To See a Detailed Summary: Rich dad poor dad
To see other financial literacy books: Books on Building Financial IQ (Sep 2024)
Now a super short summary:
LESSON 1: THE RICH DON'T WORK FOR MONEY
The poor and the middle class work for money. The rich have money work for them.
LESSON 2: WHY TEACH FINANCIAL LITERACY?
It's not how much money you make. It's how much money you keep.
Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.
Difference in perception between my rich dad and my poor dad when it came to their homes:
Rich dad thinks his house is a liability. While the poor dad thinks the house is an asset.
LESSON 3: MIND YOUR OWN BUSINESS
The rich focus on their asset columns while everyone else focuses on their income statements.
LESSON 4: THE HISTORY OF TAXES AND THE POWER OF CORPORATIONS
My rich dad just played the game smart, and he did it through corporations- the biggest secret of the rich.
LESSON 5: THE RICH INVENT MONEY
Often in the real world, it's not the smart who get ahead, but the bold.
LESSON 6: WORK TO LEARN - DON'T WORK FOR MONEY
Job security meant everything to my educated dad. Learning meant everything to my rich dad.
The main management skills needed for success are:
1. Management of cash flow
2. Management of systems
3. Management of people
Chapter Seven: OVERCOMING OBSTACLES
The primary difference between a rich person and a poor person is how they manage fear.
Once people have studied and become financially literate, they may still face roadblocks to becoming financially independent. There are five main reasons why financially literate people may still not develop abundant asset columns that could produce a large cash flow. The five reasons are:
1. Fear
2. Cynicism
3. Laziness
4. Bad habits
5. Arrogance
For most people, the reason they don't win financially is because the pain of losing money is far greater than the joy of being rich.
Failure inspires winners. Failure defeats losers.
Rich dad believed that the words "I can't afford it" shut down your brain. "How can I afford it?" opens up possibilities, excitement, and dreams.
...
Chapter Eight GETTING STARTED
There is gold everywhere. Most people are not trained to see it.
The three most important management skills necessary to start your own business are management of:
1. Cash flow
2. People
3. Personal time
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