Rich Dad Poor Dad: A Book Review
Introduction
Rich Dad Poor Dad is a 1997 book written by Robert Kiyosaki and Sharon Lechter. The book is about the different perspectives of rich and poor people on money and investing. Kiyosaki argues that most people are taught to work for money, but that the rich create money through assets. He also argues that the key to financial success is financial education.
The Book
The book is divided into four parts. The first part, "The Cashflow Quadrant," introduces the four different types of earners: E (employees), S (self-employed), B (business owners), and I (investors). Kiyosaki argues that the best way to achieve financial freedom is to become an investor.
The second part, "The Rich Dad's Rules," discusses the different financial principles that Kiyosaki learned from his rich dad. These principles include the importance of financial education, the difference between assets and liabilities, and the power of leverage.
The third part, "The Rich Dad's Story," tells the story of how Kiyosaki learned about financial education from his rich dad. Kiyosaki's rich dad was a self-made millionaire who taught him the difference between assets and liabilities. He also taught Kiyosaki the importance of investing in assets that produce cashflow.
The fourth part, "The Rich Dad's Legacy," provides advice on how to teach your children about money. Kiyosaki argues that it is important to teach children about financial education from a young age. He also provides a list of resources that parents can use to teach their children about money.
Conclusion
Rich Dad Poor Dad is a controversial book, but it has been a bestseller for over 20 years. The book has been praised for its simple and straightforward financial advice. However, it has also been criticized for its simplistic view of wealth and for its promotion of get-rich-quick schemes.
Overall, Rich Dad Poor Dad is a thought-provoking book that provides some valuable insights into personal finance. However, readers should be aware of the book's limitations before taking its advice too seriously.
Is the Book Worth Reading?
Whether or not Rich Dad Poor Dad is worth reading depends on your individual goals and circumstances. If you are looking for a simple and straightforward introduction to personal finance, then the book may be a good fit for you. However, if you are looking for a more comprehensive and nuanced understanding of personal finance, then you may want to look elsewhere.
Here are some of the pros and cons of the book:
Pros:
- Simple and straightforward financial advice
- Thought-provoking insights into wealth and investing
- Inspirational story of Kiyosaki's journey to financial freedom
Cons:
- Simplistic view of wealth and investing
- Promotion of get-rich-quick schemes
- Lack of depth and nuance
Overall, Rich Dad Poor Dad is a worthwhile read for anyone who is interested in learning more about personal finance. However, readers should be aware of the book's limitations before taking its advice too seriously.
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