Rich Dad Poor Dad Summary | Rich Dad Poor Dad Quotes 2023
The book Rich Dad Poor Dad was written by Robert Kiyosaki. This book was written 25 years ago today. But it is still as important today as it was before. In the book Rich Dad Poor Dad, Today I would share “Rich Dad Poor Dad Summary”. Robert Kiyosaki told that he had two fathers. One of his own father and the other his friend’s father. His own father was highly educated. He had several degrees. And always used to tell Robert that you also do his studies well so that when you grow up, he can settle in his life. And you will not face any kind of problem in life. His father used to stay busy from morning till evening. And he could not even take out time for his family and society. Sometimes he didn’t even have time for himself. He used to leave for work early every morning and used come home late in the evening. Yet they could make very little money.
His other father was actually the father of his best friend Mike. In this book, he is called Rich Dad. His rich dad studied only till 8th standard. Still, he used to find favorable times for his family, home, society, and business. And even after that, he used to earn a lot more money than his first father.
As a child, Robert used to ask himself, who should he be like in life? Because he wanted to follow one of his fathers. He used to listen to both of them very calmly and used to think in his mind.
Once some rich children from his school were going somewhere on weekends. And he didn’t invite Robert to come with him. Because they were very poor. Robert felt very bad about this. Robert came home and asked his father, How does a father become rich? For a long time, his father did not answer. After a while he said, look, son, for this you have to learn to earn money and for this, you should use your brain. Robert was not satisfied with this answer.
After this, Robert asked the same question as his other father and he gave the correct answer to Robert. He told Robert that there is a difference between the thinking of the rich and the poor. Other than that there is no difference between the two. And this is where Robert’s economic education began.
Rich Dad Poor Dad Summary
Apart from this, there are some flaws in our education system as well. Because in our education system we do not get any information about financial management. Our education system prepares us to do jobs. Growing up, we got many degrees. This makes the job a member of the 9 to 5 race. They call it the rat race. And it is not known when life is lost while running in this rat race.
Rich people don’t work for money but like to earn money from money. They get out of the 9 to 5 rate race. He is a financial teacher. They have positive thinking in their life.
Power of Thinking
The whole game in this is in your mind. If you think that I cannot buy this thing, then your mind goes there, and it stops thinking. On the other hand, we think that how can we buy this thing, then questions start coming into our minds. For this, you can also follow this mentor who has done this work before his hard work. And you can even create your own new path. One day you will definitely reach your destination in search of answers to your questions.
Taking Risks in Life
Robert’s poor father used to tell him that he should take the least risk in life and concentrate on his studies. Get good marks so that you can get a good job and settle in life. His other father used to tell Robert that if you want to move forward in his life and reach his destination. So for this, you have to take risks in life. Along with studies, you also have to learn financial management.
For this, you have to take the best decisions with your intelligence and it happens with constant practice, later it becomes a habit. And with financial education, you can always get rich. Because many people earn a lot of money in their life or they get a lottery. But money does not stay with them for much longer as they do not know how to manage money, and this is called financial education.
Along with this, he explains how money makes money, why the rich are rich, and why the poor are mostly poor. What are the mistakes that poor people repeat over and over again? Because of this, he remains poor throughout his life. And some of his habits never let him become rich. So let us know what is there in this book that makes us rich, and keeps us rich throughout life. How can we manage money? Let us know the answers to these questions. Come on, let’s begin.
Rich Dad Poor Dad Chapter 1
Rich people don’t work for money: Yes rich people don’t work for money because their money works for them. As we know that most people in the world work very hard since childhood, first of all, they study and grow up to get many degrees. After that, they find jobs for themselves according to their qualification. After that, they get married. And they buy their house and car and other things on credit.
Then after a few days his salary increases. After that, they buy some more stuff. The expenses of their children and family keep on increasing. And most of their money goes into debt and household expenses. Even after wanting, they are not able to get out of this rat race. These people work hard, but someone else gets the benefit of their hard work.
Rich Dad Poor Dad Chapter 2
Financial education is essential: Schools prepare us to be good servants, says Robert. They give us degrees according to our numbers. And on the basis of these degrees, we get jobs. But no matter how much work we do, we remain servants. We work very hard, but someone else gets the real benefit of this hard work.
