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Who is Robert Kiyosaki?

Robert Toru Kiyosaki (born April 8, 1947) is an American businessman and author. Kiyosaki is the founder of Rich Global LLC and the Rich Dad Company, a private financial education company that provides personal finance and business education to people through books and videos. The company's main revenues come from franchisees of the Rich Dad seminars that are conducted by independent individuals using Kiyosaki's brand name for a fee.

Robert T. Kiyosaki net worth - $110 Million

•Assets - an item of property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.

•Liabilities - something a person or company owes, usually a sum of money.

•Rat Race - getting up; going to work; paying the bills/debts and repeat the cycle until you retire

•Cash Flow - the movement of money in and out of a company.

Useful Vocabulary

Details of the book

- The book was published in 1997

- The book is based on two important things: How to get your financial freedom from a young age; How to avoid “Rat Race”

- The book has 10 chapters + the epilogue (Introduction - The SIX lessons - Conclusion)

- The book is based on real information.

The Six lessons

■Lesson 1: The Rich Don't Work for Money.

■Lesson 2: Why Teach Financial Literacy?

■Lesson 3: Mind Your Own Business.

■Lesson 4: The History of Taxes and The Power of Corporations.

■Lesson 5: The Rich Invent Money.

■Lesson 6: Work to Learn—Don't Work for Money.

*in most cases the titles don’t match the idea they suggest

The main idea of the book

1.One important idea of the book is that someone who learns very well at school and does not have any financial education will never pass the “rat race”, as R. Kiyosaki says it is nearly imposible to change the school system, that wants you to become a employee and not the owner of a company, if you want to find out why schools do that, the only possible way is by reading the book.

2.Another idea of the book is the comparison of mindsets of the rich (”Rich Dad”) and the poor (“Poor Dad”)

Contrast

Poor Dad

•Get a job in a good company

•I can’t afford it

•Play safe/ don’t take risks

•Work for money

Rich Dad

•Create or buy a company

•How can I afford it?

•Learn to manage risks

•Make money work for you

Who is the Rich Dad and who is the Poor Dad?

■The Rich Dad is the father of a very good friend of Robert, named Mike, who nowadays is a millionaire too, and the poor dad is Robert’s biological dad.

•Mike became a millionaire after he inherited his father’s company. Mike’s dad had only finished 8 classes.

•Robert’s dad has finished a college and university and is a teacher at a school from Hailo, Hawaii.

One thing you have to take into consideration before reading the book

■The book is based on the USA’s laws and reality, that are completely different from the laws from our country or the Eastern European ones.

■For example, one of the main ideas of the book is to understand the system of taxes and how to do business by taking into account all the fiscal norms. In the USA, you can use your taxes to buy pieces of art or Real Estate, something that is not possible in Moldova.

■In adittion to that, some of the lessons of the book cannot be applied in Moldova.

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"Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!"

Name: Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
Author: D Caragia

D Caragia

A review of the book 'Rich Dad Poor Dad' by Robert Kiyosaki, which provides financial education and advice for young people.

(16 pages)

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