a book review of the book rich dad poor dad

1. Rich Dad Poor Dad
Book Review
by, Ebin k. Jose

2. Author;
 Robert Toru Kiyosaki (born April 8, 1947) was born and raised in Hilo,
Hawaii. A fourth-generation Japanese American,
 He is an American investor, businessman, self-help author, motivational
speaker, financial literacy activist, and occasional financial commentator.
 Robert Kiyosaki, is a multi billionaire by all standards
 Kiyosaki also operates his own blog and writing about his latest thoughts
on global economics, investing, business, world financial markets.
Rich Dad Poor Dad book review by Ebin K. Jose

3. Co- author
Sharon L. Lechter
 Born in January 12, 1954,
 An American accountant, author, businesswoman, investor,
international speaker, and philanthropist.
 Lechter is best known as the co-author of the international
best-selling book Rich Dad, Poor Dad
Rich Dad Poor Dad book review by Ebin K. Jose

4. Introduction
 Rich Dad, Poor Dad for Teens: The Secrets About Money
—That You Don't Learn in School!
 The book basically is about what people must learn and
practice in order to become financially independent.
 Two different points of view about attaining financial
independence.
 Rich dad Vs. Poor dad
Rich Dad Poor Dad book review by Ebin K. Jose

5. The rich don’t work for money
 Don’t work for money
i.e. don’t depend your boss to make you rich
 Learn how to make money work for you
cutting your expenses moderately, investing wisely and
creating opportunities to earn passive incomes outside of salaries
 Seek to be a business owner and/or an investor, rather
than an employee
Rich Dad Poor Dad book review by Ebin K. Jose

6. Master Financial Literacy
 Financial intelligence equips you with the what is required to
make money that will last for generations, while money without
financial intelligence is soon gone
 It does not matter how much money you make, but how much
money you keep.
 Differentiate between an asset and liability, and invest in assets
 Assets generate income, while liabilities generate expenses;
i.e. your GSM mobile phone could be an asset or liability
depending on what it is used for..
Rich Dad Poor Dad book review by Ebin K. Jose

7. Mind Your Business
 Mind your own business.
i.e. while excelling with your qualifications and keeping
your day time job, also look for other opportunities elsewhere
to accumulate wealth
 Do not depend only on a salaried job.
 Some sources of unearned income:
 Dividends
 Interest Payments
 Rent
 Royalties
Rich Dad Poor Dad book review by Ebin K. Jose

8. Learn to minimize the taxes
you pay
 Where the cash flows make sense, you are better off
managing your finances through a corporation rather than
as an employee, because of the different tax advantages
you can get
 As an individual, your income is taxed, and what you have left is
your disposable income
 As a corporation, you first make your money, then you take out
your expenses. The profit is what is taxed, hence you pay less tax
Rich Dad Poor Dad book review by Ebin K. Jose

9. The rich invent money
 It takes money for you to make money, but you don’t
necessarily have to use yours
 For you to be wealthy, the earnings from your assets
(investments) should be enough to fund your expenses.
 Seek to attain a point where if you resigned from your job,
you could fund your lifestyle using unearned income from
your investments
Rich Dad Poor Dad book review by Ebin K. Jose

10. Work to learn, don’t work for
money
 Don’t grab a job for what you can earn, pick a job to learn
about business systems, about managing people and other
skills that would prepare you to run your own business, or
manage your own investment
 Money can be illusion that clouds good judgment. Fear
and greed do not allow people make rational decisions
Rich Dad Poor Dad book review by Ebin K. Jose

11. Quotes
from the book
 Skills make you rich, not theories.
 In school we learn that mistakes are bad, and we are punished for
making them. Yet, if you look at the way humans are designed to
learn, we learn by making mistakes. We learn to walk by falling
down. If we never fell down, we would never walk.”
 Business is like a wheel barrow. Nothing happens until you start
pushing.
 Starting a business is like jumping out of an airplane without a
parachute. In mid air, the entrepreneur begins building a parachute
and hopes it opens before hitting the ground.
Rich Dad Poor Dad book review by Ebin K. Jose

12. Conti…
 “If you own a butcher shop, don’t hire vegetarians. To hire
the right people, you have to let the wrong people go.”
 “Start small and dream big.”
 The most life destroying word of all is the word tomorrow
 The ability to sell is the number one skill in business. If
you cannot sell, don’t bother thinking about becoming a
business owner.”
Rich Dad Poor Dad book review by Ebin K. Jose

13. Conclusion
 The author concluded by stating that parents should teach
these lessons to their children early enough, in order to
guarantee their children’s financial future
 It is never too late to start building your financial empire.
You could start right now, with your next pay check, or by
looking around you, to see which need you can fulfill
Rich Dad Poor Dad book review by Ebin K. Jose