Because unknowingly the person doing the job becomes a part of this rat race. And now begins the most important lesson of financial education. Rich fathers say that human life has two important parts. These are assets and liabilities, both of which are opposite to each other. Assets are something that puts money in our pockets, Liabilities are something that takes money out of our pockets.
What are Assets?
An asset can be anything that puts money in your pocket, such as your business, home, or car rental, and anything that brings you money. The person in whose life the value of the property is high, that person becomes rich. His wealth doubles day by day and quadruples at night. If you want to become rich then you should earn more and more wealth. As your wealth increases, so will the money in your pocket.
And you will go on getting rich. Don’t waste this money buying expensive things. Whatever extra money you have left over. He will have to invest in the creation of new assets. And there comes a day when your money gives you enough money to buy the most expensive thing in the world. And for this, you will not have to think even for a moment.
What are Liabilities?
The person who has more liabilities in life is always struggling. Most of his money goes to repay the loan. And the rest of the money goes to pay the bills. They don’t have time to think about investing. He is always on the show. And these things are never taught in our education system.
That’s why most people keep working for someone else after earning a degree. And they do not know about this secret of life. And they spend their whole life doing jobs, which benefit those people. for whom they work.
Rich Dad Poor Dad Chapter 3
Focus on your work: I meet a lot of people, says Robert. What do you do when I ask them? So most people tell about their profession. Some say that I am a doctor, some say that I am an engineer and some call themselves a banker. But when I ask them if they have their own hospital, bank, or company, most people have the same answer.
No, I work there. This means they are spending their time and energy making someone else rich and are part of the rat race. You do anything to earn your living. But you should have your own work. Which helps you to build your wealth and make you rich.
Rich Dad Poor Dad Chapter 4
Work to learn not for money: Rich father says. We should keep learning something new in life. This increases our thinking power. By which we are able to take good and strong decisions. Those who are part of the rat race keep their skills to themselves. Because they feel that if someone else learns this work, then their job will be lost. That’s why they like to keep their suggestions and ideas a secret.
And they also do not get the benefit of the thinking of other people of the world. His rich father used to say that poor people work for money. But rich people try to learn something new so that they can adapt their work or business according to the new age or start a new work. And this is a big difference between the poor and the rich.
Rich Dad Poor Dad Chapter 5
Overcoming Obstacles: Robert explains that to get rich and become rich you have to overcome obstacles.
Fear: When you are about to become rich, then after a few days the fear of losing money starts haunting you. And this fear does not let you move forward. So you have to overcome this fear and get over it.
Doubt: Before starting any work, every person has doubts about whether he will be successful in this work or not. Will their money sink? With such thoughts, we start doubting ourselves and are not able to take big risks. This fear keeps you from moving forward again and again.
Laziness: Life sometimes gives us big opportunities. And we try to postpone it for tomorrow. This has become our habit. Remember the time gone by never comes back. And after the time runs out, we just keep on rubbing our hands. Therefore, make a habit of doing everything on time, do you know this one habit can change your life
Bad Habits: Rich people pay themselves first. That is, they withdraw some money from their income every month to invest. And later fulfill his bills and other hobbies. And poor people first of all take their hobbies like buying some expensive thing, eating food in a big restaurant and going for a walk somewhere. After this, they think of paying their bills, and they have no money left for investment. It goes on for the whole life. This one wrong habit will never let them become rich. This habit makes the rich man richer and drives the poor into more poverty.
Ego: A rich person has some skill or knowledge. So they share it with everyone. But poor people never share their skills with anyone because they feel like it. If he shares this thing with anyone, then his work can be taken away from him. And because of this fear, he never shares his thoughts with anyone. Due to this they also do not know the benefit of the knowledge of others.
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FAQ: Rich Dad Poor Dad Summary | Rich Dad Poor Dad Quotes
What is the Rich Dad Poor Dad lesson?
The lesson of Rich Dad Poor Dad is that you do not need to settle in a rich house to become rich. You need financial education to become rich. By practicing that you can become rich, and you can remain rich for life.
My name is Pradeep. I am the founder of Valuablesx.com. I have 10 years of experience in finance sector, and on this blog I share my experience. Please tell me how you liked my blog by commenting.