“Rich dad, poor dad” by Robert Kiyosaki

The author 🖋

Robert T. Kiyosaki is an entrepreneur, investor and best-selling author with over 25 books on financial literacy and business.

His diverse background, many successful business ventures and a large real estate portfolio has inspired millions of people to implement the principles highlighted in his books.

Key takeaways 🎓

1. Money is a tool

Kiyosaki emphasizes that money is not the ultimate goal but rather a tool to achieve the things we want.

He argues that most people struggle financially because they lack the basic knowledge necessary to manage their money effectively.

So just like with any other tool, we just need to learn how to use it.

2. Buy assets, not liabilities

Understanding the difference between things that help you earn more money and things that cost you money is key to financial literacy.

Based on the author, we should buy assets that generate more money and avoid things that cost money like the plague for as long as we can.

3. Save first, spend later

Most people have this backwards - they spend first and then try to save from the leftovers.

Kiyosaki recommends setting aside at least 10% to 20% of our income for savings and investments before paying bills or indulging in luxuries.

He thinks everyone should of prioritize their personal finances so that we don’t have to worry about not having enough in the future.

Closing thoughts 🧠

With over 40 million copies sold worldwide, this is one of the most popular personal finance books of all time.

Kiyosaki uses quite a unique approach to deliver his message - as a story of two fathers who made radically different financial decisions over the course of their lives.