I love reading books and also love to extract maximum positive things from it.
Rich Dad Poor Dad, is a book by Robert T.Kiyosaki in which he speaks about what he learned from his two dads.
By having two dads, what he means is, one is his biological father who is hardworking and the other one is his friend's father who is a businessman and works smartly. He follows his friend's father's tips and tricks to become successful. where his dad says, "The love of money is the root of all evil." the other said, "The lack of money is the root of all evil. "In the entire world, whomever our eyes scan are craving for money. There is no one except a few monks who will say, I don't need money. Every normal individual is putting some sort of effort to own something for themselves.
Money is the most powerful weapon one can have in today's world. Although it cannot buy the most precious thing called love but it can buy you time as the poor and the middle-class work for money. The rich have money to work for them.
Everyone has some sort of yearnings that only money can afford.
We all want the things that money can afford, including the opulence we imagine, would stimulate, excite, and please because that is what we have all been conditioned to prefer.
But does everyone get the chance to grasp it?
Why are only a few sections of society rich?
People say it's destiny but how many of us believe it's not destiny, it's us who have not taken proper action to reach the goal.
The book," Rich Dad Poor Dad '' speaks a lot of things about what can be done to get rich.
Key Takeaways From The Book
Here are some takeaways from the book. Please go through this if you really want to know the secret recipe to become rich.
- He says, "One of the reasons the rich get richer, the poor get poorer, the middle-class struggles in debt are that the subject of money is taught at home and not in school. The child may graduate with excellent grades, but with a poor person's financial programming and mindset. At Least one can learn and teach their child regarding financial intelligence.
- Your mind is your biggest computer in the world so exercise it properly to gain maximum benefit out of it. Doubting on your skills like, "I can't do it" is mental laziness, it seizes your thought. Avoid it. Study hard not to work for a company but to buy a company. Be aware of your own thoughts because that is going to turn into actions.
- Money is one form of power but what is more powerful is financial education.If you want to be rich, you have to learn to make money. People only think of getting rich, take a few steps each day, and do something daily towards your goal.
- Great opportunities are not seen with your eyes, they are seen with your mind. life pushes all of us around, some people give up, others fight. Those fight and learn, bounce back. Whenever you see some problem, don't blame others. Rather realize that you're the problem, then you can change yourself, learn something, and grow wiser.
- As people's lives are forever controlled by two emotions: fear and greed. Most people become a slave to money learn to escape one of life's biggest traps by confronting your fear.
- Always use your mind and emotions in your favor, not against yourself."it's just like the picture of a donkey dragging a cart with its owner dangling a carrot just in front of its nose. The donkey's owner may be going where he wants to, but the donkey is chasing an illusion. Tomorrow there will only be another carrot for the donkey." So try to understand that human life is a struggle between ignorance and illumination.
- Know your assets well, because assets have the ability to grow by themselves. Intelligence solves problems, not money. So learn about financial intelligence."if you want to be rich, you need to be financially literate." know what is a liability and what is an actual asset for you."All should know the difference between assets and liabilities, and buy assets.
- Always mind your business and focus on your goals.Don't always play the same set of rules that others are playing if you see an opportunity knocking at your door grab it and think how to execute the plans differently.because that unique idea will make you rich.we all know knowledge is power, with the right knowledge you can increase your money exponentially.
- Organize smart people. Most people need only to learn and master one more skill to know money well.Always want to learn a little about a lot. Know a little about every aspect of your enterprise so that you shouldn't miss if anything wrong happens to your organization.
- Self-doubt and lack of self-confidence always hold us back from bagging an opportunity."The problem with "secure" investments is that they are often sanitized, that is, made so safe that the gains are less. Take some calculative risks when it comes to investment.
10 Steps as a Process to Develop your strengths
1. Find a reason greater than reality: the power of the spirit. Know the difference between what you want and what you don't want.
2. Make daily choices, the power of choices is important. You are what, what you choose to become. So choose wisely.
3.Choose your friends carefully: The power of association. Surround yourself with good, energetic positive minded successful people.
4.Master a formula and then learn a new one: the power of learning quickly.
Learning is a continuous process, keep learning new things, and master it.
