...spend countless hours online, in the library and talking to others with similar ideas of their latest and greatest “get rich quick” scheme. If only they would put the same effort into actually learning keys to success and reading literature that is actually worth the time you put into it more people would end up living how they always dreamed. For many, that’s all being rich will ever be, a dream. But then there are those who see no other option; they read books, take classes and immerse themselves in knowledge to try and gain an upper hand but even out of these few there are even less that will actually succeed in actually fulfilling their dream of becoming rich. However, there is hope, but only if you put in the work. The book Rich Dad, Poor Dad by Robert T. Kiyosaki is a great place to start. It provides a solid foundation for those who wish to exit the “rat race” and start on the path to financial freedom. This book can be truly inspirational for someone who has had the dream of financial freedom but just didn’t know where to start or perhaps where to stop. It is thought that being rich is in the eyes of the beholder; but what does it truly mean to be rich?...
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...that Kiyosaki used or experienced and he wants others to learn from. The first chapter Rich Dad Poor Dad is where Kiyosaki introduces his two fathers. He says, “one was highly educated and intelligent;… [and the other] never finished the eighth grade.” Both his fathers were strong and influential, and both were successful in their careers; but one struggled financially all his life and the other became one of the richest men in Hawaii. Kiyosaki was glad to have two fathers to learn from learned from. He was able to see the point of view of both the poor and the rich. Even though the time he started learning from them when he was nine years-old the rich dad was not yet rich and the poor dad not yet poor. At the age of nine Kiyosaki started listening to his rich dad. Rich dad taught six main lessons. The second chapter was the first lesson, The Rich Don’t Work for Money. Kiyosaki asked both dads if they could teach him how to get rich. Poor dad, Kiyosaki’s dad, responded that you need to make money. When asked how, he responded to use your head. Mike, Kiyosaki’s best friend and first business partner, remembered an experiment from a science book, and they started casting nickels out of lead, making their own money. At this time poor dad told them what the word counterfeiting meant and that that was illegal. Not wanting the boys to give up poor dad directed them to ask Mike’s dad,...
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...Rich Dad, Poor Dad is the story of author Robert Kiyosaki's upbringing and his two fathers, one rich father (not biological) and one poor father (biological). He was forced to choose between following in the footsteps of his poor father – a highly educated government worker – or his rich father – an entrepreneur who never graduated high school. In the end he decided to learn from his rich dad.The book focuses mostly on the education and financial advice Kiyosaki learned from his rich dad. His rich father was able to create a multi-million dollar empire from virtually nothing, using his financial knowledge and the power of his imagination. The book gives basic lessons which combine the teachings of Kiyosaki's rich dad with experiences from his own life.One of which is the importance of improving your financial IQ and financial literacy,(skills the author believes is absent from the current education system). The book also shows how the rich don't work for money, they make money work for them. They acquire assets rather than liabilities. The author emphasises the importance of being able to differentiate between an asset and a liability. He states that in order to be truly wealthy, your asset must be large enough to offset your living expenses. He explained about the misconception of a high income meaning wealth, but in reality a strong asset column is what is needed. Higher incomes often lead to higher expenses, higher taxes, and more debt. The author (Kiyosaki) eliminates...
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...Verania, Angelica M. BSA 2-10 ECON 2013 Prof. Aileen Camba “Rich Dad Poor Dad” Summary Robert Kiyosaki has two fathers, one is his poor dad and the other one is his rich dad. His educated dad whom he calls his poor dad is his biological father and his rich dad is Mike‟s, his best friend, father. Both have their own perspective about money and both have different principles in life. As a kid, Robert wanted to know how to get rich because they were tired of other kids not wanting to play with them because they were 'poor kids'. His educated dad told him to learn how to make money. Since he was still a kid that time, he and his best friend Mike came up with a plan of literally making their own money. His educated dad and suggested to seek for Mike‟s father, his rich dad, help because he, himself, doesn‟t know how to make money. This is the start of their journey to becoming rich. There are 6 lessons that are emphasized in this book. Lesson #1: The Rich Don‟t Work for Money Lesson #2: Why Teach Financial Literacy? Lesson #3: Mind Your Own Business Lesson #4: The History of Taxes and the Power of Corporations Lesson #5: The Rich Invent Money Lesson #6: Work to Learn – Don‟t Work for Money The Rich Don’t Work for Money This chapter shows why the poor and middle class don‟t get rich. It is because they keep on working for money, fear and greed cause ignorance and poverty. We were taught of getting a secure and safe job meaning, working for money. Their fear of having no money...
