Rich Dad Poor Dad

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Rich Dad Poor Dad
Rich Dad Poor Dad.jpg
AuthorRobert Kiyosaki and Sharon L. Lechter
Cover artistInSync Graphic Design Studio
CountryUnited States
LanguageEnglish
SeriesRich Dad Series
GenrePersonal finance
PublisherWarner Books
Publication date
April 1, 2000
Media typeHardback and paperback
Pages336 or 207
ISBN0-446-67745-0
OCLC43946801
332.024 22
LC ClassHG179 .K565 2000

Rich Dad Poor Dad is a 1997 book written by Robert T. Kiyosaki and Sharon Lechter. It advocates the importance of financial literacy (financial education), financial independence and building wealth through investing in assets, real estate investing, starting and owning businesses, as well as increasing one's financial intelligence (financial IQ).

Rich Dad Poor Dad is written in the style of a set of parables, ostensibly based on Kiyosaki's life.[1] The titular "rich dad" is his friend's father who accumulated wealth due to entrepreneurship and savvy investing, while the "poor dad" is claimed to be Kiyosaki's own father who he says worked hard all his life but never obtained financial security.

No one has ever proven that "Rich Dad", the man who supposedly gave Kiyosaki all his advice for wealthy living, ever existed. Nor has anyone ever documented any vast reserves of wealth earned by Kiyosaki prior to the publication of Rich Dad Poor Dad in 1997.[2]

Lessons from the book[3][edit]

  1. Financial Literacy : Financial literacy is essential for achieving financial success and independence and that it is not taught in schools.
  2. Power of Entrepreneurship: Kiyosaki advocates for entrepreneurship as a way to achieve financial freedom. He argues that by starting and running a successful business, one can gain control over their financial future and create passive income streams.
  3. Single Source of Income: Kiyosaki advises against relying on a single source of income, such as a salary or wages, as it makes one vulnerable to economic downturns and layoffs. He advocates for diversifying one’s income streams and building multiple sources of income.
  4. The importance of asset management: Kiyosaki emphasizes the importance of managing and growing one’s assets, rather than just focusing on increasing income. He argues that by acquiring and investing in assets that generate passive income, one can achieve financial independence.
  5. The difference between good debt and bad debt: Kiyosaki distinguishes between good debt, which is used to acquire assets that generate income, and bad debt, which is used to finance consumption or lifestyle expenses. He advises against taking on bad debt and instead suggests using good debt to leverage investments and build wealth.

Chapters[edit]

  • Introduction: Rich Dad Poor Dad
  • Chapter 1: The Rich Don’t Work for Money
  • Chapter 2: Why Teach Financial Literacy?
  • Chapter 3: Mind Your Own Business
  • Chapter 4: The History of Taxes and the Power of Corporations
  • Chapter 5: The Rich Invent Money
  • Chapter 6: Work to Learn – Don’t Work for Money

Quotes from the book[edit]

Here are ten quotes from the book Rich Dad Poor Dad by Robert Kiyosaki:

  1. “The rich don’t work for money. They make money work for them.”
  2. “The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth in what seems to be an instant.”
  3. “The rich invent money. The poor and middle-class work for money.”
  4. “The poor and middle-class work for money. The rich have money to work for them.”
  5. “The more you learn, the more you earn.”
  6. “You’re only poor if you give up. The fact that you did something is more important. Most people only talk and dream of getting rich. You’ve done something.”
  7. “The middle class is being squeezed out of existence. It is becoming harder and harder for people to stay in the middle class. Most people are living paycheck to paycheck and are one emergency away from being homeless.”
  8. “The rich focus on their assets. The poor and middle-class focus on their expenses.”
  9. “The rich focus on their net worth. The poor and middle-class focus on their working income.”
  10. “The rich focus on their financial intelligence. The poor and middle-class focus on their education.”

