Rich Dad Poor Dad is one of the most popular books & movies of all times. Written by Robert Kiyosaki, a formidable author who gives a solution on how you can increase your wealth. There are many key aspects of this particular piece that will prove to be quite useful in your life.Especially if you are in the process of starting and initiating a business. There are six lessons in this book that will guide you through the process of learning and understanding of how you can run your business.
Lesson One: The Rich Don’t Work for Money
In this first lesson, you will learn something valuable but it is also something that many people around the world already know. The rich do not work for money. Rather they focus on long-term investment that will help bring in abundant money and will not have to worry about losing their money. Check out Moral reflection Summary by Robert Kiyosaki for more detailed review. There are two things that prevent a person from earning the wealth that they deserve and they are, fear and desire. They sometimes grotesquely control the person that they end up staying in the spot that they are in. The fear which leads them to worry about losing money and earning money on a day to day basis, and desire which leads them to keep appearances in public through expensive clothes, high-end items, etc.
In this lesson, you understand that Rich Dad is always more focused on finding ways of forming ideas and investments through which they can earn money even without working and watch it increase, instead of waiting for a pay raise.
Lesson Two: Why Teach Financial Literacy?
When it comes to the business world, learning the terms related to finance and marketing is very important. In this particular lesson, Robert Kiyosaki explains the various financial terms that are important. He breaks down these terms respective of the various different income levels. Such as he explains the terms income (, liability (anything that makes you lose money), asset(anything that helps bring in more money, or in other words investments), etc.
For a person to become wealthy, rather than increasing and focusing on their incomes, they must focus on increasing the number of assets which will be more beneficial in the longer run.
Lesson Three: Mind Your Own Business
A rather refreshing chapter, that is completely honest, and something that almost everyone agrees with. Mind Your Own Business, in this the author gives tells us that you should be able to look after yourself properly. That includes managing your finances and cutting out the things that are nothing but a hindrance. In other words, you should be focusing on getting more assets and building upon it to become rich and remove or reduce the liabilities.
Lesson Four: The History and The Power Of Corporation
In this lesson, the author states the advantages that the rich have over the people with lesser income. With the help of a corporation and its power, the rich are able to avoid paying too many taxes that are in other words they use the loopholes in these laws and end up retaining their money. This is mostly due to a corporate exemption. Whereas the poor on the other hand have to pay their dues dutifully. The rich are able to pay for the taxes after they cover up their expenses whereas the poor have their taxes taken from their paycheck even before they can cover their expenses.
Lesson Five: The Rich Invent Money
Though it is impossible to invent money out of thin air, the main thing that this chapter focuses on is self-confidence. A lot of people have a lot of doubt about whatever they want to do. This can hinder their process of becoming rich. Though it is necessary that a person remains cautious in whatever they do, it is also important that they have the self-confidence to go through with their ideas, investments, and plans.
Lesson Six: Don’t Work for Money
This is quite an interesting topic that is practical and very useful. The author focuses on the fact that you should focus on the quality of the job and work that you when compared to money. Though it is important to have a job that provides you with security and a proper income, the quality of the work that you do and learn is also important. This is one of the best ways for you to grow irrespective of the field that you work in.
There are two sides to every coin. There are many people who absolutely love this book and agree with the ideas shared as well as find them very helpful in their day to day lives. Whereas most of them, find it the opposite. Nevertheless, if you are a beginner when it comes to business or you want any sort of insight on how to go ahead with your life, this is a perfect book for you.
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