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Rich Dad Poor Dad Book

Rich Dad Poor Dad is a book that was  written in 1997, United states by Robert T. Kiyosaki and Sharon Lechter . It describes the importance of financial education, financial literacy , how to be financially independent and building or developing the wealth through investments in assets , real estate , building up new enterprises or businesses as well as increasing one’s financial IQ.

 

rich dad poor dad

Author Robert T. Kiyosaki and Sharon L. Lechter
Country United States
Language English
Series Rich Dad Poor Dad
Genre Sole proprietorship, perosnal finance, entreprenuership, business, investing, economics
Publisher Warner Books
Publication date April 1, 2000
Pages 336 or 207

The style in which the Rich Dad Poor Dad is written is set of parables,ostensibly based on Kiyosaki’s life . The title ‘rich dad’ is reffered to his friend’s father who gathered wealth due to entreprenuership and investing while the ‘poor dad’ is reffered to Kiyosaki’s own father who he says worked hard all his life but could never secure his financial wealth.

Praise and support

Rich Dad Poor Dad has sold over 32 millions copies in more than 51 languages across 109 countries . It has been on the New York Times bestsellers list for over six years . It resulted  in launching a series of various books related to finance and received positive reviews from so many critics. Many American talk show and media endorsed the book on their shows . American celebrity Will Smith deliberately taught his son about the financial responsibility by reading the book. PBS Public Television station KOCE aired a presentation of Kiyosaki titled ‘A Guide to Wealth’ in 2006 essentially describes his invention Rich Dad Poor Dad  book . The Television station also honoured Mr. Kiyosaki with an excellence in education award in 2005. Ex US president Donald Trump did a collaboration with Kiyosaki in 2006 called Why We Want to be rich , Two Men One Message and the second book called Midas Touch: Why Some Entrepreneurs Get Rich and Why Most Don’t in 2011.

So there are various appreciations and praises in favour of this book. And it has won the hearts of many and created and established many entrepreneurs and business.

Read More: How To Do Bookkeeping For A Small Business?

Criticism

Beside having the best positive reviews , this book was also criticised by many critics.

In an interview John T. Reed states “Rich Dad ,Poor Dad contains much wrong advice , much bad advice, and virtually no good advice”. He also says “Rich Dad poor Dad is one of the dumbest financial advice books I have ever read. It contains many factual errors and numerous extremely unlikely accounts of events that supposedly occurred”.

State reviewer Rob Walker called the book full of nonsense, and stated that kiyosaki’s claims were really vague, noting the predictable features of such books that were written in Rich Dad Poor Dad. He also criticises Kiyosaki’s predictions and conclusions about United States , their natives and their culture and Kiyosaki’s methods.

Publishing Success

 The book was originally self -published in 1997 before being picked to become New York Times bestseller commercially. Since that year this book has sold over 32 million copies of it and has become a very popular name among youngsters , new entrepreneurs and commercial society . Kiyosaki states in his audio book Choose to be Rich that every publisher refused to publish the book initially then he focuses on talk shows and radio show appearances out of which The Oprah Winfrey Show had the best influence on the book sales

In April 2017 a 20th Anniversary edition was published and Kiyosaki asserts that almost an estimated 40 millions copies of the book had been sold globally.  

LESSONS FROM THE BOOK

  • The rich don’t work for money
  • The history of taxes and the power of corporations
  • The rich create money
  • Work to learn and gain experience – don’t work for money
  • Mind your own business
  • Why to teach financial education

Important Ideas from the Book

  • The rich create employment for poor and the middle class for work so that they can generate income.
  • The point is how much you save with yourself rather than earning it.
  • The rich people acquire assets. The poor and the middle class acquire liabilities that they think are assets.
  • The book gives us the idea for how to how to save money and take a good financial decision i.e. how to make the best financial investements, so that the money stays with you for a longer time and how to make money work hard for you i.e. how to gain passive income.
  • Financial aptitude is what you do with money once you make it.
  • The most powerful and useful asset is our own mind because it makes and has ability and capability to take decisions that will double our money assets we acquire.

Basic knowledge from the Book

There is really a big difference between broke and being poor. The broke is temporary but the poor is eternal. If you’ve the knowledge of how to best use the finance or the money you’ve i.e. if you’ve the knowledge to take the best financial decisions than you’ll be able to build the money or wealth you have and can gain power. Money may come and go but the knowledge stays and keeps the capability to change anything. We must be aware of the difference between assets and liabilities, because if we buy assets than it puts wealth or money in bank or pocket. On the other side liability takes out the money from your pocket. The intelligence and the knowledge solves the problem and produces wealth. ”Illiteracy, both in words and numbers is the foundation of financial struggle”. Cash flows tells the criteria of how people mange their finances. Most of the public struggles from financial basis  because they don’t understand the process of cash flow system. The most known and important expense is paying the tax. Higher income cause higher taxes. This is known as “ bracket creep “.

A person can be highly educated, having very good going business, professionally successful and still be financially illiterate.

There are  many more teachings from the book.
There are many more teachings that we can get from the book review.

 

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