5. Pay yourself first: the power of self-discipline: Self-discipline is key, master on it and half of the work will be done.
6. Invest in intelligent people who will work for you.
7.Concentrate on the power of getting something for nothing.it means to focus less on return on investment, wise investors must look at more than ROI. They look at the assets they get for free once they get their money back. So financial intelligence is highly essential.
8. Use assets to buy luxuries: the power of focus.
9. Choose heroes: the power of myth. Don't choose to get inspired instead find a hero who can help you so that people can get inspiration from you.
10. Teach and you shall receive: the power of giving the more you give the more you will receive. Learn and teach others in the process you can add a lot of things in your sack
This book helped me to understand many hidden concepts of life that we normally fail to figure out. It's a wonderful book. Following the steps, philosophies, thoughts, and actions, may or may not make me rich but it definitely added some values and made me rich in my thinking.
James C Moore from The Great Midwest on August 31, 2020:
I read this classic long ago. I didn't read this when it first came out. But, I think I read this during the 2008 recession. I did not appreciate the way he seemed to throw his dad(poor dad) under the bus. Still though, he made good points. He's spot on about the need for financial literacy. Also, his statements about your house being a liability instead of an asset come across as prophetic given 2008s sub prime mortgage crisis and other housing mishaps that led to the collapse.
Suchismita Pradhan (author) from India on August 29, 2020:
Thank you Roadmonkey for your visit,well I believe,there are lots of good things you can drag from that book.Its upto you what you want to filter from loads of information.
sowspeaks from Bengaluru on August 29, 2020:
Hi Suchi, wonderful article. I read the long long back, so it was like a refresher to me and also gave me an idea about how far I have come in the journey. Today I am re-seeing it with new eyes.
I particularly liked the way you have encapsulated the key learnings and takeaways from the book.
This book is a whole new philosophy to approach the art of making and retaining wealth. Thank you once again for this excellent article.
Devika Primić from Dubrovnik, Croatia on August 28, 2020:
The book review is interesting and to me. Sounds a worthy read and tips to help us to learn from others too. This book fits in with anyone trying to be successful
Danny from India on August 28, 2020:
Sushmitha, you reminded me of my university days. It was here that someone gave me this book to read and I shirked it away not knowing its importance. But now I understand why it was important when after graduating I came to know the true value of investing early on in life.
FlourishAnyway from USA on August 28, 2020:
This sounds terrific. This man’s philosophies are much like my own. I’ve been trying to teach my daughter how to invest and how to grow her future financially. This book seems to fit within what I’m trying to teach.
Nikhil Sharma from India on August 27, 2020:
Hello Ms. Suchi,
Thank you for bringing another book review for us and for giving us so much information about this popular book. I first came to know about this book from Instagram a few years ago.
However, after researching a bit and exploring online book stores, I've found that there are many such books with the same title written by different authors. And this makes me really confused as to which one is the first and original Rich Dad and Poor Dad book.
Money is something that we all need to survive in this world. It's because of money that we can buy the food we eat, the clothes we wear, and the home we make for a living.
But the materialistic world and our endless desires have made us miserable against money and forced us to do anything we can to make as much money as possible. And this is what we all should do.
As long as we're spending money on our basic needs and necessities, we will never feel bad or miserable against it. The problem arises when we try to fulfill our wishes and desires that are endless in nature. Thank you for sharing this awesome work, Ms. Suchi.
RoadMonkey on August 27, 2020:
I have read most of this book, though not all. I gave up half way through which is unusual for me because I love reading. His ideas really turn your thoughts about money right round. I like how he tells stories about how he learned from the rich dad. And his poor dad was no slouch, he was a university lecturer, I think (not quite sure about that), so it's not as if his poor dad had no idea about anything at all. I think his ideas were just too radical for me.
Suchismita Pradhan (author) from India on August 27, 2020:
Thanks Liz for stopping by,well thats a debatable topic.Happiness is something that is internal.It depends on your mind and heart.We can not equate wealth to happiness.but we cannot deny the facts also.
Liz Westwood from UK on August 27, 2020:
This is a good review of an interesting book. It leaves me wondering whether the acquisition of wealth equates to happiness.