Rich Dad Poor Dad summary is one of our most recommended books with 32 million copies sold worldwide. It was published in 1997 but it is even more relevant in today’s times when inflation and cost of living is skyrocketing.
This book enables readers to achieve fiscal prudence by investing in assets and reducing liabilities to enable financial freedom. It destroys the myth that the rich are born rich, enables readers to learn why personal residence on a mortgage is a liability and not an asset.
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Rich Dad Poor Dad Summary Explained
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In this book Robert explains that the way our education system is designed, it does not teach us to manage our finances but is more tuned towards enabling people to get a job. Most of us end up spending most of our lives working tirelessly for a job and then managing our liabilities rather than achieving financial freedom which can empower us to achieve more life experiences that we all yearn for, for example travel.
In this book Robert explains the concepts with examples that he learnt from his own dad referred as “Poor Dad” and his best friends dad referred as “Rich Dad” on the different approach used by both of them. While his own dad spent his life working day in and day out on his dream job, taking good care of his family but paying off a mortgage all his life. His friends dad taught him and his friend how to make money work for them. In the words of Rich Dad, “Rich make money work for them”. While the opportunities for both his Rich & Poor Dad were definitely different the financial choices both made to manage assets vs liabilities made a huge difference.
Robert further explains that if we invest in building assets for the longer term to generate passive income it could help us enable financial freedom to live our life without having to worry about our liabilities and expenses.
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