Episode 38 - Review and Summary of Rich Dad Poor Dad by Robert Kiyosaki

This will be a life changing book `for anyone who wants to get out of the Rat Race. It teaches us that in order to be wealthy, we must increase our financial IQ. Understand how the rich look at money and how we should change our paradigm about it.

Robert Kiyosaki teaches us how to become rich. He is a wealthy multi-millionaire with an estimated net-worth of 80-million dollars. This book is an all time best seller and has sold over 26-million copies worldwide.

Robert Kiyosaki shares the lessons his two fathers taugh him, his real father was poor as he went to school, earned good grades, obtained his PhD and after various years of service, retired due to differences with Government. His Second father, was his friend’s father and was a rich father who was a businessman.

Rich Dad Poor Dad is based on advices given by Robert’s ‘rich’ father on how to get out of the Rat Race and live a wealthy life.

So what is the rate race.” we are informed that it is the endless routine of working for everyone else but ourselves"

Growing up, we are taught to Do good in school, study hard and find a safe secure job.

Does that sound realistic in today’s time? Not all of us get lucky to find a great job. Most of us work a 9-5 job, living paycheck to paycheck. And can still get fired or laid off tomorrow, for many reasons that are out of our control.

Our employer are the ones getting rich from us, that’s way the rich get richer and the poor get poorer. Because we simply lack the financial IQ to think like rich people.

And we get stuck in the rat race, thinking and accepting that, thats just the way life is.

But it is not.

Robert says that often growing up we are told “The love of money is the root of all evil.” but he believes that

The lack of money is the root of all evil.”

Let’s dive into the lessons presented by Robert in this mind blowing book.

Allow me to leave you with this.

Our current education system nor most parents are not equiped to teach us financial literacy. It is up to us to develop this ourselves. We are more likely to achieve wealth and financial independence when we combine a strong ambitious mindset with a high financial IQ. In the end, like this podcast, its what you invest in your mind that prepares you to achieve success. Our mind is the most important asset we have in life.