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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Rich Dad’s Retire Young Retire Rich summary
How to Get Rich Quickly and Stay Rich Forever!
22 mins
Brief summary
'Rich Dad’s Retire Young Retire Rich' by Robert T. Kiyosaki is a book that teaches how to create wealth and achieve financial freedom through a smart investment plan and a different mindset towards money.
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Rich Dad’s Retire Young Retire Rich
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Key idea 1 of 7
Leverage is power.
How do you transform small amounts of money into large amounts? This statement puzzled Robert Kiyosaki in the mid-1970s. Twenty years later, he was a millionaire looking forward to early retirement. He had found the solution. So, how did he do it?
In a word, leverage – or doing more with less.
This concept refers to a lever – a tool that uses a beam and pivot to harness the laws of physics, moving heavy objects with minimal force. Leverage isn’t just about heavy lifting, though; it’s one of the principles governing the world.
The key message here is: Leverage is power.
Let’s take a look at the animal kingdom, for example. Humans aren’t nearly as fast as cheetahs or as strong as bears. Unlike birds and fish, we can’t fly or survive underwater. And yet we dominate the Earth. That’s leverage.
Cheetahs, bears, birds, and fish use the advantages nature has given them, but they don’t multiply them like humans do. On the other hand, we leverage our greatest gift – the mind – to do things our bodies can’t. We’ve built tools, like levers to move boulders or vehicles to move quickly on dry land, in the sky, and even underwater.
The history of innovation is a series of technological leaps that have given our species greater leverage over the natural world. And this leverage has shaped human society.
Around 5,000 years ago, sea merchants realized that attaching large sheets of woven flax to a pole and crossbeam allowed them to harness the wind. The wind’s force propelled their boats. Suddenly, they could do more with less. Sailing was easier and more efficient than relying on a crew of oarsmen. It was also more powerful. Vessels were now able to carry more cargo further than ever before. The merchants and statesmen who embraced this new technology prospered and built powerful empires.
More recent breakthroughs follow the same pattern. Today, entire fleets of container ships can be dispatched to any port in the world at the click of a button. Entrepreneurs who recognized how to harness the internet early on to make this possible are among the richest people to have ever lived.
These blinks aren’t about technology, though. They’re about the ideas and strategies that will give you financial leverage to do more with your money.
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What is Rich Dad’s Retire Young Retire Rich about?
Rich Dad’s Retire Young Retire Rich (2012) unpacks entrepreneur Robert Kiyosaki’s unique approach to personal finance. If you want to get rich, he argues, you need to understand how to leverage your mind, plan, and actions. Whether it’s cultivating simple habits conducive to success or using debt to buy income-generating assets, Kiyosaki demonstrates that making money is easier than you might think.
Rich Dad’s Retire Young Retire Rich Review
Rich Dad’s Retire Young Retire Rich (2002) by Robert T. Kiyosaki is a book that every aspiring retiree should read. Here's why this book is worth your time:
- It offers a wealth of practical advice for those seeking early retirement, providing strategies and insights that can help you achieve financial freedom.
- The book delves into real-life examples and personal experiences, giving readers a glimpse into the mindset and strategies used by successful individuals.
- With its engaging storytelling and relatable anecdotes, the book keeps readers entertained and motivated as they navigate the path to retire young and retire rich.
Best quote from Rich Dad’s Retire Young Retire Rich
Most people retire poor simply because they never know what it feels like to have passive or portfolio income actually in their lives.
—Robert T. Kiyosaki
Who should read Rich Dad’s Retire Young Retire Rich?
- Self-starters and go-getters
- Employees fed up with the nine-to-five grind
- Would-be real estate tycoons
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Rich Dad’s Retire Young Retire Rich FAQs
What is the main message of Rich Dad’s Retire Young Retire Rich?
The main message of Rich Dad’s Retire Young Retire Rich is to achieve financial freedom and retire early through smart investing and building passive income streams.
How long does it take to read Rich Dad’s Retire Young Retire Rich?
The estimated reading time for Rich Dad’s Retire Young Retire Rich is several hours. The Blinkist summary can be read in just 15 minutes.
Is Rich Dad’s Retire Young Retire Rich a good book? Is it worth reading?
Rich Dad’s Retire Young Retire Rich is worth reading as it provides valuable insights and practical strategies for achieving early retirement and financial independence.
Who is the author of Rich Dad’s Retire Young Retire Rich?
The author of Rich Dad’s Retire Young Retire Rich is Robert T. Kiyosaki.
What to read after Rich Dad’s Retire Young Retire Rich?
If you're wondering what to read next after Rich Dad’s Retire Young Retire Rich, here are some recommendations we suggest:
- Rich Dad’s Guide to Investing by Robert T. Kiyosaki
- Rich Dad, Poor Dad by Robert T. Kiyosaki
- Rich Dad’s Cashflow Quadrant by Robert T. Kiyosaki with Sharon L. Lechter
- Rich Dad's Who Took My Money? by Robert T. Kiyosaki
- The Psychology of Money by Morgan Housel
- Beyond Order by Jordan B. Peterson
- The Intelligent Investor by Benjamin Graham and comments by Jason Zweig
- The 48 Laws of Power by Robert Greene
- The 4-Hour Body by Tim Ferriss
- Playing with FIRE (Financial Independence Retire Early) by Scott Rieckens