The book “Rich dad Poor dad” by Robert Kiyosaki - Book Summary

The book “Rich dad Poor dad” written by Robert Kiyosaki is the first book I read. I would say this life-changing book to me. During the COVID 19 pandemic, when I was thinking about what to do, this is the book suggested by YouTube. First I saw the summary of this book on YouTube that made me read this book. I am not a good fan of reading books, but out of curiosity, I read this book. After that, I have listened to more audiobooks not only written by Robert but also by other authors. I am looking forward to writing the blogs for other books I love. Since this is my first book and read the whole book, this is really personal to me. The book “Rich dad poor dad” changed my life totally.

Photo by Julia Kicova on Unsplash

In this blog, I am going to explain the lessons that made my life and thinking Patten differently. Robert Kiyosaki explaining the concepts by telling a story. This book is easy to read and understand and Robert explained everything in detail. Since I am an Accounting and Financial professional, I could easily relate this story to my life, but Robert explained complicated financial terms in a simple manner.

Before diving into the story, It is better to who is Robert Kiyosaki. Robert Kiyosaki is the American Businessman and author of more than 26 books including this book (best seller). His net worth is $100 Million (Updated 2020).

Long story short, (as per the book Rich Dad Poor Dad) little Robert has to dad, one is real dad he is the Ph.D. holder and he advised Robert to go to school, get good grade end of this you can get a safe and secured job (as our parent advised us) Robert refer this dad as the poor dad in this book. Another dad is Robert’s mentor is explaining to him how to really become rich.

The main lesson of this book is the concept of Assets and Liability. People, who are in the field of Accounting and Finance, can easily understand this concept. For others, I will explain that simply. The asset will generate cash for example stock investment is assets that will generate the dividend and liability require cash to settle for example loan which is required installment to be paid monthly. Robert is saying in this book the rich acquire assets and the acquire liabilities.

Poor dad (Robert’ real dad) is earning his income from a job (He is an Accountant but don’t know how to become rich) and spend on food, clothes, entertainment, and transportation. Unfortunately, he doesn’t have assets but he has liabilities like mortgages, loans, and credit cards. Whereas Rich dad is earning income from many sources and making assets through those assets he is earning passive income (Passive income you can earn while you are sleeping, for example if invest in share you can earn dividend income while you are sleeping. i.e somebody is working for you to earn a dividend.) Robert stated Stocks, Bonds, Mutual funds, Real Estate, Royalties, and other assists produce income are assets whereas Loan, Mortgages, Credit Cards are considered as liabilities.

Robert learned from his rich dad general population lives by emotions, fear, and greed, which keep us stuck in going to school, get a good grade, go to a secured job and pay our bills. They are hoping fear will go away of not having money and greed is another reason where people think they can buy joy with money. Unfortunately, most of the schools don’t teach about money. Because of that only people have fear and greed. Rich dad advised to not think with your emotion. i.e don’t afraid to invest and get passive income and if you can buy anything twice, you can buy that, for example, if you want to buy a car, you should have twice the worth of that car.

My Learning from the Book “Rich Dad Poor Dad”

When I went to school, my parents advise me to get a good grade, go to university, get a job and pay my bills. After graduated from university only I realized about money. I did not get any knowledge about money in school or from my parents. As advised by the parent, I got a good grade at school, graduated from university, and ended up with liabilities.

After reading this book, I am paying myself first i.e. I am investing 10% of my salary and using the rest to pay my bills. I am investing in stock and mutual funds, and I started a YouTube channel and Blog. Now I have a clear understanding of what are assets and what are liabilities. Currently, I am working on increasing the assets and reduce the liability. If you clearly understand the lessons from Rich dad, your life won’t be the same again.

If you would like to know more about this, please read or listen audiobook of “Rich Dad Poor Dad”

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To read my blog the book "Think and Grow Rich" by Napoleon Hill - Book Summary, click here

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