Rich Dad Poor Dad
Rich Dad Poor Dad
According to the author, the traditional schooling system lacks proper education in the financial field. Normally schools focus on building professional skills and not financial skills. This shows how smart students, who have become smart professionals in their respective fields, struggle when it comes to handling their finances.
The author, whom he referred to as 'Rich Dad', is his childhood friend, Mike's Dad. He taught him lessons about money and finances throughout his life. He noticed that both of his dads- his father and Mike's father, worked hard, but when it came to money matters, his dad never used his brains for financial advantages. Therefore he is referred to as the 'Poor Dad.'
- The poor dad preached that if the author studied hard in his school days, it would help him find a good company to work in and a stable job, whereas the Rich dad said that studying hard would help the author to find the right company to buy..
- The poor dad believed that the largest investment and the greatest asset is their house, whereas the rich dad believed it to be a liability.
- The poor dad had a habit of paying bills first and the Rich dad preferred to pay the bills as delayed as possible.
- The poor dad had taught the author to write great resumes which would help him finding and cracking good job interviews, on the other hand the rich dad taught him to journal great financial plans so that he could create jobs.
There was a time when the 'Rich Dad' was broke due to a major financial setback, but he continued to refer to himself as a rich man. He stated that there is a difference between being poor and being broke; he said, "Broke is temporary, poor is eternal".
The author was motivated by his rich dad to understand how ‘Money’ works and how to make it work for him.