...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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...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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...taught that financial intelligence is the way to be rich. People today are desire money and are afraid of not having money; they spend their lives working for money. Kiyosaki says we need to have money work for us. Kiyosaki wanted to grow up not having to live in the “rat race”. He wanted to be able to go where he wanted to go, do the things he wanted to do, to not have anything holding him down, and that is why he strived to become “rich”. This book is for of guide lines 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...
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...history of man, every person has had the same question. How can I become rich? Some may deny the want and for some even need to become rich, but there is no denying it. At some point we all fantasize about what would happen if one was to win the lottery of inherit a large sum of money. Wouldn’t that be great! I’m sure if you asked these same people what they would do with the money one they acquired it you would begin to see a trend; new car, new house or maybe even a boat! From only a select few would you hear a response such as stocks, bonds or real estate. These select few are the ones who will truly be rich someday. The vast majority of the population will 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...
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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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...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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...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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...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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...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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...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 taxes on the rich, which will make the rich just find...
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...• “And I would say that life is the best teacher of all. Most of the time, life does not talk to you. It just sort of pushes you around. Each push is life saying, `Wake up. There's something I want you to learn.’" In this point from the Book, this tells me about being pushed around in order for me to know how to stand on my own. Life gives me a lot of trials and circumstances which leads me to be finding myself being pushed down up to the very extent that all I can think is to lay down and be pushed but, life doesn’t push me just to be on the ground. Life wants me to push back and stand up and learn something out from being on the ground. Life doesn’t just bully us around just for us to feel pain but also to learn how to aim for relief. Each push is just a surprise test or quiz in order for us to greatly learn and apply this learning for the future. • Learn to use your emotions to think, not think with your emotions. This point tells me about my emotional quotient or E.Q. which my teacher in high school told me to handle wisely the most. Emotional Quotient is like more important than Intelligent Quotient because when emotion governs your senses, it may lead to sometimes regrettable happenings in life. As the saying goes: Don’t make decisions when you are angry and don’t make promises when you are happy”, this clearly means that actions when extreme emotion is not good. You should learn to control your emotions rather than emotions controlling you. Don’t let your emotion...
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...is to illustrate for the reader the major differences between how wealthy people think about and deal with money vs. how the middle class and poor deal with money. He outlines his thoughts in what he calls, the Five Financial IQs. According to Kiyosaki it is not money but knowledge that makes one rich (pg 200). Robert Kiyosaki was born April 8, 1947 to a middle class family. Kiyosaki is an investor, businessman, self-help author and motivational speaker. Along with being a successful author, he is also the creator of the Rich Dad brand, as well as a real estate mogul owning millions of dollars in real estate assets. Kiyosaki is best known for his “Rich Dad Poor Dad” book and other materials published and found on the top 10 best-seller lists of The Wall Street Journal, USA Today and the New York Times. Before becoming a best selling author he began his career as a salesman for the Xerox Corporation a company that sells copy machines. In his popular book “Rich Dad Poor Dad” he illustrates the many lessons he received from his rich dad growing up. He explains about the relationship with his real dad a teacher who later ran for a political office who came to be known as his poor dad. His rich dad was his best friends father who ended up being one of the wealthiest men in his home state of Hawaii. The lessons he received from his rich dad are the lessons that...
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...application of the contents of this book. Although based on a true story, certain events in the book have been fictionalized for educational content and impact. RICH DAD’S GUIDE TO INVESTING. Copyright © 2000 by Robert T. Kiyosaki and Sharon L. Lechter. All rights reserved. No part of this book may be reproduced in any form or by any electronic or mechanical means, including information storage and retrieval systems, without permission in writing from the publisher, except by a reviewer who may quote brief passages in a review. Published in association with CASHFLOW Technologies, Inc. “CASHFLOW” is the trademark of CASHFLOW Technologies, Inc. For information address Warner Books, 1271 Avenue of the Americas, New York, NY 10020. A Time Warner Company ISBN 0-7595-8139-8 A trade paperback edition of this book was published in 2000 by Warner Books. First eBook edition: February 2001 Visit our Web site at www.iPublish.com ACKNOWLEDGMENTS On April 8, 1997, Rich Dad Poor Dad was formally launched. We printed a thousand copies, thinking that quantity would last us for at least a year. Over a million copies later, and not a dollar spent on formal advertising, the success of Rich Dad Poor Dad and the CASHFLOW Quadrant continues to amaze us. Sales have been driven primarily by word of mouth, the best kind of marketing. Rich Dad’s Guide to...
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...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 How to Take Charge of Your Money and Your Life Conspiracy of the Rich: The 8 New Rules...
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...Here are several personalities that had been instrumental to my seeking financial stability and success. Eugenio Isabelo Tomas Reyes Sanchez Jr. or widely known as Bo Sanchez is an author, entrepreneur, preacher, celebrity and lay evangelist in the Philippines. Bo Sanchez was only 12 years old when he attended his first prayer meeting. He gave his first talk a few weeks after that – in the midst of mostly family members. The elder who asked him to give the talk had received a prophecy that Bo will preach to thousands. That has come to pass. Bo has also become a national bestselling author and winner of The Ten Oustanding Young Men (TOYM) for 2006. In 2007, he received the Serviam Award, the highest award of the Catholic Mass Media Awards, as well as the Golden Gavel Award by the Toastmasters International, the highest award given to non-Toastmasters for public speaking. On the other hand, Bo founded the Light of Jesus (LOJ) Family in 1980, and continues to provide direction and leadership to LOJ, envisioning 1000 Feasts all over the world. (The Feast is how the LOJ prayer meetings are called.) The Light of Jesus Family has helped Bo start various independent ministries, beneficiaries of Kerygma Conference. These include Anawim Lay Missions, a home for the abandoned elderly; Grace to Be Born, a halfway house for women in crisis; Tahanan ng Pagmamahal, an orphanage; Pag-asa ng Pamilya Scholarship Foundation; He Cares Foundation, which helps streetkids; the Light of Jesus Counseling...
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