Robert Kiyosaki’s Rich Dad Poor Dad was first published in 1997 and quickly became a must-read for people interested in investing, money, and the global economy. The book has been translated into dozens of languages, sold around the world, and has become the #1 Personal Finance book of all time.
The overarching theme of Rich Dad Poor Dad is how to use money as a tool for wealth development.
It destroys the myth that the rich are born rich, explains why your personal residence may not really be an asset, describes the real difference between an asset and a liability, and much more.
Key Takeaways/Lessons Learned
• Six lessons Robert Kiyosaki learned from his Rich Dad about making money and the mistakes that Poor Dad made
• Five obstacles to overcome before you can become rich and stay rich
• Ten steps to follow to develop your financial genius
• Actionable to-do steps you can put to work right away
Rich Dad Poor Dad contains a total of ten chapters plus the introduction, but much of the book is focused on the first six parts or lessons.
We’ll cover the introduction and the first six lessons first, then the remaining four sections later in this review.
• Introduction: Rich Dad Poor Dad
• Chapter 1: The Rich Don’t Work for Money
• Chapter 2: Why Teach Financial Literacy?
• Chapter 3: Mind Your Own Business
• Chapter 4: The History of Taxes and the Power of Corporations
• Chapter 5: The Rich Invent Money
• Chapter 6: Work to Learn – Don’t Work for Money
Robert Kiyosaki, author of Rich Dad Poor Dad, had two main influential fathers in his life. Poor Dad was Kiyosaki’s biological father, a man who was highly intelligent and very well educated. Poor Dad believed in studying hard and getting good grades, then finding a well-paying job. Yet, despite these seemingly positive attributes, Poor Dad didn’t do well financially.
Rich Dad was the father of Kiyosaki’s best friend. He had a similar work ethic to Kiyosaki’s real dad, but with a twist. Rich Dad believed in financial education, learning how money works, and understanding how to make money work for you. Although he was an eighth-grade dropout, Rich Dad eventually became a millionaire by putting the power of money to work for him.
The book is written from Kiyosaki’s perspective of how Rich Dad went about making money and the mistakes that Poor Dad made. The first six chapters of Rich Dad Poor Dad make up about two-thirds of the book and discuss the six lessons that Kiyosaki learned from his Rich Dad.