RIch Dad Poor Dad - A Book Summary - What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
Key take-away from this book: Being rich is a mindset, not a sum of money. The rich don’t think the way that most of us who are trapped in the Rat Race do. The rich buy and build assets that put money back in their pocket. Once their assets are generating enough money to live off, a completely new world of freedom opens up where they can work for themselves rather than working for someone else.
The son of one of the authors summed it up well in the book introduction. “Mom, I don’t want to work as hard as you and dad do. You make a lot of money, and we live in a huge house with lots of toys. If I follow your advice, I’ll wind up like you, working harder and harder only to pay more taxes and wind up in debt. There is no job security anymore; I know all about downsizing and rightsizing. I also know that college graduates today earn less than you did when you graduated. Look at doctors. They don’t make nearly as much money as they used to. I know I can’t rely on Social Security or company pensions for retirement. I need new answers.”
The old answer is the Rat Race, “where you work for the owners of a company, for the government paying taxes, and for the bank paying off a mortgage and credit cards. We advise our children to ‘study hard, get good grades, and find a safe job or career’ but this is risky advice. “That is old advice, and it’s bad advice. If you could see what is happening in Asia, Europe, South America, you would be as concerned as I am.”
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