RICH DAD POOR DAD - BOOK REVIEW AND SUMMARY

Chapter Six – Lesson Five:

The Rich Develop Cash

All through Section 6 Robert makes sense of how even "hazardous" speculations are not betting on the off chance that one understands what they are doing; it becomes betting "in the event that you're simply tossing cash into an arrangement and imploring". He contends that monetary knowledge is knowing how to pursue great open doors that come your direction. Kiyosaki additionally discusses Capital, the speculation game he concocted to make effective money management more straightforward to appreciate for individuals with various foundations.

Chapter Seven – Lesson Six:

Work To Learn – Don’t Work For Money: depicts how realizing a tad about a ton is better compared to having some expertise in only a certain something. Kiyosaki noticed that the principal the executives abilities required for progress are the board of income, the executives of frameworks, and the board of individuals.

Chapter Eight – Overcoming Obstacles

Chapter 8 states five reasons why even financially literate people might not acquire assets that will produce a satisfying cash flow.

1. Fear. Overcoming fear is learning how to manage it and accept failure. Kiyosaki suggests that losers avoid failing, while failure turns losers into winners.
2. Cynicism. The best way to defeat cynicism is to analyze because by doing so, we identify opportunities that critics most likely miss.
3. Laziness. Instead of being lazy and saying we cannot do something, one should be a little greedy by searching for answers and solutions to their issue.
4. Bad habits. The solution for bad habits is the motivation that fuels us to work harder and be smarter when it comes to money.
5. Arrogance. The cure to arrogance is realizing and accepting our ignorance, and choosing to educate ourselves on the subject.

Chapter Nine – Getting Started

Chapter 9 offers ten steps to awaken financial genius:

1. Find a reason greater than reality: the power of spirit. Strong sense of purpose is needed to do most things in life.
2. Make daily choices: the power of choice. We make a choice of what to think, what to do with our time and money, and so on.
3. Choose friends carefully: the power of association. Having rich friends means you can learn from them about money. Another important thing to note is that a person needs to stay true to themselves on the road to wealth.
4. Master a formula and then learn a new one: the power of learning quickly. Being careful about what we study is important because we become what we study. Rather than what we know, how fast we learn is more important in the information age.
5. Pay yourself first: the power of self-discipline. Self-control and a high tolerance for financial pressure are necessary to become rich.
6. Pay your brokers well: the power of information. As Robert says, the more money brokers make, the more money we make.
7. Be an Indian giver: the power of getting something for nothing. The first thing investors should think about is how to get their money back quickly.
8. Use assets to buy luxuries: the power of focus. Use assets instead of liabilities to buy luxuries.
9. Choose heroes: the power of myth. Emulating our heroes makes things look easier and inspires us.
10. Teach and you shall receive: the power of giving. Whenever we want something, we need to give the thing we want in order to receive it. If we want knowledge, money, or information, we should first give those things to others in order to receive them.

Chapter Ten – Still Want More? Here Are Some To Do’s

In Chapter 10 the author shares some practical steps on how to start the journey of financial literacy and wealth, such as looking for new ideas, finding someone who has done what we want to do, taking classes, reading and attending seminars, making a lot of offers, and learning from history. One of the more compelling steps instructs that “action beats inaction”.