RICH DAD POOR DAD
What The Rich Teach Their Kids About Money - That The Poor and Middle Class Do Not!
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I love this book, it financially teaches me about how to manage personal finance and shift my paradigm about money.

The author writes about his real-world experience and what he went thru and teaches others the language of money and how to be financial freedom, which didn't practice in society. 
In this book, Robert discusses what he learns about money, investing and real estate. Having two dads (Poor dad-his father & Rich dad-father of his best-friend) offered him the choice of contrasting point of view about money. He shares the contrasting perspective of both dads in an engaging, thought-provoking and inspiring manner.

The author also shares a lesson from his favorite poet "The Road not taken" by Robert Frost.
The Road not Taken
Two roads diverged in a yellow wood,
And sorry I could not travel both
And be one traveler, long I stood
And looked down one as far as I could
To where it bent in the undergrowth;

Then took the other, as just as fair,
And having perhaps the better claim,
Because it was grassy and wanted wear;
Though as for that the passing there
Had worn them really about the same,

And both that morning equally lay
In leaves no step had trodden black.
Oh, I kept the first for another day!
Yet knowing how way leads on to way,
I doubted if I should ever come back.

I shall be telling this with a sigh
Somewhere ages and ages hence:
Two roads diverged in a wood, and I—
I took the one less traveled by,
And that has made all the difference.

The author said that money is one form of power, but what is more powerful is financial education. Money comes and goes, but if you have the education about how money works, you gain power over it and can begin building wealth.



The main focus of this book is the 6 lessons.
Lesson #1. : The Rich don't work for money - The poor and middle- class work for money. The rich have money work for them.
Quote : 
'People's lives are forever controlled by emotions: fear and greed.'
' So many people say, Oh I'm not interested in money. Yet they'll work at a job for eight hours a day.'  

Lesson #2. : Why Teach Financial Literacy? – It’s not how much money you make. It’s how much money you keep.
Quote :
‘Rich people acquire assets. The poor and middle class acquires liabilities that they think are assets.’
Rule # 1: You must know the difference between an asset and a liability, and buy assets. 
Quote :
‘An asset puts money in your pocket. A liability takes money out of your pocket.’
‘Cash flow tells the story of how a person handles money.’
‘A person can be highly educated, professionally successful, and financially illiterate.’

Lesson #3. : Mind Your Own Business – The rich focus on their assets columns while everyone else focuses on their income statements. 
Quote :
‘Financial struggle is often the result of people working all their lives for someone else.’
‘Start minding your own business. Keep your daytime job, but start buying real assets, not liabilities.’

Lesson #4. : The History of taxes and the power of corporation – The author rich dad just played the game smart, and he did it through the corporations-the biggest secret of the rich.
Quote :
‘If you work for money, you give the power to your employer. If money works for you, you keep the power and control it.’
‘Each dollar in my asset column was a great employee, working hard to make more employees and buy the boss a new Porsche.’

Lesson #5. : The Rich Invent Money – Often in the real-world, it’s not the smart who gets ahead, but the bold.
Quote :
‘Games reflect behavior. They are an instant feedback system.’
‘The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth.’
‘The problem with “secure” investments is that they are often sanitized, that is, made so safe that the gains are less.’
‘It is not gambling if you know what you’re doing. It is gambling if you’re just throwing money into a deal and praying.’
‘Great opportunities are not seen with your eyes. They are seen with your mind.’

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.
Quote :
‘You want to know a little about a lot’, was Rich Dad's suggestion.’
‘Job is an acronym for Just Over Broke.’
The main management skills needed for success are :
  • Management of Cashflow
  • Management of System
  • Management of People
The most important specialized skills are sales and marketing. The ability to sell to communicate with another human being is the base skill of personal success. Communication skills such as writing, speaking, and negotiating are crucial to a life of success.


The other 2 last chapters;
Chapter 7: Overcoming obstacles – The Primary difference between a rich person and a poor person is how they manage their fear. 
Overcoming Fear: The fear of losing money is real. Everyone has it. Even the rich. But it’s not having a fear that is the problem. It’s how you handle fear. It’s how you handle losing. It’s how you handle failure that makes the difference in one’s life. 
Quote :
‘For most people, the reason they don’t win financially is that the pain of losing money is far greater than the joy of being rich.’
‘Failure inspires winners. Failure defeats losers.’

Overcoming Cynicism: Doubts and cynicism that keep most people poor and playing it safe. The real world is simply waiting for you to get rich. Only a person’s doubts keep them poor.

Overcoming Laziness: How to beat laziness? The answer is to be a bit greedy. A person needs to sit down and ask, “What would my life be like if I never had to work again? “, “What would I do if I had all the money that I need?” Without that little greed, the desire to have something better, progress is not made.
Quote : 
“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.”

Overcoming Bad Habits: Pay yourself first, your asset column is far more important.
“If I pay myself first, I get financially stronger, mentally and fiscally.’

Overcoming Arrogance: “What I know makes me money. What I don’t know loses me money. Every time I have been arrogant, I have lost money. Because when I am arrogant, I truly believe that what I don’t know is not important.” When you know you are ignorant in a subject, start educating yourself by finding an expert in the field or a book on the subject.

Chapter 8: Getting Started – There is gold everywhere. Most people are not trained to see it.
  • Find a reason greater than reality: the power of the spirit
  • Make a daily choice: the power choice
  • Choose friends carefully: the power of association 
  • Master a formula and then learn a new one: the power of learning quickly
  • Pay yourself first: the power of self-discipline
  • Pay your brokers well: the power of good advice
  • Be an Indian giver: the power of getting something for nothing
  • Use assets to buy luxuries: the power of focus
  • Choose heroes: the power of myth
  • Teach and you shall receive: the power of giving

The key to becoming wealthy is the ability to convert ordinary income into passive income or portfolio income as quickly as possible.

3 type of different income :
  1. Ordinary Income – Money you work for
  2. Portfolio Income – Income derived from paper assets such as stocks and bonds
  3. Passive Income – Income derived from real estate investment

Author’s advice:
Take Action!
All of you were given two great gifts; your mind and your time. It is up to you to do what you please with both. With each dollar bill that enters your hand, you, and only you have the power to determine your destiny. Spend it foolishly and you choose to be poor. Spend it on liabilities, and you join the middle class. Invest it in your mind and learn how to acquire assets, and you will be choosing wealth as your goal and your future. The choice is yours, and only yours. Every day with every dollar, you decide to be rich, poor, or middle class.