Why it’s crucial to understand the tax code and legal system
How and where to invest
Table of content
Summary of Rich Dad Poor Dad
About the author
What is Rich Dad Poor Dad about?
Who should read Rich Dad Poor Dad
Topics in Rich Dad Poor Dad
first key point
Why do we keep falling for the rat race?
Listen the first key point
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Like many other things in life, we choose our jobs to please others — mainly, our parents. But what do we want for ourselves? Today, lots of people choose to be trapped in a race against themselves. The rat race idea is that you keep doing tons of hard and often unnecessary work just to make ends meet. You do everything it takes, and your employer, the government, and your utility bills take away nearly everything you've earned, leaving you with little or nothing to save.
The rat race is an endless quest where you have to work hard to catch up with bills and taxes.
Sadly, many individuals are aware of this rat race and hate to be part of it but are scared of the backlash from society, so they keep racing anyway.
The conventional advice we've all heard is this: "Go to school, study hard, get a good job, and everything will be alright." The truth is, this advice is a clear indication of how the poor and the middle-class see financial security. The rich don't see things that way. This is no longer the recipe for a life free of financial struggles. Good education and high grades no longer guarantee success.
Financial education is powerful, while money is where this power manifests.
You can go to college, graduate with a summa cum laude, get a white-collar job, and never have financial growth. You need to realize that no matter how hard you work, you will never be the one who benefits from your endeavors. One day you may have it all and lose it the next day. However, if you are financially literate, you can gain power over money and start building your wealth from scratch.
A more significant percentage of people in our society still follow the "go to school" advice to the letters, and in truth, these people may avoid being poor, they never grow wealthy. Societal disapproval prevents us from quitting the rat race and building wealth.
Did you know? Adjectives "broke" and "poor" have different connotations. The first one is a temporary state; however, the second one is an eternal quality.
second key point
Fear and greed prompt us to make irrational decisions
Many individuals live in perpetual fear about their financial condition. They are afraid to blunder with paying their bills, getting fired, or not having enough money, which would force them to start over. Let's be honest; many of us fear not measuring up to other people's expectations, be it family or society.
Conventional education systems don’t teach financial knowledge; self-education is the key to financial success
fourth key point
If you want to build wealth, you must be willing to take risks
fifth key point
We don't become rich overnight; learn how to fuel your motivation
sixth key point
Your profession is not as significant in wealth creation as your business
seventh key point
Overcoming obstacles that can cause financial ruins despite your financial literacy
eighth key point
Conclusion
About the author
Robert Kiyosaki is an entrepreneur, educator, investor, and author of the “The Rich Dad” series that has transformed the relationships that millions of people worldwide have with money.
In this eye-opening book, the author shares his personal experiences and lessons learned from his two fathers - one rich and one poor. Through their contrasting financial philosophies, he reveals the secrets of the wealthy and challenges conventional beliefs about money. With practical advice and thought-provoking insights, this book empowers readers to break free from the cycle of financial struggle and embrace a mindset that leads to financial independence and success.
Who should read Rich Dad Poor Dad
Young adults seeking financial independence and wealth-building strategies.
Parents looking to teach their children about money management.
Individuals interested in understanding the mindset of the wealthy.
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Do you find yourself staring at your computer for long minutes, unaware of time slipping by? Do you enter a room and suddenly cannot remember why you stepped in the first place? Is it a herculean task for you to sit through ten pages of a book without reaching for your phone? If yes, your focus needs some work and fast.
Actually, yours is not a unique situation. Many adults like you have issues concentrating on a given task. However, in this fast-paced world of ours, you can’t afford to be not focused at all times. Thankfully, this article comes to your rescue! With the tips and tricks from Hyperfocus by Chris Bailey, you will get in the top percent of folks who have mastered the art of concentration.