Rich Dad, Poor Dad: What the Rich Teach Their Kids about Money That the Poor and Middle Class Do Not

Abstract

Dad, Poor Dad: What The Teach Their Kids About Money That The Poor And Middle Class Do Not, by Robert T. Kiyosaki with Sharon L. Lechter CPA. 2000. New York, NY: Warner Books. 203 pages, Soft Cover, $22.95 Intended Audience: All Major Headings from Table of Contents: The Don't Work For Money; Why Teach Financial Literacy? Mind Your Own Business; The History of Taxes and the Power of Corporations; The Invent Money; Work To Learn - Don't Work For Money How is the book most useful for its intended audience? Presents a different viewpoint than traditional wealth-building books. The top five things you learned from reading this book: 1. Different way to define assets and liabilities. 2. Building wealth takes a different mindset than most of us were taught. 3. It's never too late to begin building wealth. 4. That a profession is not a business. 5. The most important specialized skills are sales and marketing Part true story, part analogy, Dad Poor Dad is told in the first person by the author. Robert T. Kiyosaki begins at the beginning (his childhood) where he made an interesting observation between his biological father (Poor Dad) and his friend Mike's father (Rich Dad.) What evolved from this observation shaped Kiyosaki's view of the financial world and answered these two questions: 1) What is the difference in the world view and attitude of people who become rich compared to other people? 2) What things do they do differently to have such different results in their lives? When Kiyosaki was a young boy, he and his friend Mike decided they wanted to become rich. Starting simple, they just began to create money, literally; they started making counterfeit money. Kiyosaki's biological father (an educator and public administrator) explained to the boys this was illegal. He also admitted he did not know how to become rich, but suggested the boys ask Mike's father how to go about it. So Mike's father, an independent businessperson, became a mentor to Kiyosaki and eventually was dubbed his Rich Dad. This book uses real-life anecdotes and analogies to chronicle how the Dad taught Kiyosaki the lessons he needed to learn to make himself financially independent. Observing and having discussions around money with his biological father (Poor Dad), Kiyosaki learned that our educational system is pretty good at producing employees, but not very good at producing people who are good at managing their finances wisely. …

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