The main reason Robert wrote this book was to share insights into how increased financial intelligence can be used to solve many of life's common problems.
This book is divided into 9 important chapters.
Chapter 1: Rich don't work for money.
The most important point told by Robert was to make money work for you. If you work for money you will never get rich. He had two dad Rich Dad and Poor Dad, Poor Dad work 9-5 for money and Rich Dad had an employee which help him to make money. When Robert was 11 both dads were equally wealthy but in future Rich dad became a rich and poor dad remains the same. Rich dad wants that Robert understands how money works and how to use the money to make your money works for you not by yourself.
Many people talk about and dream of getting rich, keep going don't quit. Don't let money run your life.
Chapter 2: Financial Literacy
Many people are not financial literate about assets and liabilities. .Many people who get instantly rich never remain rich because they are not financially literate on how to use that money wisely. They focus on buying liabilities and spend most of it, rather investing in assets that will help them in buying fortune.
 |
| Image Courtesy: google images |
These are some of the ways to build your assets.
The main five obstacles are
There are many important example and detail of each point so I highly recommend reading this book
If you want to buy this book click here: Rich dad Poor dad
 |
| Gif via GIPHY |
Chapter 3: Mind your own business
Robert said we should focus on our own business rather than working for other businesses. If you work hard for another company it will make them rich not you, but if you work hard for your own business you will get rich.
"To become financially secure, a person needs to mind their own business"
"Ladies and Gentlemen, I'm not in the hamburger business. My business is Real State "
Ray Kroc(Founder of Mcdonals)
Chapter 4: Power of Corporation
Everyone thinks the rich should pay more but the middle class is heavily taxed because rich people figure out how to manage their income or cut out the taxes. The income tax rate of corporate is less than the individual income tax rate.
Chapter 5: Rich Invent Money
We all have tremendous potential, and we all have self-doubt which holds us from doing risky things. Courage can make a difference in leading a successful life. Robert emphasizes on building financial IQ to see a better opportunity which is neglected by many people.
There are two types of investors:
1- Those who buy from investment form financial planner.
1- Those who buy from investment form financial planner.
2- Those who create investment
For the second investment develop 3 skills- search for an opportunity which can be turned into profit, raise money, hire smart people.
"Great opportunity is not seen with your eyes. They are seen with your mind."
 |
Photo by Sharon McCutcheon on Unsplash
|
Chapter 6: Work to learn, Don't work for money.
When you are at a young age try to learn a litten of a lot of different domains. Rather than specialized Robert was encouraged to learn little about a lot. If you are specialized then you to stick to that specific domain. Life is just like going to the gym. The most painful part is deciding to go. Once you get past that, it's easy. Try to learn management skills, the main management skills are the management of cash flow, systems, people.
Acronym of JOB -"Just over broke"
Chapter 7: Overcoming Obstacles
- Fear: Overcome the fear of losing money. The primary reason between rich and poor is how they handle their fear. Take risks to get a big reward(High-risk high reward).
- Cynicism: Self-doubt or doubt of other people in our lives, often we allow that doubt to keep us from acting.
- Laziness: Many people are to busy to take care of there wealth. Cure for this is little greed. Greed for betterment will make you achieve great things.
- Bad Habits: To be successful develop good habits. Good habits like paying your self first, work to learn.
- Arrogance: Many people use arrogance to hide there ignorance.
 |
| Gif via GIPHY |
Chapter 8: Getting Started
10 steps to awaken your financial genius
- Find a reason greater than reality: the power of the spirit
- Make the right choices
- Choose a friend carefully
- Learn Quickly
- Pay yourself first
- Pay your broker well
- Invest in yourself
- Use asset to buy luxuries
- Choose your role model
- Teach and you shall receive
 |
| Image from Pexels |
Chapter 9: Still want more
- If something is not working take a break and find out why it is not working.
- Look for the new idea
- Find someone who can guide you and be your mentor.
- Read books, watch courses, listen to a podcast
- Learn from history
- Understand the market first
- You have to take action to get a reward
 |
Photo by Kaboompics .com from Pexels
|
If you want to buy this book click here: Rich dad Poor dad
