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“The main reason people struggle financially is become they have spent years in school but learned nothing about money. The result is that people learn to work for money….but never learn to have money work for them” Robert Kiyosaki Rich Dad Poor Dad.
Robert Kiyosaki had two fathers: a rich one and a poor one, hence Rich Dad Poor Dad. His poor dad taught him to get a good education and a good job. The other advised him to learn about money and think differently.
“..one dad had a habit of putting his brain to sleep when it came to money matters, and the other had a habit of exercising his brain….one dad grew stronger and the other grew weaker”. For example one dad had a habit of saying “I can’t afford it.” The other dad forbade those words to be used. He insisted I say “How can I afford it”.
Rich Dad Poor Dad PDF – The Rich Don’t Work For Money
“Rich dad went on to explain that the rich know that money is an illusion, truly like the carrot for the donkey. It’s only out of fear and greed that the illusion of money is held together by billions of people thinking that money is real. Money is really made up. It was only because of the illusion of confidence and the ignorance of the masses that the house of cards stood standing. ‘In fact’, he said, ‘in many ways the donkey’s carrot was more valuable than money.'” – Rich Dad Poor Dad, Robert Kiyosaki
The rich don’t trade their time for money, but rather look for opportunities to get money working for them. They build businesses, for example, which work even when they are not physically working in them. But once you’re trapped in employment, all your time is taken up by trading time for money. So you don’t have time for anything else. It’s a cycle which keeps you trapped for years, working pay check to pay check.
Lesson 2 Financial Literacy
“Money without financial intelligence is soon gone” – Robert Kiyosaki RDPD (Rich Dad Poor Dad)
It’s not how much money you make, it’s how much you keep. You will have heard about many lottery winners losing all their money within a short period of time. That’s because they didn’t have the financial intelligence to keep their winnings. They find short term emotional purchases which don’t help them, buy liabilities rather than assets and squander their money, thinking it will last forever.
Kiyosaki’s poor dad stressed the need for him to read books, while his rich dad stressed the need to master financial literacy.
“If you are going to build the Empire State Building, the first thing you need is to dig a deep hole and pour a strong foundation. I you are going to build a home in the suburbs, all you need to do is pour a 6-inch slab of concrete. Most people, in their drive to get rich, are trying to build an Empire State Building on a 6-inch slab.” – Robert Kiyosaki
Rich Dad Poor Dad PDF – Assets And Liabilities
Kiyosaki goes on to explain that most people think an asset is something you own, such as a car. But in fact a car is a liability because it costs you money each month. An asset is therefore a money producing entity, and a liability is something which costs you money every month. Assets make you money, liabilities cost you money.
“Rich people acquire assets. The poor and middle class acquire liabilities, but think they are assets”.
While a car may appear to be something you own, your monthly expenses for owning a car are huge. If you have acquired the car on hire purchase or taken out a loan, you have more outgoings attached to your vehicle. Even a car you own outright doesn’t earn you money, it costs you in tax, petrol, insurance and garage bills.
An asset is something like a business, or a rental property you own. Assets pay you money each money, whether you go to work or not.
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