Rich Dad Poor Dad Summary
Posted by Nathan Sloan in Improve Your Mindset
Rich dad Poor Dad was the book responsible for me completely changing my career and become financially free within two and a half years.
The book itself is still the number one best selling personal finance book of all time and for a very good reason.
Robert Kiyosaki has now helped thousands of people improve their finances and begin to lead richer lives. The book is simply a must read for any aspiring entrepreneur. Here is a quick Rich Dad Poor Dad summary.
Rich dad poor dad summary
1. The Rich Don’t Work for Money
The first lesson is all about the fact that the rich do not actually work for money. However do not get confused. They do work and they do make money but they do not sell their time for money. The difference is that they create ‘systems’ and have other people run the system for them.
2. Learning Financial Literacy
The difference between rich people and poor has to do with their financial education. 90% of the population are not even aware that there is another way to earn money other than by being an employee. The rich are lucky because they are taught this by the parents. This book gives people access to the same important lessons.
3. Mind your Own Business
One of the big differences between the rich and the poor is the fact that rich people own businesses. Poor people work in businesses. Building a business can be done by anybody with drive and determination, however these skills are not taught in school. You also get many tax advantages through having a business. More on that below.
4. The Power of Corporations
By owning a corporation you get access to tax breaks that are simply not available to employees. The reason companies pay less tax is because they are helping the economy and creating jobs. By owning a corporation you also get asset protection. If anything were to happen to your business it would be classed as a separate entity and your house would be safe from repossession.
5. The Rich Invent Money
Learning the world of business can really be a big eye opener. Once you have strong selling skills the world really is your oyster. You really can create money. Richard Branson, when told they were no more flights one time went on to sell several tickets himself for an alternative flight and paid for his new ticket through other people. Opportunities really are all around you.
6. Work to Learn Vs Don’t Work to Earn
This lesson is invaluable. One of the big mistakes people make when they first start transitioning to the business sector is accepting that it can take longer than you think. This is why it is essential that you treat your current job as a chance to learn the skills that you will need to succeed in business and not just as a place to just earn a wage.
If you haven’t yet read Rich Dad Poor Dad I strongly recommend you do. Believe me when I say it is a game changer.
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Nathan Sloan
