Book: Rich Dad, Poor Dad by Robert T. Kiyosaki. Rating: ⭐️⭐️⭐️⭐️.

The first part of this book was truly amazing. I really enjoyed the way he was showing the difference that both dads tell him how to live life and invest in his future. It was really great to take children for that because some things just don’t make sense for a child and are really easy to explain to the reader without having to rely on his current knowledge.

After the introduction of the story, it became repetitive and was not adding so much as he did in the beginning. This is a great book to recommend to someone who doesn’t like the rat race or people who don’t really understand how money works.

Here are my raw notes about the book:

  • “I can’t afford” should not be used. How can you afford it? Force yourself to think. Exercise your mind for financial matters
  • Our house is a liability, not an asset
  • Broke is temporary, poor is eternal. Don’t be poor. It is a mental state.
  • People don’t have money and think that more money will solve the problem, but more finance education will solve it.
  • People work for money because of desire
  • People say they are not interested in money, but they work 8 hours a day. That’s a denial of truth
  • Desire is a trap. Your toys become more expensive each year.
  • School is not the end; it’s the beginning
  • A job is a short-term solution for a long-term problem
  • Assets are things that put money in my pocket. Liability are things that remove money from my pocket
  • It’s hard to motivate children to go to school today because the academic life is not keeping fame and prestige anymore.
  • People ask about how to have more money, but the real problem rely on how to spend the money they have
  • Financial intelligence is formed by four major things: Accountancy, Investing, Understanding markets, Understanding the law and taxes
  • Accountancy or the ability to read numbers
  • Investing - the science of money making money
  • Understand markets and the supply and demand
  • The law, taxes and so on
  • Winners are not afraid of losing, but losers are
  • Learn to manage risk, not avoid it
  • It’s not the best writer that gets famous but the best salesman. Excellent writing and no sales = no success. Mediocre writing and good sales = success. Excellent writing and excellent sales = great success. (his experience)
  • Choose a book title to cause controversy in your field, and you will gain instant publicity (his experience)
  • The more specialized you are the more you depend on that field or company
  • The problem is not having fear but how you handle fear and losing
  • For winners, losing inspires them. For losers, losing defeats them.
  • In the beginning, don’t play balanced, play hard. You can win much or lose much but your chances to succeed are better if you take risks at the beginning
  • Give something, and you will receive it back. Money, smile, friendship, whatever you want
  • Profits are made when you buy not when you sell
  • Think big. Buy big things split and enjoy the profits
  • Money is just an idea. If you want to make money just change your thinking
  • If you don’t understand the difference between the three incomes (active, passive, portfolio) you’re probably earning less than you could and working harder than you should