I really enjoyed this book, the way this was formatted was really captivating. He told his personal story of success in chronological order and always went back to what his “Rich Dad” had told him about prosperity and how the rich conduct themselves. This sets the stage for a very introspective styled narration that draws the reader in. Being that the story starts when Kiyosaki is about nine years old, every concept explained is very gradual and eases the reader into the harder topics.
This book is all about modifying one’s train of thought in order to break free from the rat race. It shows how fear or greed trap people into their jobs for their whole lives. People either start buying up too many liabilities or settle into a position and never move because they’re afraid any change will drive their lives into the ground (with that attitude it probably would). The greed element is just desire gone wrong, it gets people into a state of mind where they begin to charge more for the same product, or less of the same product. When in reality more money will never satiate their desire. The book teaches how rich people learn to become observers or their emotions and not reactors of them, this gives time and space to analyze the next move rather than forfeit an opportunity because of one negative perception.
Kiyosaki gives one example of someone he encouraged to take up the real estate business, but he listened to his emotions and the noise in his head and said, “I do not want to do real estate because I do not want to fix toilets”. He let something small like a broken toilet surpass the opportunity to make a lot of money. The simple solution would have been to hire an estate manager that will fix toilets, but this person allowed their problem become larger than it was.
I’d like to write a sentence or two about each note I took, but I’m advocating that you read this book for yourself, so I’ll leave you with some ‘honorable mentions’ bullet points:
- ‘How can I afford it?’ Puts your brain to work.
- Life doesn’t lecture you, it pushes you around and that’s how you learn
- Some people get angry and push back on their bosses or family, instead of pushing life back or have no guts and always play it safe.
- Being rich in money does not solve your problems, it will never satiate your desire. People think more money eliminates the fear of being poor.
- Don’t work for money, have your money work for you, otherwise, you will be stuck on the easy route, just working for money.
- Choose what you think
- Assets are things that make you money and liabilities take your money -simple
- Mind and keep your asset column strong, once money goes in do not let it come out
- Good businesses earn, spend, then pay taxes
- PAY YOURSELF FIRST
- Hanging onto old ideas will hinder your progress in the future
- Sales and marketing are the most important specialized skills; they are life skills.
- When winners lose they are inspired but when losers lose they fall into despair.
- Manage cash flow first, then people, then personal time
- First give to others that which you wish to have for yourself i.e. networking, constructive criticism.