Madiha Yaqoob
The book Rich Dad Poor Dad has reportedly sold over 32 million copies worldwide. The book is written by Robert T. Kiyosaki who shares the financial approach of two dads.
The “poor dad” is Kiyosaki’s father who is a college professor while the “rich dad” is Kiyosaki’s best friend’s dad who is a wealthy businessman and has established multiple businesses successfully.
The book highlights the mentality of two different people and their approach toward money.
“Poor Dad” believes that there should be a fixed salary and a stable, secure job. He believes that wealth comes from a rich family background. According to him, a stable job helps in paying the bills and taking care of day-to-day expenses.
“Rich Dad” has a different approach to money. He believes, one should learn a skill to become an entrepreneur. Money is a byproduct of experience and success. He also believes wealth comes from multiple income streams.
Following are the five money lessons from the book to help you get rich.
1. Rich buy assets, not liabilities:
An asset is a result of investments. It puts money in your pocket in a physical form, like a prize bond or a property. On the other hand, a liability means costing money for valuables such as a luxury car, house, or an expensive thing. The poor have expenses while the rich have assets as a result of investments.
2. Experience teaches financial literacy:
The “rich dad” emphasizes on learning how the money works so you can make it work for you whereas the poor dad focuses on studying hard, getting good grades, and getting a secure job to pay expenses and make a living.
The books highlight the importance of learning skills in order to excel in life and grow your wealth.
3. Learn to sell:
In the book, Kiyosaki tells, a woman approached him and wanted to sell her book. She wanted to become a best-selling author. He advised her to enroll in a sales-training course. She was surprised and when she inquired why would Kiyosaki ask her to enroll in a training course, Kiyosaki explained, “There’s a reason successful books say ‘best-selling author,’ not ‘best-writing author.’ ”
If you want to get rich, selling is a crucial skill and one must learn it to grow their wealth. This can only be done if you step out of your comfort zone, network with people and practically learn how to sell.
4. The greatest barrier to success is “Fear and self-doubt”:
If you are afraid of taking a risk in life and do not know your true potential, you won’t succeed. managing fear is the key to success and that is a primary difference between the rich and the poor.
5. Always think about opportunities:
‘Rich dad” says your attitude weighs a long way in determining your perception towards success. If you are keen and sharp, you would never let go of an opportunity in life. However, if you say “I can’t afford it”, you are shutting down all possibilities to opportunities whereas, if you rephrase the statement as” How can I afford it”, it opens the door to opportunities.