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...Noah Zerance Dr. Leinberger Chapter 4 Summary Chapter 4 of Rich Dad Poor Dad, by Robert Kiyosaki, continues to reinforce the idea that the rich and the poor think differently. In chapter four, titled “The History of Taxes and the Power of Corporations,” Mr. Kiyosaki discusses the power of the corporation, and how the rich have learned to use the corporation to hide their money. Through a variety of charts he shows how the cash flows through business versus how cash flows through the poor and middle class. Corporations spend their money and then pay taxes on what is left, where the poor pay taxes and they what is left they spend on other things. Robert continues to drill the idea of developing your financial IQ in order to break the rat race and escape the machine that sucks you into the work force. He says being ignorant gets you bullied, and if you were to learn you may stand a chance. Robert actually wrote an entire book on raising your financial IQ, although I think you would be better off going through a professional educator, he makes several good points in the book. One point that I like from this chapter, and actually is driven home by this current election campaign, is the idea that the more you tax the rich, the less willing they will be to create jobs. For the 2012 election, you have one candidate that wants to bring down taxes on the rich so they create more jobs, and in turn, return more money to the government in taxes. The other candidate wants to increase...
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...Rich Dad Poor Dad is a very interesting book. It is told as story of two Dads which in my perspective, exactly points out the difference between serviced oriented vision of most of the Indian students and business oriented vision in American youth. Poor Dad is like a typical father in middle class Indian family who expects the child to study hard, get degrees, find lucrative job, get promotions, stick to job and save money to build a secure old life. It represents middle class Indian mentality. Due to stiff competition, few succeed in getting high salaried job. But their dreams of becoming rich, seldom come true as there are so many takers whenever the savings accumulate, like govt, income tax etc. and he remains a middle class or at the most upper middle class citizen. Rich Dad represents family head in America who expects his child to become young entrepreneur. He deliberately exposes his child to real world, prompts the child to study how the money moves, how to get money, take risk, grab opportunity, increase assets than liability. He creates urge and desire in child to become business owner, do job initially to earn money not to be used as secure saving for future but as capital seed for his business. True business man knows that desire increases liability and so he spends money not in luxury consumable items or property which invites tax cuts but for investing in projects he knows which will reap benefits. He doesn’t learned himself to become expert and smart. He is...
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...Rich dad The major themes of this book are don't work for money make money work for you, don't play it safe play it smart, develop you financial education, and it is better to know a little about a lot than to know a lot about a little. The author repeats the point of making money work for you instead of working for money many times in this book. He gives examples like don't just work for businesses create your own business; invest in real estate, trade stocks, and other forms of investing. Another main point of this book is to not play it safe play it smart. According to the author one of the differences between the middle class and the rich class is the middle class plays it safe and the rich class can afford to take smart risks. The rich invest in higher yield riskier investments, but they play smart by trying to eliminate as much risk as they can use their financial knowledge. The author also stresses the point of investing in an education. He says that your education is your most powerful investment. He recommends seminars, books, tapes, and classes to learn. What you don't know is always what hurts you in investing. Another theme of the book is not to focus all of you knowledge in one area. The author recommends finding out a little about everything and then paying a professional who knows more than you know in a certain investment. Income pays for you assets, liabilities, and expenses. Expenses are taxes, food, housing, and so on. Liabilities are categorized by what cost...
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...Lizet Moreno Professor Allen October 7, 2013 Rich Dad Poor Dad In the book rich dad and poor dad basically was summons up that for an individual to be wealthy, one must aim to own the system or means of the production. In other words the book shows you how to strive for success, there is different types of ways to succeed like the book tells you. The rich dad and poor dad both had strong point of views in earning and succeeding in life, in my opinion I would have followed on the same footsteps Kiyosaki did in following his rich dad. It is true when his poor dad says in order to get somewhere in life you have to get a good education and have a secure safe job but that really isn’t the path to become a wealth person. The rich dad’s opinion differ from the poor dad, he said in order to become wealth you first need to understand how money works. Based on the book rich dad poor dad it taught me and changed my mind in how to deal with money and finance. That financial literacy is key, also rather own business instead of work at them. Also it thought me to understand taxes and the power of corporations. One thing that he helped me understood was when he was explaining that the rich don’t work for money; they force money to work for them, when the rich required assets then liabilities. To know the difference an asset and liability, He quoted that “in order to be truly wealthy, your asset column must be robust and able to offset your living expenses” and that most people think...
