Rich Dad Poor Dad Summary

“Adulting” is really creeping and start seeping into my veins. I am kind of excited for the next stage of my life. Anyway, I said this because I am like preparing myself to be a better 30-ish guy. You know being mature, more responsible, attractive in a subtle and gentleman way, things like that. So I decided to start reading books, well I am just practicing to read books because I am not really a book reader so I have to train myself to be one. I borrowed a book from a friend and officemate. Since we are in the financial-technology industry so I guess it would be better and right if I read about financial stuff and not just about IT and technology. For a starter, I borrow the famous book of Robert Kiyosaki called Rich Dad Poor Dad. It took me like a more than a month to read the 250-ish pages book (I know, I am noob.. don’t judge me). I read every day but just a few pages because I know to my self that my attention span is very little. Well, enough of the introduction of my in the making of “my reading habits” and let’s get down to what this blog post all about. True that reading is one of the best things you can do for yourself, I learned a lot from this book. It opened me to a new mindset, I think that’s a mindset of a rich and wise person and now I feel so overwhelmed of this discovery that it deserves to be shared. So below is my list of learning I learned from reading this book.

1. Take risk while you are young: Nothing grows in the comfort zone. Always challenge yourself and take a risk. Robert said that it’s better and wise to experience mistakes while still young, it may be painful but it’s less risky since you still have a chance to do it another time until you reach your goal. I know this is cliche but you’ve heard this from financial advisors: start young, start now!
2. Academic education is essential but financial literacy is the best: Robert always emphasizes in this book the importance of financial literacy. With financial intelligence, it provides you more options and avoids obstacles, therefore, mitigating your risk as well. Life is like a game, we always gamble but if you are financially literate you play strategically.
3. Learn the real meaning of the word “asset” – in our basic accounting, an asset is anything that we possessed but that’s not the true meaning of asset in a financially literate person. Asset means anything that helps you acquire income.
4. Let the money works for you and not the other way around – money is just an idea, money is a reward for what you have done for your self. Training you took, the network of friends you have, the skills you acquire, and a good spiritual balance is fundamental, then money will follow. As long as you know how to work all of them. Use your assets to generate the income for you and not just depends on your own hard work, be smart!
5. Focus on your goal, and that is to be rich! – The crab mentality, if you are a Filipino you probably very aware of this bad characteristic. Crab mentality means you pull others down when you see them that they are successful or starting to become successful. Please do not do that, focus on your goal and don’t waste your precious time ruining others.
6. The businessman’s friend is the government (Robin Hood idea is wrong!) “Why don’t the rich pay for it?” Or “The rich should pay more in taxes and give it to the poor.” It is this idea of Robin Hood or taking from the rich to give to the poor that has become the single biggest pain for the poor and the middle class. The reason the middle class is so heavily taxed is that of the Robin Hood ideal. The reality is that the rich are not taxed. It’s the middle class who pays for the poor, the educated upper-income middle class. above is an excerpt from the book
7. Delayed gratification – the process that the subject undergoes when the subject resists the temptation of an immediate reward in preference for a later reward (source:https://en.wikipedia.org/wiki/Delayed_gratification). I can say that this is the common technique of the successful people, they do not live for just today by reaping immediately the reward but they want it to last longer.

Quotes that I love from this book

“Winners are not afraid of losing. But losers are”

“You can’t teach an old dog new tricks. Unless a person is used to changing, it’s hard to change”

“Winning means being unafraid to lose” – Fran Tarkenton

“Without strong reason or purpose, anything in life is hard”

“The world will push you around, discipline will keep you grounded”

“If you want something, you first need to give”

“God does not need to receive, but humans need to give”

“Make an offer, counteroffer, negotiate, reject and accept”

So that’s what I learned from reading Robert’s book, I hope you learned too as to how much as I learned. I’m looking forward to read books that will enhance and develop myself, because I know that me, myself and I is a great asset of my self.