Rich Dad Poor Dad – A Book Review
Rich Dad Poor Dad is written by Robert Kiyosaki, a well-known and best-selling author of many a books regarding personal finance. I happened to pick up a copy of Rich Dad Poor Dad over the weekend thanks to its catchy tagline or maybe I though it could help my ever dwindling bank balance! This book has been on the New York Times best-selling list for many years and it has numerous other credits to its name.
Rich Dad Poor Dad deals with many a theme such as the fact that it is wise to practice financial literacy by avoiding debt and starting business and real estate. Robert’s book tells us to gain more and more knowledge about financial markets and finance related terms because most of the people lose money not because they are foolish, rather they tend to lose because of lack of knowledge.
According to the book, Rich Dad Poor Dad, financial literacy should be treated like learning another language and one must be apt at it. As one learns more and more about basic financial terms and practices to become more financially literate, one begins to pay more attention to details such as financial statements, assets, liabilities, credit and debt and other components of the financial world. These terms would either have been ignored earlier or one just simply did not know anything about them.
In the book, Rich Dad Poor Dad, Robert refers to his real dad as “poor dad” as a symbol to all those people who are always running the Rat Race, helplessly trapped in a vicious cycle of needing more but never able to satisfy their dreams all because of one glaring lack: financial literacy. On the other hand, the man referred to as “Rich Dad” is his neighborhood friend’s father who has never finished eighth grade yet owns warehouses, a company and a chain of three restaurants.
His “Rich Dad” represents those independent and wealthy people of the world who consciously and deliberately take advantage of their personal knowledge of tax and accounting and manipulate it to their advantage to enjoy huge success in this world.
Rich Dad Poor Dad is a good book for people who have just started the journey to becoming financially literate. Although there is a lack of actionable items that the reader must do, it sets a foundation for people to get started. It is available at all leading bookstores although it is better to buy it through some online retailers because of the large discounts they offer.