondly of both of them, they were very different when it came to finances.

rich dad poor dad summary

blinkist’s summary begins with the idea that many of us are too afraid of being branded weirdos to get out of the rat race. we let the two main emotions that everyone has around money dominate our decisions: fear and greed. That’s why we still stick to the outdated mantra “go to school, go to college, get a job, play it safe.” when in reality there is no longer a secure job.

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for example, when you get a raise at your job, a wise decision would be to invest the extra money. put it in something that generates wealth like stocks or bonds, which has risk, but a lot of potential. maybe you find a good fund with a 60% chance of doubling your money in a year, but a 40% chance of losing it all. however, your fear of losing all your money will most likely prevent you from doing so.

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but when your greed takes over, you may spend the extra money on an enhanced lifestyle, for example, you may buy a fancy new car, and the payments eat up the money . this way you will almost certainly lose 100%. this already gives you an idea of ​​how important it is to educate yourself financially. Since we don’t receive financial education in school or college, unfortunately this is entirely up to you.

look around you and you will see many financially ignorant people in your own life. just take a look at the local politicians. is your city in debt? Your mayor may be great, but unfortunately, he probably doesn’t know how to handle money.

For the same reason, 38% of Americans save nothing for retirement. the only way to counter this is to start now. Today is the youngest day you’ll ever have, so take a hard look at what you can and can’t afford. This way, you can set realistic financial goals, even if it means waiting for that shiny new BMW to arrive.

Next, adopt a “work to learn” rather than “work to win” mindset. Take a job in a field you have no idea about, like sales, customer service, or communications, to develop new skills; you never know what they might be good for. Set aside 5% of your income each month to buy books, courses, and attend personal finance seminars to start building your financial IQ.

The first step towards creating wealth lies in the mindset of managing risks rather than avoiding them. Also, educate yourself on investments to understand that it’s best not to play it safe because you’ll miss out on great potential rewards. Don’t start out big, just set aside a small amount, like $1,000 or even $100, and invest it in stocks, bonds, or even tax lien certificates. treat money like it’s gone forever and you’ll worry less about losing it.

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As soon as you start your journey to riches, you’ll realize it’s going to be quite a long one. That’s why it’s important to stay motivated. Kiyosaki suggests creating a “want to” and “don’t want” list to include things like, “I want to retire at 50.” or “I don’t want to end up like my broke uncle.”

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Another idea is to pay yourself first each month. Take the part of your salary you want to spend on stocks or your financial education, invest it and pay your bills later. it will create pressure to be creative in making money and show you what you can afford.

Use your money to acquire assets instead of liabilities. Assets are stocks, bonds, real estate you rent, royalties (for example, from music), and anything that makes money and increases in value over time. Liabilities can be cars with monthly payments, a house with a mortgage, and of course debt. Anything that takes money out of your pocket each month is a liability.

there is no rush. just stay at your full-time job and “mind your own business.” In this case, your job is what pays the bills and your business is what makes you rich. build your business on the margin and use it to invest in assets until your assets eventually become the main source of your income. You can even file a corporation for taxes only after you’ve earned and invested, instead of paying taxes before you invest as an employee and try to live off what’s left.

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The most important thing is that you start today. you are your greatest asset, so the first thing you should invest in is yourself.

rich dad poor dad review

I read the book a year ago and loved it. I was a bit heartbroken when I found out that most of the story is made up and that there is a lot of criticism surrounding Robert and the book. however, that doesn’t make it a good story or advice.

Unfortunately, the story of his two parents is what makes the book great, and it’s completely missing from this summary by blinkist. While the financial advice is solid in the summary, it’s not nearly as powerful as when you wrap it up in the book’s story.

The book isn’t too long either, and the opening story is mostly covered in the first 50 pages, so I highly recommend getting a copy of the book and reading it for yourself. It costs less than $10, which I think makes it a great investment. And isn’t that why you came here?

Who would you recommend the Rich Dad Poor Dad summary to?

The 9-year-old who just got her first assignment, the 42-year-old who is worried about her job security, and anyone who doesn’t know what the definition of active is.

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