Rich Dad Poor Dad by Robert T. Kiyosaki - A Book Review

This book, Rich Dad Poor Dad, is written by a famous writer and businessman Robert T. Kiyosaki and Sharon Lechter. Robert T. Kiyosaki is best known as a number one writer in personal finance books.

According to the sources, there are 32 million copies of this (rich Dad poor Dad book) have been sold out all over the world.

Does this book raise a question in our mind that Can the education of our Universities, our colleges, our schools provide us with such education as we can be rich? From all of you, some say” yes” and others say “no”. According to me, they do not, because they never ever give us financial education.

The rich Dad Poor Dad is a book that encourages us to read more books.

In this book, the writer, Robert T. Kiyosaki, says that he has known to two fathers. One is his real father who is a PhD holder and poor, but other is his friend’s (named Mike) father. Whom he calls rich Dad. The writer and his friend (Mike) were in the same school. In their school, most students are from a rich family but author and Mike belonged to a poor family. The other student ignores them and says to them that they are poor and they cannot play with them because they are not rich.

The author, Robert T. Kiyosaki, is very much depressed with it and says to his poor father “dad how I can become rich?” His poor Dad says “I don’t know but your friend’s father will know”. Mike say “my father”, the poor Dad says” Yes, the bank manager is very much impressed from his intelligence and knowledge about money and day by day he is going to be rich he would help you”. The author goes to his friend’s father’s office with his friend, they ask him how we can be rich? He says that he will teach them the difference between his poor and rich Dad is there thinking, and with the passage of time, his Rich Dad teaches them six lessons or secrets that a rich man knows but a poor don’t.

Before I tell you these 6 lessons, it is important to know another thing, that the difference between his poor dad and rich dad is of thinking, Poor Dad says to him that you have to study hard to get a good job in a good company, but his rich Dad says that you have to study smart to start a company and to hire employees that will work for you. Somehow he decides to follow his Rich Dad. The six lessons of his rich dad are as follows:

1) Rich people do not work for money:

Rich people generate money. They work for their passion not for money. They also give time to their own self and their family and loved ones. They take care of their health also.

2) There is a need for financial literacy:

There is a need for financial literacy to understand the difference between asset and liability. The author even considers that our house is not our asset because assets are the things that generate money.

3) Mind your own business (Start your own business):

In this lesson, the author says that don’t work for others and don’t be their slave, Start your own business. He gives many examples to differentiate between employment and business.

4) Dates of Taxes and Power of cooperation:

The most interesting thing that the author says is that he just doesn’t pay taxes legally. I was just amazed. In this lesson, he tells the power of the cooperative world and tax system.

5) Rich Generates Money:

The famous quotation of Robert in this book is:

“Rich don’t work for money, Money work for them”. It means. Rich people don’t have greed for money.

6) Work for learning not for earning money:

Work to learn something, not to earn money because when you work for earning money, then you just pass your time but when you work to learn something then you spend your time and also enjoy the work.

The thing you should focus on is that there are two types of rich people, which I categorized as fake rich and really rich. The fake who looks like rich but in reality they are poor and others are really rich but they don’t show their power.

Demerits of the Book – Rich Dad Poor Dad

The book is quite boring in the beginning.

Merits of the Book – Rich Dad Poor Dad

But with the passage, the story takes a turn into an interesting topic and the reader will not leave this book without reading it completely. It changes the reader thinking. The way the writer explains the accounting concepts is very nice.

My most favorite sentence of the Book – Rich Dad Poor Dad

Poor and middle-class work for money but rich takes work from money.

Note: The author was supervised By Mr Farhan Ali Soomro (PhD Scholar) & Teaching Assistant Department of Public Administration, Faculty of Management Sciences, Shah Abdul Latif University, Khairpur.