Rich Dad Poor Dad by Robert Kiyosaki was a book given to me after assisting a friend assemble and organize his bookshelf for his new apartment. I had heard about it in my past, especially when my boyfriend was in the midst of working for Primerica. Known as almost the foundation or "finances for idiots" book, I was intrigued to give this reading a shot. I was in debt (still am), broke (still am), and ready to change my spending habits (working on it). Could I learn something?
Simply, yes. I did learn some very good life lessons, strategies, and definitions of words I vaguely knew. For example the books teaches you the difference between an asset and a liability (although his idea is very controversial), why education is important and yet not as important as we think, and essentially how to make your money work for you versus how to work for money. I mean, the book definitely struck a chord with me. Growing up, I have been witness to 2 immigrant parents who are STILL working hard to this very day. My mom does the 9-5 job, working as a part-time cleaner on her days off, and still seems to struggle to pay the bills. It's true. The more you make, the more you're taxed. And the more you make, the more you need to keep on making to pay for your expenses.
In summary here are some of the many things I learned from Robert Kiyosaki.
- Pay yourself first. This way you are motivated to learn about how to make money. It also puts the power into your own hands instead of the government's.
- Know the difference between an asset and a liability (in this case he calls his house a liability).
- Winners don't play it safe. He basically refers to mutual fund and saving a percent of your paycheque as playing safe. You need to learn to invest.
- Find something you are passionate about and have money generated from that. The more passion you have, the more interested you are in learning.
- Winners lose but losers are afraid of losing. It keeps them from even trying.. I guess it's better to fail than to never try at all.
- Learn from others, especially people who are more educated about a certain area than you are.
I can assure you there are many more things I learned but it is too late in the night to critique them all. So while this book has its cons, it has motivated me to become financially educated. And that I say is the best investment of all.