FINANCIAL LITERACY: RICH DAD POOR DAD BOOK REVIEW

Introduction:

Who doesn't wish to become rich? Everybody in the world cherishes the desire to earn plenty of money, satisfying his desires and providing him with all the luxuries. Money is very powerful. It can be witnessed from the lives of people who are earning millions. The more money you have, the more ease and convenient life you spend. Robert Kiyosaki has brought a revolution in the field of money and its uses. The following description of a glimpse from the book "Rich Dad Poor Dad". Are you looking for financial literacy book? Rich Dad Poor Dad book review should be the first to begin to read. Go ahead!👉

Robert Kiyosaki Bio:

Robert Kiyosaki is the author of the famous book “Rich Dad, Poor Dad”. He is very well known for his concepts of financial literacy. Real estate is his major business in America. He has been contributing in the field of spreading awareness about Asset Proliferation, Understanding the difference between Asset and Liability, Financial Decision Making, and exploring and creating opportunities. He has significantly gained familiarity since his worldwide famous book “Rich Dad, Poor Dad” in which he tossed up the idea of money spending, money education, money control, and money impacts. His book has provided businessmen and individuals with different tactics of utilizing money in an efficient way. Individuals intending to initiate new businesses or learn how does money works are advised to read and understand his book.

Introduction of the book Rich Dad Poor Dad

This book entails the journey of Robert Kiyosaki about how he grew from poor to rich. The book comprises the teachings of two fathers. His real father who was a Professor with having Ph.D. and other degrees from various degrees is indicated as Poor Dad and the Dad entitled as Rich Dad is the man who is father of his friend. Rich Dad is financially stable. He is a businessman.

Robert was admitted in a school where most of the kids belonged to the rich families. Those kids avoided letting him involve with them because his father could not buy him the latest collections of toys, dresses and bikes. He had a strong desire to fit in the present ground. Robert asked poor dad about how he can get rich. He advised him to invest energy in studies which would get him high grades. Higher academic achievements would enable him to get high paying and secure jobs. Robert turned to the Rich Dad who in turn offered him a job. He kept working until he felt that he should be paid more than what he really was. This was the turning point of Robert’s life. The rich dad revealed before him the science of money and how it works. Rich Dad’s concept motivated Robert to learn it because his curiosity increased. The rich dad taught him about the assets, liabilities, earning and spending. He also shared with him the difference between the attitudes of the poor and the rich toward money. Robert considered the Rich Dad as his role model and admired him more than his real dad “Poor Dad”

“Rich Dad Poor Dad” covers the following core concepts:

• Definition of wealth

Robert defines the wealth by asking the question, “How long can you survive if you stop working”? Your response to this question is actually the answer of this question. Whatever things including your estate, money, receivables, financial assistance, and pension back your survival when you are no longer working is your wealth.

• Financial Education and its impact

Robert emphasizes on financial education more than the academic education because he believes that many people despite having high paying jobs struggle with the money at the end of the months. People with adequate financial education possess the art of controlling the money and thus they never worry about getting deprived or experience financial struggle.

• Rich and Poor approaches to money

The book has revealed that the rich and the poor have different psychology regarding the money. The poor works for money and the rich employs the money to work for him.

How money controls the poor and how rich influences the money. The poor believes that crimes would increase if the money proliferates because it will boost the greed while rich has the contrast opinion. He blames the lack of money for increasing crimes due to the poverty and hunger.

Objective of the author for the concepts covered

The author intends to guide readers to work on the assets. He clarifies that when people buy a house they consider it their asset while it is in conflict with asset definition. He defines asset as anything which gives you money while the things that take from your pocket is a liability.

Recommendation:

I have personally felt the magic of motivation spelled in the book. Many people who were recommended this book have changed their lifestyles. They follow the book concepts and now control the behavior of spending money. I would recommend this book to you. Whether you are a doctor, a student, a businessman or anything, this book is your way to a better financial life.