Rich Dad Poor Dad has quickly become a modern classic in the field. People continue to believe that the book is worthwhile reading despite being divisive and frequently the target of criticism. If that weren’t the case, it never would have sold more than 32 million copies.
Robert Kiyosaki recounts his experiences growing up with both of his fathers. His biological father, as well as the biological father of his closest friend. Although he talks warmly of both of them, he acknowledges that they handled their financial matters differently.
The concept that a lot of us are too terrified of being labeled as weirdos to escape the rat race is presented at the beginning of the synopsis that can be found on Blinkist. Fear and greed, the two primary feelings that everyone has concerning money, are what we allow to drive our actions. Because of this, we continue to adhere to the antiquated adage, “Go to school, go to college, find a job, and play it safe.” No employment is secure today.
Investing the more money you receive after a promotion at work is a prudent decision. Invest it in something with the potential to grow your wealth, like stocks that carry some level of risk but provide a great deal of upside. You may find an excellent fund with a 60% probability of doubling your money within one year and a 40% chance of wiping out your entire investment. On the other hand, the fact that you are terrified of wasting money will most likely prevent you from doing so.
But when your avarice takes over, you can blow the additional cash on a more luxurious lifestyle than you otherwise would have. For example, you might purchase a flashy new car, but the monthly payments will take up all your available cash. In this method, a loss of 100% is virtually guaranteed to occur. After reading this, you should already have a better understanding of how essential it is to educate yourself economically. Sadly, we don’t get any financial education in high school or college. Thus the responsibility for this falls on your shoulders.
Take a look around you, and you’ll see that your life is full of financially oblivious folks. Just take a look at the politicians in your community. Is their municipality in the red? The mayor of your city might be wonderful, but sadly, he probably has no idea how to handle financial matters.
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