Summary of Rich Dad Poor Dad

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SUMMARY

Robert Kiyosaki, author and narrator of the book shared his story about him having two fathers. The first one was his biological father whom he called as the “POOR DAD” and the other was his best friend’s father whom he called as the “RICH DAD”. His two fathers taught him how to be successful in life but with different methods and attitudes. While reading the book, it became to apparent which of the author’s two father’s turned out to be more effective when it comes to financial success. The author made a fair comparison between his rich dad and poor dad principles, ideas, financial practices, enthusiasm and how his real dad struggled but highly educated person receded against his best friend’s father in terms of financial achievements. The author compared his real dad to those people who were running in the “Rat Race”, a race where helpless people trapped in a nasty cycle of needing more money but unable to satisfy their wants, needs and dreams for wealth because of lack in financial knowledge or what the author termed as financial literacy. People spent so much time in school learning about the real world but acquired nothing important about money for it was never taught in school. While his rich dad, signifies the independent wealthy core of society who deliberately took the chance of power to manage corporations and personal knowledge of tax and accounting. Robert Kiyosaki reduced the book’s theme to two fundamental concepts which he had pin-pointed: a can do attitude and fearless entrepreneurship. He provided multiple examples for each and focusing on the need to learn the financial literacy, on how the power of corporations contribute to making the rich wealthier, minding your own business, overcoming obstacles by not nurturing laziness, fear, cynicism and other attitudes, and recognizing the characteristics of humans on how their upbringing hamper their financial freedom goals.

CHARACTERS

Poor Dad
The author compared his poor dad to the millions of fathers who told their sons to do well in school so they could get a good job with a good company. Poor dad believed in the traditional principles of working hard, saving money, and not to buy things that you cannot afford. He supposed that having a good job with a solid company is what one should aspire for. Poor dad seemed to look education as the passport to success. He held a doctorate degree, went to Ivy League university, but was always struggling financially. He believed he would never be a rich man and the author pointed out that this became a self-fulfilling prophecy. Poor dad was more interested in a good education than money talks. Robert kiyosaki also wrote that his real dad would always say things like, “I’m not interested in money” or “money doesn’t matter.” He furthermore pointed out that real dad was preoccupied with things like job tenure and security, Social Security, vacation and sick leaves, company insurance and salary raises and promotions. The author felt that his poor dad was more interested in these factors rather than on the job itself. This was what the author called being trapped in the Rat Race. His poor dad worked hard incessantly but somehow never made it ahead financially. Poor dad approached to the subject of money was based on working hard to have enough money to pay the bills (in contrast to rich dad’s approach to make one’s money work for him).

Rich Dad
The author mentioned that when he was a nine year old he started to realize that rich dad made much more sense than to his poor dad. It was from rich dad that he learned not to say, “I can’t afford it”, but instead to ask, “how can I afford it?” He explained this principle by relating an incident when he and his best friend Mike went to work for Mike’s father. Rich dad gave them a salary of ten cents per hour that stirred them to anger and had a sense of injustice and at the end they understood that in order to get ahead, one must work for himself and not for...
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