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...THE OF THE ST CENTURY 21 THE OF THE 21 CENTURY ST Other Best-Selling Books in the Rich Dad Series Rich Dad Poor Dad What the Rich Teach Their Kids About Money That the Poor and Middle Classes Do Not Rich Dad’s CASHFLOW Quadrant Rich Dad’s Guide to Financial Freedom Rich Dad’s Guide to Investing What the Rich Invest in That the Poor and Middle Classes Do Not Rich Dad’s Rich Kid Smart Kid Give Your Child a Financial Head-Start Rich Dad’s Retire Young Retire Rich How to Get Rich Quickly and Stay Rich Forever Rich Dad’s Prophecy Why the Biggest Stock Market Crash in History Is Still Coming… and How You Can Prepare Yourself and Profit from It! Rich Dad’s Success Stories Real-Life Success Stories from Real-Life People Who Followed the Rich Dad Lesson The Business School for People Who Like Helping People The Eight Hidden Values of a Network Marketing Business Rich Dad’s Guide to Becoming Rich Without Cutting Up Your Credit Cards Turn “Bad Credit” into “Good Credit” Rich Dad Poor Dad for Teens The Secrets About Money—That You Don’t Learn in School! Rich Dad’s Before You Quit Your Job 10 Real-Life Lessons Every Entrepreneur Should Know About Building a Multimillion-Dollar Business Why We Want You to Be Rich by Robert Kiyosaki and Donald Trump Provide Insight on How to Improve Your Financial Future Rich Dad’s Increase Your Financial IQ How to Get Smarter with Your Money Rich Woman: A Book on Investing for Women ...
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...Chapter 3 Rich Dad Poor Dad The story of Kiyosaki and Mike continues later in life, 1990, and both of the now adults have made incredible leaps and bounds with regards to their finances and their socioeconomic status. Mike was able to take the lesson from his father and apply them to his life. He took control of his father’s large business and increased every aspect of the empire and he is currently raising his son to take control of the company once he retires. As for Kiyosaki, he was able to retire at the age of 47 with his wife Kim. At a business meeting at the Edgewater Beach Hotel in Chicago, Charles Schwab, Samuel Insull, Howard Hopson, Ivar Kreuger, Leon Frazier, Richard Whitney, Arthur Cotton, Jesse Livermore and Albert Fall met to talk about different investments and money schemes. Twenty-five years later, a report stated that a large majority of those extremely wealthy people that met in Chicago either ended up in jail, dead or penniless. The major idea to take from the results of these unfortunate entrepreneurs is that you need financial literacy to be and stay safe. The idea that was represented with the big 1920’s entrepreneurs is still prevalent today with some of the professional athletes making poor financial decisions and ending up with next to nothing. This specific lesson is meant to teach people not to be wise with your money once you have it, but rather be smart with your money before you have it. In a way, don’t try to build a skyscraper or even a house...
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...Many people work very hard, but they never seem to earn enough. In Rich Dad, Poor Dad, Robert Kiyosaki explains how to escape this "rat race" and achieve financial independence. According to our general perception everybody should go to school, get high grades and then get a good job, right? Wrong! Well, at least if financial independence is what you are aiming at. Our education system is the number one cause of why so many people struggle financially. Schools teach people how to work for money, but they do not teach them how money can work for them. This lack of financial skills taught in school means that even highly educated people generally do not know how to handle money. The result is that the majority of people get trapped in work to pay their bills and are chasing paychecks all their life. This is the sad conclusion Robert Kiyosaki draws in his bestselling book Rich Dad, Poor Dad. Luckily, he also offers a way out. A way to get ahead. The fundamental trouble with working for money is that a job is a short term solution to a long term problem. People believe that if they get that raise, or get a new job they will finally have enough. However, if you do not know how money works, you can never have enough. Money alone will not solve anything, it will even get most people into more debt. So what is the secret to financial independence? Close the doors.. "Know what an asset is, acquire them and become rich." That's it! Easy, huh? The trouble is that people are not properly...
