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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Rich Dad's Who Took My Money? summary
Why Slow Investors Lose and Fast Money Wins!
18 mins
Brief summary
Rich Dad's Who Took My Money? by Robert T. Kiyosaki discusses the importance of financial education and the power of taking control of your finances. It shares insights, strategies and real-life examples to help you achieve financial freedom.
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Rich Dad's Who Took My Money?
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Key idea 1 of 6
To avoid spending your old age in poverty, you need to act now.
Whenever the author gives a talk about personal finance, someone in the audience is bound to ask him, “Why does money matter anyway? Isn’t happiness more important?” In response, he smiles calmly and demonstrates why this attitude is so harmful.
He’ll begin with some alarming evidence. A survey for USA Today found that the number one fear for Americans is running out of money in old age. More than crime, nuclear war, or anything else, their greatest worry is living a long life with no money.
After letting this sink in, the author tells his audience that one in three Americans over the age of 65 has no retirement plan at all. In other words, their greatest fear will likely come true.
The key message here is: To avoid spending your old age in poverty, you need to act now.
Many people want to put off their money worries until they’re older. But we only have a limited time to get our finances in order.
Without a decent pension, many of us will have to keep working long into old age. And with so many living expenses to consider – things like college debt, mortgage payments, car payments, taxes, and care for our elderly parents – retiring might not be an option at all. Sure, working into old age might be good for your physical and mental health, but working forever because you have to is a very different matter.
The painful truth is that our money-earning lives are divided up into four quarters, just like a game of American football. The first quarter stretches roughly from the age of 25 to 35, the second from 35 to 45, the third from 45 to 55, and the last from 55 to the time we’re expected to retire. If we can’t afford to retire at that point, we go into overtime. Then, when we’re too old to work but have no money left, we’re out of time. Game over.
Nobody wants to reach those final two stages without having their finances in order. So, at some point in those four quarters, we should work toward financial independence. But what exactly should we do?
The standard advice is: save, invest in mutual funds, and hold these for the long term. However, the author argues, this isn’t the way to reach financial independence – it’s too slow and far too unreliable. In the following blinks, we’ll explore what you can do instead.
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What is Rich Dad's Who Took My Money? about?
Rich Dad’s Who Took My Money? (2004) explains why the time-honored strategy of saving money, investing in mutual funds, and holding on to paper assets for the long term is all wrong. Instead, if you want to get rich quick, you need to become a power investor who combines different asset types – like real estate, businesses, and stocks – to generate a continuous cash flow.
Rich Dad's Who Took My Money? Review
Rich Dad's Who Took My Money? (2004) is an engaging book that delves into the world of personal finance and offers valuable insights on how to manage our money wisely. Here's why this book stands out:
- With its eye-opening anecdotes and real-life examples, it provides readers with practical strategies for building wealth and achieving financial freedom.
- The book offers a unique perspective on asset protection and exposes common financial pitfalls, empowering readers to make informed decisions about their finances.
- Through its straightforward language and relatable storytelling, the book captivates readers and ensures that the topic of money management is anything but boring.
Best quote from Rich Dad's Who Took My Money?
One of the best-kept secrets of successful investors is not diversifying, but integrating.
—Robert T. Kiyosaki
Who should read Rich Dad's Who Took My Money??
- Anyone worried about their financial future
- Investors and real estate professionals
- People looking to escape the daily grind
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Rich Dad's Who Took My Money? FAQs
What is the main message of Rich Dad's Who Took My Money??
Taking control of your finances and understanding the potential risks of investments.
How long does it take to read Rich Dad's Who Took My Money??
Reading the book typically takes several hours, but the Blinkist summary can be read in just 15 minutes.
Is Rich Dad's Who Took My Money? a good book? Is it worth reading?
Yes, Rich Dad's Who Took My Money? is worth reading. It provides valuable insights into financial management.
Who is the author of Rich Dad's Who Took My Money??
Robert T. Kiyosaki is the author of Rich Dad's Who Took My Money?.
What to read after Rich Dad's Who Took My Money??
If you're wondering what to read next after Rich Dad's Who Took My Money?, here are some recommendations we suggest:
- Second Chance by Robert T. Kiyosaki
- Rich Dad’s Cashflow Quadrant by Robert T. Kiyosaki with Sharon L. Lechter
- Rich Dad’s Retire Young Retire Rich by Robert T. Kiyosaki
- Beyond Order by Jordan B. Peterson
- Stop. Think. Invest. by Michael Bailey
- The Psychology of Money by Morgan Housel
- Why “A” Students Work for “C” Students and “B” Students Work for the Government by Robert T. Kiyosaki
- The Book on Rental Property Investing by Brandon Turner
- Rich Dad’s Guide to Investing by Robert T. Kiyosaki
- The Heart of the Deal by Anthony Lolli