I was ranting and letting off steam, complaining about my long hours and heavy workload of my job, and apparently he was refering me as the rat in a rat race.Â He went on to explain himself and recommended that I get hold of the book “Rich Dad, Poor Dad” by Robert Kiyooosaki (not a typo error, that’s how my friend Keith pronounced it).
That’s where I first heard of the Robert Kiyosaki and “Rich Dad, Poor Dad”.
“Oh no!Â Not another one of that financial quotation books that is so dry that it drive me up the wall.Â Or something full of jargons that instead of convincing me, confuses me; Although the title sounds pretty catchy!”Â
That was what went through my mind then.Â Anyway, I hid my thoughts and tried to change the subject.
A week later, Keith appeared in front of me and stuffed me a shopping bag.Â It was a book in there.Â I was wondering then if it was a comics or novel.Â No prize for guessing, it was Robert Kiyosaki’s “Rich Dad, Poor Dad”.Â It was not a thick book and the book cover did not look as if it is serious or menacing like a textbook.
Not to disappoint Keith, I decided that I will briefly browsed through the book before bedtime or when I am suffering from insonmia.
I started the first few pages and in less 2 days I completed the book.Â Hey, it’s pretty interesting and not those dry and boring theory stuff.Â
A nine year old kid with two “fathers”. The Poor Dad is his real, educated but poor father
who struggle from paycheck to paycheck.Â The Rich Dad is his best friend father, who is a school dropout , yet a millionaire.
Both fathers’ teachings on wealth and money are different and conflicting.Â
Poor Dad teachings:
- “Study hard in school, get good grade”
- “Get a secure and safe job”
- “Work hard and save”
- “Work for money”
- “Pay your creditors first”
- “The house is an asset”
- “Investing is risky”
Rich Dad teachings:
- “Study and become financially literate”
- “Build businesses”
- “Don’t save, invest”
- “Let money work for you”
- “Pay yourself first”
- “The house is a liability”
- “Not investing is risky”Â Â
Some of the best remembered takeaways I got from the book after reading it are:
1.Â We need to learn â€œfinancial literacyâ€ more than book learning taught at school. I can agree that money matters are not taught in school nearly enough.
2. You should buy assets, not liabilities. Assets, such as real estate, stocks, and bonds, make you money. Liabilities, such as your house, car, gadgets, take away your money.Â Â I was particular surprised to learn that house is not in actual fact an assets.