Rich Dad Poor Dad Summary
Rich Dad Poor Dad Summary
A Rich Dad Poor Dad summary is probably best written as a compilation of key principles found throughout the book. The two main principles that I find woven throughout his book are these. First, change the way that you think. Second, make sure that you spend time and energy on your own business first. Hanging from both of these premises are found all of the other principles found in Rich Dad Poor Dad Book. (Summary continues below).
Rich Dad Poor Dad Summary: Change Your Thinking
First, we must change the way we think if we want to change our outcome. Doing the same thing will only lead to the same results we are currently getting. Next, realize that we were not properly educated about money during our school years. Robert Kiyosaki goes on to explain how our education system was set up by the Rockefeller Foundation, and how that many of the rich wanted an education system that would produce good workers. Furthermore, we must change the way that we think about how to obtain money. Do not work for money! Instead, find a way to put your money to work so that you can gain income from your money. Only work a job in order to obtain necessary skills that will be practical for your business and future. By changing the way that we think regarding education and a job, we are on our way to mastering the first key principle.
Rich Dad Poor Dad Summary: Change Your Habits
The second key principle implores you to “Mind your own business!” This, in essence, means that you should allocate your time, energy, and resources to growing your business and yourself to their fullest potential. This principle means paying yourself first, using your best energy for your business, and spending the least amount of time on someone else’s business. In order to do this, you should also understand that right now, a large portion of your income goes to the government in taxes, whether in gas, sales, or income. To legally counteract this drainage of your income, properly form a business entity for your main business as soon as possible. If done correctly, minimal taxes on NET profit will be deducted and apportioned to the federal government for necessary benefits that you receive. But all of these necessary steps take financial education! Robert reminds us that education is expensive, but let me tell you that it does not have to be! Time is far more important than money in your learning process. Spend time on researching the right business entity, writing a business plan, and managing your time, energy, and resources so that you will master the second key principle without spending money unwisely!
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