I loved this book. It’s really one of the best books I’ve ever read (listened it: audiobook). It opened up my mind to a totally new way of thinking. My whole life I’ve been taught to think of rich people as being greedy and never gave them credit for being more financially intelligent, which is the reason they became wealthy in the first place. The author shares his experience of growing up with a rich dad (who’s really a mentor) and a poor dad (his actual dad) and their different ways of thinking and advice. He got to see both points of views and make decisions after assessing both inputs.
Sure there’s plenty of people who are born into wealth who doesn’t have a strong financial IQ, but this book focused on the ones who think a specific way and how it can lead to becoming wealthy. The author, Robery T. Kitosaki, talks about the foundation of financial intelligence and how if you don’t practice smart finance, you’ll never become wealthy. Even people who win the lottery wind up broke all the time because they don’t know how to manage their money and have it work for them. Professional athletes do the same thing. Athletes who make millions of the prime of their career end up broke because they’ve never been taught how to manage money and grow for a better financial future.
One of my favorite references from Kitosaki is the story of Robin Hood. It was a childhood favorite of mine that constantly promoted “rob from the rich and give to the poor,” but Kitosaki says that’s not going to fix anything. If you give the poor that money, it’s only going to go to short term solutions. He also goes into the history of taxation as well, which is very interesting.
Get out of the rat race. It’s something Kitosaki constantly preaches the entire book. If you work for money to make payments on bills, etc, you’re already in the rat race and have lost. Sure you can work hard, climb a ladder, and live a great life, but to accumulate great wealth, you can’t play that game. If you work for education and let your money work for you, you will become rich and wealthy. Kitosaki shares severe experiences of how his rich dad taught him this from 9 years old.