Open in the App Open in the App Open in the App
Get the key ideas from

Rich Dad, Poor Dad

What the Rich Teach Their Kids about Money – That the Poor and the Middle Class Do Not!

By Robert T. Kiyosaki
16-minute read
Audio available
Rich Dad, Poor Dad: What the Rich Teach Their Kids about Money – That the Poor and the Middle Class Do Not! by Robert T. Kiyosaki

Rich Dad, Poor Dad (1997) combines autobiography with personal advice to outline the steps to becoming financially independent and wealthy. The author argues that what he teaches in this New York Times bestseller are things we’re never taught in society, and that what the upper-class passes on to its children is the necessary knowledge for getting (and staying) rich. He cites his highly successful career as an investor and his retirement at the early age of 47 as evidence in support of his claims.

  • Anyone looking to get out of the “rat race”
  • Anyone interested in learning how the rich get rich
  • Anyone wondering how to approach investing

Robert Kiyosaki is an investor and entrepreneur with an estimated net worth of over $80 million. His Rich Dad brand has published more than 15 financial self-help books, which have sold over 26 million copies worldwide.

Go Premium and get the best of Blinkist

Upgrade to Premium now and get unlimited access to the Blinkist library. Read or listen to key insights from the world’s best nonfiction.

Upgrade to Premium

What is Blinkist?

The Blinkist app gives you the key ideas from a bestselling nonfiction book in just 15 minutes. Available in bitesize text and audio, the app makes it easier than ever to find time to read.

Discover
3,000+ top
nonfiction titles

Get unlimited access to the most important ideas in business, investing, marketing, psychology, politics, and more. Stay ahead of the curve with recommended reading lists curated by experts.

Join Blinkist to get the key ideas from

Rich Dad, Poor Dad

What the Rich Teach Their Kids about Money – That the Poor and the Middle Class Do Not!

By Robert T. Kiyosaki
  • Read in 16 minutes
  • Audio & text available
  • Contains 10 key ideas
Rich Dad, Poor Dad: What the Rich Teach Their Kids about Money – That the Poor and the Middle Class Do Not! by Robert T. Kiyosaki
Synopsis

Rich Dad, Poor Dad (1997) combines autobiography with personal advice to outline the steps to becoming financially independent and wealthy. The author argues that what he teaches in this New York Times bestseller are things we’re never taught in society, and that what the upper-class passes on to its children is the necessary knowledge for getting (and staying) rich. He cites his highly successful career as an investor and his retirement at the early age of 47 as evidence in support of his claims.

Key idea 1 of 10

Fear and greed can drive financially ignorant people to make irrational decisions.

When it comes to money, everyone – wealthy or not – experiences two basic emotions: greed and fear. If you have money, you are likely to focus on all the new things it can buy (greed). If you don’t have it, you worry you might never have enough (fear).

People who are ignorant about how to manage their finances are especially prone to letting these emotions drive their decision-making.

For example, let's say you just received a promotion and a hefty pay raise.

You could invest the extra money into something like stocks or bonds, which would earn you money over time, or you could gratify yourself with new purchases, like a car or house.

If you’re a financially ignorant person, this is where emotion takes the wheel.

The fear of losing money is so powerful it prevents you from investing in stocks or other assets because of the perceived risks, even though such investments would bring you wealth in the long-term.

At the same time, greed inspires you to spend your increased salary on a better lifestyle, for example by buying a bigger house, which seems a much more real and safer option than buying shares in a company.

However, this upgrade also means a bigger mortgage and higher utility bills, which effectively negates your raise.

This is how fear and greed hinder the financially ignorant from becoming wealthy in the long term.

So how can you counter these powerful emotions?

By building up your financial knowledge about things like investments, risk and debt. This will place you in a better position to make rational decisions – even in the face of greed and fear.

Fear and greed can drive financially ignorant people to make irrational decisions.

Key ideas in this title

No time to
read?

Pssst. Sign up to your secret to success: key ideas from top nonfiction in just 15 minutes.
Created with Sketch.