Rich Dad , Poor Dad — Book Notes
Book summary part personal, part by ChatGPT
I started listening to “Rich Dad, Poor Dad” by Book by Robert Kiyosaki and Sharon Lecter on Audible a few weeks ago and just completed the full book a few days ago.
The book was quite interesting and the points seemed very valid , more like common sense action items, that we all probably don’t realize and skip it.
There were a few key points that I thought was particularly interesting.
But before I go on with the summary of the book, its 2023 and its the age of Chat GPT!! I delegated by task of writing this blog post to Chat GPT and here goes the conversation..
The above summary is fascinatingly quite gooooood!! :-)
Here is Chat GPT in text:
“Rich Dad Poor Dad” is a personal finance book written by Robert Kiyosaki and Sharon Lechter. Published in 1997, the book has become a worldwide best-seller. Here’s a summary of the key points:
The book is essentially a comparison between two different perspectives on money and wealth. The “poor dad” is Kiyosaki’s biological father, a man who was well educated and had a secure job, but struggled financially. The “rich dad” is his friend’s father, who didn’t have a college degree but was a successful entrepreneur.
Key lessons from the book include:
Financial Education: Kiyosaki advocates for financial education, stressing its importance in wealth accumulation. He criticizes the traditional education system for not teaching practical finance and investment knowledge.
Assets vs. Liabilities: He emphasizes the difference between assets and liabilities. An asset puts money in your pocket, such as an investment property that you rent out. A liability takes money out of your pocket, such as a mortgage on a personal residence. To become wealthy, one should focus on accumulating assets and minimizing liabilities.
Work to Learn, Not to Earn: Kiyosaki suggests that instead of working for money, people should focus on learning new skills and gaining experiences. These skills can then be used to create wealth.
Mind Your Own Business: He suggests that people should spend time and energy in building and growing their own businesses instead of working for someone else’s business. This is based on his belief in entrepreneurship as a path to wealth.
The Rich Invent Money: This principle encourages innovative thinking in making money work for you, rather than working for money.
Overcoming Fear: Fear and doubt are seen as the biggest obstacles to financial success. Kiyosaki argues that in order to achieve financial independence, one needs to overcome the fear of losing money.
The Power of Property Investing: Kiyosaki strongly believes in real estate investing as a powerful tool for generating cash flow and becoming financially independent.
Remember, while “Rich Dad Poor Dad” provides some interesting perspectives on money and investing, it’s always a good idea to consult with financial advisors or conduct additional research before making any major financial decisions.
The above is quite a good summary of the contents of the book.
There is one key thought I would like to add — having lived in USA for 15yrs and currently living in Dubai, UAE — I can see some vast difference in the investing philosophy and areas of concern.
More than 35% of the entire “Rich Dad, Poor Dad” book talks about Taxes!! It is clear that rich people in USA do not like Taxes!! Throughout the book, it carries the weight of navigating through Taxes to make investments.
Living in Dubai, where there is NO — None-Zero-Zilch-Nada — personal income taxes , all of these content in the book is pleasantly irrelevant.