My Blog

"Rich Dad, Poor Dad" by Robert T. Kiyasaki

Jul 14, 2015 | Books

The subtitle of the book is: What the Rich Teach Their Kids About Money that the Poor and Middle Class do not!

This is a must-read. It’s a must-read. If you have not already made millions on your own and you have any interest in having more discretionary income, if you incur more debt whenever you buy a high ticket item, if the more you make, the more you pay, you have to read this.

At one sales job, I found my groove and increased my commissions by over 60%. But I only took home about 10% more.  How discouraging!  There seemed little point to working harder to try to improve my situation. I know you know what I’m talking about. But, “money is only an idea. If you want more money, simply change your thinking,” says Mr. Kiyasaki.

Most people work for money, but the rich have money work for them. You get your paycheck with the taxes already taken out of it, then pay your bills. Why not pay your bills before you pay taxes on your income? That gives you more money to pay them with and leaves you less money to be taxed afterwards, so you get to keep more of it. It’s one of the biggest secrets of the rich, but anyone can do it! And it’s easy, you just have to know how.

One takeaway you’ll get from this book is the difference between a possession and an asset. Think your home is your biggest asset? For most people, it’s actually their biggest liability. Kiyosaki’s not saying you shouldn’t buy a home; he just gives you a different way to do it.

He says investing is not risky. It’s lack of knowledge that makes is risky. In fact, lack of knowledge and financial intelligence are your greatest liabilities. So is fear of loss. “Most people never win because they’re more afraid of losing.”

One of the most important things his “rich dad” taught him was, “If you want something, you first need to give. … Whenever you feel short or in need of something, give what you want first and it will come back in buckets.”

I heard Will Smith say he gave it to all of his kids to read. That speaks well of both the book and Will Smith.

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