Reception[edit]

Praise and support[edit]

Rich Dad Poor Dad has sold over 32 million copies[4] in more than 51 languages across more than 109 countries, been on the New York Times bestsellers list for over six years,[5] launched a series of books and related products; and received positive reviews from some critics.[6] American talk show host and media mogul Oprah Winfrey endorsed the book on her show. Another celebrity supporter is actor Will Smith, who said he taught his son about the financial responsibility by reading the book.[7] PBS Public Television station KOCE, aired a 55-minute presentation of Kiyosaki titled "A Guide to Wealth" in 2006 which essentially summarizes his Rich Dad Poor Dad book. PBS also honored him with an excellence in education award in 2005.[8] Donald Trump did a literary collaboration with Kiyosaki in 2006 called Why We Want You To Be Rich, Two Men One Message and a second book called Midas Touch: Why Some Entrepreneurs Get Rich — And Why Most Don't in 2011.[9]

American fashion entrepreneur and investor Daymond John has called the book one of his favorites.[10]

Criticism[edit]

A competing financial self help writer, John T. Reed, says, "Rich Dad, Poor Dad contains much wrong advice, much bad advice, and virtually no good advice." He also states, "Rich Dad, Poor Dad is one of the dumbest financial advice books I have ever read. It contains many factual errors and numerous extremely unlikely accounts of events that supposedly occurred."[11]

Slate reviewer Rob Walker called the book full of nonsense, and said that Kiyosaki's claims were often vague, the narrative "fablelike", and that much of the book was "self-help boilerplate", noting the predictable common features of such books were present in Rich Dad, Poor Dad. He also criticizes Kiyosaki's conclusions about Americans, American culture, and Kiyosaki's methods.[1] However he did not offer any specific criticism of the advice in the book, other than not liking it as a whole.

Publishing success[edit]

The book was originally self-published in 1997 before being picked up commercially to become a New York Times bestseller. It has since sold over 32 million copies and become a household name.[12] In his audio-book Choose to be Rich, Kiyosaki said that every publisher turned him down, and Barnes & Noble refused to stock the book initially. He places his focus upon talk shows and radio show appearances, of which The Oprah Winfrey Show had the biggest influence on book sales.[13] In April 2017 a 20th Anniversary edition was published and in a preface to this 20th Anniversary edition Kiyosaki asserts that an estimated 40 million copies of the book had been sold globally.[14]

References[edit]

  1. ^ a b Walker, Rob. "If I Were a Rich Dad", Slate, June 20, 2002.
  2. ^ Olen, Helaine. "Rich Dad, Poor Dad, Bankrupt Dad? Cc;JoeChege". Forbes. Retrieved 2020-01-02.
  3. ^ "Lessons from rich dad poor dad - Investing 2.0". 2022-12-27. Retrieved 2023-01-14.
  4. ^ "Top Selling Personal Finance Book of All Time; Rich Dad Poor Dad NOW Available for FREE Download!". www.businesswire.com. 16 March 2015. Retrieved 2017-07-30.
  5. ^ "New York Times Best Selling Author of Rich Dad Poor Dad Robert Kiyo Saki". 2016-05-06. Retrieved 2017-07-30.
  6. ^ "Rich Dad, Poor Dad Review – Revisited Ten Years Later". Investor Junkie. 29 December 2011. Retrieved 24 January 2016.
  7. ^ Will Smith on making his kids read Rich Dad Poor Dad. 24 September 2010. Archived from the original on 2020-11-11. Retrieved 24 January 2016 – via YouTube.
  8. ^ "PBS Honors The Rich Dad Company with Excellence In Education Award – Press Releases on CSRwire.com". www.csrwire.com. Retrieved 2017-07-30.
  9. ^ Susanna Kim (Oct 12, 2012). "'Rich Dad, Poor Dad' Author Files for Bankruptcy for His Company". ABC News. Retrieved 31 May 2014.
  10. ^ "The Making of — An Interview with Daymond John". Tim Ferris. Retrieved 31 May 2014.
  11. ^ Reed, John T. (September 3, 2015). "Spare us the finance evangelists and their false profits". Retrieved 2015-09-03.
  12. ^ "GURUSPEAK : Robert Kiyosaki". The Financial Express. Retrieved 24 January 2016.
  13. ^ Choose to be Rich, Audiobook ASIN: B000CSXWXW
  14. ^ Kiyosaki, Robert T. (2017). Rich Dad, Poor Dad. Plata Publishing. p. 7. ISBN 978-1-61268-019-4.

Bibliography[edit]

  • Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!, by Robert Kiyosaki and Sharon Lechter. Warner Business Books, 2000. ISBN 0-446-67745-0