Rich Dad Poor Dad book by Robert Kyosaki
By maezee
@maezee (41997)
United States
December 31, 2017 5:07pm CST
I recently just finished this book after my coworker recommending it to me: Rich Dad, Poor Dad: What the Rich Teach Their Kids about Money and What the Poor and Middle Class Do not! by Robert Kiyosaki. Has anyone else read this book? I do have to say it was interesting. He explains what both of his two dads told him about money; one was his biological, well-educated dad who made good money but was often in debt, and one was his best friend's dad who had no college education but owned multiple businesses and was rich.
A big theme in this book is investing. I am not very savvy when it comes to understanding a lot of about finances; like stocks, but one of the ways this author helped himself become extremely rich was through stock trading and high-risk investments at first. With the extra money he yieled through these investments, he turned around and bought real estate property with it. He would go hunting for deals or sellers looking to sell their land, houses, or apartment complexes, make them an offer. He would then turn around and sell this real estate property for more than he bought it for, and re-invest the difference in something else. It was interesting to read about. I have never purchased a "stock". (Have you?)
One good lesson from this book was the simple rule of not leaving above or beyond your means (actually live below them) and a second rule of not buying something (ie such as a newer car) until you have the capital to pay cash for it.
Have you read anything good or interesting lately? Or read this book? Happy New Years Eve to all!
11 people like this
13 responses
@nela13 (55698)
• Portugal
31 Dec 17
Seems a quite interesting book, I will search for it in my country. Thanks
@owstalaga (4707)
• Philippines
12 Jan 18
Yep i've yet to finish the ebook. It's got a lot of helpful insights for us folks who only have the "poor dad".
@snowy22315 (169893)
• United States
31 Dec 17
I read this book back in the day. I guess I should re read it!
@PatZAnthony (14752)
• Charlotte, North Carolina
9 Jan 18
We read this book years back. You don't have to do all that he did. One simple thing that is mentioned that many can do: Own one rental property. By the time you retire, renters will have made most of the payments and you can sell it for a lump sum.
@KrauseHome (36448)
• United States
2 Jan 18
This is a really Good book. For some reason not as recommended to people first starting out wanting to own their own business like it once was. But the things you can learn from this book are quite interesting.
@swalia (1386)
• India
3 Jan 18
I read it long back when my manager gave it to me and asked me to read it. It is a book worth reading.
@taciaelisepeace (1809)
• United States
1 Jan 18
I read this book once and it really does give great insight on how to separate yourself from being a conventional consumer to making profit in your sleep.
I dont know too much about investing as well. I would love to get into it but I have no idea where to start.
One financial change I recently decided to make was setting up one of those high yielding savings account with 1.3 % APY. I figured that's at least a start. I read that if you save at least half of your monthly income, it is one quick way to accumulate money fast. I figured I will start by saving a quarter of my income.
What are some things that any of you have done to start building some wealth?
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