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...Rich Dad Poor Dad Chapter 8 Summary “There is gold everywhere. Most people are not trained to see it”. In chapter 8, the author focuses on building wealth. When you want to be wealthy or make money, there should be something that motivates you. When you’re motivated to make money, you’ll be more successful. Wants that matter to you will provide motivation and inspiration because you want whatever it is your striving for. “To find million-dollar “deals of a lifetime”requires us to call on our financial genius. Kiyosaki tells us, the problem is that our financial genius lies, asleep waiting to be called upon. Our culture has educated us into believing the love of money is the root of all evil. The author tells readers we must “feed the mind”. Also, choose your friends wisely. Some people are just here for the moment and will use you if you are successful. Kiyosaki encourages readers to spend time with people who enjoy talking about money because they may have valuable lessons to learn. Another trait you should pick up as getting started is to “pay yourself first”. The author is being generous. He says it makes a lot of sense to pay one’s broker. If short of cash, people must pay themselves first. Use assets to buy luxuries. The desire for good things to drive you to generate assets to generate income that will pay for your luxuries. Make investments and spend the profit on yourself. Making money is all about making profit. “Teach, and you shall receive”, the more you teach...
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...Drinkin’ with Dad My family likes to drink. In fact, looking back on my life, it is really what we did together the most. It seemed like it was the one thing we were best at and proud of. My Dad used to own a bar. I began working at my Dad’s bar when I was still in school. I would walk to the bar after football practice work at the bar. On weekends I would work one night in the back. My brother John worked there too and my brother Brian got sent away. One time we were drinking at the bar and some of the guys were arm wrestling. I pretended I was beating Stan the bouncer and my Dad got mad at me for it. My Dad, thought that I was really dissing Stan. My Dad then went to the bottle bin, took out two empty beer bottles and smashed the bottoms off of them. He then told me to stand opposite him. We’ll hold these bottles out here (about a foot away from our respective faces), and at the count of ‘three’, we’ll grind this broken glass into each other’s faces. Just then, Stan got between us and grabbed my Dad’s “bottle” hand. He broke us up and Dad gave Stan a fake smile. He did not look at me and went to sit down. My Dad was not always like this, especially now that he does not drink anymore. I guess experiences like this let me know at an early age that my Dad could not really be counted on. This made me more independent. This was what was considered a typical experience for a seventh...
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...is grateful for your thoughts and prayers. I have been preparing for this day for about 20 years. I thought my father was going to die 20 years ago. He had a heart attack. His brother had died in his 60’s of a heart attack and his father had died of a heart attack in his 60’s. My father was 61, not a good record. So I cherished every day I had with him these last twenty years. To make it another 20 years is truly remarkable. We owe that mostly to two things: my mother and his grandchildren. My mom and dad were married almost 49 years, another pretty remarkable thing. I will never, ever forget how well my mother took care of my father. As with everything in our house, she was in charge of his health, thank god. Thank you mom for all you did. My father loved his grandchildren. Every single time I spoke to him he would say, how’s the baby. In the last couple of years I would say what baby? He would say you know who I’m talking about. I would say dad she’s ten. I said to him one day you treat your grandchildren better than your own children, he said that‘s because I had to raise you! My father could be brutally honest. My father’s happiest days were having everyone at his house, all his children and grand children. Many a birthday or anniversary we were all in my parent’s backyard having a great time. One of the great memories I have is being at my cousin Michele’s wedding last summer. We were all there. And if we were at a wedding and there was a microphone...
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...Guy was cancelled [again] in 2002” (300). I agree with her completely that Family Guy attempts to pack in more gags per minute about sex, race, incest, celebrities, etc. than any other cartoon show. I don’t see this as a bad strategy though. Making fun of groups of people is not a good thing to do, but it’s all for comedic purposes. I believe that if people and American society can’t accept humor about ourselves then we will be overly sensitive when other countries criticize our ways. Family Guy also uses smart humor which can teach the ignorant (lacking in knowledge) viewers about pop culture and, “intelligently satirizes some aspects of American culture” (303). I would much rather watch shows by Seth MacFarlane (Family Guy and American Dad) than I would other shows that are in the same category. For example, The...
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