The poor and the middle class work for money , the rich have

money work for them

RICH DADPOOR DAD

Amit KumarAnkit Chauhan

Gaurav Kumar SinghSabyasachi Sethi

Details

RICH DAD , POOR DADAuthor : Robert T. KiyosakiBest Seller Publisher : Plata Publishing , LLCPrinted in USAFirst Edition : 1997Category : Economics

Author : Robert T. Kiyosaki

Robert Toru Kiyosaki (born April 8, 1947) is an Japanese American investor, businessman, self-help author, motivational speaker, financial literacy activist, and occasional financial commentator

“Having two dads offered me the choice of contrasting points of view :

one of a rich man and one of a poor man” by- Robert Kiyosaki

Salient Features

• Financial Literacy• Concepts are explained using the numbers ,

pictures and metaphors• Mantra to become rich• Informative + Inspiring• Down-to-earth

CONTRAST

POOR DAD• Get job in good company• “ The love of money is

the root of all evil.”• I can’t afford it • Play safe• Works for money

RICH DAD• Create or buy a

company• “ The lack of money is

the root of all evil.”• How can I afford it ?• Learn to manage risks• Money works for him

“There is difference between being poor and being broke . Broke is temporary , poor is eternal. “

Why Teach Financial Literacy?

It is not important how much money you make , it is how much money you keep.

Understand the difference between assets and liability.

Financial Statement

Financial struggle is often the result of people working all their life for someone else.

Owner or shareholders of the company.

Government

Banks

History Of Taxes & Power Of Corporation

Robin Hood : Collect it from the rich and give it to poor.

Learn to minimize the taxes.

The Rich Invent Money

• Make Good Use of Time

• Identify an opportunity Everyone else missed

Two Types of investors:

1.Buyers of packaged Investments

2.The PROFESSIONAL Investor

Work to Learn, Don’t Work for Money

• Learn skills like PR, Marketing and advertising.

• Take a second job if it means learning more.

Three main managements skills1. Management of Cash Flow2. Management of Systems3. Management of People

Overcoming Obstacles

Five Obstacles to Financial Independence1. Fear2. Cynicism3. Laziness4. Bad Habits5. Arrogance

10 steps to awaken your financial genius:

The power of spirit. The power of choice.

Greatness is not a function of circumstance. Greatness , it turns out , is largely a matter of conscious choice

- JIM COLLINS

• The power of association.• “A man only learns in two ways, one by

reading, and the other by association with smarter people.”

-by Will Rogers.

• The power of learning quickly.• “He is most original who adapts from the most

sources.” -by John Adair.

• The power of self-discipline. The power of good advice.

• The power of getting something for nothing.• The power of focus.

• The power of myth.• The power of giving.

• Think and take action.• Stop doing what you are doing.• Action beats inaction.

Why you should read ?

• Broaden your vision• Redefine your views about money• How to start and run a company• In short , if you really have dreams to touch

the sky , this book is highly recommended

Criticism

• Brutal use of language for lower and middle section of society

• Rejected the importance of degrees and qualification

• Does not comply with the concept of Taxation

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