Personal finance author and lecturer Robert T. Kiyosaki developed his unique economic perspective from two very different influences – his two fathers. One father (Robert’s real father) was a highly educated man but fiscally poor. The other father was the father of Robert’s best friend – that Dad was an eighth-grade drop-out who became a self-made multi-millionaire. The lifelong monetary problems experienced by his poor dad pounded home the counterpoint communicated by his rich dad. Taking that message to heart, Kiyosaki was able to retire at 47.
Rich Dad Poor Dad has sold over 26 million copies and received positive reviews from some critics. American talk show host and media mogul Oprah Winfrey endorsed the book on her show. Another celebrity supporter is actor Will Smith, who said he is teaching his son about financial responsibility by reading the book. President Donald Trump has read and praised the book and compared the book to his book Trump: The Art of the Deal, which served as an inspirational book to Kiyosaki. Trump later did a literary collaboration with Kiyosaki in 2006 called “Why We Want You To Be Rich, Two Men One Message” and a second book called “Midas Touch: Why Some Entrepreneurs Get Rich-And Why Most Don’t” in 2011. American fashion entrepreneur and investor Daymond John has called the book one of his favorites. American rapper Big K.R.I.T. made a song called “Rich Dad Poor Dad” though it had no connection to the book.
The book was originally self-published in 1997 before being picked up commercially to become a New York Times bestseller. It has since sold 26 million copies and become a household name. In his audiobook Choose to be Rich, Kiyosaki said that every publisher turned him down, and Barnes & Noble refused to stock the book initially. He places his focus upon talk shows and radio show appearances, of which The Oprah Winfrey Show had the biggest influence on book sales.
When I first read the Rich Dad Poor Dad book, I primarily liked how he viewed the world from a different perspective. It got me to think differently about my business and investing than previously.
Rich Dad Poor Dad, should be viewed as a general starting point, a investment/startup summary, rather than a list of specific items to do as an entrepreneur. Robert Kiyosaki emphasizes six key points through out the book.
It’s the differentiator between his “poor” dad (his real dad), and the “rich” dad that helped him understand business and become wealthy.
1 The rich don’t work for money
2 The importance of financial literacy
3 Minding your own business
4 Taxes and corporations
5 The rich invent money
6 The need to work to learn and not to work for money
There we have it. There is plenty more good stuff in Rich Dad Poor Dad and I recommend reading it. But if you can’t be bothered, here is my summary in three sentences:
Take responsibility for your financial future.
Learn how to invest and improve your financial education.
Grow your money-making assets while shrinking your liabilities.